Macro Summary
Total ETF market activity was exceptionally quiet to start the week, with just $219.38B changing hands, a mere 76% of the 30-day average daily volume. The subdued tone was pervasive across most asset classes, with both Equity and Non-Traditional ETFs trading at just 74% of their recent norms. The primary pockets of activity were found in energy-focused commodity products, which saw a significant volume spike, and in a handful of individual stocks that experienced extraordinary, company-specific turnover.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $145.50B | $195.80B | 74% |
| Fixed Income | $22.95B | $26.89B | 85% |
| Commodities | $6.18B | $6.55B | 94% |
| Digital Asset | $4.75B | $5.01B | 95% |
| Currencies | $121.9M | $113.3M | 108% |
| Alternatives | $760.4M | $851.7M | 89% |
| Non-Traditional | $38.92B | $52.35B | 74% |
| Multi-Asset | $200.0M | $248.5M | 81% |
| Total | $219.38B | $287.81B | 76% |
Equity
Equity ETFs saw a very slow session, trading only $145.50B, or 74% of their 30-day average. Among categories, only Global Ex-U.S. Large Cap – Value showed notable interest at 146% of its norm. The session’s activity was concentrated in specific tickers with outsized turnover, including the Fidelity Momentum Factor ETF (FDMO) at 560% of its average and the Dimensional U.S. Small Cap ETF (DFAS) at 464%. Other funds with unusually high volume included the iShares Global Financials ETF (IXG) and the Global X MSCI Greece ETF (GREK).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Large Cap – Value | 146% | $1.16B | -0.47% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FDMO | Fidelity Momentum Factor ETF | 560% | $28.7M | -1.75% |
| DFAS | Dimensional U.S. Small Cap ETF | 464% | $158.8M | -0.52% |
| IXG | iShares Global Financials ETF | 452% | $26.1M | +0.19% |
| MGNR | American Beacon GLG Natural Resources ETF | 441% | $15.4M | -0.25% |
| GREK | Global X MSCI Greece ETF | 412% | $24.0M | -1.83% |
| PTF | Invesco Dorsey Wright Technology Momentum ETF | 352% | $51.3M | -5.74% |
| GRNJ | Fundstrat Granny Shots US Small- & Mid-Cap ETF | 335% | $20.5M | -2.16% |
| CALF | Pacer US Small Cap Cash Cows ETF | 323% | $76.6M | +0.69% |
| FTA | First Trust Large Cap Value AlphaDEX Fund | 318% | $8.9M | +0.77% |
| JGLO | JPMorgan Global Select Equity ETF Global Select Equity ETF | 290% | $16.6M | -0.81% |
Fixed Income
Fixed Income activity was below average, with $22.95B in volume representing 85% of the 30-day trend. The Taxable – Multisector category was a lone bright spot, trading at 128% of its typical volume. Individual fund activity was led by the ProShares GENIUS Money Market ETF (IQMM), which saw exceptional turnover of $548.1M, nearly five times its daily average. Other standouts included the VictoryShares Core Plus Bond ETF (UBND) and the Simplify Short Term Treasury Futures Strategy ETF (TUA), both trading at over 480% of their respective norms.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Multisector | 128% | $494.3M | -0.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IQMM | ProShares GENIUS Money Market ETF | 495% | $548.1M | +0.01% |
| UBND | VictoryShares Core Plus Bond ETF | 491% | $30.0M | -0.42% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 488% | $34.8M | -0.64% |
| DFGP | Dimensional Global Core Plus Fixed Income ETF | 479% | $141.5M | -0.44% |
| XAGG | Eaton Vance Income Opportunities ETF | 333% | $35.6M | -0.29% |
| HYGH | iShares Interest Rate Hedged High Yield Bond ETF | 307% | $12.0M | +0.03% |
| BSJS | Invesco BulletShares 2028 High Yield Corporate Bond ETF | 296% | $8.7M | -0.18% |
| FLXR | TCW Flexible Income ETF | 275% | $42.8M | -0.22% |
| CRUX | Columbia Core Bond ETF | 219% | $11.6M | -0.30% |
| FMHI | First Trust Municipal High Income ETF | 216% | $9.1M | -0.00% |
Commodities
Commodities were a key focus of the session, trading $6.18B, or a near-average 94% of ADV. The activity was heavily concentrated in the Focused – Energy category, which saw volume surge to 198% of its 30-day average. This was driven almost entirely by the United States Oil Fund LP (USO), which traded $1.44B (214% of ADV) as it rallied +9.28%. The United States Natural Gas Fund LP (UNG) also saw elevated interest, trading at 183% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 198% | $1.74B | +4.84% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USO | United States Oil Fund LP | 214% | $1.44B | +9.28% |
| UNG | United States Natural Gas Fund LP | 183% | $118.7M | -2.22% |
Digital Asset
