Macro Summary
Total ETF market volume registered $288.47 billion, a figure perfectly aligned with recent trends at 101% of the 30-day average daily volume. The session presented a mixed picture of activity, with Equity and Non-Traditional asset classes showing slightly elevated turnover. In contrast, trading was notably subdued across Fixed Income, Commodities, and Digital Assets, indicating a focused and selective approach from market participants rather than broad-based conviction.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $196.84B | $189.82B | 104% |
| Fixed Income | $25.49B | $27.92B | 91% |
| Commodities | $5.43B | $7.20B | 75% |
| Digital Asset | $3.12B | $4.65B | 67% |
| Currencies | $104.3M | $118.7M | 88% |
| Alternatives | $924.0M | $1.04B | 89% |
| Non-Traditional | $56.39B | $54.03B | 104% |
| Multi-Asset | $189.5M | $268.5M | 71% |
| Total | $288.47B | $285.04B | 101% |
Equity
Equity ETFs traded $196.84 billion, representing a modest 104% of their recent average. The session was defined by extraordinary activity in a handful of specific funds, particularly from T. Rowe Price. The T. Rowe Price Growth ETF (TGRT) traded over 5,900% of its average, while its U.S. Equity Research ETF (TSPA) and Small-Mid Cap ETF (TMSL) also saw volumes explode by 1,317% and 999%, respectively. At the category level, Asia-Pacific Emerging Market funds were a standout at 1,195% of average volume, largely driven by a 1,444% surge in the iShares MSCI Emerging Markets Asia ETF (EEMA). Hedged and Disruptive Tech strategies also saw significant interest.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific Emerging | 1,195% | $168.6M | -5.42% |
| Equity: Specialty – Hedged | 633% | $332.0M | -0.95% |
| Equity: Thematic – Disruptive Tech | 200% | $7.93B | -2.93% |
| Equity: Thematic – Health Innovation | 181% | $186.7M | +1.04% |
| Equity: Thematic – Midstream & MLPs | 147% | $202.4M | +1.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| TGRT | T. Rowe Price Growth ETF | 5,921% | $220.6M | -2.10% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 1,444% | $166.5M | -5.20% |
| TSPA | T. Rowe Price U.S. Equity Research ETF | 1,317% | $292.1M | -1.59% |
| TMSL | T. Rowe Price Small-Mid Cap ETF | 999% | $116.4M | -2.26% |
| IXP | iShares Global Comm Services ETF | 881% | $24.9M | -0.38% |
| CGCV | Capital Group Conservative Equity ETF | 877% | $67.1M | -0.08% |
| PSP | Invesco Global Listed Private Equity ETF | 750% | $20.8M | -2.62% |
| TCAF | T. Rowe Price Capital Appreciation Equity ETF | 569% | $149.5M | -0.79% |
| SFTY | Horizon Managed Risk ETF | 543% | $20.7M | -1.35% |
| MFSV | MFS Active Value ETF | 531% | $18.0M | -0.39% |
Fixed Income
Fixed Income ETFs saw a quiet day, with total volume of $25.49 billion coming in at just 91% of the 30-day average. Despite the overall lull, Securitized debt was a pocket of activity, trading 134% of its typical volume. Similar to the equity space, a T. Rowe Price fund was the standout outlier; the T. Rowe Price QM U.S. Bond ETF (TAGG) saw an exceptional 2,539% of its average daily volume. Other notable activity occurred in mortgage-backed securities, with the JPMorgan Mortgage-Backed Securities ETF (JMTG) trading at 735% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Securitized | 134% | $603.2M | +0.04% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| TAGG | T. Rowe Price QM U.S. Bond ETF | 2,539% | $116.3M | +0.06% |
| JMTG | JPMorgan Mortgage-Backed Securities ETF | 735% | $285.4M | -0.19% |
| JSCP | JPMorgan Short Duration Core Plus ETF | 732% | $70.9M | +0.09% |
| SYFI | AB Short Duration High Yield ETF | 473% | $20.3M | -0.03% |
| TOTL | State Street DoubleLine Total Return Tactical ETF | 397% | $63.3M | -0.17% |
| CEMB | iShares J.P. Morgan EM Corporate Bond ETF | 344% | $10.3M | -0.23% |
| FLUD | Franklin Ultra Short Bond ETF | 337% | $21.4M | +0.06% |
| IBTL | iShares iBonds Dec 2031 Term Treasury ETF | 309% | $9.9M | +0.17% |
| IBTM | iShares iBonds Dec 2032 Term Treasury ETF | 293% | $7.9M | +0.16% |
| FLDR | Fidelity Low Duration Bond Factor ETF | 272% | $49.1M | +0.05% |
Commodities
Commodities-focused ETFs experienced a subdued session, with total volume reaching only $5.43 billion, or 75% of the 30-day average. There were no broad category-level catalysts driving activity. Only two funds saw volume notably above their recent norms: the ProShares K-1 Free Crude Oil ETF of Benef Interest (OILK) at 205% of its average, and the abrdn Physical Palladium Shares ETF (PALL) at 152%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| OILK | ProShares K-1 Free Crude Oil ETF of Benef Interest | 205% | $23.6M | -0.56% |
| PALL | abrdn Physical Palladium Shares ETF | 152% | $30.4M | -2.20% |
Digital Asset
Activity in Digital Asset ETFs was significantly muted, with turnover of just $3.12 billion, representing only 67% of the 30-day average daily volume. No specific categories or individual tickers registered trading activity above their recent norms, indicating a quiet session for the asset class.
