Macro Summary
Total ETF market volume registered a quiet $192.33 billion, trading at just 76% of its recent 30-day average. The session was characterized by a broad-based slowdown across most asset classes, with both Equity and Non-Traditional ETFs seeing activity at only 70-74% of their typical pace. The notable exception was the Commodities complex, which was the only major asset class to trade above its daily average, driven by a significant spike in precious metals funds.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $124.25B | $168.12B | 74% |
| Fixed Income | $24.04B | $27.63B | 87% |
| Commodities | $8.07B | $5.79B | 139% |
| Digital Asset | $3.05B | $4.47B | 68% |
| Currencies | $103.9M | $110.0M | 94% |
| Alternatives | $610.1M | $746.0M | 82% |
| Non-Traditional | $32.01B | $45.53B | 70% |
| Multi-Asset | $197.3M | $225.7M | 87% |
| Total | $192.33B | $252.64B | 76% |
Equity
Equity ETFs experienced a very muted session, with total volume reaching only $124.25 billion, or 74% of the 30-day average. While no specific categories stood out, several individual funds saw anomalous activity. The Global X Cloud Computing ETF (CLOU) was a significant outlier, trading an incredible 1,479% of its average volume. Other notable funds included the ProShares Russell 2000 Dividend Growers ETF (SMDV) at 807% of its norm, and core holdings like the iShares Core S&P Total U.S. Stock Market ETF (ITOT) and iShares Core MSCI Total International Stock ETF (IXUS), which traded 498% and 455% of their respective averages on over $1.8 billion in combined 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 |
|---|---|---|---|---|
| CLOU | Global X Cloud Computing ETF | 1,479% | $117.1M | +3.15% |
| SMDV | ProShares Russell 2000 Dividend Growers ETF | 807% | $43.2M | -1.05% |
| ITOT | iShares Core S&P Total U.S. Stock Market ETF | 498% | $1.17B | -0.06% |
| IXUS | iShares Core MSCI Total International Stock ETF | 455% | $685.6M | -0.37% |
| VNQI | Vanguard Global ex-U.S. Real Estate ETF | 405% | $38.9M | -1.48% |
| TOUS | T. Rowe Price International Equity ETF | 394% | $19.1M | -0.56% |
| FXU | First Trust Utilities AlphaDEX Fund | 368% | $42.3M | -1.19% |
| FLTW | Franklin FTSE Taiwan ETF | 327% | $157.8M | -0.36% |
| JHML | John Hancock Multifactor Large Cap ETF | 303% | $8.8M | +0.03% |
| AUSF | Global X Adaptive U.S. Factor ETF | 288% | $7.3M | +0.17% |
Fixed Income
Fixed Income ETFs saw a below-average day, with turnover of $24.04 billion equating to 87% of the recent daily norm. Long-duration government bond funds led the activity, with the iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) trading 786% of its average. Similarly, the PIMCO 15+ Year US TIPS Index Exchange-Traded Fund (LTPZ) saw volume spike to 356% of its typical level. On the front end of the curve, the Global X 1-3 Month T-Bill ETF (CLIP) also saw elevated interest, trading 281% of its average.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GOVZ | iShares 25+ Year Treasury STRIPS Bond ETF | 786% | $50.0M | -1.31% |
| LTPZ | PIMCO 15+ Year US TIPS Index Exchange-Traded Fund | 356% | $30.6M | -0.67% |
| CLIP | Global X 1-3 Month T-Bill ETF | 281% | $80.1M | +0.01% |
| AGGY | WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | 271% | $12.3M | +0.00% |
| FLTB | Fidelity Limited Term Bond ETF | 256% | $6.5M | -0.19% |
| BRTR | iShares Total Return Active ETF | 215% | $7.0M | -0.36% |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 208% | $209.0M | -0.08% |
| SMTH | ALPS/SMITH Core Plus Bond ETF | 204% | $18.6M | -0.31% |
| SKOR | FlexShares Credit-Scored US Corporate Bond Index Fund | 193% | $5.2M | -0.29% |
| JBBB | Janus Henderson B-BBB CLO ETF | 189% | $27.6M | +0.13% |
Commodities
Commodities were the clear standout in an otherwise quiet market, with total volume of $8.07 billion surging to 139% of the 30-day average. This activity was almost entirely concentrated in the Precious Metals category, which traded at 153% of its norm. The iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY) saw a massive volume spike of 2,099%. Major precious metals funds also saw heavy trading, with SPDR Gold Shares (GLD) trading 167% of its average on $4.27 billion, while the iShares Silver Trust (SLV) and abrdn Physical Silver Shares ETF (SIVR) traded 162% and 397% of their respective daily averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 153% | $6.70B | +1.27% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CMDY | iShares Bloomberg Roll Select Commodity Strategy ETF | 2,099% | $57.6M | +2.35% |
| SIVR | abrdn Physical Silver Shares ETF | 397% | $199.2M | +3.32% |
| GLD | SPDR Gold Shares | 167% | $4.27B | +1.05% |
| SLV | iShares Silver Trust | 162% | $1.25B | +3.34% |
Digital Asset
Digital Asset ETFs saw a subdued session, with total volume of $3.05 billion coming in at just 68% of the 30-day average. Despite the overall lack of activity, a few spot bitcoin funds saw notable turnover relative to their own history. The Franklin Bitcoin ETF (EZBC) traded 566% of its average volume, while the Invesco Galaxy Bitcoin ETF (BTCO) saw 288% of its typical turnover. The category heavyweight, Grayscale Bitcoin Trust ETF (GBTC), also saw elevated activity at 172% 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 |
|---|---|---|---|---|
| EZBC | Franklin Bitcoin ETF | 566% | $21.4M | -1.57% |
| BTCO | Invesco Galaxy Bitcoin ETF | 288% | $9.0M | -1.52% |
| GBTC | Grayscale Bitcoin Trust ETF | 172% | $125.9M | -1.50% |
| ETH | Grayscale Ethereum Staking Mini ETF | 150% | $48.8M | -2.13% |
Currencies
Currency ETF activity was slightly below average, with $103.9 million in turnover representing 94% of the 30-day norm. The only notable outlier was the Invesco Currencyshares Japanese Yen Trust (FXY), which traded 154% of its typical daily volume as the yen saw downward pressure.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 154% | $25.4M | -1.07% |
Alternatives
The Alternatives space was quiet, with trading volume of $610.1 million reaching just 82% of its 30-day average. No specific categories or individual tickers registered significantly elevated activity 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.
