Macro Summary
Total ETF market volume registered a subdued $250.81 billion, trading at just 86% of the recent 30-day average. The session was characterized by a distinct divergence in activity, as Fixed Income was the only major asset class to see above-average turnover. Bond ETFs traded at 119% of their typical volume, contrasting sharply with a quiet day in Equities, which saw turnover at only 85% of its norm. Most other asset classes also experienced a below-average day for trading activity, contributing to the overall muted market tone.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $166.29B | $195.88B | 85% |
| Fixed Income | $33.16B | $27.83B | 119% |
| Commodities | $4.54B | $7.03B | 65% |
| Digital Asset | $4.34B | $4.80B | 91% |
| Currencies | $99.5M | $115.2M | 86% |
| Alternatives | $542.8M | $953.6M | 57% |
| Non-Traditional | $41.60B | $54.06B | 77% |
| Multi-Asset | $238.9M | $267.3M | 89% |
| Total | $250.81B | $290.93B | 86% |
Equity
Equity ETFs saw a quiet session with total volume reaching $166.29 billion, or 85% of their 30-day average. Despite the overall slowdown, several specific categories attracted significant interest. Global Ex-U.S. Small & Mid Cap funds were notably active, trading at 231% of their norm, followed by Thematic Health Innovation at 166% and Sector Real Estate at 146%. On a ticker level, several funds experienced massive volume spikes, led by the iShares Russell Top 200 Value ETF (IWX) at an incredible 2,397% of its average, and the Invesco MSCI USA ETF (PBUS) which traded 954% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Small | Mid Cap | 231% | $663.8M | +0.10% |
| Equity: Thematic – Health Innovation | 166% | $222.9M | -0.36% |
| Equity: Sector – Real Estate | 146% | $2.12B | -1.28% |
| Equity: U.S. Small Cap – Growth | 141% | $455.3M | +1.22% |
| Equity: Thematic – Infrastructure | 127% | $810.2M | +0.36% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IWX | iShares Russell Top 200 Value ETF | 2,397% | $347.1M | -0.12% |
| PBUS | Invesco MSCI USA ETF | 954% | $223.8M | +0.65% |
| DIVI | Franklin International Core Dividend Tilt Index Fund | 842% | $60.0M | +0.42% |
| USPX | Franklin U.S. Equity Index ETF | 792% | $28.6M | +0.80% |
| ILCG | iShares Morningstar Growth ETF | 719% | $63.8M | +1.65% |
| ROUS | Hartford Multifactor US Equity ETF | 666% | $17.7M | +0.41% |
| RWO | State Street SPDR Dow Jones Global Real Estate ETF | 658% | $17.7M | -1.29% |
| FELC | Fidelity Enhanced Large Cap Core ETF | 599% | $212.9M | +0.76% |
| FMAT | Fidelity MSCI Materials Index ETF | 580% | $17.4M | +0.42% |
| IAT | iShares U.S. Regional Banks ETF | 516% | $40.9M | -0.34% |
Fixed Income
Fixed Income was the standout asset class, with trading volume of $33.16 billion translating to a robust 119% of its 30-day average. The elevated activity was broad-based, with Bank Loans leading the way at 157% of their norm, followed closely by Core (146%) and Short-Term (137%) bond categories. Individual fund activity was exceptionally high, headlined by the Xtrackers USD High Yield BB-B ex Financials ETF (BHYB) which saw an astonishing 4,153% of its average daily volume. Other significant outliers included the Vanguard ESG U.S. Corporate Bond ETF (VCEB) and the iShares Investment Grade Systematic Bond ETF (IGEB), trading at 1,995% and 1,934% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Bank Loans | 157% | $496.2M | -0.05% |
| Fixed Income: Taxable – Core | 146% | $2.73B | -0.37% |
| Fixed Income: Taxable – Short-Term | 137% | $1.38B | -0.13% |
| Fixed Income: Taxable – Preferred Stock | 134% | $299.3M | -0.15% |
| Fixed Income: Taxable – Government Ultrashort | 134% | $5.87B | -0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BHYB | Xtrackers USD High Yield BB-B ex Financials ETF | 4,153% | $230.8M | +0.11% |
| VCEB | Vanguard ESG U.S. Corporate Bond ETF | 1,995% | $75.1M | -0.53% |
| IGEB | iShares Investment Grade Systematic Bond ETF | 1,934% | $132.4M | -0.38% |
| QLTA | iShares Aaa-A Rated Corporate Bond ETF | 1,796% | $197.2M | -0.51% |
| TIPX | State Street SPDR Bloomberg 1-10 Year TIPS ETF | 1,355% | $94.2M | -0.21% |
| LEMB | iShares J.P. Morgan EM Local Currency Bond ETF | 802% | $40.7M | +0.00% |
| JBBB | Janus Henderson B-BBB CLO ETF | 540% | $81.4M | -0.38% |
| CLOA | iShares AAA CLO Active ETF | 435% | $72.9M | -0.03% |
| LGOV | First Trust Long Duration Opportunities ETF | 384% | $15.3M | -0.74% |
| FLCB | Franklin U.S Core Bond ETF | 376% | $35.9M | -0.49% |
Commodities
The commodities space experienced a very quiet day, with total volume of $4.54 billion representing just 65% of the 30-day average. No specific categories saw unusually high turnover. However, a couple of individual funds bucked the trend, including the State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY), which traded a notable 517% of its average volume. The popular Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) also saw elevated activity at 156% of its norm.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CERY | State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 517% | $24.1M | +0.66% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 156% | $148.6M | +0.22% |
Digital Asset
Digital Asset ETFs saw a relatively balanced session, with trading volume of $4.34 billion coming in just shy of the recent norm at 91% of the 30-day average. Activity was unremarkable across the space, with no specific categories or individual tickers registering significant deviations from their typical trading patterns.
