Macro Summary
Total ETF market volume registered a robust $296.32 billion, trading at 116% of its recent 30-day average. The session was characterized by significantly heightened activity in Alternatives and Commodities, which saw turnover at 180% and 139% of their respective averages. Fixed Income, Equity, and Non-Traditional products also contributed with above-average volume, while Digital Assets and Multi-Asset funds experienced a comparatively quiet day. The broad-based increase in volume outside of core equity suggests a risk-off or tactical positioning theme dominated the day’s trading.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $201.42B | $171.85B | 117% |
| Fixed Income | $29.45B | $25.55B | 115% |
| Commodities | $7.93B | $5.69B | 139% |
| Digital Asset | $3.58B | $4.87B | 73% |
| Currencies | $95.8M | $97.8M | 98% |
| Alternatives | $1.29B | $717.5M | 180% |
| Non-Traditional | $52.35B | $45.73B | 114% |
| Multi-Asset | $198.8M | $229.5M | 87% |
| Total | $296.32B | $254.73B | 116% |
Equity
Equity ETFs saw elevated turnover, with $201.42 billion changing hands, representing 117% of the 30-day average volume. Thematic strategies were a focal point, particularly Infrastructure (173% of ADV), Midstream & MLPs (138%), and Evolving Consumer (136%). Several international funds experienced outlier volume, led by iShares ESG Aware MSCI EM ETF (ESGE) at a massive 807% of its average. Other notable international funds included SEI Select International Equity ETF (SEIE) at 757% and Capital Group International Core Equity ETF (CGIC) at 667% of their typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Infrastructure | 173% | $1.04B | -2.03% |
| Equity: Thematic – Midstream & MLPs | 138% | $174.0M | -0.30% |
| Equity: Thematic – Evolving Consumer | 136% | $836.2M | -0.22% |
| Equity: Sector – Financials | 136% | $4.64B | -1.46% |
| Equity: Region – Country Specific | 135% | $11.72B | -0.49% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ESGE | iShares ESG Aware MSCI EM ETF | 807% | $237.8M | -2.20% |
| SEIE | SEI Select International Equity ETF | 757% | $32.6M | -0.11% |
| GSSC | TR Activebeta US Small Cap Equity ETF | 697% | $20.6M | -1.43% |
| CGIC | Capital Group International Core Equity ETF | 667% | $109.4M | -0.86% |
| FDT | First Trust Developed Markets ex-US AlphaDEX Fund | 657% | $60.1M | -1.52% |
| PKW | Invesco Buyback Achievers ETF | 582% | $19.3M | -0.82% |
| EWG | iShares MSCI Germany ETF | 472% | $186.5M | +0.05% |
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 441% | $101.4M | -0.34% |
| KXI | iShares Global Consumer Staples ETF | 437% | $23.6M | +0.38% |
| SEIV | SEI Enhanced U.S. Large Cap Value Factor ETF | 431% | $29.6M | -1.21% |
Fixed Income
Fixed Income ETFs posted a solid session with $29.45 billion in volume, or 115% of the recent average. The most pronounced activity was in Securitized products, which traded at an impressive 216% of their 30-day ADV. High Yield (142%) and Government Long Duration (139%) funds also saw significant interest as investors navigated credit and duration risk. Specific fund activity was led by VictoryShares Short-Term Bond ETF (USTB) at 787% of its ADV and iShares MBS ETF (MBB), which traded over $621 million at 385% of its normal pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Securitized | 216% | $822.3M | -0.17% |
| Fixed Income: Municipal – Intermediate | 146% | $1.37B | -0.09% |
| Fixed Income: Taxable – High Yield | 142% | $4.89B | -0.18% |
| Fixed Income: Taxable – Government Long | 139% | $3.90B | -1.50% |
| Fixed Income: Taxable – Long-Term | 135% | $631.6M | -1.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USTB | VictoryShares Short-Term Bond ETF | 787% | $81.7M | +0.03% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 574% | $47.7M | +0.32% |
| SJNK | State Street SPDR Bloomberg Short Term High Yield Bond ETF | 429% | $213.3M | -0.23% |
| MBB | iShares MBS ETF | 385% | $621.4M | -0.93% |
| BAB | Invesco Taxable Municipal Bond ETF | 367% | $18.3M | -0.58% |
| HTRB | Hartford Total Return Bond ETF | 316% | $16.8M | -0.46% |
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | 293% | $10.1M | -0.46% |
| CGMU | Capital Group Municipal Income ETF | 250% | $64.6M | +0.04% |
| ANGL | VanEck Fallen Angel High Yield Bond ETF | 238% | $41.6M | -0.29% |
| STOT | State Street DoubleLine Short Duration Total Return Tactical ETF | 232% | $7.3M | +0.02% |
Commodities
Commodities were a hot spot, trading $7.93 billion for a notable 139% of average daily volume. Activity was concentrated in Precious Metals (146% of ADV) and Energy (134% of ADV). Gold funds were particularly active, with SPDR Gold Shares (GLD) trading $4.14 billion at 172% of its average. In the energy space, United States Brent Oil Fund LP (BNO) saw volume at 179% of its norm alongside a +7.79% gain.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 146% | $6.37B | +0.46% |
| Commodity: Focused – Energy | 134% | $1.21B | +4.52% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 196% | $31.8M | +0.52% |
| BNO | United States Brent Oil Fund LP | 179% | $140.0M | +7.79% |
| DBO | Invesco DB Oil Fund | 172% | $14.8M | +7.19% |
| GLD | SPDR Gold Shares | 172% | $4.14B | +0.65% |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 161% | $428.6M | +0.64% |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 156% | $115.8M | +0.70% |
| SGOL | abrdn Physical Gold Shares ETF | 155% | $130.4M | +0.70% |
| CERY | State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 154% | $13.2M | +1.92% |
| SIVR | abrdn Physical Silver Shares ETF | 150% | $79.8M | +0.23% |
Digital Asset
The Digital Asset space experienced a subdued session, with total volume reaching just $3.58 billion, or 73% of its 30-day average. No specific categories or individual tickers registered activity levels high enough to qualify as outliers, indicating a broad lack of directional conviction or catalyst-driven trading in the asset class for the day.