Non-Traditional
Non-Traditional ETFs saw a slow day with total volume of $32.01 billion, or 70% of the daily average. However, pockets of activity emerged in commodity-linked products, with Synthetic Income and Leveraged/Inverse commodity categories trading at 176% and 129% of their respective norms. Individual fund outliers included the FT Vest U.S. Equity Buffer ETF – July (FJUL) at 513% of its average and the Tradr 2X Long AAOI Daily ETF (AAOX) at 271% of its norm on heavy turnover of $317.4 million.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Commodity | 176% | $107.2M | +1.63% |
| Non-Traditional: Leverage | Inverse – Commodity | 129% | $958.7M | +0.86% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FJUL | FT Vest U.S. Equity Buffer ETF – July | 513% | $16.1M | -0.10% |
| AAOX | Tradr 2X Long AAOI Daily ETF | 271% | $317.4M | -4.16% |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | 247% | $47.0M | +0.16% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 202% | $28.1M | +1.49% |
| IYRI | NEOS Real Estate High Income ETF | 193% | $6.8M | -1.06% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 ETP 2022-21.04.33 on CS NQ Slv FLS106 Pr | 173% | $22.4M | +1.81% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 171% | $232.1M | +2.08% |
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | 166% | $11.5M | -0.03% |
| ROCY | JPMorgan Equity Premium Yield ETF | 163% | $16.9M | +0.01% |
| WTPI | WisdomTree Equity Premium Income Fund | 161% | $4.6M | +0.01% |
Multi-Asset
Multi-Asset ETFs saw a quiet trading day, with total volume of $197.3 million amounting to 87% of the 30-day average. There were no significant category or ticker-level outliers to report.
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
Several single stocks experienced outsized trading volume. Archer Aviation Inc Class A (ACHR) was a top outlier, trading 490% of its average on $757.4 million in turnover. Barrick Mining Corporation (B) also saw heavy interest, trading 369% of its norm with $1.14 billion changing hands. Widely-held tech names were also active, including Cloudflare Inc Class A (NET), held by 248 ETFs, which traded 234% of its average on $2.12 billion, and Airbnb, Inc. Class A (ABNB), held by 380 ETFs, which saw 238% of its typical volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| ACHR | Archer Aviation Inc Class A | 490% | $757.4M | +9.86% | 69 |
| B | Barrick Mining Corporation | 369% | $1.14B | -5.78% | 8 |
| TEAM | Atlassian Corp Class A | 266% | $1.18B | +1.79% | 182 |
| SIMO | Silicon Motion Technology Corporation Sponsored ADR | 241% | $600.3M | -10.38% | 39 |
| ABNB | Airbnb, Inc. Class A | 238% | $1.39B | +3.52% | 380 |
| NET | Cloudflare Inc Class A | 234% | $2.12B | +3.41% | 248 |
| RBRK | Rubrik, Inc. Class A | 229% | $502.4M | +9.62% | 124 |
| DUK | Duke Energy Corporation | 205% | $996.5M | -2.98% | 309 |
| AAOI | Applied Optoelectronics, Inc. | 202% | $2.34B | -2.17% | 86 |
| MP | MP Materials Corp Class A | 201% | $535.5M | +7.12% | 135 |
| AXTI | AXT, Inc. | 200% | $1.22B | -16.96% | 64 |
| COHR | Coherent Corp. | 190% | $3.03B | -13.88% | 325 |
| SPCX | Space Exploration Technologies Corp. Class A | 190% | $22.26B | +3.68% | 228 |
| U | Unity Software, Inc. | 185% | $573.1M | +0.47% | 115 |
| NTRA | Natera, Inc. | 184% | $638.1M | -1.12% | 192 |
