Macro Summary
The market exhibited subdued trading activity on April 28, 2026, with total ETF volume reaching $209.5B, translating to 69% of the 30-day average. Overall participation remained muted across nearly all major asset classes, signaling a period of consolidation or restraint among market participants, with Non-Traditional ETFs being the sole category to match typical average daily activity.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $131.6B | $200.7B | 66% |
| Fixed Income | $22.2B | $35.5B | 63% |
| Commodities | $8.3B | $15.3B | 54% |
| Digital Asset | $2.7B | $4.6B | 59% |
| Currencies | $141.7M | $160.5M | 88% |
| Alternatives | $1.0B | $1.6B | 65% |
| Non-Traditional | $43.3B | $43.3B | 100% |
| Multi-Asset | $185.3M | $226.6M | 82% |
Equity
Equity markets saw $131.6B in total volume, tracking at 66% of recent averages. Notable outliers emerged primarily in the Asia-Pacific region and thematic spaces such as Sustainability and Information Technology, which bucked the broader subdued trend.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific | 161% | $194.6M | -0.45% |
| Equity: Thematic – Sustainability | 133% | $299.4M | -1.44% |
| Equity: Sector – Information Technology | 133% | $14.9B | -2.19% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PBOG | Portfolio Building Block Integrated Oil and Gas and Exploration and Production Index ETF | 1548% | $43.0M | +1.26% |
| IPAC | iShares Core MSCI Pacific ETF | 996% | $67.2M | -0.23% |
| GVAL | Cambria Global Value ETF | 747% | $45.7M | -1.18% |
| DXJ | WisdomTree Japan Hedged Equity Fund | 476% | $219.9M | +0.74% |
| PXF | Invesco RAFI Developed Markets ex-U.S. ETF | 358% | $25.9M | -0.13% |
| REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | 346% | $16.4M | +0.09% |
| SOXQ | Invesco PHLX Semiconductor ETF | 342% | $248.2M | -3.19% |
| IJT | iShares S&P Small-Cap 600 Growth ETF | 339% | $59.4M | -0.80% |
| DFAE | Dimensional Emerging Core Equity Market ETF | 339% | $139.7M | -0.75% |
| XSD | State Street SPDR S&P Semiconductor ETF | 336% | $65.4M | -4.19% |
Fixed Income
Fixed Income posted $22.2B in volume, equating to 63% of the 30-day average. Despite the broader lull in activity, isolated high-yield and specific corporate bond ETFs experienced significant rotational 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 |
|---|---|---|---|---|
| HYBB | iShares BB Rated Corporate Bond ETF | 2935% | $114.3M | -0.26% |
| GIGB | Goldman Sachs Access Investment Grade Corporate Bond ETF | 2497% | $65.6M | -0.02% |
| IBTJ | iShares iBonds Dec 2029 Term Treasury ETF | 899% | $43.9M | -0.09% |
| SPMB | State Street SPDR Portfolio Mortgage Backed Bond ETF | 607% | $112.1M | -0.02% |
| BWX | SPDR Bloomberg International Treasury Bond ETF | 433% | $34.8M | -0.25% |
| PMMF | iShares Prime Money Market ETF | 241% | $26.7M | +0.00% |
| CAM | AB California Intermediate Municipal ETF | 235% | $6.0M | -0.10% |
| DFCF | Dimensional Core Fixed Income ETF | 232% | $107.5M | -0.04% |
| MLN | VanEck Long Muni ETF | 223% | $11.7M | -0.48% |
| MINO | PIMCO Municipal Income Opportunities Active Exchange-Traded Fund | 214% | $11.0M | -0.14% |
Commodities
Commodities recorded $8.3B in volume, operating at 54% of typical activity levels. Overall participation was broadly quiet, though there were isolated instances of robust volume in natural gas and agricultural names.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UNG | United States Natural Gas Fund LP | 194% | $187.7M | -1.72% |
| WEAT | Teucrium Wheat Fund | 167% | $37.1M | +4.07% |
Digital Asset
Digital Assets logged $2.7B in volume, representing 59% of their 30-day average. Trading activity remained highly restrained across major crypto ETFs as digital asset pairs exhibited tight daily ranges.
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 $141.7M in volume, operating slightly below average at 88% of their typical 30-day activity. FX trends remained largely range-bound with minimal directional 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.
Alternatives
Alternative strategies experienced $1.0B in trading volume, coming in at 65% of the 30-day average. Event Driven and Absolute Return vehicles saw a lack of broader commitment from institutional flows.
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 strategies were the most active major class on a relative basis, posting $43.3B in volume and exactly matching 100% of their 30-day average. Leveraged and inverse products targeting semiconductors and mega-cap tech dominated the flows.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NVDU | Direxion Daily NVDA Bull 2X ETF | 212% | $103.9M | -3.29% |
| GGLL | Direxion Daily GOOGL Bull 2X ETF | 207% | $180.2M | -0.64% |
| BUYW | Main BuyWrite ETF | 197% | $9.5M | +0.14% |
| IAUI | NEOS Gold High Income ETF | 192% | $20.3M | -1.86% |
| SOXS | Direxion Daily Semiconductor Bear 3X ETF | 182% | $3.5B | +8.10% |
| TSMX | Direxion Daily TSM Bull 2X ETF | 179% | $114.8M | -5.60% |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | 179% | $48.0M | -2.56% |
| SOXL | Direxion Daily Semiconductor Bull 3X ETF | 175% | $10.1B | -8.62% |
| USD | ProShares Ultra Semiconductors | 172% | $88.6M | -4.66% |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | 164% | $15.3M | +0.36% |
Multi-Asset
Multi-Asset products rounded out the session with $185.3M in volume, tracking at 82% of typical activity levels. Flow dynamics in Target Risk and Specialty solutions were subdued relative to their historical rolling baselines.
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.
