Macro Summary
Total ETF market volume was subdued, reaching $183.52 billion, just 77% of the recent 30-day average. The session was characterized by a distinct risk-off tone, with below-average turnover in major asset classes like Equity, Digital Assets, and Non-Traditional products. In contrast, Fixed Income and Commodities provided the session’s main pockets of activity, both trading slightly above their typical daily volumes. The divergence highlights a cautious investor sentiment, with capital rotating towards more defensive asset classes.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $110.41B | $154.74B | 71% |
| Fixed Income | $30.99B | $29.56B | 105% |
| Commodities | $8.45B | $7.85B | 108% |
| Digital Asset | $3.05B | $4.37B | 70% |
| Currencies | $66.8M | $97.8M | 68% |
| Alternatives | $562.6M | $693.0M | 81% |
| Non-Traditional | $29.76B | $40.97B | 73% |
| Multi-Asset | $218.8M | $214.4M | 102% |
| Total | $183.52B | $238.50B | 77% |
Equity
Equity ETFs saw significantly reduced activity, with total volume of $110.41 billion representing only 71% of the 30-day average. Despite the overall quiet, specific pockets showed elevated interest, including Latin America funds (175% of ADV), Health Innovation (162%), Industrials (138%), and Utilities (127%). Individual fund activity was led by several smaller, specialized products, such as Federated Hermes MDT Small Cap Core ETF (FSCC) which traded an exceptional 1,009% of its average on $29.6M volume. Other notable outliers included Tweedy Browne Insider + Value ETF Trust Units (COPY) at 704% and JPMorgan U.S. Value Factor ETF US Value Factor Fund (JVAL) at 602% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Latin America | 175% | $166.1M | +2.66% |
| Equity: Thematic – Health Innovation | 162% | $269.6M | +1.00% |
| Equity: Sector – Industrial | 138% | $2.28B | +0.02% |
| Equity: Sector – Utilities | 127% | $1.28B | +0.28% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FSCC | Federated Hermes MDT Small Cap Core ETF | 1,009% | $29.6M | +1.38% |
| COPY | Tweedy Browne Insider + Value ETF Trust Units | 704% | $18.8M | +0.41% |
| JVAL | JPMorgan U.S. Value Factor ETF US Value Factor Fund | 602% | $21.5M | +0.73% |
| RSPH | Invesco S&P 500 Equal Weight Health Care ETF | 465% | $19.5M | +0.99% |
| MXI | iShares Global Materials ETF | 435% | $16.3M | +1.18% |
| PTH | Invesco Dorsey Wright Healthcare Momentum ETF | 421% | $11.8M | +0.86% |
| FLGB | Franklin FTSE United Kingdom ETF | 393% | $25.6M | +0.00% |
| PJP | Invesco Pharmaceuticals ETF | 380% | $16.3M | +1.59% |
| PEJ | Invesco Leisure and Entertainment ETF | 378% | $21.9M | +0.90% |
| EWN | iShares MSCI Netherlands ETF | 373% | $62.3M | +0.94% |
Fixed Income
Fixed Income was the session’s standout asset class, trading $30.99 billion for a solid 105% of its 30-day average volume. The activity was overwhelmingly concentrated in the municipal bond space, where every category saw significant turnover: Intermediate (183%), Single State (180%), Long (166%), High Yield (163%), and Short (160%). The day’s most anomalous activity occurred in the BNY Mellon Core Bond ETF (BKAG), which saw an extraordinary $257.7M change hands, representing 2,834% of its daily average. Other funds with outsized volume included Vanguard Total World Bond ETF (BNDW) at 636% and JPMorgan Municipal ETF (JMUB) at 425% of their norms.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Intermediate | 183% | $2.30B | -0.09% |
| Fixed Income: Municipal – Single State | 180% | $235.5M | -0.03% |
| Fixed Income: Municipal – Long | 166% | $109.0M | -0.04% |
| Fixed Income: Municipal – High Yield | 163% | $229.5M | -0.12% |
| Fixed Income: Municipal – Short | 160% | $315.3M | -0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BKAG | BNY Mellon Core Bond ETF | 2,834% | $257.7M | +0.09% |
| BNDW | Vanguard Total World Bond ETF | 636% | $41.5M | +1.01% |
| DFCA | Dimensional California Municipal Bond ETF | 560% | $18.0M | +0.02% |
| NBSD | Neuberger Short Duration Income ETF | 527% | $56.0M | +0.01% |
| IBTL | iShares iBonds Dec 2031 Term Treasury ETF | 503% | $25.4M | +0.08% |
| XAGG | Eaton Vance Income Opportunities ETF | 489% | $64.4M | -0.08% |
| UYLD | Angel Oak UltraShort Income ETF | 427% | $34.1M | +0.03% |
| IBTM | iShares iBonds Dec 2032 Term Treasury ETF | 426% | $11.4M | +0.04% |
| JMUB | JPMorgan Municipal ETF | 425% | $251.3M | -0.19% |
| AVIG | Avantis Core Fixed Income ETF | 421% | $45.3M | +0.07% |
Commodities
Commodities ETFs also experienced an active session, with $8.45 billion in volume marking 108% of the 30-day average. The interest was primarily driven by Agriculture-focused funds, which traded at 198% of their typical volume, and Broad Market strategies at 143%. This was reflected in the top tickers, led by the iShares S&P GSCI Commodity Indexed Trust (GSG) at 342% of its average. Agriculture-specific funds like the Invesco Agriculture Commodity Strategy No K-1 ETF (PDBA) and Invesco DB Agriculture Fund (DBA) also saw heavy trading, at 301% and 286% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 198% | $136.7M | -0.21% |
| Commodity: Multi-Sector – Broad Market | 143% | $407.5M | -0.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 342% | $72.2M | +0.10% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 301% | $13.3M | -0.79% |
| DBA | Invesco DB Agriculture Fund | 286% | $92.5M | -0.76% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 182% | $58.5M | +0.13% |
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | 177% | $11.0M | +0.01% |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 174% | $24.3M | -1.16% |
| CERY | State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 156% | $7.5M | -0.01% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 154% | $11.7M | -0.50% |
Digital Asset
Digital Asset ETFs had a quiet day, with volume of $3.05 billion amounting to just 70% of the 30-day average. No specific categories saw elevated turnover. The only notable activity at the ticker level came from the iShares Staked Ethereum Trust ETF (ETHB), which traded 230% of its average on $25.0M volume, and the Zcash ETF (ZCSH) at 192% 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 |
|---|---|---|---|---|
| ETHB | iShares Staked Ethereum Trust ETF | 230% | $25.0M | -0.96% |
| ZCSH | Zcash ETF | 192% | $12.2M | -2.14% |
Currencies
Currency ETF activity was muted, with total volume of just $66.8 million, or 68% of the 30-day average. There were no categories or individual tickers with unusually high trading volume during the session, reflecting a lack of conviction in foreign exchange markets.