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
Currency ETFs saw a below-average session with $99.5 million in total volume, or 86% of the 30-day average. While the asset class was generally quiet, the WisdomTree Bloomberg US Dollar Bullish Fund (USDU) stood out with trading activity at 279% of its recent norm, exchanging $23.1 million in shares.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | 279% | $23.1M | +0.06% |
Alternatives
Activity in the Alternatives space was muted, with total volume of $542.8 million reaching only 57% of the 30-day average. Despite the sluggish overall pace, a couple of funds saw significant interest. The Franklin Systematic Style Premia ETF (FLSP) was a major outlier, trading 866% of its average volume, while the First Trust Managed Futures Strategy Fund (FMF) also saw heightened turnover at 242% of its norm.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLSP | Franklin Systematic Style Premia ETF | 866% | $23.2M | +0.09% |
| FMF | First Trust Managed Futures Strategy Fund | 242% | $8.2M | +0.89% |
Non-Traditional
Non-Traditional ETFs, which include leveraged, inverse, and options-based strategies, recorded $41.60 billion in volume, representing 77% of their 30-day average. Within this group, Buffer – Equity strategies were a pocket of activity, trading at 147% of their collective norm. Notable individual fund activity was seen in leveraged single-stock products, such as the GraniteShares 2x Long AMD Daily ETF (AMDL) and T-REX 2X Long SNDK Daily Target ETF (SNDU), which traded 154% and 156% of their averages, respectively. The Innovator Defined Wealth Shield ETF (BALT) led the group with turnover at 401% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 147% | $640.8M | +0.29% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BALT | Innovator Defined Wealth Shield ETF | 401% | $49.7M | +0.01% |
| BALI | iShares U.S. Large Cap Premium Income Active ETF | 283% | $25.1M | +0.51% |
| DJUN | FT Vest U.S. Equity Deep Buffer ETF – June | 200% | $5.5M | -0.01% |
| QDVO | Amplify CWP Growth & Income ETF | 173% | $15.8M | +1.19% |
| CAIE | Calamos Autocallable Income ETF | 171% | $19.3M | +0.42% |
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | 165% | $5.2M | +0.28% |
| ACYN | FT Vest Laddered Autocallable Barrier & Income ETF | 156% | $47.4M | +0.36% |
| SNDU | T-REX 2X Long SNDK Daily Target ETF | 156% | $158.7M | +18.66% |
| AMDL | GraniteShares 2x Long AMD Daily ETF | 154% | $489.5M | +14.50% |
| DDM | ProShares Ultra Dow30 | 153% | $14.2M | +0.17% |
Multi-Asset
Multi-Asset ETFs saw a quiet day of trading, with total volume of $238.9 million amounting to 89% of the 30-day average. There were no high-volume categories to note. A couple of funds saw modestly elevated interest, including the iShares Core 60/40 Balanced Allocation ETF (AOR) at 161% of its average and the Amplify CEF High Income ETF (YYY) at 160% of its norm.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOR | iShares Core 60/40 Balanced Allocation ETF | 161% | $32.6M | +0.28% |
| YYY | Amplify CEF High Income ETF | 160% | $8.0M | -0.06% |
Single-Stock Volume
Several US-listed single stocks experienced significant volume spikes, driven by company-specific news and events. AeroVironment, Inc. (AVAV) was a top outlier, trading 524% of its average daily volume with $1.27 billion in shares changing hands. Ambarella, Inc. (AMBA) also saw a massive surge in activity at 498% of its norm. Other notable high-volume names included Honeywell Aerospace Inc (HONA) and Digital Realty Trust, Inc. (DLR), which are widely held across 248 and 297 ETFs, respectively, highlighting their broad impact on the fund landscape.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| AVAV | AeroVironment, Inc. | 524% | $1.27B | +18.74% | 130 |
| AMBA | Ambarella, Inc. | 498% | $572.3M | +28.09% | 99 |
| HONA | Honeywell Aerospace Inc | 445% | $1.08B | +0.60% | 248 |
| ABVX | Abivax SA Sponsored ADR | 419% | $1.10B | +38.25% | 17 |
| QXO | QXO, Inc. | 401% | $1.14B | -1.71% | 82 |
| BTI | British American Tobacco PLC Sponsored ADR | 394% | $891.0M | -1.23% | 39 |
| DLR | Digital Realty Trust, Inc. | 366% | $1.62B | -5.69% | 297 |
| FCEL | FuelCell Energy, Inc. | 365% | $941.1M | +24.66% | 41 |
| TECH | Bio-Techne Corporation | 312% | $952.6M | -0.17% | 170 |
| RRX | Regal Rexnord Corporation | 263% | $511.2M | +8.58% | 136 |
| RKT | Rocket Companies, Inc. Class A | 234% | $918.8M | +1.61% | 135 |
| APD | Air Products and Chemicals, Inc. | 233% | $836.7M | +7.50% | 247 |
| VSH | Vishay Intertechnology, Inc. | 218% | $970.2M | -5.13% | 108 |
| ONTO | Onto Innovation, Inc. | 209% | $821.7M | +7.98% | 158 |
| MKSI | MKS Inc. | 203% | $868.1M | +6.84% | 171 |
