Macro Summary
Total ETF market volume registered a markedly subdued $187.19 billion, representing just 67% of the recent 30-day average daily volume. The session was characterized by broadly sluggish activity across most major asset classes, with both Equity and Fixed Income ETFs trading well below their typical turnover. The primary exceptions to the quiet tone were Digital Asset and Multi-Asset funds, which were the only two categories to post above-average volume on the day.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $120.63B | $189.36B | 64% |
| Fixed Income | $20.04B | $26.21B | 76% |
| Commodities | $4.76B | $6.42B | 74% |
| Digital Asset | $6.41B | $5.03B | 128% |
| Currencies | $76.9M | $108.1M | 71% |
| Alternatives | $637.6M | $785.2M | 81% |
| Non-Traditional | $34.33B | $49.56B | 69% |
| Multi-Asset | $300.9M | $244.3M | 123% |
| Total | $187.19B | $277.71B | 67% |
Equity
Equity ETFs saw just $120.63 billion in turnover, a sluggish 64% of their 30-day average. No specific categories stood out with elevated activity, but several individual funds experienced anomalous volume. Leading the pack was the JPMorgan U.S. Momentum Factor ETF (JMOM), which traded 1,124% of its average. Other notable outliers included the State Street SPDR US Large Cap Low Volatility Index ETF (LGLV) at 579% of its norm, the John Hancock Multifactor Large Cap ETF (JHML) at 542%, and the Defiance Space and Connective Tech ETF (UFOX) at 434%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JMOM | JPMorgan U.S. Momentum Factor ETF | 1,124% | $74.1M | +1.79% |
| LGLV | State Street SPDR US Large Cap Low Volatility Index ETF | 579% | $20.7M | -0.53% |
| JHML | John Hancock Multifactor Large Cap ETF | 542% | $15.3M | +0.84% |
| UFOX | Defiance Space and Connective Tech ETF | 434% | $16.3M | +3.75% |
| FLCH | Franklin FTSE China ETF | 418% | $11.7M | +0.58% |
| ONEY | State Street SPDR Russell 1000 Yield Focus ETF | 362% | $21.3M | -0.29% |
| DIVB | iShares Core Dividend ETF | 350% | $23.9M | -0.20% |
| EWJV | iShares MSCI Japan Value ETF | 329% | $24.5M | +2.61% |
| EIS | iShares MSCI Israel ETF | 286% | $29.0M | +1.76% |
| REM | iShares Mortgage Real Estate ETF | 279% | $26.4M | +0.50% |
Fixed Income
Fixed Income ETFs recorded $20.04 billion in volume, or 76% of their recent daily average. While the category as a whole was quiet, a handful of funds saw extraordinary turnover. The Roundhill Ultra Short Duration No Dividend Target ETF (XBOX) was the session’s most active fund relative to its average, trading a massive 2,424% of its norm on $113.1 million in volume. Significant activity was also seen in the BNY Mellon Core Bond ETF (BKAG) at 713% of its average and the iShares Core International Aggregate Bond ETF (IAGG) at 359%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XBOX | Roundhill Ultra Short Duration No Dividend Target ETF | 2,424% | $113.1M | +0.10% |
| BKAG | BNY Mellon Core Bond ETF | 713% | $35.5M | -0.18% |
| IBDZ | iShares iBonds Dec 2034 Term Corporate ETF | 533% | $13.8M | -0.31% |
| TOTL | State Street DoubleLine Total Return Tactical ETF | 390% | $69.1M | -0.32% |
| IAGG | iShares Core International Aggregate Bond ETF | 359% | $156.1M | -0.05% |
| BSJS | Invesco BulletShares 2028 High Yield Corporate Bond ETF | 325% | $11.1M | +0.09% |
| IBHI | iShares iBonds 2029 Term High Yield and Income ETF | 306% | $8.3M | -0.06% |
| CGUI | Capital Group Ultra Short Income ETF | 297% | $8.9M | +0.00% |
| EVMO | Eaton Vance Mortgage Opportunities ETF | 297% | $9.5M | -0.02% |
| LEMB | iShares J.P. Morgan EM Local Currency Bond ETF | 280% | $17.7M | +0.02% |
Commodities
The commodities space was subdued, with total volume of $4.76 billion equating to 74% of the 30-day average. Activity was muted across the board, with no categories showing unusual interest. The only fund to trade significantly above its norm was the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), which saw 165% 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 |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 165% | $14.8M | +1.03% |
Digital Asset
Digital Asset ETFs were a clear bright spot in an otherwise quiet market, trading $6.41 billion for a robust 128% of their 30-day average. The activity was concentrated in Bitcoin-focused products, with the category trading 129% of its norm and accounting for $5.73 billion of the asset class’s total volume. The ProShares Bitcoin ETF (BITO) was a key driver, trading nearly $4 billion, or 160% of its average. Elsewhere, the Bitwise XRP ETF (XRP) also saw elevated interest at 168% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 129% | $5.73B | +1.96% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XRP | Bitwise XRP ETF | 168% | $12.5M | +3.33% |
| BITO | ProShares Bitcoin ETF | 160% | $3.99B | +2.10% |
Currencies
Currency ETFs experienced a quiet session, with total volume reaching just $76.9 million, or 71% of the 30-day average. There were no high-volume categories or notable ticker outliers to report.