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 saw a below-average session, trading $562.6 million for 81% of their 30-day norm. Category-level activity was unremarkable. The only fund to stand out was the Simplify Managed Futures Strategy ETF (CTA), which traded $26.5 million, or 214% of its typical daily 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 |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 214% | $26.5M | -0.50% |
Non-Traditional
Non-Traditional ETFs, a category that includes leveraged, inverse, and options-based strategies, saw a quiet session with $29.76 billion in turnover, just 73% of the 30-day average. The lone active category was Buffer – Equity funds, which traded at 126% of their norm. A few individual option-based income funds saw heightened interest, including the Neuberger Option Strategy ETF (NBOS) at 348% of ADV and the YieldMax PLTR Option Income Strategy ETF (PLTY) at 270%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 126% | $413.9M | +0.23% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NBOS | Neuberger Option Strategy ETF | 348% | $8.8M | +0.51% |
| PLTY | YieldMax PLTR Option Income Strategy ETF | 270% | $21.4M | -4.55% |
| PSEP | Innovator U.S. Equity Power Buffer ETF – September | 203% | $17.3M | +0.32% |
| BUCK | Simplify Treasury Option Income ETF | 193% | $8.3M | +0.09% |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | 184% | $55.9M | +0.01% |
| LABU | Direxion Daily S&P Biotech Bull 3X ETF | 171% | $187.9M | +2.91% |
| TSPY | TappAlpha S&P 500 Growth & Daily Income ETF | 164% | $9.1M | +0.99% |
| FAS | Direxion Daily Financial Bull 3X ETF | 161% | $87.2M | +2.13% |
| BUFD | FT Vest Laddered Deep Buffer ETF | 156% | $13.0M | +0.31% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 151% | $11.3M | +1.38% |
Multi-Asset
Multi-Asset ETFs traded in line with recent trends, posting $218.8 million in volume for 102% of the 30-day average. While no categories stood out, a few specific funds saw notable activity. The State Street Multi-Asset Real Return ETF (RLY) was the most active, trading 324% of its average on $19.1M volume, followed by the Return Stacked U.S. Stocks & Managed Futures ETF (RSST) at 221%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 324% | $19.1M | +0.44% |
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | 221% | $7.7M | +0.29% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 186% | $8.4M | +0.01% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 151% | $8.6M | +1.31% |
Single-Stock Volume
Several widely-held single stocks experienced massive volume spikes, largely driven by earnings reports and other corporate news. Dell Technologies, Inc. Class C (DELL) was a standout, trading an immense $17.07 billion (660% of ADV) and is a constituent in 414 different ETFs. Gitlab, Inc. Class A (GTLB) saw the highest relative volume at 802% of its average. Significant volume also accompanied sharp price drops in names like Credo Technology Group Holding Ltd. (CRDO) and MongoDB, Inc. Class A (MDB), which traded 427% and 461% of their respective averages. The high turnover in these broadly owned tech and industrial names likely contributed to rebalancing activity across the ETF landscape.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| GTLB | Gitlab, Inc. Class A | 802% | $1.37B | +10.43% | 104 |
| DELL | Dell Technologies, Inc. Class C | 660% | $17.07B | +14.79% | 414 |
| MDB | MongoDB, Inc. Class A | 461% | $2.69B | -12.24% | 257 |
| CRDO | Credo Technology Group Holding Ltd. | 427% | $4.70B | -19.95% | 227 |
| CNH | CNH Industrial NV | 316% | $670.2M | +9.04% | 130 |
| NVS | Novartis AG Sponsored ADR | 267% | $675.7M | -0.45% | 46 |
| HPE | Hewlett Packard Enterprise Co. | 265% | $2.17B | -3.03% | 358 |
| PCG | PG&E Corporation | 255% | $1.50B | -5.26% | 255 |
| SNOW | Snowflake, Inc. | 198% | $2.72B | +15.81% | 307 |
| PANW | Palo Alto Networks, Inc. | 195% | $4.09B | -8.72% | 476 |
| BBY | Best Buy Co., Inc. | 172% | $528.7M | +5.27% | 316 |
| DE | Deere & Company | 167% | $1.25B | +3.12% | 344 |
| EIX | Edison International | 165% | $526.6M | -6.30% | 315 |
| ALNY | Alnylam Pharmaceuticals, Inc | 163% | $768.2M | +6.65% | 252 |
| CTVA | Corteva Inc | 155% | $586.7M | +2.13% | 297 |
