Macro Summary
Total ETF market volume was exceptionally light, reaching just $201.45 billion, a mere 72% of the recent 30-day average. The subdued tone was pervasive across most major asset classes, with Equity, Fixed Income, and Commodities all trading well below their typical turnover rates. The primary exceptions to the quiet session were Digital Assets and Multi-Asset funds, which were the only two categories to post above-average volume, suggesting highly targeted pockets of investor activity amidst a broader risk-off sentiment.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $135.23B | $190.61B | 71% |
| Fixed Income | $20.31B | $26.38B | 77% |
| Commodities | $4.44B | $6.52B | 68% |
| Digital Asset | $6.20B | $5.00B | 124% |
| Currencies | $80.1M | $109.2M | 73% |
| Alternatives | $778.6M | $789.3M | 99% |
| Non-Traditional | $34.13B | $50.37B | 68% |
| Multi-Asset | $274.4M | $245.6M | 112% |
| Total | $201.45B | $280.01B | 72% |
Equity
Equity ETFs saw a significant drop-off in activity, with total volume of $135.23 billion representing just 71% of the 30-day average. Despite the overall quiet, U.S. Mid Cap categories showed relative strength, with Growth funds trading at 187% of their norm and Value funds at 145%. At the individual fund level, several ETFs saw massive volume spikes, including the iShares U.S. Tech Independence Focused ETF (IETC) at 1,141% of its average. Other notable outliers included the Franklin FTSE Taiwan ETF (FLTW) at 884% and a pair of dividend-focused funds, the iShares Select Dividend ETF (DVY) and iShares Core High Dividend ETF (HDV), which traded 563% and 399% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Mid Cap – Growth | 187% | $492.7M | -0.25% |
| Equity: U.S. Mid Cap – Value | 145% | $383.8M | -0.83% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IETC | iShares U.S. Tech Independence Focused ETF | 1,141% | $56.1M | +0.17% |
| FLTW | Franklin FTSE Taiwan ETF | 884% | $260.3M | -1.95% |
| DVY | iShares Select Dividend ETF | 563% | $376.3M | -0.60% |
| AVIV | Avantis International Large Cap Value ETF | 425% | $27.4M | -0.73% |
| IYH | iShares U.S. Healthcare ETF | 407% | $155.2M | -1.19% |
| HDV | iShares Core High Dividend ETF | 399% | $404.0M | -0.27% |
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 377% | $33.6M | -0.14% |
| SUSL | iShares ESG MSCI USA Leaders ETF | 352% | $9.7M | -0.14% |
| DDWM | WisdomTree Dynamic International Equity Fund | 340% | $12.0M | -0.37% |
| SFY | SoFi Select 500 ETF | 333% | $8.9M | -0.15% |
Fixed Income
Fixed Income ETFs also experienced a slow day, with turnover of $20.31 billion coming in at 77% of the recent daily average. No specific bond categories stood out for heightened activity, but several individual funds saw unusually high volume. The MFS Active Core Plus Bond ETF (MFSB) led the way, trading an exceptional 1,081% of its 30-day average. Other active funds included the Hartford Strategic Income ETF (HFSI) at 463% of its norm and the iShares Global Government Bond USD Hedged Active ETF (GGOV), which saw $153.9 million in volume, or 339% of its typical turnover.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MFSB | MFS Active Core Plus Bond ETF | 1,081% | $28.7M | -0.18% |
| HFSI | Hartford Strategic Income ETF | 463% | $39.0M | -0.21% |
| ISHG | iShares 1-3 Year International Treasury Bond ETF | 454% | $36.5M | -0.11% |
| PTRB | PGIM Total Return Bond ETF | 362% | $21.8M | -0.29% |
| GGOV | iShares Global Government Bond USD Hedged Active ETF | 339% | $153.9M | -0.20% |
| TUSI | Touchstone Ultra Short Income ETF | 290% | $18.0M | +0.06% |
| JHCR | John Hancock Core Bond ETF | 275% | $18.4M | -0.44% |
| SYFI | AB Short Duration High Yield ETF | 248% | $9.5M | +0.01% |
| TAFM | AB Tax-Aware Intermediate Municipal ETF | 222% | $9.9M | -0.14% |
| FLBL | Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund | 218% | $10.4M | +0.30% |
Commodities
The commodities space was particularly quiet, with total volume of $4.44 billion registering at just 68% of its 30-day average. Activity was muted across the board, with no categories showing unusual interest. The only fund to trade at a significantly elevated pace was the iShares GSCI Commodity Dynamic Roll Strategy ETF (COMT), which saw turnover at 170% of its recent average on volume of $18.1 million.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | 170% | $18.1M | +0.15% |
Digital Asset
Digital Asset ETFs were a clear bright spot in an otherwise lethargic market, with total volume of $6.20 billion surpassing the 30-day average by 24%. The activity was concentrated in the Cryptocurrency – Bitcoin category, which traded at 125% of its norm. This was largely driven by heavy turnover in the ProShares Bitcoin ETF (BITO), which accounted for $3.88 billion of the session’s volume, representing 160% of its own daily average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 125% | $5.53B | +1.44% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BITO | ProShares Bitcoin ETF | 160% | $3.88B | +1.66% |