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.
Alternatives
Alternatives ETFs traded $637.6 million, representing 81% of their recent daily average. While overall activity was below par, the Absolute Return – Managed Futures category showed a pocket of strength, trading at 148% of its average volume. No individual funds qualified as significant outliers.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 148% | $114.7M | +0.96% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional ETFs saw a below-average session with $34.33 billion in turnover, just 69% of the 30-day norm. The Synthetic Income – Commodity category was a notable exception, trading at 200% of its average. Individual fund activity was led by the UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 (USOI) at 790% of its ADV. Leveraged crypto-linked products also saw heavy trading, including the GraniteShares 2x Long COIN Daily ETF (CONL) at 215% and the T-Rex 2X Long MSTR Daily Target ETF (MSTU) at 186%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Commodity | 200% | $100.6M | +2.70% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 790% | $59.2M | +0.48% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 271% | $27.6M | +0.25% |
| ROCY | JPMorgan Equity Premium Yield ETF | 263% | $10.9M | +0.95% |
| CONL | GraniteShares 2x Long COIN Daily ETF | 215% | $190.0M | +19.46% |
| MSTU | T-Rex 2X Long MSTR Daily Target ETF | 186% | $279.0M | +8.84% |
| SBAR | Simplify Barrier Income ETF | 152% | $4.3M | +0.77% |
Multi-Asset
Multi-Asset funds were the other area of notable strength, posting $300.9 million in volume for 123% of their 30-day average. The driver of this activity was the Asset Allocation: Specialty – Alternative Asset Sleeve category, which saw an impressive 349% of its typical turnover. The iShares Core 80/20 Aggressive Allocation ETF (AOA) was also active, trading 187% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Specialty – Alternative Asset Sleeve | 349% | $112.6M | +2.15% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOA | iShares Core 80/20 Aggressive Allocation ETF | 187% | $17.4M | +0.86% |
Single-Stock Volume
While ETF trading was broadly muted, activity in single stocks was extraordinary in several cases. China Pharma Holdings, Inc. (CPHI) saw an incredible 16,475% of its average volume, trading $671.0M. Similarly, UTZ Brands, Inc. Class A (UTZ), held by 44 ETFs, traded 6,540% of its ADV on $853.7M in turnover. Several widely-held large-cap names also saw massive volume, including Danaher Corporation (DHR), which traded $4.38 billion (589% of ADV) and is held in 307 ETFs, and Magnolia Oil & Gas Corp. Class A (MGY) at 1,114% of its average. Other notable names with heavy turnover included 3M Company (MMM) and Halliburton Company (HAL).
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| CPHI | China Pharma Holdings, Inc. | 16,475% | $671.0M | +809.01% | — |
| UTZ | UTZ Brands, Inc. Class A | 6,540% | $853.7M | +89.19% | 44 |
| MGY | Magnolia Oil & Gas Corp. Class A | 1,114% | $833.9M | -2.25% | 145 |
| DHR | Danaher Corporation | 589% | $4.38B | -11.39% | 307 |
| HAS | Hasbro, Inc. | 417% | $656.2M | +8.75% | 227 |
| EFX | Equifax Inc. | 368% | $1.02B | -4.85% | 231 |
| ONDS | Ondas Inc. | 365% | $2.15B | +12.95% | 72 |
| MMM | 3M Company | 308% | $1.69B | +7.23% | 290 |
| MSCI | MSCI Inc. Class A | 292% | $1.05B | -10.05% | 293 |
| PATH | UiPath, Inc. Class A | 289% | $2.11B | -1.27% | 136 |
| HAL | Halliburton Company | 258% | $1.03B | -5.33% | 309 |
| TDY | Teledyne Technologies Incorporated | 255% | $523.4M | +3.20% | 250 |
| NOC | Northrop Grumman Corp. | 227% | $1.14B | -2.26% | 331 |
| HL | Hecla Mining Company | 225% | $1.14B | +6.89% | 178 |
| MARA | MARA Holdings, Inc. | 210% | $1.16B | +4.97% | 112 |
