Macro Summary
Total ETF market volume was muted, reaching just $185.29 billion, or 75% of the 30-day average daily volume. The session was characterized by broadly subdued activity across most asset classes, with both Equity and Digital Asset ETFs trading at significantly below-average levels. Commodities stood out as the sole asset class to register above-average turnover, suggesting a concentrated pocket of investor interest amidst an otherwise quiet market.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $117.33B | $163.93B | 72% |
| Fixed Income | $22.80B | $27.00B | 84% |
| Commodities | $7.22B | $5.99B | 121% |
| Digital Asset | $1.99B | $4.35B | 46% |
| Currencies | $59.4M | $111.2M | 53% |
| Alternatives | $587.5M | $724.7M | 81% |
| Non-Traditional | $35.11B | $44.28B | 79% |
| Multi-Asset | $192.7M | $219.8M | 88% |
| Total | $185.29B | $246.61B | 75% |
Equity
Equity ETFs saw a particularly slow day, with turnover of $117.33 billion representing only 72% of the recent average. Despite the overall quietude, specific pockets of activity emerged, most notably in Latin America-focused funds, which traded at 233% of their average volume, and FinTech thematic funds at 126%. Several individual funds saw significant block trading, including the MFS Blended Research International Equity ETF (BRIE) at 853% of its ADV and the Avantis Emerging Markets ex-China Equity ETF (AVXC) at 840% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Latin America | 233% | $171.3M | -0.50% |
| Equity: Thematic – FinTech | 126% | $100.0M | +1.13% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BRIE | MFS Blended Research International Equity ETF | 853% | $30.3M | +0.39% |
| AVXC | Avantis Emerging Markets ex-China Equity ETF | 840% | $21.3M | +2.03% |
| USPX | Franklin U.S. Equity Index ETF | 786% | $23.0M | +0.20% |
| DWAS | Invesco Dorsey Wright SmallCap Momentum ETF | 489% | $13.4M | +1.48% |
| ESML | iShares ESG Aware MSCI USA Small-Cap ETF | 478% | $24.6M | +0.55% |
| CPAI | Counterpoint Quantitative Equity ETF | 466% | $13.2M | +1.27% |
| AVMV | Avantis U.S. Mid Cap Value ETF | 463% | $18.0M | +0.18% |
| HEDJ | WisdomTree Europe Hedged Equity Fund | 408% | $12.9M | -0.10% |
| GSIE | Goldman Sachs ActiveBeta International Equity ETF | 361% | $65.6M | +0.19% |
| IMFL | Invesco International Developed Dynamic Multifactor ETF | 341% | $9.2M | +0.62% |
Fixed Income
Fixed Income ETFs experienced a below-average session, trading $22.80 billion for 84% of their 30-day ADV. Interest was concentrated in Multisector bond funds, which saw 175% of their typical volume, and Convertible bond ETFs at 126%. A few core bond funds saw extraordinary turnover, led by the JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG) at a remarkable 1,883% of its average, and the Vanguard Short Duration Bond ETF (VSDB) at 1,692% of its usual volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Multisector | 175% | $639.7M | +0.08% |
| Fixed Income: Taxable – Convertible | 126% | $172.0M | +0.35% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BBAG | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 1,883% | $57.3M | +0.04% |
| VSDB | Vanguard Short Duration Bond ETF | 1,692% | $63.7M | +0.06% |
| AGGY | WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | 745% | $35.3M | +0.07% |
| CARY | Angel Oak Income ETF | 686% | $61.0M | +0.12% |
| JSI | Janus Henderson Securitized Income ETF | 595% | $30.0M | +0.19% |
| LDUR | PIMCO Enhanced Low Duration Active ETF | 523% | $44.5M | -0.01% |
| TFLR | T. Rowe Price Floating Rate ETF | 467% | $17.0M | +0.15% |
| BKAG | BNY Mellon Core Bond ETF | 460% | $35.4M | +0.06% |
| MYCH | State Street My2028 Corporate Bond ETF | 443% | $25.9M | +0.08% |
| TAFM | AB Tax-Aware Intermediate Municipal ETF | 386% | $18.5M | +0.06% |
Commodities
Commodities were the session’s standout, trading $7.22 billion, a robust 121% of the 30-day average. The heightened activity was driven by significant interest in Shipping Freight funds, which traded at 323% of their norm, and Precious Metals ETFs at 139% of average. Among the most active funds were the SPDR Gold Minishares Trust (GLDM), which turned over $514.9 million at 176% of its ADV, and the Teucrium Wheat Fund (WEAT) at 170% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Specialty – Shipping Freight | 323% | $130.8M | +0.93% |
| Commodity: Focused – Precious Metals | 139% | $6.28B | +0.89% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 176% | $514.9M | +0.89% |
| WEAT | Teucrium Wheat Fund | 170% | $19.1M | +2.72% |
Digital Asset
Activity in Digital Asset ETFs was exceptionally light, with total volume reaching only $1.99 billion, a mere 46% of the 30-day average. No specific categories or individual tickers registered noteworthy volume during the session, indicating a broad lack of catalyst-driven trading in the space.
