Total ETF market volume registered a relatively subdued $266.07 billion, trading at 93% of the recent 30-day average. The session was characterized by a distinct divergence in activity, with below-average turnover in the broad equity space contrasting sharply with heightened, sell-off driven volume in Commodities and Digital Assets. Fixed Income products saw modestly above-average activity, while Alternatives and Multi-Asset classes were quiet.
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$170.20B
$190.75B
89%
Fixed Income
$28.93B
$27.97B
103%
Commodities
$10.13B
$7.12B
142%
Digital Asset
$6.33B
$4.64B
136%
Currencies
$112.3M
$117.8M
95%
Alternatives
$823.2M
$1.02B
80%
Non-Traditional
$49.34B
$53.78B
92%
Multi-Asset
$209.8M
$266.6M
79%
Total
$266.07B
$285.68B
93%
Equity
Equity ETFs traded $170.20 billion, a quiet session at just 89% of their 30-day average volume. Despite the overall calm, several categories saw dramatic spikes in activity, led by Asia-Pacific Emerging funds which traded at an incredible 1,635% of their typical volume. This was almost entirely driven by the iShares MSCI Emerging Markets Asia ETF (EEMA), which saw turnover at 1,870% of its norm. Other active pockets included Health Innovation (202%) and Evolving Consumer (199%) thematic funds, alongside a number of international equity products like JPMorgan BetaBuilders International Equity ETF (BBIN) at 910% of its average.
Fixed Income ETFs saw a slightly elevated $28.93 billion change hands, representing 103% of the 30-day average. The session’s activity was concentrated in Bank Loan funds, which traded at 203% of their norm, and Emerging Market debt products at 187%. The day’s most anomalous activity occurred in the T. Rowe Price QM U.S. Bond ETF (TAGG), which traded an astonishing 2,598% of its average volume. Other notable high-volume tickers included the US Treasury 2 Year Note ETF (UTWO) at 1,217% and the Schwab US TIPS ETF (SCHP) at 386% of their respective averages.
Commodities were a major focus of activity, with $10.13 billion in volume representing a robust 142% of the 30-day average. The action was centered squarely in Precious Metals, where the category traded at 163% of its norm amid a significant price downturn. The iShares Silver Trust (SLV) was exceptionally active, trading $2.57 billion (186% of ADV) as it fell -6.81%. Similarly, the SPDR Gold Shares (GLD) saw $4.47 billion in turnover (162% of ADV) while declining -2.82%, indicating broad selling pressure across the complex.
Digital Asset ETFs also experienced a surge in volume, trading $6.33 billion for 136% of their recent average. The activity was led by Bitcoin-focused funds, which collectively traded at 139% of their norm as the underlying asset faced downward pressure. Volume was elevated across the board, with the market-leading iShares Bitcoin Trust ETF (IBIT) trading $2.64 billion (155% of ADV). Other funds like the Invesco Galaxy Bitcoin ETF (BTCO) and Grayscale Bitcoin Mini Trust ETF (BTC) also saw significantly heightened turnover at 200% and 178% of their averages, respectively.
Currency ETFs saw a quiet session with total volume of $112.3 million, or 95% of the 30-day average. There were no broad categories with outsized activity. The only notable outlier was the Invesco CurrencyShares Swiss Franc Trust (FXF), which traded at 295% of its typical volume.
High-Volume Categories
No items met the inclusion criteria for this session.
Alternatives products had a subdued day, trading just $823.2 million for 80% of their 30-day average. The lone bright spot of activity was in the Managed Futures category, which saw turnover at 187% of its norm. This was driven primarily by the iMGP DBi Managed Futures Strategy ETF (DBMF), which traded $125.6 million, or 271% of its recent average.
Non-Traditional ETFs posted volume of $49.34 billion, a slightly below-average session at 92% of the 30-day trend. However, this figure masks an enormous surge of activity within Buffer ETFs, where the category traded at 262% of its typical volume. A large cohort of FT Vest funds saw exceptional turnover, including the FT Vest U.S. Equity Buffer ETF – April (FAPR) at 1,785% of its ADV and the FT Vest U.S. Equity Moderate Buffer ETF – June (GJUN) at 1,716%. Leveraged and inverse crypto and fixed income products also saw elevated interest.
High-Volume Categories
Category
Activity vs ADV
$ Volume
1-Day Return
Non-Traditional: Buffer – Equity
262%
$1.12B
-0.08%
Non-Traditional: Leverage | Inverse – Crypto
157%
$863.6M
-4.36%
Non-Traditional: Leverage | Inverse – Fixed Income
Multi-Asset ETFs experienced a very quiet session, with turnover of $209.8 million amounting to just 79% of the 30-day average. No specific categories or individual tickers registered unusually high volume during the day’s trading.
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
In single-stock trading, The Wendy’s Company (WEN) saw an extraordinary surge in activity, trading $1.52 billion in shares, or 1,895% of its 30-day average, as its stock price jumped +21.02%. Other names with massive volume spikes included Definium Therapeutics, Inc. (DFTX) at 741% of its ADV and Sunrun Inc. (RUN) at 706%. Among widely held names, American Airlines Group Inc. (AAL) and Rocket Companies, Inc. Class A (RKT), both of which are tracked by single-stock ETFs, traded at 264% and 255% of their respective averages.
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