Macro Summary
The ETF market experienced a subdued start to the week, with total dollar volume reaching $237.23 billion, just 82% of the recent 30-day average. The broad-based slowdown was evident across most major asset classes, with Equity, Fixed Income, and Commodities all trading well below their typical daily turnover. Pockets of elevated activity were isolated, primarily within the smaller Currency and Multi-Asset categories, which bucked the quiet trend by trading at 125% and 135% of their respective averages.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $154.84B | $192.63B | 80% |
| Fixed Income | $24.67B | $28.62B | 86% |
| Commodities | $6.39B | $7.47B | 85% |
| Digital Asset | $3.81B | $4.76B | 80% |
| Currencies | $147.3M | $117.8M | 125% |
| Alternatives | $808.5M | $1.07B | 76% |
| Non-Traditional | $46.20B | $55.94B | 83% |
| Multi-Asset | $359.0M | $265.4M | 135% |
| Total | $237.23B | $290.88B | 82% |
Equity
Equity ETFs saw a quiet session with total volume of $154.84 billion, representing only 80% of the 30-day average. Despite the overall lull, thematic and sector funds provided pockets of activity. Health Innovation (178%), Disruptive Tech (144%), and Health Care (139%) categories all saw elevated turnover. The day’s most significant outlier was the Franklin FTSE India ETF (FLIN), which traded an exceptional $417.1 million, a staggering 3,071% of its daily average. Other notable activity was seen in the T. Rowe Price U.S. Equity Research ETF (TSPA) at 826% of its average and the American Century Quality Diversified International ETF (QINT) at 494%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 178% | $189.9M | +0.95% |
| Equity: Thematic – Disruptive Tech | 144% | $5.83B | -0.08% |
| Equity: Sector – Health Care | 139% | $4.58B | +0.66% |
| Equity: Sector – Communication Services | 129% | $925.1M | -2.59% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLIN | Franklin FTSE India ETF | 3,071% | $417.1M | +1.34% |
| TSPA | T. Rowe Price U.S. Equity Research ETF | 826% | $147.9M | -0.28% |
| QINT | American Century Quality Diversified International ETF | 494% | $15.7M | +0.04% |
| FXZ | First Trust Materials AlphaDEX Fund | 431% | $18.0M | -0.37% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | 366% | $61.7M | +0.13% |
| NULV | Nuveen ESG Large-Cap Value ETF | 364% | $12.5M | +0.25% |
| AVLC | Avantis U.S. Large Cap Equity ETF | 349% | $23.0M | +0.12% |
| IFRA | iShares U.S. Infrastructure ETF | 349% | $66.6M | +1.31% |
| FNGS | MicroSectors FANG+ ETN | 343% | $8.8M | -3.11% |
| CAOS | Alpha Architect Tail Risk ETF | 333% | $16.3M | +0.09% |
Fixed Income
Fixed Income trading was also below par, with $24.67 billion changing hands, or 86% of its recent average. The session’s standout activity was concentrated in the Short Municipal category, which traded at an impressive 219% of its 30-day average volume. This was almost entirely driven by the Capital Group Short Duration Municipal Income ETF (CGSM), which saw an extraordinary 3,160% of its normal volume with $201.5 million traded. Elsewhere, Bank Loan ETFs also saw heightened interest, trading at 143% of their average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Short | 219% | $394.1M | -0.01% |
| Fixed Income: Taxable – Bank Loans | 143% | $452.5M | -0.28% |
| Fixed Income: Taxable – Preferred Stock | 132% | $288.4M | -0.59% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CGSM | Capital Group Short Duration Municipal Income ETF | 3,160% | $201.5M | +0.06% |
| TFLR | T. Rowe Price Floating Rate ETF | 700% | $24.3M | +0.11% |
| XHLF | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 289% | $46.4M | +0.01% |
| PMBS | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 288% | $17.4M | -0.23% |
| QLTA | iShares Aaa-A Rated Corporate Bond ETF | 236% | $27.2M | -0.22% |
| AVIG | Avantis Core Fixed Income ETF | 233% | $27.9M | -0.24% |
| PZA | Invesco National AMT-Free Municipal Bond ETF | 233% | $56.2M | -0.26% |
| INMU | iShares Intermediate Muni Income Active ETF | 224% | $9.8M | -0.02% |
| GCOR | Goldman Sachs Access U.S. Aggregate Bond ETF | 216% | $7.2M | -0.27% |
| SKOR | FlexShares Credit-Scored US Corporate Bond Index Fund | 214% | $6.7M | -0.14% |
Commodities
Commodity ETFs posted $6.39 billion in volume, a quiet 85% of their 30-day average. The lone bright spot was in Agriculture-focused funds, which collectively traded at 182% of their typical volume. Leading this charge was the Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA), which saw turnover at 541% of its daily norm, and the abrdn Physical Platinum Shares ETF (PPLT) at 235% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 182% | $154.9M | -0.60% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 541% | $74.7M | +0.03% |
| PPLT | abrdn Physical Platinum Shares ETF | 235% | $92.0M | -1.20% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 193% | $59.0M | -0.65% |
