Macro Summary
Total ETF market volume registered a perfectly average session, with $287.09 billion changing hands, precisely 100% of the 30-day average. The balanced headline figure, however, masked significant divergences between asset classes. Core Equity and Fixed Income ETFs saw subdued activity, trading at 96% and 93% of their recent norms, respectively. In contrast, thematic interest drove elevated turnover in Digital Asset funds, which traded at 136% of their average, and Non-Traditional products, which saw 115% of their typical volume, largely fueled by intense speculation in leveraged single-stock instruments.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $184.52B | $192.31B | 96% |
| Fixed Income | $26.27B | $28.13B | 93% |
| Commodities | $7.06B | $7.25B | 97% |
| Digital Asset | $6.43B | $4.74B | 136% |
| Currencies | $128.7M | $118.2M | 109% |
| Alternatives | $769.3M | $1.01B | 76% |
| Non-Traditional | $61.70B | $53.87B | 115% |
| Multi-Asset | $196.8M | $265.9M | 74% |
| Total | $287.09B | $287.69B | 100% |
Equity
Equity ETFs experienced a slightly quiet day, posting $184.52 billion in total volume, or 96% of the 30-day average. Despite the muted overall activity, several thematic categories saw significant interest, led by Disruptive Technology funds at 216% of average volume and Health Innovation at 192%. Specific funds saw enormous spikes in turnover, particularly within the energy sector. The iShares U.S. Oil Equipment & Services ETF (IEZ) traded an exceptional 1,258% of its average volume, while the First Trust Nasdaq Oil & Gas ETF (FTXN) saw 1,235% of its norm. Another standout was the iShares U.S. Digital Infrastructure and Real Estate ETF (IDGT), which registered 949% of its typical daily volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Disruptive Tech | 216% | $9.05B | +0.71% |
| Equity: Thematic – Health Innovation | 192% | $219.6M | +1.33% |
| Equity: Region – Asia-Pacific Ex-Japan | 160% | $289.3M | +0.62% |
| Equity: U.S. Mid Cap – Growth | 158% | $381.7M | +0.56% |
| Equity: Thematic – Infrastructure | 137% | $867.1M | +1.08% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IEZ | iShares U.S. Oil Equipment & Services ETF | 1,258% | $172.0M | +2.52% |
| FTXN | First Trust Nasdaq Oil & Gas ETF | 1,235% | $66.6M | +0.68% |
| IDGT | iShares U.S. Digital Infrastructure and Real Estate ETF | 949% | $42.6M | +1.91% |
| BSVO | EA Bridgeway Omni Small-Cap Value ETF | 859% | $28.3M | +0.55% |
| FXN | First Trust Energy AlphaDEX Fund | 747% | $102.2M | +0.69% |
| LRGF | iShares U.S. Equity Factor ETF | 595% | $64.7M | +0.03% |
| NFRA | FlexShares STOXX Global Broad Infrastructure Index Fund | 535% | $18.3M | +0.73% |
| HEGD | Swan Hedged Equity US Large Cap ETF | 532% | $13.7M | -0.09% |
| IHE | iShares U.S. Pharmaceuticals ETF | 507% | $42.2M | +0.86% |
| IAK | iShares U.S. Insurance ETF | 486% | $27.4M | -0.96% |
Fixed Income
Fixed Income ETFs saw below-average turnover, with $26.27 billion traded, representing 93% of the recent 30-day volume average. While broad market activity was subdued, certain categories attracted outsized attention. Emerging Markets debt funds traded at 142% of their average, followed by Preferred Stock (140%), Long-Term (130%), and Corporate bond ETFs (129%). At the individual fund level, the iShares 1-3 Year International Treasury Bond ETF (ISHG) led with 438% of its average volume. Other notable activity was seen in the State Street SPDR Bloomberg 1-10 Year TIPS ETF (TIPX) and the Simplify Short Term Treasury Futures Strategy ETF (TUA), which traded 338% and 336% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 142% | $108.0M | -0.26% |
