Macro Summary
Total ETF market volume registered $226.48B, a subdued session at just 79% of the recent 30-day average. The broader market calm was most pronounced in the Equity and Alternatives asset classes, both of which traded well below their typical turnover. In contrast, Digital Asset and Multi-Asset funds saw elevated activity, suggesting investor focus was highly selective and concentrated in specific market niches rather than broad-based conviction.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $149.10B | $193.85B | 77% |
| Fixed Income | $22.71B | $26.58B | 85% |
| Commodities | $5.81B | $6.56B | 89% |
| Digital Asset | $6.19B | $5.02B | 123% |
| Currencies | $101.5M | $111.6M | 91% |
| Alternatives | $587.4M | $824.1M | 71% |
| Non-Traditional | $41.64B | $51.80B | 80% |
| Multi-Asset | $327.4M | $243.9M | 134% |
| Total | $226.48B | $285.00B | 79% |
Equity
Equity ETFs saw significantly reduced activity, trading just $149.10B, or 77% of their 30-day average volume. The session’s primary outlier was the Specialty – Hedged category, which traded at an exceptional 746% of its recent norm. This was driven almost entirely by the JPMorgan Hedged Equity Laddered Overlay ETF (HELO), which experienced a massive volume spike to 1,692% of its average on $365.2M traded. Other funds with notable activity included the iShares MSCI USA Equal Weighted ETF (EUSA) at 590% and the WisdomTree US Value Fund of Benef Interest (WTV) at 521% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Specialty – Hedged | 746% | $387.4M | -0.57% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HELO | JPMorgan Hedged Equity Laddered Overlay ETF | 1,692% | $365.2M | -0.32% |
| EUSA | iShares MSCI USA Equal Weighted ETF | 590% | $40.1M | +0.71% |
| WTV | WisdomTree US Value Fund of Benef Interest | 521% | $74.6M | +1.02% |
| IUS | Invesco RAFI Strategic US ETF | 288% | $7.5M | +0.64% |
| MFSI | MFS Active International ETF | 259% | $15.8M | -0.54% |
| FQAL | Fidelity Quality Factor ETF | 243% | $6.2M | +0.01% |
| FDLO | Fidelity Low Volatility Factor ETF | 231% | $6.3M | +0.76% |
| IVOG | Vanguard S&P Mid-Cap 400 Growth ETF | 227% | $6.2M | -0.42% |
| OUSM | ALPS O'Shares US Small-Cap Quality Dividend ETF | 217% | $5.5M | +1.93% |
| EFAV | iShares MSCI EAFE Min Vol Factor ETF | 214% | $81.8M | +0.21% |
Fixed Income
Fixed Income ETFs traded $22.71B, representing a below-average 85% of their typical volume. Despite the overall quiet tone, certain categories showed significant life, particularly Taxable – International funds, which traded at 339% of their average. This was spearheaded by the iShares International Treasury Bond ETF (IGOV), which saw an extraordinary 1,241% of its average volume. Term-maturity Treasury ETFs also saw heightened interest, with the iShares iBonds Dec 2030 Term Treasury ETF (IBTK) trading at 898% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International | 339% | $171.1M | -0.32% |
| Fixed Income: Municipal – Intermediate | 131% | $1.14B | -0.15% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IGOV | iShares International Treasury Bond ETF | 1,241% | $147.6M | -0.40% |
| IBTK | iShares iBonds Dec 2030 Term Treasury ETF | 898% | $34.6M | -0.05% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 547% | $52.7M | -0.01% |
| GGOV | iShares Global Government Bond USD Hedged Active ETF | 291% | $129.1M | -0.17% |
| XSVN | BondBloxx Bloomberg Seven Year Target Duration US Treasury ETF | 262% | $6.6M | -0.03% |
| VCRM | Vanguard Core Tax-Exempt Bond ETF | 260% | $31.7M | -0.15% |
| HYDB | iShares High Yield Systematic Bond ETF | 257% | $15.9M | -0.01% |
| FMB | First Trust Managed Municipal ETF | 238% | $17.6M | -0.17% |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | 205% | $17.3M | +0.00% |
| IBTH | iShares iBonds Dec 2027 Term Treasury ETF | 203% | $22.6M | +0.00% |
Commodities
Commodities ETFs experienced a relatively quiet day, with total volume of $5.81B coming in at 89% of the 30-day average. No specific categories stood out with elevated turnover. The only individual fund to see significantly heightened interest was the United States Natural Gas Fund LP (UNG), which traded 186% of its recent average on $121.5M in 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 |
|---|---|---|---|---|
| UNG | United States Natural Gas Fund LP | 186% | $121.5M | -1.37% |
Digital Asset
Digital Assets were a notable bright spot for activity, trading 123% of their 30-day average with $6.19B in total volume. The Cryptocurrency – Bitcoin category was the clear driver at 130% of its norm. This activity was heavily concentrated in the ProShares Bitcoin ETF (BITO), which saw a substantial $4.81B change hands, representing 216% of its recent average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 130% | $5.70B | -1.13% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BITO | ProShares Bitcoin ETF | 216% | $4.81B | -1.08% |
Currencies
Currency ETFs saw a quiet session, with total volume of $101.5M representing just 91% of the 30-day average. No specific categories or individual funds experienced unusually high trading 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 Alternatives was muted, with the asset class seeing just 71% of its recent average volume on turnover of $587.4M. There were no notable outliers among categories or individual ETFs during the session.
