Macro Summary
Total ETF market volume reached $289.18 billion, a modest 102% of the recent 30-day average, suggesting a session of balanced but targeted activity. While the headline figure was near normal, significant divergences appeared at the asset class level. Digital Assets and Alternatives saw sharply elevated turnover, trading at 160% and 137% of their respective averages. In contrast, Fixed Income, Commodities, and Currencies experienced a notably quiet day, with volumes well below their typical pace. Equity and Non-Traditional products traded in line with their recent averages, rounding out a day characterized by specific pockets of high conviction rather than broad market participation.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $198.28B | $193.44B | 102% |
| Fixed Income | $23.98B | $26.61B | 90% |
| Commodities | $5.30B | $6.61B | 80% |
| Digital Asset | $8.04B | $5.01B | 160% |
| Currencies | $65.1M | $112.1M | 58% |
| Alternatives | $1.11B | $812.9M | 137% |
| Non-Traditional | $52.18B | $51.30B | 102% |
| Multi-Asset | $220.6M | $246.6M | 89% |
| Total | $289.18B | $284.15B | 102% |
Equity
Equity ETFs traded a total of $198.28 billion, landing at 102% of their 30-day average volume in a broadly typical session for the asset class. Pockets of heightened activity were visible in U.S. Mid Cap Blend funds, which traded at 166% of their average, and in Thematic Disruptive Tech funds at 158%. Several individual funds saw massive volume spikes, led by the Vanguard Mid-Cap ETF (VO) which traded $1.28 billion (664% of ADV). Other notable outliers included Fidelity Fundamental Large Cap Growth ETF (FFLG) at an exceptional 2,484% of its average, Vanguard Russell 1000 Growth ETF (VONG) at 429%, and Vanguard Russell 2000 ETF (VTWO) at 390% of its normal turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Mid Cap – Blend | 166% | $3.30B | -0.57% |
| Equity: Thematic – Disruptive Tech | 158% | $8.64B | -0.74% |
| Equity: Sector – Consumer Staples | 140% | $1.41B | -0.67% |
| Equity: Sector – Information Technology | 131% | $24.41B | -1.29% |
| Equity: Sector – Consumer Discretionary | 127% | $1.69B | -1.36% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FFLG | Fidelity Fundamental Large Cap Growth ETF | 2,484% | $66.0M | -1.62% |
| PIE | Invesco Dorsey Wright Emerging Markets Momentum ETF | 1,010% | $25.6M | -4.10% |
| VO | Vanguard Mid-Cap ETF | 664% | $1.28B | -0.13% |
| VONG | Vanguard Russell 1000 Growth ETF | 429% | $658.3M | -1.44% |
| ALAI | Alger AI Enablers & Adopters ETF | 401% | $18.6M | -1.12% |
| VTWO | Vanguard Russell 2000 ETF | 390% | $853.2M | -0.62% |
| KSA | iShares MSCI Saudi Arabia ETF | 390% | $73.4M | -0.37% |
| TCAI | Tortoise AI Infrastructure ETF | 389% | $22.5M | +0.21% |
| IWR | iShares Russell Midcap ETF | 377% | $742.2M | -0.63% |
| XSOE | WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 377% | $18.7M | -1.85% |
Fixed Income
The Fixed Income space was subdued, with total volume of $23.98 billion representing just 90% of the 30-day average. No specific categories registered unusually high activity, but several municipal bond funds stood out with elevated turnover. JPMorgan Municipal ETF (JMUB) traded $187.3 million, or 415% of its typical volume. Similarly, Vanguard Intermediate-Term Tax-Exempt Bond ETF (VTEI) saw activity spike to 529% of its average, while NYLI MacKay Muni Intermediate ETF (MMIT) traded at a 425% clip, indicating focused interest within the tax-exempt bond market.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VTEI | Vanguard Intermediate-Term Tax-Exempt Bond ETF | 529% | $35.4M | -0.03% |
| MMIT | NYLI MacKay Muni Intermediate ETF | 425% | $20.3M | -0.06% |
| JMUB | JPMorgan Municipal ETF | 415% | $187.3M | +0.03% |
| LDUR | PIMCO Enhanced Low Duration Active ETF | 341% | $17.3M | +0.07% |
| HYDB | iShares High Yield Systematic Bond ETF | 330% | $21.3M | -0.13% |
| SMTH | ALPS/SMITH Core Plus Bond ETF | 282% | $26.4M | +0.12% |
| FLHY | Franklin High Yield Corporate ETF | 264% | $13.4M | +0.04% |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 263% | $26.8M | +0.14% |
| YEAR | AB Ultra Short Income ETF | 262% | $18.8M | +0.04% |
| KORP | American Century Diversified Corporate Bond ETF | 242% | $10.9M | +0.12% |
Commodities
Commodities ETFs saw a quiet session, trading $5.30 billion for just 80% of their recent average volume. The lone bright spot was the Broad Market Multi-Sector category, which saw turnover surge to 208% of its norm. This category’s activity was driven by a few key funds, including the Invesco DB Commodity Index Tracking Fund (DBC), which traded at an impressive 498% of its 30-day average. Other significant contributors were the abrdn Bloomberg All Commodity Strategy K-1 Free ETF (BCI) at 350% and the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) at 299% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Multi-Sector – Broad Market | 208% | $617.0M | +0.90% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBC | Invesco DB Commodity Index Tracking Fund | 498% | $124.3M | +1.83% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 350% | $103.4M | +1.25% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 299% | $284.5M | +1.77% |