| Fixed Income: Taxable – Preferred Stock | 140% | $298.4M | -0.15% |
| Fixed Income: Taxable – Long-Term | 130% | $705.9M | -0.36% |
| Fixed Income: Taxable – Corporate | 129% | $5.20B | +0.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ISHG | iShares 1-3 Year International Treasury Bond ETF | 438% | $19.9M | +0.18% |
| TIPX | State Street SPDR Bloomberg 1-10 Year TIPS ETF | 338% | $19.3M | +0.16% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 336% | $23.1M | -0.02% |
| BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF | 325% | $11.0M | +0.04% |
| XHLF | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 298% | $49.9M | +0.01% |
| MEAR | iShares Short Maturity Municipal Bond Active ETF | 289% | $22.9M | -0.15% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 268% | $16.0M | -0.02% |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 264% | $197.7M | +0.05% |
| IBDX | iShares iBonds Dec 2032 Term Corporate ETF | 263% | $15.6M | +0.16% |
| BOND | PIMCO Active Bond Exchange-Traded Fund | 239% | $114.4M | +0.09% |
Commodities
The commodities space experienced a normal session with total volume of $7.06 billion, or 97% of its 30-day average. No specific categories saw unusually high turnover. However, a few individual funds stood out dramatically. The USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) was the session’s most anomalous product, trading an incredible 1,055% of its average daily volume. Elsewhere, precious metals saw some interest, with the abrdn Physical Palladium Shares ETF (PALL) trading at 266% of its 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 |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 1,055% | $50.2M | +1.55% |
| PALL | abrdn Physical Palladium Shares ETF | 266% | $54.4M | +1.82% |
| CMDY | iShares Bloomberg Roll Select Commodity Strategy ETF | 173% | $7.9M | +1.81% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 172% | $21.6M | +1.12% |
Digital Asset
Digital Asset ETFs were a hub of activity, with total volume reaching $6.43 billion, a significant 136% of the 30-day average. The heightened interest was concentrated in Bitcoin-focused products, which as a category traded at 142% of their recent norm. The Invesco Galaxy Bitcoin ETF (BTCO) saw the largest relative volume spike, trading 641% of its average. Other spot Bitcoin ETFs also saw heavy turnover, including the VanEck Bitcoin ETF (HODL) at 325% and the high-volume Fidelity Wise Origin Bitcoin Fund (FBTC) at 176% of its average on $434.4 million in trades.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 142% | $5.78B | -0.51% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BTCO | Invesco Galaxy Bitcoin ETF | 641% | $46.6M | -1.09% |
| HODL | VanEck Bitcoin ETF | 325% | $75.6M | -0.68% |
| XRP | Bitwise XRP ETF | 219% | $18.9M | -2.12% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | 176% | $434.4M | -0.67% |
| BITB | Bitwise Bitcoin ETF Trust | 169% | $105.9M | -0.62% |
Currencies
Currency ETFs posted $128.7 million in volume, a slightly elevated 109% of their 30-day average. The session was broadly quiet, however, with no specific categories or individual funds registering standout activity.
