Macro Summary
Total ETF market volume registered an elevated $282.65 billion, trading at 112% of its recent 30-day average. Activity was broadly higher across major asset classes, with both Equity and Fixed Income ETFs seeing turnover well above their typical levels. However, the session’s standout story was an extraordinary surge in the Currencies space, which traded at nearly three times its normal pace. In contrast, Digital Asset and Commodity funds experienced a significant drop-off in investor interest.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $194.85B | $170.44B | 114% |
| Fixed Income | $29.51B | $25.45B | 116% |
| Commodities | $4.79B | $5.59B | 86% |
| Digital Asset | $2.59B | $4.81B | 54% |
| Currencies | $269.5M | $97.3M | 277% |
| Alternatives | $796.2M | $725.0M | 110% |
| Non-Traditional | $49.64B | $45.72B | 109% |
| Multi-Asset | $211.7M | $226.6M | 93% |
| Total | $282.65B | $253.07B | 112% |
Equity
Equity ETFs saw robust turnover of $194.85 billion, or 114% of their 30-day average daily volume. Thematic Sustainability funds led the way, trading at 193% of their norm, followed by notable interest in international exposures like Asia-Pacific Ex-Japan (160%) and the Eurozone (147%). At the individual fund level, several smaller ETFs saw massive spikes in activity, including ALPS O’Shares US Small-Cap Quality Dividend ETF (OUSM) at 893% of its average and State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF (SPYX) at 868%. Among larger funds, iShares U.S. Financials ETF (IYF) was also notably active, trading 324% of its usual volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Sustainability | 193% | $386.8M | +3.94% |
| Equity: Region – Asia-Pacific Ex-Japan | 160% | $246.7M | +3.30% |
| Equity: Region – Eurozone | 147% | $586.3M | +2.11% |
| Equity: Sector – Consumer Staples | 146% | $1.43B | -1.79% |
| Equity: U.S. Large Cap – Growth | 142% | $46.06B | +2.86% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| OUSM | ALPS O'Shares US Small-Cap Quality Dividend ETF | 893% | $23.0M | -0.87% |
| SPYX | State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 868% | $26.4M | +1.53% |
| GEME | Pacific North of South EM Equity Active ETF | 831% | $21.9M | +3.27% |
| SEIE | SEI Select International Equity ETF | 667% | $35.2M | +2.09% |
| KSA | iShares MSCI Saudi Arabia ETF | 423% | $65.5M | +1.58% |
| FYC | First Trust Small Cap Growth AlphaDEX Fund | 348% | $23.3M | +1.84% |
| BBRE | JPMorgan BetaBuilders MSCI US REIT ETF | 343% | $12.9M | +0.68% |
| FEX | First Trust Large Cap Core AlphaDEX Fund | 331% | $9.2M | +0.79% |
| IYF | iShares U.S. Financials ETF | 324% | $137.8M | +0.39% |
| EMGF | iShares Emerging Markets Equity Factor ETF | 298% | $30.1M | +3.70% |
Fixed Income
Fixed Income ETFs posted a strong session with $29.51 billion in volume, representing 116% of the 30-day average. Interest was concentrated at the short end of the curve, with Short-Term taxable funds trading at 167% of their average and Ultrashort government funds at 131%. Long-duration government bond ETFs also saw elevated turnover at 147% of their norm. Outliers included State Street SPDR Bloomberg Short Term International Treasury Bond ETF (BWZ) at 687% of its average and State Street SPDR Portfolio High Yield Bond ETF (SPHY), which traded a heavy $604.8 million, or 581% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Short-Term | 167% | $1.52B | +0.05% |
| Fixed Income: Taxable – Government Long | 147% | $4.11B | -0.07% |
| Fixed Income: Taxable – Government Ultrashort | 131% | $5.19B | +0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BWZ | State Street SPDR Bloomberg Short Term International Treasury Bond ETF | 687% | $22.6M | +1.70% |
| SPHY | State Street SPDR Portfolio High Yield Bond ETF | 581% | $604.8M | +0.32% |
| XONE | BondBloxx Bloomberg One Year Target Duration US Treasury ETF | 370% | $21.9M | +0.00% |
| KORP | American Century Diversified Corporate Bond ETF | 332% | $13.1M | +0.14% |
| MYCH | State Street My2028 Corporate Bond ETF | 322% | $15.4M | +0.02% |
| FLTR | VanEck IG Floating Rate ETF | 288% | $79.2M | +0.00% |
| CLOI | VanEck CLO ETF | 287% | $30.3M | +0.12% |
| IGSB | iShares 1-5 Year Investment Grade Corporate Bond ETF | 284% | $393.3M | +0.07% |
| USTB | VictoryShares Short-Term Bond ETF | 278% | $35.5M | +0.07% |
| BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF | 273% | $10.4M | +0.24% |
Commodities
The Commodities complex had a quiet day, with total volume of $4.79 billion reaching only 86% of its 30-day average. No specific categories or individual tickers registered activity levels high enough to qualify as significant outliers, indicating a broad lack of directional conviction or catalyst-driven trading in the space 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.