| DBA | Invesco DB Agriculture Fund | 178% | $62.7M | +0.06% |
Digital Asset
Activity in the Digital Asset space was muted, mirroring the broader market trend. The category recorded $3.81 billion in total volume, representing 80% of its 30-day average. There were no specific categories or individual tickers that experienced significant deviations from their recent 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 were a notable exception to the day’s quiet tone, with total volume of $147.3 million translating to a brisk 125% of the 30-day average. The heightened activity was broad within the category, led by specific funds such as the WisdomTree Bloomberg US Dollar Bullish Fund (USDU) at 245% of its average and the Invesco CurrencyShares Swiss Franc Trust (FXF) at 224%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 125% | $147.3M | -0.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | 245% | $19.1M | +0.23% |
| FXF | Invesco CurrencyShares Swiss Franc Trust | 224% | $13.5M | -0.46% |
Alternatives
Trading in Alternatives ETFs was particularly subdued, with total volume reaching just $808.5 million, or 76% of the 30-day average. No specific categories or funds stood out for unusual activity during 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 ETFs, which include leveraged and inverse products, saw $46.20 billion in volume, or 83% of their recent average. While no categories showed outsized activity, several single-stock focused products were busy. The Tradr 2X Long WDC Daily ETF (WDCX) traded at 423% of its average, and the Direxion Daily GOOGL Bull 2X ETF (GGLL) saw 224% 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 |
|---|---|---|---|---|
| WDCX | Tradr 2X Long WDC Daily ETF | 423% | $209.0M | -2.91% |
| OVL | Overlay Shares Large Cap Equity ETF | 266% | $13.7M | +1.86% |
| WTPI | WisdomTree Equity Premium Income Fund | 234% | $6.6M | -0.18% |
| GGLL | Direxion Daily GOOGL Bull 2X ETF | 224% | $421.7M | -10.31% |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | 215% | $32.2M | -0.43% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 185% | $12.1M | -0.70% |
| ROCQ | JPMorgan Nasdaq Equity Premium Yield ETF | 181% | $21.2M | +0.11% |
| TSPY | TappAlpha S&P 500 Growth & Daily Income ETF | 172% | $8.7M | -0.31% |
| LABU | Direxion Daily S&P Biotech Bull 3X ETF | 164% | $174.8M | +11.36% |
| QDVO | Amplify CWP Growth & Income ETF | 162% | $14.1M | -0.79% |
Multi-Asset
Multi-Asset ETFs were another active corner of the market, trading $359.0 million for a notable 135% of their 30-day average. The interest was concentrated in the Target Risk – Growth category, which saw nearly double its usual volume at 197% of its average. This was largely propelled by the Capital Group Core Balanced ETF (CGBL), which traded at 229% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Growth | 197% | $216.9M | -0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CGBL | Capital Group Core Balanced ETF | 229% | $195.0M | -0.32% |
| RAAX | VanEck Real Assets ETF | 155% | $17.2M | +0.49% |
Single-Stock Volume
Single-stock trading saw several extreme volume outliers, particularly in the biotech and technology sectors. Apogee Therapeutics, Inc. (APGE) was a standout, trading a massive $8.00 billion, over 9,422% of its 30-day average, following a significant price jump of +46.66%. Similarly, Nexentis Technologies Inc. (NXTS) and Definium Therapeutics, Inc. (DFTX) saw activity spike to 28,753% and 1,644% of their respective averages. Among more widely-held names, Super Micro Computer, Inc. (SMCI), tracked by 6 ETFs, traded at 208% of its average, while Western Digital Corporation (WDC) saw 187% of its typical volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Tracking |
|---|---|---|---|---|---|
| NXTS | Nexentis Technologies Inc. | 28,753% | $665.9M | +118.33% | — |
| APGE | Apogee Therapeutics, Inc. | 9,422% | $8.00B | +46.66% | — |
| ACA | Arcosa, Inc. | 1,786% | $622.2M | +6.80% | — |
| DFTX | Definium Therapeutics, Inc. | 1,644% | $722.1M | +49.92% | — |
| CWAN | Clearwater Analytics Holdings, Inc. Class A | 1,158% | $876.5M | +1.00% | — |
| AGI | Alamos Gold Inc. | 413% | $531.3M | -12.70% | — |
| ACN | Accenture Plc Class A | 294% | $3.17B | -2.68% | — |
| KEEL | Keel Infrastructure Corp. | 260% | $694.5M | +8.04% | 1 |
| AIG | American International Group, Inc. | 233% | $643.5M | +4.22% | — |
| AZO | AutoZone, Inc. | 230% | $2.75B | -3.72% | — |
| AAL | American Airlines Group Inc. | 219% | $2.81B | +0.63% | 1 |
| SMCI | Super Micro Computer, Inc. | 208% | $4.21B | +17.17% | 6 |
| CNQ | Canadian Natural Resources Limited | 204% | $715.0M | +1.79% | — |
| WDC | Western Digital Corporation | 187% | $7.89B | -1.36% | 1 |
| RBLX | Roblox Corp. Class A | 187% | $942.5M | -8.06% | 1 |