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.
Currencies
Currency ETFs saw a quiet day of trading, with volume of $95.8 million coming in at 98% of the 30-day average. Activity was balanced and in line with recent trends, with no specific funds or categories showing unusual turnover.
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
Alternative ETFs were the standout asset class, with volume surging to $1.29 billion, a remarkable 180% of the 30-day average. The activity was almost entirely concentrated in volatility-linked products, with both Long Volatility (195% of ADV) and Short Volatility (196% of ADV) categories seeing nearly double their usual turnover. This was exemplified by iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX), which traded $393.3 million at 226% of its typical pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 196% | $260.0M | -2.81% |
| Alternative: Volatility – Long | 195% | $953.6M | +6.89% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SVOL | Simplify Volatility Premium ETF | 293% | $10.4M | -2.03% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 226% | $393.3M | +7.33% |
| FFUT | Fidelity Managed Futures ETF | 152% | $3.8M | +0.68% |
Non-Traditional
Non-Traditional ETFs recorded $52.35 billion in volume, representing a moderately active session at 114% of the 30-day average. The most notable activity occurred in Leveraged and Inverse Fixed Income products, which traded at 176% of their norm. Synthetic Income (127%) and broad Leveraged/Inverse Equity (125%) strategies also saw above-average interest. Outlier activity was seen in buffer ETFs like Innovator Laddered Allocation Power Buffer ETF (BUFF) at 413% of ADV and FT Vest Laddered Moderate Buffer ETF (BUFZ) at 375%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Fixed Income | 176% | $258.4M | +0.31% |
| Non-Traditional: Synthetic Income – Equity | 127% | $2.42B | -1.19% |
| Non-Traditional: Leverage | Inverse – Equity | 125% | $34.83B | -1.24% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BUFF | Innovator Laddered Allocation Power Buffer ETF | 413% | $16.9M | -0.55% |
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 375% | $14.8M | -0.77% |
| JUCY | Aptus Enhanced Yield ETF | 321% | $9.6M | -0.05% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 ETP 2022-21.04.33 on CS NQ Slv FLS106 Pr | 311% | $41.2M | +0.32% |
| LQDW | iShares Investment Grade Corporate Bond BuyWrite Strategy ETF | 306% | $8.6M | -0.45% |
| UGL | ProShares Ultra Gold | 239% | $166.5M | +1.31% |
| BUYW | Main BuyWrite ETF | 230% | $10.0M | -0.14% |
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | 223% | $14.2M | -0.65% |
| TSPY | TappAlpha S&P 500 Growth & Daily Income ETF | 216% | $10.3M | -1.43% |
| RYLD | Global X Russell 2000 Covered Call ETF | 208% | $18.8M | -1.16% |
Multi-Asset
Multi-Asset ETFs had a quiet trading session, with total volume of $198.8 million amounting to just 87% of the 30-day average. There were no significant category or ticker-level outliers, suggesting investors’ asset allocation decisions were being implemented through more granular single-asset-class products.
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 exceptionally high for several names, driven by earnings and other corporate news. CBIZ, Inc. (CBZ) saw astonishing volume at 2,985% of its 30-day average, trading over $826 million. T3 Defense Inc. (DFNS) and Lithia Motors, Inc. (LAD) also experienced massive turnover at 1,464% and 810% of their respective averages. Several widely-held stocks were also unusually active, including Garmin Ltd. (GRMN), held by 280 ETFs, which traded at 430% of its ADV, and GE Healthcare Technologies Inc. (GEHC), a constituent in 298 ETFs, which saw volume at 301% of its norm.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| CBZ | CBIZ, Inc. | 2,985% | $826.5M | +17.00% | 59 |
| DFNS | T3 Defense Inc. | 1,464% | $893.1M | +112.75% | 2 |
| LAD | Lithia Motors, Inc. | 810% | $705.3M | +20.01% | 146 |
| FBRX | Forte Biosciences Inc. | 731% | $537.8M | -0.18% | 26 |
| AVTR | Avantor, Inc. | 579% | $566.7M | +14.69% | 98 |
| MANH | Manhattan Associates, Inc. | 534% | $532.0M | +19.92% | 156 |
| CAKE | Cheesecake Factory Incorporated | 467% | $514.3M | +13.04% | 107 |
| BMO | Bank of Montreal | 459% | $556.8M | -2.90% | — |
| WSO | Watsco, Inc. | 441% | $590.1M | -14.88% | 181 |
| GRMN | Garmin Ltd. | 430% | $927.1M | +16.70% | 280 |
| TEVA | Teva Pharmaceutical Industries Limited Sponsored ADR | 360% | $582.7M | +9.15% | 76 |
| MAS | Masco Corporation | 356% | $626.4M | -11.10% | 235 |
| LII | Lennox International Inc. | 338% | $758.6M | -21.00% | 234 |
| UL | Unilever PLC Sponsored ADR | 306% | $723.5M | -1.31% | 37 |
| GEHC | GE Healthcare Technologies Inc. | 301% | $968.7M | +10.67% | 298 |