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
Trading in the Alternatives asset class was muted, with total volume of $769.3 million equating to just 76% of the 30-day average. A pocket of focused activity emerged in Short Volatility funds, which traded at 127% of their norm. This was primarily driven by the Simplify Volatility Premium ETF (SVOL), which saw turnover at 169% of its recent average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 127% | $196.8M | +0.59% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SVOL | Simplify Volatility Premium ETF | 169% | $7.2M | -1.43% |
Non-Traditional
Non-Traditional ETFs were a major focus of the session, with $61.70 billion in volume marking a busy day at 115% of the 30-day average. Leveraged and inverse cryptocurrency products were active at 154% of their norm, but the main story was the massive turnover in leveraged single-stock ETFs. The Direxion Daily MU Bull 2X ETF (MUU) traded an immense $5.53 billion, while the Tradr 2X Long SNDK Daily ETF (SNXX) saw $2.30 billion in volume. Other standouts included the T-REX 2X Long SNDK Daily Target ETF (SNDU) at 295% of its average and the GraniteShares 2x Long MU Daily ETF (MULL) at 253% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 154% | $866.5M | -0.90% |
| Non-Traditional: Synthetic Income – Fixed Income | 148% | $112.1M | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BUCK | Simplify Treasury Option Income ETF | 428% | $16.2M | -0.72% |
| SNDU | T-REX 2X Long SNDK Daily Target ETF | 295% | $263.2M | +46.68% |
| CAIE | Calamos Autocallable Income ETF | 265% | $26.4M | +0.07% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 264% | $18.4M | +1.35% |
| MULL | GraniteShares 2x Long MU Daily ETF | 253% | $694.5M | +32.00% |
| SDVD | FT Vest SMID Rising Dividend Achievers Target Income ETF | 243% | $7.7M | +0.35% |
| MUU | Direxion Daily MU Bull 2X ETF | 217% | $5.53B | +31.56% |
| SNXX | Tradr 2X Long SNDK Daily ETF | 215% | $2.30B | +45.18% |
| WDCX | Tradr 2X Long WDC Daily ETF | 214% | $125.5M | +10.37% |
| XYLD | Global X S&P 500 Covered Call ETF | 210% | $60.6M | +0.06% |
Multi-Asset
The Multi-Asset category saw a quiet session, with volume of $196.8 million representing just 74% of its 30-day average. No specific categories stood out. Minor upticks in interest were seen in the State Street Multi-Asset Real Return ETF (RLY) and the VanEck Real Assets ETF (RAAX), which traded at 153% and 152% of their respective averages.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 153% | $11.7M | +0.45% |
| RAAX | VanEck Real Assets ETF | 152% | $16.2M | +2.26% |
Single-Stock Volume
Underlying single-stock activity was marked by several extreme volume events. Triller Group Incorporation (ILLR) saw an astronomical 58,326% of its average volume change hands. Bio-Techne Corporation (TECH), a component in 172 ETFs, also experienced a massive surge, trading $3.56 billion, or 2,514% of its 30-day average. Other widely-held stocks with unusually high turnover included Corning Inc (GLW), held by 347 ETFs, which traded $5.23 billion (210% of ADV), and Darden Restaurants, Inc. (DRI), held by 266 ETFs, which saw 272% of its normal volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| ILLR | Triller Group Incorporation | 58,326% | $623.0M | +283.44% | — |
| TECH | Bio-Techne Corporation | 2,514% | $3.56B | +20.70% | 172 |
| WEN | Wendy's Company | 568% | $735.9M | -6.07% | 102 |
| ASND | Ascendis Pharma A/S | 499% | $636.4M | +9.78% | 42 |
| AYI | Acuity Inc. | 495% | $517.5M | +17.64% | 165 |
| TCOM | Trip.com Group Ltd. Sponsored ADR | 401% | $560.6M | -12.42% | 36 |
| DRI | Darden Restaurants, Inc. | 272% | $612.6M | -0.33% | 266 |
| DLTR | Dollar Tree, Inc. | 252% | $937.8M | -1.03% | 240 |
| AAL | American Airlines Group Inc. | 245% | $3.50B | +0.41% | 112 |
| NVS | Novartis AG Sponsored ADR | 244% | $611.4M | +1.26% | 39 |
| MKSI | MKS Inc. | 233% | $873.9M | +8.28% | 167 |
| BB | BlackBerry Limited | 228% | $722.1M | +19.49% | 5 |
| RVMD | Revolution Medicines, Inc. | 218% | $890.8M | +5.12% | 138 |
| GLW | Corning Inc | 210% | $5.23B | +11.26% | 347 |
| BLD | TopBuild Corp. | 201% | $662.6M | +2.72% | 141 |
