Total ETF volume registered $256.20 billion, a slightly subdued session at 98% of the 30-day average daily volume. The market displayed a clear divergence in activity, with strong interest in defensive and alternative asset classes. Fixed Income (122% of ADV), Currencies (150%), and Alternatives (114%) all saw elevated turnover. This contrasted with below-average trading in Equity (95%), Commodities (87%), and a particularly quiet day for Digital Assets, which traded at just 72% of their recent norm.
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$167.88B
$176.48B
95%
Fixed Income
$32.57B
$26.76B
122%
Commodities
$4.96B
$5.69B
87%
Digital Asset
$3.49B
$4.85B
72%
Currencies
$159.9M
$106.9M
150%
Alternatives
$868.6M
$759.8M
114%
Non-Traditional
$46.06B
$47.40B
97%
Multi-Asset
$214.3M
$227.1M
94%
Total
$256.20B
$262.27B
98%
Equity
Equity ETFs traded $167.88 billion, a muted session at 95% of their 30-day average. Despite the overall quiet tone, several specific categories saw significant interest, including Latin America (246%), Sustainability (201%), Midstream & MLPs (167%), and U.S. Mid Cap Value (159%). Individual fund activity was led by several dramatic outliers, including the Invesco Leisure and Entertainment ETF (PEJ) which traded an exceptional 2,485% of its average. Other notable movers included the Global X MLP ETF (MLPA) at 736% of ADV and the iShares U.S. Basic Materials ETF (IYM) at 670% of its norm.
FlexShares Morningstar Global Upstream Natural Resources Index Fund
402%
$83.5M
-0.85%
Fixed Income
Fixed Income was a clear standout, with $32.57 billion changing hands, representing a robust 122% of its 30-day average volume. The session’s activity was heavily concentrated at the front end of the curve, as Government Ultrashort (174% of ADV) and Ultrashort (148%) bond ETFs saw significant inflows. Inflation Protected bond funds also saw heightened activity at 144% of their average. Specific funds driving the volume included the State Street SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) at 582% of its ADV and the Invesco Ultra Short Duration ETF (GSY) at 573%.
PIMCO Ultra Short Government Active Exchange-Traded Fund
274%
$46.9M
-0.30%
Commodities
Commodities ETFs experienced a quiet session, with total volume of $4.96 billion translating to just 87% of the 30-day average. Within the asset class, Broad Market Multi-Sector funds were the only area to see above-average interest, trading at 139% of their norm. This category’s activity was almost entirely driven by the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC), which saw $301.2 million in turnover, or 237% of its typical volume.
Trading in Digital Asset ETFs was notably subdued, with volume of $3.49 billion coming in at only 72% of the 30-day average. No specific categories registered above-average activity. Among individual funds, some of the smaller Bitcoin ETFs saw relatively high turnover, including the Franklin Bitcoin ETF (EZBC) at 315% of its average and the Invesco Galaxy Bitcoin ETF (BTCO) at 240%. Even the typically dominant Grayscale Bitcoin Trust ETF (GBTC) was only moderately active at 154% of its ADV.
High-Volume Categories
No items met the inclusion criteria for this session.
Currency ETFs saw a significant spike in trading, with $159.9 million in volume representing 150% of the 30-day average, making it the most active asset class on a relative basis. The heightened interest was concentrated in two key funds. The WisdomTree Bloomberg US Dollar Bullish Fund (USDU) traded 350% of its average volume, while the Invesco Currencyshares Japanese Yen Trust (FXY) saw turnover reach 280% of its recent norm.
Alternatives ETFs posted a solid session with $868.6 million in volume, or 114% of the 30-day average. The day’s activity was overwhelmingly driven by the Managed Futures category, which traded at an exceptional 409% of its ADV. This was almost entirely attributable to the iMGP DBi Managed Futures Strategy ETF (DBMF), which saw massive turnover of $318.6 million, a staggering 598% of its typical daily volume.
Non-Traditional ETFs, a group including leveraged, inverse, and buffered products, saw a typical day of trading with $46.06 billion in volume, or 97% of the 30-day average. The Leverage and Inverse Fixed Income category was a pocket of activity at 134% of its ADV. Individual fund outliers were led by the Innovator U.S. Equity Power Buffer ETF – August (PAUG), which saw volume spike to 1,057% of its average. In dollar terms, the ProShares UltraPro Short QQQ (SQQQ) was a standout, trading $5.69 billion at 250% of its ADV.
High-Volume Categories
Category
Activity vs ADV
$ Volume
1-Day Return
Non-Traditional: Leverage | Inverse – Fixed Income
Multi-Asset ETFs saw a quiet day, with total volume of $214.3 million representing 94% of the 30-day average. No categories within the asset class experienced above-average trading. The only fund to show notable activity was the WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE), which traded at a modest 154% of its recent volume.
High-Volume Categories
No items met the inclusion criteria for this session.
WisdomTree Efficient Gold Plus Equity Strategy Fund
154%
$13.1M
+1.70%
Single-Stock Volume
Several single stocks experienced exceptionally high trading volumes relative to their recent averages. Atkore Inc (ATKR) led the way, trading a massive 3,097% of its 30-day ADV on $805.1M of volume following a +28.02% price move. Similarly, Integer Holdings Corporation (ITGR) saw turnover spike to 2,836% of its norm. Other notable high-volume names included GameStop Corp. Class A (GME) at 1,021% of ADV and Ferguson Enterprises Inc. (FERG) at 917%. Several widely-held stocks also saw unusual activity, including Bristol-Myers Squibb Company (BMY), a constituent in 438 ETFs, which traded 232% of its average volume.
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