Macro Summary
Total ETF market volume registered a below-average $229.01 billion, representing just 88% of the recent 30-day average. The session was characterized by a significant divergence in activity, with muted turnover in the broad equity markets offset by intense focus on specific asset classes. Commodities and Currencies were the clear standouts, trading at 169% and 164% of their typical volumes, respectively. Fixed Income also saw slightly elevated activity at 104% of its average, while the sizable Equity and Non-Traditional segments remained subdued at 83% and 89% of their norms.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $145.15B | $175.47B | 83% |
| Fixed Income | $28.45B | $27.24B | 104% |
| Commodities | $9.56B | $5.66B | 169% |
| Digital Asset | $2.76B | $4.82B | 57% |
| Currencies | $177.4M | $107.9M | 164% |
| Alternatives | $807.8M | $750.0M | 108% |
| Non-Traditional | $41.89B | $46.98B | 89% |
| Multi-Asset | $223.2M | $223.4M | 100% |
| Total | $229.01B | $261.24B | 88% |
Equity
Equity ETFs experienced a quiet session, with total volume reaching only $145.15 billion, or 83% of the 30-day average. Pockets of concentrated activity emerged in thematic and regional funds, led by Latin America (217%), Precious Metals (202%), and Natural Resources (150%). Several individual funds saw massive turnover, including the WisdomTree Emerging Markets High Dividend Fund (DEM) which traded an exceptional 1,149% of its average. Other notable outliers included the iShares U.S. Utilities ETF (IDU) at 826% of its norm and the iShares MSCI Mexico ETF (EWW) at 407% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Latin America | 217% | $154.5M | +0.12% |
| Equity: Thematic – Precious Metals | 202% | $4.16B | +7.09% |
| Equity: Thematic – Natural Resources | 150% | $1.30B | +1.14% |
| Equity: Thematic – Sustainability | 149% | $340.3M | -1.64% |
| Equity: Sector – Utilities | 136% | $1.28B | -1.30% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DEM | WisdomTree Emerging Markets High Dividend Fund | 1,149% | $126.1M | -0.48% |
| IDU | iShares U.S. Utilities ETF | 826% | $101.4M | -1.04% |
| ROUS | Hartford Multifactor US Equity ETF | 549% | $21.6M | -0.56% |
| PIZ | Invesco Dorsey Wright Developed Markets Momentum ETF | 546% | $21.6M | +1.00% |
| IOO | iShares Global 100 ETF | 408% | $152.2M | -0.12% |
| EWW | iShares MSCI Mexico ETF | 407% | $337.2M | -0.38% |
| PDP | Invesco Dorsey Wright Momentum ETF | 330% | $10.6M | -0.86% |
| JQUA | JPMorgan U.S. Quality Factor ETF | 324% | $92.6M | -0.56% |
| AVGE | Avantis All Equity Markets ETF | 315% | $24.5M | -0.25% |
| FESM | Fidelity Enhanced Small Cap Core ETF | 309% | $129.1M | -0.50% |
Fixed Income
Fixed Income ETFs posted a slightly above-average day with $28.45 billion in turnover, or 104% of the 30-day average. Activity was concentrated at the shorter end of the curve and in credit, with Government Ultrashort funds trading at 133% of their norm and Bank Loan funds at 139%. The session’s volume was heavily influenced by a few specific funds, most notably the ProShares GENIUS Money Market ETF (IQMM), which saw a massive $1.32 billion in volume at 944% of its average. The Capital Group Ultra Short Income ETF (CGUI) also experienced a surge in activity, trading 1,307% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Bank Loans | 139% | $368.2M | -0.13% |
| Fixed Income: Municipal – Intermediate | 135% | $1.36B | +0.10% |
| Fixed Income: Taxable – Government Ultrashort | 133% | $5.86B | +0.01% |
| Fixed Income: Taxable – Government Intermediate | 127% | $768.5M | +0.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CGUI | Capital Group Ultra Short Income ETF | 1,307% | $38.4M | -0.10% |