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 a quiet trading day, with total volume of $104.3 million equating to 88% of the 30-day average. No individual funds or currency categories experienced unusual trading activity, marking a session of below-average interest for the space.
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 posted a quiet session with total volume of $924.0 million, or 89% of their 30-day average. Trading was broadly in line with recent trends, and no specific categories or individual tickers stood out for having unusually high turnover.
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 traded $56.39 billion, a slightly elevated 104% of their 30-day average. The primary driver was the Buffer – Equity category, which saw turnover at 190% of its norm. This was led by the FT Vest U.S. Equity Buffer ETF – June (FJUN), which experienced a massive 2,157% surge in volume. Leveraged products also saw heavy trading, notably the Direxion Daily MSCI South Korea Bull 3X ETF (KORU), which traded nearly $1.5 billion.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 190% | $791.9M | -0.54% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FJUN | FT Vest U.S. Equity Buffer ETF – June | 2,157% | $56.7M | -0.81% |
| FMAY | FT Vest U.S. Equity Buffer Fund – May | 842% | $44.7M | -0.79% |
| GMAY | FT Vest U.S. Equity Moderate Buffer ETF – May | 423% | $33.9M | -0.74% |
| WDCX | Tradr 2X Long WDC Daily ETF | 207% | $110.7M | -14.63% |
| KORU | Direxion Daily MSCI South Korea Bull 3X ETF | 202% | $1.48B | -35.76% |
| ROCQ | JPMorgan Nasdaq Equity Premium Yield ETF | 187% | $20.4M | -2.34% |
| GSEP | FT Vest U.S. Equity Moderate Buffer ETF – September | 183% | $8.2M | -0.43% |
| SDVD | FT Vest SMID Rising Dividend Achievers Target Income ETF | 166% | $5.2M | -0.22% |
| TDVI | FT Vest Technology Dividend Target Income ETF | 165% | $4.8M | -2.42% |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | 159% | $95.3M | -6.95% |
Multi-Asset
Multi-Asset ETFs recorded a very quiet session, with total volume of just $189.5 million, representing 71% of the 30-day average. Activity was subdued across the category, with no individual funds showing notable deviations from their typical trading volumes.
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.
Single-Stock Volume
Single-stock activity was highlighted by several extreme outliers. Atlantic International Corp (ATLN) saw an astronomical volume spike of 170,506% above its 30-day average on turnover of $577.0 million. Ligand Pharmaceuticals Incorporated (LGND) also experienced a massive surge, trading 1,171% of its norm. Other heavily traded names included Apogee Therapeutics, Inc. (APGE) and Accenture Plc (ACN), which saw dollar volumes of $1.27 billion and $2.38 billion, respectively. Among the high-volume stocks, several are tracked by ETFs, including American Airlines Group Inc. (AAL) and Novo Nordisk (NVO).
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Tracking |
|---|---|---|---|---|---|
| ATLN | Atlantic International Corp | 170,506% | $577.0M | +221.74% | — |
| LGND | Ligand Pharmaceuticals Incorporated | 1,171% | $633.2M | +6.37% | — |
| APGE | Apogee Therapeutics, Inc. | 371% | $1.27B | +0.23% | — |
| PRIM | Primoris Services Corporation | 361% | $815.6M | -21.54% | — |
| ARGX | argenx SE Sponsored ADR | 233% | $617.8M | +0.43% | — |
| ACN | Accenture Plc Class A | 212% | $2.38B | +1.54% | — |
| INFQ | Infleqtion, Inc. | 211% | $647.1M | +12.17% | 1 |
| AAL | American Airlines Group Inc. | 203% | $2.62B | +0.52% | 1 |
| BLK | BlackRock, Inc. | 190% | $1.29B | -3.40% | — |
| AZO | AutoZone, Inc. | 189% | $2.29B | +3.25% | — |
| HL | Hecla Mining Company | 170% | $535.0M | -5.51% | — |
| NVO | Novo Nordisk A/S Sponsored ADR Class B | 169% | $910.6M | +3.30% | 2 |
| ENTG | Entegris, Inc. | 165% | $720.9M | -6.48% | — |
| RCL | Royal Caribbean Group | 165% | $1.20B | -0.20% | — |
| VRT | Vertiv Holdings Co. Class A | 161% | $2.99B | -10.79% | 1 |