Currencies
Currency ETFs saw a muted session, with total volume of $80.1 million reaching just 73% of the 30-day average. There were no notable standouts at either the category or individual fund level, reflecting the broader market’s lack of conviction and low 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
Alternatives ETFs traded a total of $778.6 million, almost perfectly in line with their 30-day average at 99% of the norm. This balanced overall figure masked specific areas of interest, particularly within the Volatility – Short category, which saw volume at 136% of its average. The session’s standout was the KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM), which experienced a massive volume surge, trading $50.1 million, or 938% of its typical daily turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 136% | $193.3M | +0.63% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| KMLM | KraneShares Mount Lucas Managed Futures Index Strategy ETF | 938% | $50.1M | +0.90% |
| FLSP | Franklin Systematic Style Premia ETF | 190% | $6.5M | -0.23% |
Non-Traditional
Non-Traditional ETFs posted volume of $34.13 billion, a quiet 68% of their 30-day average. However, this subdued total concealed extreme activity in niche products. The Synthetic Income – Commodity category was a hot spot, trading at 296% of its norm, driven by an incredible 2,559% volume spike in the UBS AG ETRACS Crude Oil Shares Covered Call ETN (USOI). Leveraged single-stock products also saw heavy action, including the Defiance Daily Target 2X Long IREN ETF (IRE) and the T-Rex 2X Long MSTR Daily Target ETF (MSTU), which traded 167% and 159% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Commodity | 296% | $140.7M | -0.02% |
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 | 2,559% | $104.5M | +0.10% |
| BUFF | Innovator Laddered Allocation Power Buffer ETF | 239% | $11.1M | -0.02% |
| IWMI | NEOS Russell 2000 High Income ETF | 225% | $38.7M | -0.56% |
| SPUU | Direxion Daily S&P 500 Bull 2X ETF | 215% | $10.8M | -0.17% |
| MLPI | NEOS MLP & Energy Infrastructure High Income ETF | 201% | $34.3M | -0.25% |
| IRE | Defiance Daily Target 2X Long IREN ETF | 167% | $160.4M | +40.57% |
| XQQI | NEOS Boosted Nasdaq-100 High Income ETF | 161% | $21.6M | -0.11% |
| XYLD | Global X S&P 500 Covered Call ETF | 160% | $53.9M | -0.94% |
| MSTU | T-Rex 2X Long MSTR Daily Target ETF | 159% | $233.2M | +6.72% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 157% | $7.9M | -0.25% |
Multi-Asset
Multi-Asset funds joined Digital Assets as the only major group to exceed its recent volume trend, trading $274.4 million for 112% of its 30-day average. The heightened activity was not concentrated in any single category but was instead driven by a few core allocation products. The iShares Core 30/70 Conservative Allocation ETF (AOK) and the iShares Core 40/60 Moderate Allocation ETF (AOM) saw notable interest, trading at 341% and 329% of their respective daily 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 |
|---|---|---|---|---|
| AOK | iShares Core 30/70 Conservative Allocation ETF | 341% | $21.0M | -0.28% |
| AOM | iShares Core 40/60 Moderate Allocation ETF | 329% | $22.3M | -0.30% |
| INCM | Franklin Income Focus ETF Income Focus ETF | 182% | $18.9M | -0.26% |
Single-Stock Volume
Several individual stocks saw outsized trading volume despite the quiet ETF market. UiPath, Inc. (PATH) was a standout, trading over $2.05 billion in shares, or 300% of its 30-day average. Domino’s Pizza, Inc. (DPZ) also saw heavy interest at 301% of its norm. Significant price action accompanied high volume in names like Archer Aviation Inc (ACHR), which surged +19.93% on 296% of average volume, and IREN Limited (IREN), which jumped +20.27% on $3.37 billion of turnover. Among the most widely-held names, Intuitive Surgical, Inc. (ISRG), a constituent in 406 ETFs, traded 158% of its average daily volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| DPZ | Domino's Pizza, Inc. | 301% | $844.1M | +2.55% | 221 |
| PATH | UiPath, Inc. Class A | 300% | $2.05B | +0.25% | 135 |
| ACHR | Archer Aviation Inc Class A | 296% | $509.2M | +19.93% | 71 |
| HDB | HDFC Bank Limited Sponsored ADR | 265% | $544.4M | -10.67% | 46 |
| HL | Hecla Mining Company | 262% | $1.26B | -0.21% | 178 |
| NU | Nu Holdings Ltd. Class A | 235% | $2.19B | +2.91% | 137 |
| ONDS | Ondas Inc. | 223% | $1.26B | +5.59% | 70 |
| WBD | Warner Bros. Discovery, Inc. Series A | 190% | $1.06B | -3.80% | 267 |
| IREN | IREN Limited | 187% | $3.37B | +20.27% | 91 |
| ISRG | Intuitive Surgical, Inc. | 158% | $1.80B | +2.36% | 406 |
| DHI | D.R. Horton, Inc. | 156% | $519.8M | -2.97% | 292 |
| CIFR | Cipher Digital Inc. | 155% | $802.4M | +16.88% | 104 |
| JOBY | Joby Aviation, Inc. | 155% | $564.1M | +3.37% | 75 |
| HUT | Hut 8 Corp. | 151% | $644.0M | +9.01% | 96 |