| IQMM | ProShares GENIUS Money Market ETF | 944% | $1.32B | +0.01% |
| AGGH | Simplify Aggregate Bond ETF | 595% | $26.7M | -0.03% |
| HMOP | Hartford Municipal Opportunities ETF | 468% | $13.3M | -0.17% |
| IBTK | iShares iBonds Dec 2030 Term Treasury ETF | 461% | $25.5M | +0.05% |
| EMHY | iShares J.P. Morgan EM High Yield Bond ETF | 406% | $13.7M | +0.04% |
| DRSK | Aptus Defined Risk ETF | 322% | $11.7M | -0.70% |
| USTB | VictoryShares Short-Term Bond ETF | 321% | $51.1M | +0.01% |
| HYGV | FlexShares High Yield Value-Scored Bond Index Fund | 298% | $11.0M | -1.12% |
| TBUX | T. Rowe Price Ultra Short-Term Bond ETF | 289% | $34.6M | +0.02% |
Commodities
Commodities were a focal point of market activity, trading a robust $9.56 billion for 169% of the 30-day average volume. The session was dominated by the Precious Metals category, which alone accounted for $8.39 billion in turnover at 199% of its recent norm. This surge was evident across major gold-backed ETFs, with SPDR Gold Shares (GLD) trading $5.39 billion (226% of ADV), iShares Gold Trust (IAU) trading 225% of its average, and the Invesco DB Agriculture Fund (DBA) also seeing unusual interest at 246% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 199% | $8.39B | +3.44% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 247% | $189.4M | +4.12% |
| DBA | Invesco DB Agriculture Fund | 246% | $57.7M | -0.09% |
| GLD | SPDR Gold Shares | 226% | $5.39B | +4.17% |
| IAU | iShares Gold Trust | 225% | $870.9M | +4.18% |
| PPLT | abrdn Physical Platinum Shares ETF | 190% | $61.8M | +0.00% |
| CPER | United States Copper Index Fund | 184% | $29.1M | +1.76% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 169% | $16.0M | -0.11% |
| AAAU | Goldman Sachs Physical Gold ETF | 150% | $67.8M | +4.14% |
Digital Asset
The Digital Asset space saw a very quiet session, with total volume of $2.76 billion amounting to just 57% of the 30-day average. No specific categories registered unusually high turnover. While a few funds like the Franklin XRP ETF (XRPZ) and iShares Staked Ethereum Trust ETF (ETHB) traded above their individual averages, the dollar volumes were modest and did not signal any broad thematic interest in the asset class for the day.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XRPZ | Franklin XRP ETF | 182% | $4.9M | -0.89% |
| ETHB | iShares Staked Ethereum Trust ETF | 169% | $14.8M | +2.24% |
| MSBT | Morgan Stanley Bitcoin Trust ETF | 166% | $14.8M | +0.92% |
Currencies
Currency ETFs were exceptionally active, trading $177.4 million for 164% of their 30-day average volume. This outsized activity was almost entirely driven by a single fund. The WisdomTree Bloomberg US Dollar Bullish Fund (USDU) experienced a massive surge in turnover, trading $102.0 million, which represents an extraordinary 1,203% of its recent daily average, making it the session’s primary focus within the asset class.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 164% | $177.4M | +0.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | 1,203% | $102.0M | -0.23% |
Alternatives
Alternatives ETFs saw a balanced session, with trading volume of $807.8 million landing at 108% of the 30-day average. Activity was broadly distributed across the asset class, with no specific categories or individual funds showing significant deviation from their recent trading patterns. The overall turnover suggests a typical day for the space without any standout catalysts driving investor interest.
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.