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 funds traded below their recent average at 80% on $41.64B in volume, but several individual products saw heightened interest. The UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 (USOI) was a significant outlier at 480% of its ADV. Other active funds included the JPMorgan Equity Premium Yield ETF (ROCY) at 246% and the Innovator Defined Wealth Shield ETF (BALT) at 235% 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 |
|---|---|---|---|---|
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 480% | $13.6M | +0.28% |
| ROCY | JPMorgan Equity Premium Yield ETF | 246% | $10.5M | -0.25% |
| BALT | Innovator Defined Wealth Shield ETF | 235% | $41.0M | +0.03% |
| TSMX | Direxion Daily TSM Bull 2X ETF | 206% | $167.5M | -4.56% |
| DPST | Direxion Daily Regional Banks Bull 3X ETF | 200% | $81.5M | +8.10% |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | 178% | $14.2M | -2.20% |
| GGLL | Direxion Daily GOOGL Bull 2X ETF | 153% | $236.9M | -8.51% |
Multi-Asset
Multi-Asset funds were a pocket of strength, trading 134% of their 30-day average volume on $327.4M in turnover. The activity was led by the Asset Allocation: Target Risk – Growth category, which traded at 147% of its norm. Notable individual fund activity was seen in the VanEck Real Assets ETF (RAAX), which traded 337% of its average, and the Capital Group Core Balanced ETF (CGBL) at 162% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Growth | 147% | $149.9M | -0.35% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 337% | $34.4M | -1.24% |
| RLY | State Street Multi-Asset Real Return ETF | 175% | $13.2M | -0.46% |
| CGBL | Capital Group Core Balanced ETF | 162% | $131.8M | -0.44% |
Single-Stock Volume
Several single stocks experienced exceptionally high trading volumes. AtaiBeckley Inc. (ATAI) was the most extreme outlier, trading a massive 2,771% of its 30-day average on $1.16B in volume. Other notable activity was seen in Nu Holdings Ltd. Class A (NU) at 271% of its ADV and J.B. Hunt Transport Services, Inc. (JBHT) at 250%. Among widely-held names, Abbott Laboratories (ABT), held by 354 ETFs, traded 242% of its average on $2.75B, while UnitedHealth Group Incorporated (UNH), a constituent in 455 ETFs, saw over $5.1B change hands at 204% of its ADV.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| ATAI | AtaiBeckley Inc. | 2,771% | $1.16B | +32.61% | 46 |
| NU | Nu Holdings Ltd. Class A | 271% | $2.44B | -0.54% | 138 |
| JBHT | J.B. Hunt Transport Services, Inc. | 250% | $658.0M | +7.66% | 268 |
| ABT | Abbott Laboratories | 242% | $2.75B | +10.54% | 354 |
| OPEN | Opendoor Technologies Inc | 229% | $646.7M | -3.68% | 66 |
| BTI | British American Tobacco PLC Sponsored ADR | 221% | $550.8M | +7.61% | 40 |
| STT | State Street Corporation | 220% | $883.2M | -0.52% | 323 |
| PYPL | PayPal Holdings, Inc. | 206% | $1.63B | +2.06% | 355 |
| UNH | UnitedHealth Group Incorporated | 204% | $5.10B | +0.82% | 455 |
| IR | Ingersoll Rand Inc. | 203% | $595.0M | +5.98% | 238 |
| CFG | Citizens Financial Group, Inc. | 201% | $624.6M | +4.79% | 278 |
| NDAQ | Nasdaq, Inc. | 187% | $684.6M | +3.16% | 278 |
| CI | Cigna Group | 187% | $788.5M | -4.72% | 336 |
| CTAS | Cintas Corporation | 179% | $680.8M | +7.16% | 341 |
| PATH | UiPath, Inc. Class A | 177% | $1.12B | +0.29% | 134 |