Digital Asset ETFs saw a relatively balanced session, with trading volume of $4.75B coming in at 95% of the 30-day average. While no specific categories saw outsized activity, the Fidelity Wise Origin Bitcoin Fund (FBTC) was a notable exception at the ticker level. The fund traded $445.9M, or 176% of its recent average, as it declined -2.81% on the day.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FBTC | Fidelity Wise Origin Bitcoin Fund | 176% | $445.9M | -2.81% |
Currencies
Currency ETFs were the only asset class to trade above their recent average, though on a small absolute volume base. The group traded $121.9M, or 108% of its 30-day norm. The majority of this elevated activity was attributable to the Simplify Currency Strategy ETF (FOXY), which saw turnover reach 212% of its daily average.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FOXY | Simplify Currency Strategy ETF | 212% | $5.4M | -0.14% |
Alternatives
It was a quiet session for the Alternatives space, with total volume reaching $760.4M, just 89% of the 30-day average. No specific categories or individual tickers registered trading activity significantly above their recent historical norms, reflecting the broader market’s subdued tone.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional ETFs saw volume of $38.92B, tracking the broader market’s quiet tone at just 74% of the 30-day average. Despite the low overall activity, several funds saw significant interest, particularly those tied to energy markets. The ProShares Ultra Bloomberg Crude Oil (UCO) traded 223% of its average as it jumped +13.35%. Elsewhere, the Innovator Defined Wealth Shield ETF (BALT) and the MicroSectors Solactive FANG & Innovation 3X Leveraged ETN (BULZ) also saw turnover more than double their respective averages.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UCO | ProShares Ultra Bloomberg Crude Oil | 223% | $242.9M | +13.35% |
| BALT | Innovator Defined Wealth Shield ETF | 213% | $35.3M | -0.07% |
| BULZ | MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 209% | $87.1M | -7.96% |
| OVL | Overlay Shares Large Cap Equity ETF | 197% | $10.8M | -0.79% |
| TDAQ | TappAlpha Innovation 100 Growth & Daily Income ETF | 173% | $10.6M | -1.63% |
| MLPI | NEOS MLP & Energy Infrastructure High Income ETF | 170% | $28.1M | +1.06% |
| CAIE | Calamos Autocallable Income ETF | 166% | $20.5M | -0.72% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 153% | $4.3M | +3.31% |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | 152% | $42.0M | -0.01% |
Multi-Asset
Multi-Asset ETFs experienced a muted trading day, with volume of $200.0M representing 81% of the 30-day average. Activity was broadly distributed with no category-level standouts. The only fund to see notably higher turnover was the Return Stacked U.S. Stocks & Managed Futures ETF (RSST), which traded 167% of its typical volume.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | 167% | $6.3M | -0.14% |
Single-Stock Volume
In stark contrast to the quiet ETF market, the single-stock space saw several names experience extraordinary trading volumes. Twin Vee PowerCats Co. (VEEE) traded an astronomical 252,293% of its 30-day average on $2.16B in volume. Agenus Inc. (AGEN) also saw a massive spike, trading over 42,000% of its norm with more than $1B changing hands. Several widely-held names also saw elevated interest, including Warner Bros. Discovery, Inc. Series A (WBD), held by 269 ETFs, and AppLovin Corp. Class A (APP), a component in 425 ETFs, which traded 174% of its average on $4.37B in volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| VEEE | Twin Vee PowerCats Co. | 252,293% | $2.16B | +541.20% | 1 |
| AGEN | Agenus Inc. | 42,361% | $1.03B | +78.33% | 13 |
| QTTB | Q32 Bio Inc | 7,998% | $548.6M | +79.40% | 8 |
| NU | Nu Holdings Ltd. Class A | 231% | $1.78B | -0.62% | 137 |
| WBD | Warner Bros. Discovery, Inc. Series A | 209% | $1.12B | +1.92% | 269 |
| AZN | AstraZeneca PLC | 196% | $762.4M | -0.47% | 11 |
| KVUE | Kenvue, Inc. | 191% | $672.8M | -1.23% | 245 |
| SE | Sea Limited Sponsored ADR Class A | 188% | $678.4M | -0.42% | 108 |
| PATH | UiPath, Inc. Class A | 181% | $1.06B | +1.24% | 134 |
| APP | AppLovin Corp. Class A | 174% | $4.37B | -12.48% | 425 |
| HLT | Hilton Worldwide Holdings Inc. | 167% | $1.13B | -3.92% | 305 |
| ALNY | Alnylam Pharmaceuticals, Inc | 156% | $618.6M | -3.59% | 252 |
| FIG | Figma, Inc. Class A | 155% | $599.0M | +11.60% | 55 |
| KMB | Kimberly-Clark Corporation | 151% | $721.9M | -2.25% | 324 |
