Macro Summary
The market experienced a distinctly muted session, with total trading volume reaching $248.0B, representing just 67% of the 30-day average. The overarching theme was light to balanced participation, as nearly all major asset classes exhibited subdued trading levels well below their typical daily marks. Currencies, Multi-Asset, and Alternatives posted the most normalized activity levels, while Equities, Fixed Income, and Digital Assets saw a pronounced drop-off in participation. Anomalous activity was narrowly concentrated in specific satellite categories such as Managed Futures and Interest Rate Volatility rather than broad market segments.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $155.78B | $253.06B | 62% |
| Fixed Income | $31.39B | $42.78B | 73% |
| Commodities | $13.66B | $20.35B | 67% |
| Digital Asset | $3.54B | $5.39B | 66% |
| Currencies | $168.0M | $177.9M | 94% |
| Alternatives | $2.01B | $1.99B | 101% |
| Non-Traditional | $41.21B | $45.88B | 90% |
| Multi-Asset | $248.4M | $258.7M | 96% |
Equity
Equity trading was notably quiet, driving a subdued $155.8B in volume (62% of ADV). Despite the light broad-market tape and a lack of high-volume category breakouts, focused positioning drove heavy outlier activity across several thematic, factor, and specialized active ETFs.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IHF | iShares U.S. Healthcare Providers ETF | 630% | $76.9M | +3.46% |
| FPAG | FPA Global Equity ETF | 505% | $26.7M | +0.31% |
| TSPA | T. Rowe Price U.S. Equity Research ETF | 342% | $30.9M | +0.18% |
| PIZ | Invesco Dorsey Wright Developed Markets Momentum ETF | 328% | $14.1M | -0.27% |
| CGUS | Capital Group Core Equity ETF | 284% | $141.8M | +0.49% |
| WINN | Harbor Long-Term Growers ETF | 284% | $10.6M | +0.16% |
| FNY | First Trust Mid Cap Growth AlphaDEX Fund | 266% | $7.9M | +0.11% |
| IMCB | iShares Morningstar Mid-Cap ETF | 266% | $11.1M | -0.18% |
| VFMV | Vanguard U.S. Minimum Volatility ETF | 265% | $7.5M | -0.21% |
| JTEK | JPMorgan U.S. Tech Leaders ETF | 262% | $60.7M | +0.68% |
Fixed Income
Fixed Income experienced relatively light participation with $31.4B in total volume (73% of ADV). However, pockets of significant action appeared in specialized duration and volatility management strategies, with Interest Rate Volatility posting notable category-level strength.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Specialty – Interest Rate Volatility | 187% | $128.6M | +0.23% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AVIG | Avantis Core Fixed Income ETF | 987% | $128.1M | -0.16% |
| FSIG | First Trust Limited Duration Investment Grade Corporate ETF | 636% | $42.9M | -0.13% |
| HYLS | First Trust Tactical High Yield ETF | 511% | $66.9M | -0.21% |
| FTCB | First Trust Core Investment Grade ETF | 494% | $76.6M | -0.17% |
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 485% | $20.5M | +0.89% |
| CALI | iShares Short-Term California Muni Active ETF | 455% | $14.4M | +0.04% |
| GSST | Goldman Sachs Ultra Short Bond ETF | 390% | $43.3M | +0.03% |
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | 361% | $13.6M | -0.14% |
| BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF | 360% | $12.3M | -0.07% |
| FEMB | First Trust Emerging Markets Local Currency Bond ETF | 350% | $13.9M | -0.16% |
Commodities
Commodities registered a quiet session with $13.7B in total volume, operating at 67% of typical levels. No individual broad categories or large underlying funds met the criteria for significant volume anomalies.
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.
Digital Asset
Digital Assets recorded $3.5B in volume, settling at 66% of its typical daily average. Participation was uniformly subdued across the board with a lack of major outlier behavior.
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
Currencies traded closer to normal relative levels, posting $168.0M in volume or 94% of ADV. However, there were no substantial volume spikes or high-activity dislocations within the space to highlight.
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 were the only core asset class to slightly exceed average volume, registering $2.0B (101% of ADV). This strength was driven predominantly by elevated positioning within Managed Futures strategies.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 214% | $181.5M | +0.04% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 343% | $147.2M | -0.05% |
Non-Traditional
Non-Traditional ETFs saw $41.2B in trading volume, reaching 90% of typical baseline levels. While no single category met the threshold for an aggregate breakout, the space featured heavy, concentrated flow in specific synthetic income and covered call products.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDVD | FT Vest SMID Rising Dividend Achievers Target Income ETF | 824% | $29.3M | -0.27% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 642% | $25.7M | -0.30% |
| FTHI | First Trust BuyWrite Income ETF | 305% | $37.6M | -0.15% |
| RDVI | FT Vest Rising Dividend Achievers Target Income ETF | 288% | $41.6M | -0.10% |
| KNG | FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 258% | $39.5M | -0.47% |
| SCO | ProShares UltraShort Bloomberg Crude Oil | 198% | $633.0M | -0.67% |
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | 196% | $13.2M | -0.03% |
| SBAR | Simplify Barrier Income ETF | 164% | $5.4M | +0.32% |
| DGP | DB Gold Double Long Exchange Traded Notes | 164% | $35.2M | +1.32% |
| BUYW | Main BuyWrite ETF | 164% | $8.8M | -0.35% |
Multi-Asset
Multi-Asset funds traded at a balanced pace, recording $248.4M in total volume (96% of ADV). Target risk models, specifically those oriented toward growth, saw participation strength relative to the broader space.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Growth | 146% | $105.4M | -0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 221% | $27.6M | -0.22% |
| CGBL | Capital Group Core Balanced ETF | 194% | $78.0M | +0.26% |
