Macro Summary
The ETF market saw a muted session with total turnover reaching $241.55 billion, just 94% of the recent 30-day average daily volume. The broad-based slowdown was evident across nearly all asset classes, with most trading below their typical activity levels. Digital Assets and Currencies were particularly quiet, trading at 69% and 61% of their respective averages. The Non-Traditional category was the only segment to meet its recent norm, trading exactly at 100% of its 30-day average volume.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $163.73B | $172.96B | 95% |
| Fixed Income | $23.18B | $25.56B | 91% |
| Commodities | $4.59B | $5.71B | 80% |
| Digital Asset | $3.38B | $4.88B | 69% |
| Currencies | $59.7M | $98.4M | 61% |
| Alternatives | $586.9M | $716.7M | 82% |
| Non-Traditional | $45.85B | $45.82B | 100% |
| Multi-Asset | $170.6M | $232.5M | 73% |
| Total | $241.55B | $255.98B | 94% |
Equity
Equity ETFs traded $163.73 billion, a slightly below-average session at 95% of the 30-day norm. Despite the overall quietude, specific categories saw significant interest, including Global Ex-U.S. Large Cap Growth (197%), Thematic Sustainability (193%), and Consumer Staples (191%). Individual fund activity was led by ProShares S&P MidCap 400 Dividend Aristocrats ETF (REGL), which saw volume spike to 847% of its average. Other notable outliers included Invesco Buyback Achievers ETF (PKW) at 672% and iShares ESG Aware MSCI USA ETF (ESGU) at 411% of its average on $234.1M of turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Large Cap – Growth | 197% | $463.8M | -0.71% |
| Equity: Thematic – Sustainability | 193% | $381.7M | -2.30% |
| Equity: Sector – Consumer Staples | 191% | $1.80B | +1.98% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | 847% | $47.2M | +1.33% |
| PKW | Invesco Buyback Achievers ETF | 672% | $18.4M | +1.29% |
| JGLO | JPMorgan Global Select Equity ETF Global Select Equity ETF | 462% | $72.3M | +0.11% |
| USXF | iShares ESG Advanced MSCI USA ETF | 456% | $15.5M | -0.63% |
| CSRE | Cohen & Steers Real Estate Active ETF | 417% | $13.7M | -0.25% |
| ESGU | iShares ESG Aware MSCI USA ETF | 411% | $234.1M | +0.19% |
| FDV | Federated Hermes U.S. Strategic Dividend ETF | 393% | $16.6M | +0.58% |
| TAN | Invesco Solar ETF | 354% | $180.5M | -3.60% |
| EFG | iShares MSCI EAFE Growth ETF | 349% | $296.2M | -0.33% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 337% | $175.4M | -0.67% |
Fixed Income
Fixed Income ETFs experienced a subdued day, with $23.18 billion changing hands, representing 91% of the recent average. Pockets of activity emerged in International USD bond funds, which traded at 152% of their norm, and Ultrashort duration funds at 133%. The standout was iShares Core International Aggregate Bond ETF (IAGG), which saw volume surge to 516% of its 30-day average, trading $245.1M. Similarly, iShares Ultra Short Duration Bond Active ETF (ICSH) was highly active at 410% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International USD | 152% | $462.3M | +0.14% |
| Fixed Income: Taxable – Ultrashort | 133% | $2.00B | +0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IAGG | iShares Core International Aggregate Bond ETF | 516% | $245.1M | +0.19% |
| USTB | VictoryShares Short-Term Bond ETF | 417% | $39.0M | +0.06% |
| ICSH | iShares Ultra Short Duration Bond Active ETF | 410% | $273.4M | +0.06% |
| CLOA | iShares AAA CLO Active ETF | 389% | $71.3M | +0.06% |
| IBTJ | iShares iBonds Dec 2029 Term Treasury ETF | 347% | $20.2M | +0.12% |
| BSJT | Invesco BulletShares 2029 High Yield Corporate Bond ETF | 346% | $11.7M | +0.17% |
| MYCH | State Street My2028 Corporate Bond ETF | 306% | $13.0M | +0.06% |
| SHYG | iShares 0-5 Year High Yield Corporate Bond ETF | 288% | $152.5M | +0.07% |
| TLH | iShares 10-20 Year Treasury Bond ETF | 276% | $200.3M | +0.52% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 275% | $24.1M | +0.20% |
Commodities
Commodity-focused ETFs saw a slow session, trading just $4.59 billion, or 80% of their 30-day average. The lone bright spot was in Energy-focused products, which collectively traded at 134% of their norm. The session’s primary outlier was Harbor Commodity All-Weather Strategy ETF (HGER), which saw a significant volume spike to 449% of its average on $205.9M of turnover. Natural gas and oil funds also saw elevated interest, with United States Natural Gas Fund LP (UNG) and United States Brent Oil Fund LP (BNO) trading at 203% and 178% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 134% | $1.19B | -2.69% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HGER | Harbor Commodity All-Weather Strategy ETF | 449% | $205.9M | -0.94% |
| UNG | United States Natural Gas Fund LP | 203% | $138.8M | -3.31% |
| BNO | United States Brent Oil Fund LP | 178% | $138.6M | -3.95% |
Digital Asset
Digital Asset ETFs posted a very quiet session, with total volume of $3.38 billion amounting to only 69% of the 30-day average. No specific category stood out for elevated activity. Among individual funds, trading was modestly above average in a few names, including Morgan Stanley Bitcoin Trust ETF (MSBT) at 186% of its norm and Bitwise Solana Staking ETF (BSOL) at 169%, but overall interest in the space was muted.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MSBT | Morgan Stanley Bitcoin Trust ETF | 186% | $16.1M | -1.61% |
| BSOL | Bitwise Solana Staking ETF | 169% | $43.0M | -2.22% |
| FETH | Fidelity Ethereum Fund ETF | 160% | $43.8M | -1.41% |
| ARKB | ARK 21Shares Bitcoin ETF | 152% | $49.8M | -1.63% |
Currencies
Currency ETFs saw a particularly slow day, with just $59.7M in total volume, representing only 61% of the 30-day average. There were no notable high-volume categories or individual ticker outliers 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.