Non-Traditional
Non-Traditional ETFs, a segment that includes leveraged, inverse, and options-based strategies, recorded a subdued $41.89 billion in volume, or 89% of the 30-day average. Despite the lower overall total, several funds saw heightened activity. Leveraged products tied to the day’s precious metals theme were popular, with the MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and ProShares Ultra Gold (UGL) trading at 263% and 251% of their averages, respectively. The Innovator U.S. Equity Power Buffer ETF – August (PAUG) was another standout, trading 483% 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 |
|---|---|---|---|---|
| PAUG | Innovator U.S. Equity Power Buffer ETF – August | 483% | $25.6M | -0.02% |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | 291% | $49.7M | -1.66% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 263% | $325.0M | +21.71% |
| UGL | ProShares Ultra Gold | 251% | $180.3M | +8.47% |
| GGLL | Direxion Daily GOOGL Bull 2X ETF | 217% | $344.5M | -8.00% |
| GPIX | Goldman Sachs S&P 500 Premium Income ETF | 204% | $109.4M | -0.08% |
| NUGT | Direxion Daily Gold Miners Index Bull 2X ETF | 185% | $131.2M | +14.28% |
| PLTU | Direxion Daily PLTR Bull 2X ETF | 180% | $181.5M | -4.79% |
| AMDL | GraniteShares 2x Long AMD Daily ETF | 179% | $411.5M | -16.79% |
| PLTY | YieldMax PLTR Option Income Strategy ETF | 177% | $8.2M | -1.57% |
Multi-Asset
Multi-Asset ETFs experienced a perfectly average session, with total volume of $223.2 million matching its 30-day average at exactly 100%. Activity was unremarkable across the category, with the only notable fund being the VanEck Real Assets ETF (RAAX), which traded at 180% of its typical volume on turnover of $18.9 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 |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 180% | $18.9M | +1.01% |
Single-Stock Volume
Single-stock activity was marked by several extreme outliers, led by an astronomical surge in YXT.COM Group Holding Limited Sponsored ADR (YXT), which traded over 4,291,000% of its 30-day average on $1.31 billion in volume. Beyond that anomaly, numerous widely-held stocks saw heavy trading. Shopify, Inc. Class A (SHOP) traded a massive $5.60 billion at 532% of its average daily volume. Other notable names with turnover exceeding 400% of their norms included Flutter Entertainment Plc (FLUT), held by 114 ETFs; SolarEdge Technologies, Inc. (SEDG), held by 88 ETFs; and Insulet Corporation (PODD), a constituent in 230 different ETFs.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| YXT | YXT.COM Group Holding Limited Sponsored ADR | 4,291,105% | $1.31B | +762.50% | — |
| SHAK | Shake Shack, Inc. Class A | 598% | $624.0M | +11.33% | 74 |
| ZETA | Zeta Global Holdings Corp. Class A | 548% | $950.6M | +11.69% | 75 |
| FLUT | Flutter Entertainment Plc | 546% | $1.38B | -12.12% | 114 |
| SHOP | Shopify, Inc. Class A | 532% | $5.60B | +17.82% | 54 |
| RBA | RB Global, Inc. | 522% | $642.3M | -13.90% | 35 |
| SEDG | SolarEdge Technologies, Inc. | 485% | $559.7M | -29.90% | 88 |
| NYT | New York Times Company Class A | 443% | $534.8M | -14.51% | 193 |
| PODD | Insulet Corporation | 411% | $902.9M | -20.01% | 230 |
| DT | Dynatrace, Inc. | 377% | $776.5M | +10.84% | 156 |
| DVA | DaVita Inc. | 377% | $675.7M | -17.10% | 192 |
| MDLN | Medline, Inc. Class A | 332% | $848.7M | -14.99% | 93 |
| RRX | Regal Rexnord Corporation | 305% | $720.2M | -17.25% | 141 |
| CDW | CDW Corporation | 302% | $759.2M | -8.93% | 249 |
| SN | SharkNinja, Inc. | 267% | $628.3M | +8.33% | 135 |
