Macro Summary
Total ETF market volume was exceptionally light, reaching just $168.30 billion for the session, a mere 62% of the 30-day average daily volume. The muted tone was pervasive across the market, with every major asset class trading well below its recent norm. Equity and Currency ETPs were particularly quiet, registering only 58% and 59% of their typical turnover, respectively, signaling a broad lack of conviction from traders.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $107.11B | $183.49B | 58% |
| Fixed Income | $19.38B | $25.86B | 75% |
| Commodities | $5.33B | $6.26B | 85% |
| Digital Asset | $4.81B | $5.07B | 95% |
| Currencies | $62.6M | $105.7M | 59% |
| Alternatives | $515.2M | $753.2M | 68% |
| Non-Traditional | $30.89B | $47.70B | 65% |
| Multi-Asset | $204.2M | $241.7M | 85% |
| Total | $168.30B | $269.48B | 62% |
Equity
Equity ETFs saw just $107.11 billion in turnover, a significant drop to 58% of their 30-day average. Despite the overall slowdown, several individual funds experienced notable spikes in activity. Large-cap value and growth funds were prominent, with the Invesco Large Cap Value ETF (PWV), First Trust Large Cap Growth AlphaDEX Fund (FTC), and iShares Russell Top 200 Value ETF (IWX) all trading at nearly five times their usual volume. Thematic funds also saw pockets of interest, including the iShares MSCI Global Gold Miners ETF (RING) at 456% of its average and the Global X Cybersecurity ETF (BUG) at 322%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PWV | Invesco Large Cap Value ETF | 497% | $21.7M | +0.13% |
| FTC | First Trust Large Cap Growth AlphaDEX Fund | 496% | $14.5M | -0.23% |
| IWX | iShares Russell Top 200 Value ETF | 482% | $215.2M | -0.01% |
| RING | iShares MSCI Global Gold Miners ETF | 456% | $176.0M | +2.93% |
| IYF | iShares U.S. Financials ETF | 402% | $168.0M | +0.00% |
| PVAL | Putnam Focused Large Cap Value ETF | 387% | $321.1M | +0.43% |
| IWY | iShares Russell Top 200 Growth ETF | 329% | $322.9M | -0.39% |
| BUG | Global X Cybersecurity ETF | 322% | $131.2M | -2.46% |
| USMC | Principal U.S. Mega-Cap ETF | 313% | $21.4M | -0.11% |
| DFNL | Davis Select Financial ETF | 307% | $8.9M | -0.31% |
Fixed Income
Fixed Income ETPs recorded $19.38 billion in volume, representing 75% of their recent average. The Convertible bond category was a lone bright spot, trading at 130% of its 30-day norm. Individual fund activity was highlighted by a massive surge in the BondBloxx Bloomberg One Year Target Duration US Treasury ETF (XONE), which traded over 12 times its typical volume. Several actively managed funds also saw notable turnover, including the State Street DoubleLine Short Duration Total Return Tactical ETF (STOT) and the Capital Group U.S. Multi-Sector Income ETF (CGMS), which traded at 624% and 433% of their averages, respectively.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Convertible | 130% | $216.7M | -0.87% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XONE | BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 1,285% | $50.2M | -0.03% |
| STOT | State Street DoubleLine Short Duration Total Return Tactical ETF | 624% | $16.3M | -0.04% |
| TOTL | State Street DoubleLine Total Return Tactical ETF | 457% | $88.6M | -0.27% |
| YLD | Principal Active High Yield ETF | 449% | $14.0M | +0.00% |
| CGMS | Capital Group U.S. Multi-Sector Income ETF | 433% | $107.7M | -0.17% |
| LEMB | iShares J.P. Morgan EM Local Currency Bond ETF | 269% | $18.1M | -0.13% |
| BRTR | iShares Total Return Active ETF | 202% | $5.7M | -0.18% |
| TFLR | T. Rowe Price Floating Rate ETF | 197% | $7.1M | +0.00% |
| ICVT | iShares Convertible Bond ETF | 195% | $166.6M | -0.18% |
| MMIT | NYLI MacKay Muni Intermediate ETF | 193% | $10.1M | -0.31% |
Commodities
Commodity ETPs traded $5.33 billion, a relatively subdued session at 85% of the 30-day average. While the asset class as a whole was quiet, the Teucrium Wheat Fund (WEAT) stood out with volume reaching 267% of its recent norm as the fund gained +2.92% 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 |
|---|---|---|---|---|
| WEAT | Teucrium Wheat Fund | 267% | $25.4M | +2.92% |
Digital Asset
Digital Asset ETPs experienced a nearly average session, with total volume of $4.81 billion coming in at 95% of the 30-day norm. Trading was balanced across the space, as no specific categories or individual funds registered unusually high activity relative to their recent history.