Alternatives
The Alternatives space experienced a below-average session, with total turnover of $586.9M reaching 82% of its 30-day norm. Activity was broadly distributed, with no specific categories or individual ETFs registering significant volume spikes.
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 were the only asset class to meet their recent activity levels, trading $45.85 billion for a volume figure of exactly 100% of the 30-day average. The activity was concentrated in Leveraged and Inverse Fixed Income products, which traded at 162% of their collective norm. This was driven by funds like Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF), which traded $188.1M, or 184% of its average. Other active funds included Main BuyWrite ETF (BUYW) at 246% 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) at 236% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Fixed Income | 162% | $230.2M | -0.08% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BUYW | Main BuyWrite ETF | 246% | $10.3M | +0.00% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 ETP 2022-21.04.33 on CS NQ Slv FLS106 Pr | 236% | $30.0M | -1.70% |
| TSPY | TappAlpha S&P 500 Growth & Daily Income ETF | 199% | $9.2M | +0.64% |
| SNTH | MRP SynthEquity ETF | 186% | $6.7M | +0.19% |
| TMF | Direxion Daily 20+ Year Treasury Bull 3X ETF | 184% | $188.1M | +1.62% |
| TDAQ | TappAlpha Innovation 100 Growth & Daily Income ETF | 176% | $11.8M | +0.40% |
| OVL | Overlay Shares Large Cap Equity ETF | 160% | $10.6M | +1.05% |
| DDM | ProShares Ultra Dow30 | 155% | $16.6M | +2.16% |
| ROM | ProShares Ultra Technology | 154% | $12.1M | -3.75% |
| MLPI | NEOS MLP & Energy Infrastructure High Income ETF | 153% | $27.7M | -1.44% |
Multi-Asset
Multi-Asset ETFs saw a quiet day with total volume of $170.6M, or 73% of the 30-day average. Activity was subdued across the category, with VanEck Real Assets ETF (RAAX) being the only fund to see modestly elevated turnover at 155% of its recent 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 |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 155% | $17.3M | -1.73% |
Single-Stock Volume
While ETF volume was muted, single-stock activity was highly concentrated in several names seeing massive turnover. T3 Defense Inc. (DFNS) traded an exceptional 1,512% of its 30-day average on $617.4M in volume. Itron, Inc. (ITRI) also saw a huge spike, trading 1,152% of its average on $608.5M; the stock is a constituent in 143 ETFs. Other notable high-volume names included IQVIA Holdings Inc (IQV) at 427% of its ADV on $1.12B and Celestica Inc. (CLS) at 418% on $2.60B. Several widely-held stocks also saw heavy trading, including United Parcel Service, Inc. Class B (UPS), held by 333 ETFs, which traded 273% of its average volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| DFNS | T3 Defense Inc. | 1,512% | $617.4M | +71.98% | 2 |
| ITRI | Itron, Inc. | 1,152% | $608.5M | +25.20% | 143 |
| IQV | IQVIA Holdings Inc | 427% | $1.12B | +12.81% | 273 |
| CLS | Celestica Inc. | 418% | $2.60B | +9.13% | 9 |
| UL | Unilever PLC Sponsored ADR | 409% | $878.0M | +8.99% | 37 |
| SUI | Sun Communities, Inc. | 368% | $618.2M | +2.21% | 154 |
| INCY | Incyte Corporation | 365% | $710.9M | +10.65% | 337 |
| UPS | United Parcel Service, Inc. Class B | 273% | $1.39B | -6.49% | 333 |
| HUBB | Hubbell Incorporated | 252% | $666.5M | -2.83% | 284 |
| FFIV | F5, Inc. | 252% | $604.8M | -0.34% | 307 |
| CARR | Carrier Global Corp. | 248% | $926.8M | -8.92% | 254 |
| STRL | Sterling Infrastructure, Inc. | 248% | $1.43B | -14.86% | 188 |
| CNC | Centene Corporation | 235% | $701.7M | -2.33% | 295 |
| CORZ | Core Scientific Inc | 217% | $558.2M | +0.89% | 85 |
| AMKR | Amkor Technology, Inc. | 211% | $856.4M | -24.62% | 161 |