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 very quiet session, with just $59.4 million changing hands, representing 53% of the recent daily average. There were no notable volume outliers at either the category or individual fund level, reflecting subdued interest in currency-hedging and speculative strategies.
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
The Alternatives category posted a quiet session with $587.5 million in volume, or 81% of its 30-day average. Activity was broadly in line with recent trends, with the only notable exception being the Simplify Volatility Premium ETF (SVOL), which traded at 157% of its typical volume.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SVOL | Simplify Volatility Premium ETF | 157% | $5.6M | +0.46% |
Non-Traditional
Non-Traditional ETFs, encompassing leveraged, inverse, and options-based strategies, traded $35.11 billion, or 79% of their 30-day average. Several single-stock focused funds saw elevated turnover, including the YieldMax PLTR Option Income Strategy ETF (PLTY) at 311% of its ADV and the Leverage Shares 2X Long SPCX Daily ETF (SPCH) at 228% of its norm on $536.5 million in volume.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PLTY | YieldMax PLTR Option Income Strategy ETF | 311% | $15.4M | -1.10% |
| SPCH | Leverage Shares 2X Long SPCX Daily ETF | 228% | $536.5M | +19.81% |
| IAUI | NEOS Gold High Income ETF | 212% | $19.4M | +0.90% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 190% | $24.5M | +0.21% |
| PAUG | Innovator U.S. Equity Power Buffer ETF – August | 185% | $13.7M | +0.17% |
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | 185% | $10.0M | +0.42% |
| AAOX | Tradr 2X Long AAOI Daily ETF | 176% | $214.2M | +4.10% |
| UGL | ProShares Ultra Gold | 168% | $135.1M | +1.77% |
| BUFF | Innovator Laddered Allocation Power Buffer ETF | 159% | $7.8M | +0.10% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 ETP 2022-21.04.33 on CS NQ Slv FLS106 Pr | 152% | $22.0M | +0.74% |
Multi-Asset
Multi-Asset ETFs traded $192.7 million, a relatively normal 88% of their 30-day average volume. While the category was generally quiet, two funds stood out with heightened activity: the VanEck Real Assets ETF (RAAX) at 293% of its ADV and the State Street Bridgewater All Weather ETF (ALLW) at 159% 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 |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 293% | $31.7M | +0.67% |
| ALLW | State Street Bridgewater All Weather ETF | 159% | $20.4M | +0.20% |
Single-Stock Volume
Several widely-held single stocks experienced extraordinary trading volume. Space Exploration Technologies Corp. (SPCX) was the most active in dollar terms, trading $23.28 billion, while Nebius Group N.V. (NBIS) traded $14.55 billion at 350% of its average volume. Other notable high-volume names included Super Micro Computer, Inc. (SMCI) at 440% of its ADV and CoreWeave, Inc. (CRWV) at 412% of its ADV. These stocks are significant constituents across the ETF landscape, with LITE and CIEN held by 368 and 367 ETFs, respectively.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| SMCI | Super Micro Computer, Inc. | 440% | $5.70B | +17.94% | 246 |
| CRWV | CoreWeave, Inc. Class A | 412% | $8.84B | +18.13% | 221 |
| NBIS | Nebius Group N.V. Class A | 350% | $14.55B | +33.44% | 156 |
| CAVA | CAVA Group, Inc. | 334% | $737.8M | +14.54% | 101 |
| LITE | Lumentum Holdings, Inc. | 307% | $10.52B | +13.07% | 368 |
| EAT | Brinker International, Inc. | 268% | $544.5M | +10.99% | 129 |
| O | Realty Income Corporation | 211% | $683.0M | +0.86% | 264 |
| CIEN | Ciena Corporation | 204% | $1.63B | +12.13% | 367 |
| SPCX | Space Exploration Technologies Corp. Class A | 191% | $23.28B | +9.97% | 230 |
| COHR | Coherent Corp. | 173% | $2.87B | +1.49% | 329 |
| TSCO | Tractor Supply Company | 167% | $561.1M | +2.24% | 266 |
| CDE | Coeur Mining, Inc. | 165% | $806.6M | +1.21% | 179 |
| SE | Sea Limited Sponsored ADR Class A | 165% | $884.8M | -1.69% | 113 |
| CBRS | Cerebras Systems, Inc. Class A | 164% | $1.81B | -0.53% | 80 |
| TWLO | Twilio, Inc. Class A | 155% | $682.6M | -3.64% | 240 |