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.
Currencies
Trading in currency ETPs was exceptionally light, with total turnover of just $62.6 million, or 59% of the 30-day average volume. The session was quiet across the board for the asset class, with no individual funds or currency categories standing out with elevated turnover.
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 ETPs saw a quiet day, with volume of $515.2 million clocking in at 68% of the recent average. Activity was broadly distributed and in line with recent trends, as there were no notable category or individual fund outliers to report for the session.
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 ETPs traded at a muted 65% of their 30-day average, with total volume reaching $30.89 billion. The session’s activity was concentrated in covered call strategies, with the UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 (USOI) and UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 ETP 2022-21.04.33 on CS NQ Slv FLS106 Pr (SLVO) seeing turnover of 320% and 252% of 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 |
|---|---|---|---|---|
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 320% | $30.0M | -4.52% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 ETP 2022-21.04.33 on CS NQ Slv FLS106 Pr | 252% | $23.2M | -2.20% |
| BUFD | FT Vest Laddered Deep Buffer ETF | 195% | $16.3M | +0.02% |
| BUYW | Main BuyWrite ETF | 166% | $7.0M | +0.03% |
| XYLD | Global X S&P 500 Covered Call ETF | 161% | $55.6M | -0.04% |
Multi-Asset
Multi-Asset funds traded $204.2 million, a slightly below-average session at 85% of typical volume. No specific categories or funds within the asset class showed significant deviations from their normal trading patterns during the day.
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.
Single-Stock Volume
Despite the quiet ETF market, several single stocks saw enormous trading volume. Zhongchao, Inc. Class A (ZCMD) was the day’s most extreme outlier, trading an incredible 9,170% of its 30-day average. Penske Automotive Group, Inc. (PAG) also saw a massive surge, trading over 10 times its normal volume. Several widely-held names were also unusually active, including Westinghouse Air Brake Technologies Corporation (WAB), held by 251 ETFs, and TE Connectivity plc (TEL), a component in 309 ETFs, which both traded over 300% of their usual volume. AT&T Inc (T), held by 390 ETFs, also saw elevated turnover at 272% of its average.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| ZCMD | Zhongchao, Inc. Class A | 9,170% | $500.6M | +176.26% | — |
| PAG | Penske Automotive Group, Inc. | 1,015% | $539.6M | +12.70% | 131 |
| WAB | Westinghouse Air Brake Technologies Corporation | 411% | $862.9M | +11.99% | 251 |
| TEL | TE Connectivity plc | 327% | $1.54B | -5.39% | 309 |
| ARWR | Arrowhead Pharmaceuticals, Inc. | 314% | $590.4M | +19.95% | 137 |
| TDY | Teledyne Technologies Incorporated | 307% | $673.5M | +0.47% | 250 |
| SMCI | Super Micro Computer, Inc. | 275% | $4.72B | +19.90% | 244 |
| T | AT&T Inc | 272% | $4.09B | +3.41% | 390 |
| CB | Chubb Limited | 256% | $1.46B | -2.78% | 326 |
| EQT | EQT Corporation | 229% | $863.0M | +8.93% | 313 |
| WBS | Webster Financial Corporation | 217% | $570.5M | +0.74% | 128 |
| RDDT | Reddit, Inc. Class A | 214% | $1.48B | -8.52% | 198 |
| ONDS | Ondas Inc. | 212% | $1.36B | +4.95% | 72 |
| FTAI | FTAI Aviation Ltd. | 211% | $554.6M | +6.28% | 151 |
| OTIS | Otis Worldwide Corporation | 204% | $534.1M | -2.09% | 273 |