| WEAT | Teucrium Wheat Fund | 164% | $15.6M | +0.88% |
Digital Asset
Digital Asset ETFs were the day’s standout, with volume surging to $8.04 billion, a remarkable 160% of the 30-day average. The activity was highly concentrated in Bitcoin-focused products, which collectively traded at 169% of their typical pace. The primary driver was the ProShares Bitcoin ETF (BITO), which alone accounted for $5.55 billion in turnover. This represented 240% of its own daily average and cemented the fund as the session’s focal point for high-conviction trading.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 169% | $7.44B | -0.31% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BITO | ProShares Bitcoin ETF | 240% | $5.55B | -0.52% |
Currencies
Currency ETFs experienced a very quiet session, with total volume of just $65.1 million, or 58% of the 30-day average. Activity was muted across the board, with no categories showing unusual interest. The only notable fund-level activity came from the Invesco Currencyshares Japanese Yen Trust (FXY), which traded $14.8 million, or 170% of its typical volume, in an otherwise dormant asset class.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 170% | $14.8M | +0.08% |
Alternatives
Alternatives saw elevated trading interest, with volume reaching $1.11 billion, or 137% of the recent 30-day average. The session’s activity was squarely focused on Volatility products, as both Long and Short strategies saw heightened turnover at 144% and 143% of their respective norms. Despite the category-level interest, no individual funds registered as significant outliers, suggesting the increased volume was distributed broadly across volatility-linked ETFs.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Long | 144% | $832.7M | +5.40% |
| Alternative: Volatility – Short | 143% | $204.8M | -2.06% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional ETFs posted a standard session with $52.18 billion in volume, equivalent to 102% of their 30-day average. Within this broad asset class, Buffer Equity strategies were a clear area of focus, trading at 157% of their usual pace. Several individual products saw extreme turnover, led by the UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 (USOI) at 893% of its ADV and the Innovator U.S. Equity Power Buffer ETF – January (PJAN) at 861%. The T-REX 2X Long SNDK Daily Target ETF (SNDU) also saw heavy trading, with $327.1 million changing hands at 210% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 157% | $637.8M | -0.36% |
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 | 893% | $28.7M | +1.02% |
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | 861% | $30.2M | -0.32% |
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 459% | $43.1M | -0.38% |
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | 386% | $20.5M | -0.38% |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | 215% | $17.6M | -1.62% |
| ACYN | FT Vest Laddered Autocallable Barrier & Income ETF | 215% | $69.3M | -0.29% |
| SNDU | T-REX 2X Long SNDK Daily Target ETF | 210% | $327.1M | -8.34% |
| SFLR | Innovator Equity Managed Floor ETF | 210% | $19.0M | -0.93% |
| SPUU | Direxion Daily S&P 500 Bull 2X ETF | 179% | $8.7M | -2.32% |
| QDTE | Roundhill Innovation-100 0DTE Covered Call Strategy ETF | 161% | $32.4M | -0.39% |
Multi-Asset
Activity in Multi-Asset ETFs was muted, with total volume of $220.6 million representing 89% of the 30-day average. No specific categories or individual tickers stood out with unusual trading volume, making it an unremarkable 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.
Single-Stock Volume
Single-stock activity was marked by significant, news-driven moves in several widely-held names. Intuitive Surgical, Inc. (ISRG) traded a massive $3.59 billion (344% of ADV) as its shares fell -14.11%, while Netflix, Inc. (NFLX) saw $9.08 billion in turnover (272% of ADV) on a -7.12% decline; these stocks are held by 408 and 497 ETFs, respectively, amplifying their market impact. On the positive side, Travelers Companies, Inc. (TRV) surged +9.20% on volume that was 237% of its average. The most extreme outlier was Sadot Group Inc. (SDOT), which soared +65.80% on 520% of its typical volume, though it is held by only one ETF.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| SDOT | Sadot Group Inc. | 520% | $554.3M | +65.80% | 1 |
| ISRG | Intuitive Surgical, Inc. | 344% | $3.59B | -14.11% | 408 |
| GSK | GSK plc Sponsored ADR | 288% | $529.4M | -1.92% | 34 |
| NFLX | Netflix, Inc. | 272% | $9.08B | -7.12% | 497 |
| ONDS | Ondas Inc. | 243% | $1.38B | -2.03% | 70 |
| TRV | Travelers Companies, Inc. | 237% | $1.39B | +9.20% | 354 |
| SNPS | Synopsys, Inc. | 219% | $1.76B | -8.34% | 370 |
| HL | Hecla Mining Company | 215% | $968.9M | -0.38% | 178 |
| CDNS | Cadence Design Systems, Inc. | 192% | $1.57B | -10.18% | 426 |
| RF | Regions Financial Corporation | 186% | $552.9M | -2.27% | 290 |
| JOBY | Joby Aviation, Inc. | 183% | $647.4M | -1.50% | 74 |
| EA | Electronic Arts Inc. | 179% | $721.8M | +0.58% | 355 |
| PATH | UiPath, Inc. Class A | 170% | $1.10B | +0.81% | 134 |
| CI | Cigna Group | 162% | $713.7M | -0.85% | 336 |
| NU | Nu Holdings Ltd. Class A | 160% | $1.46B | -1.45% | 138 |