Digital Asset
Digital Asset ETFs experienced a sharp decline in trading activity, with volume falling to just $2.59 billion, or 54% of the recent 30-day average. This muted turnover was consistent across the asset class, as no specific categories or funds stood out with unusual volume, suggesting a significant pullback in investor engagement with crypto-related products 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 were the session’s main event, with volume exploding to $269.5 million, a remarkable 277% of the 30-day average. The surge was almost entirely driven by the Invesco Currencyshares Japanese Yen Trust (FXY), which traded an incredible 1,017% of its typical volume, exchanging $104.8 million in shares. The popular Invesco DB US Dollar Index Bullish Fund (UUP) also saw heavy interest, trading at 242% of its norm on $124.1 million in volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 277% | $269.5M | +0.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 1,017% | $104.8M | +2.54% |
| UUP | Invesco DB US Dollar Index Bullish Fund | 242% | $124.1M | -0.97% |
Alternatives
Alternatives ETFs saw slightly elevated turnover, trading $796.2 million for 110% of their 30-day average. The primary driver of this activity was the Managed Futures category, which traded at 134% of its recent norm. However, no individual funds within the broader alternatives space registered volume spikes significant enough to be considered outliers.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 134% | $108.1M | -0.07% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional ETFs, primarily consisting of leveraged and inverse products, recorded $49.64 billion in volume, or 109% of their 30-day average. Leveraged and inverse fixed income funds were particularly active at 172% of their norm. The most notable activity was in single-stock leveraged products, led by the Direxion Daily MSFT Bull 2X ETF (MSFU), which traded a massive $723.6 million, or 419% of its average. Similar products tracking Amazon and Meta also saw turnover more than double their usual pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Fixed Income | 172% | $256.7M | +0.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MSFU | Direxion Daily MSFT Bull 2X ETF | 419% | $723.6M | +28.69% |
| WTPI | WisdomTree Equity Premium Income Fund | 404% | $10.5M | +1.49% |
| AMZU | Direxion Daily AMZN Bull 2X ETF | 236% | $230.6M | +22.53% |
| TMF | Direxion Daily 20+ Year Treasury Bull 3X ETF | 193% | $209.6M | -0.69% |
| METU | Direxion Daily META Bull 2X ETF | 192% | $233.7M | -15.43% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 ETP 2022-21.04.33 on CS NQ Slv FLS106 Pr | 177% | $24.7M | +2.84% |
| PSQ | ProShares Short QQQ | 160% | $300.2M | -3.62% |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | 158% | $12.5M | +3.91% |
| ROCY | JPMorgan Equity Premium Yield ETF | 157% | $13.6M | +1.82% |
| UDOW | ProShares UltraPro Dow30 | 154% | $148.7M | +4.00% |
Multi-Asset
Multi-Asset ETFs had a relatively subdued session, with total volume of $211.7 million coming in just below average at 93%. Despite the quiet overall tone, a few specific allocation funds saw unusual interest. The iShares Core 30/70 Conservative Allocation ETF (AOK) traded 272% of its average volume, and the iShares Core 60/40 Balanced Allocation ETF (AOR) was also active at 163% 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 |
|---|---|---|---|---|
| AOK | iShares Core 30/70 Conservative Allocation ETF | 272% | $13.6M | +0.68% |
| AOR | iShares Core 60/40 Balanced Allocation ETF | 163% | $30.1M | +1.30% |
| INCM | Franklin Income Focus ETF Income Focus ETF | 152% | $16.3M | +0.22% |
Single-Stock Volume
Single-stock activity was marked by several extreme volume outliers. Cycurion, Inc. (CYCU) saw an astronomical 213,110% surge versus its 30-day average, trading over $911 million. Among more widely-held names, MarketAxess Holdings Inc. (MKTX) traded 2,161% of its average on $1.51 billion in volume and is a constituent in 147 ETFs. Mega-cap Microsoft Corporation (MSFT), held by 791 ETFs, was also exceptionally active, trading nearly 300% of its average on a massive $44.62 billion dollar volume. Other heavily-traded stocks with broad ETF ownership included Alnylam Pharmaceuticals, Inc (ALNY) and Tradeweb Markets, Inc. Class A (TW).
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| CYCU | Cycurion, Inc. | 213,110% | $911.5M | +489.93% | 1 |
| MKTX | MarketAxess Holdings Inc. | 2,161% | $1.51B | +29.62% | 147 |
| DFNS | T3 Defense Inc. | 785% | $740.1M | +62.25% | 2 |
| TW | Tradeweb Markets, Inc. Class A | 467% | $672.2M | -9.59% | 176 |
| ALNY | Alnylam Pharmaceuticals, Inc | 460% | $1.89B | -29.27% | 255 |
| BAX | Baxter International Inc. | 447% | $569.9M | +9.22% | 169 |
| MDGL | Madrigal Pharmaceuticals, Inc. | 378% | $713.3M | -9.90% | 95 |
| FICO | Fair Isaac Corporation | 344% | $1.09B | -16.85% | 278 |
| FTAI | FTAI Aviation Ltd. | 328% | $949.0M | -0.19% | 153 |
| CHRW | C.H. Robinson Worldwide, Inc. | 313% | $1.02B | -15.99% | 300 |
| MSFT | Microsoft Corporation | 298% | $44.62B | +14.92% | 791 |
| CVNA | Carvana Co. Class A | 292% | $1.94B | -7.56% | 255 |
| SBUX | Starbucks Corporation | 286% | $1.98B | +1.26% | 344 |
| SIMO | Silicon Motion Technology Corporation Sponsored ADR | 270% | $651.1M | +23.52% | 35 |
| LHX | L3Harris Technologies Inc | 246% | $1.01B | -9.01% | 302 |
