Macro Summary
Total ETF market volume was exceptionally light, reaching just $161.15 billion, a mere 67% of the 30-day average daily volume. The muted activity was widespread, with every major asset class trading well below its recent trend. Equity and Digital Asset ETFs were particularly slow, trading at 62% and 42% of their respective averages, while Fixed Income showed the most relative resilience, though still subdued at 86% of its typical pace. The session was characterized by a broad summer lull punctuated by highly concentrated, name-specific trading events.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $98.31B | $159.05B | 62% |
| Fixed Income | $22.82B | $26.66B | 86% |
| Commodities | $4.45B | $6.05B | 74% |
| Digital Asset | $1.76B | $4.18B | 42% |
| Currencies | $81.4M | $107.0M | 76% |
| Alternatives | $510.6M | $715.0M | 71% |
| Non-Traditional | $33.02B | $42.99B | 77% |
| Multi-Asset | $189.6M | $216.1M | 88% |
| Total | $161.15B | $239.96B | 67% |
Equity
Equity ETFs saw one of their slowest sessions in recent memory, with just $98.31 billion traded, representing only 62% of the 30-day average. No specific category stood out, but several individual funds saw anomalous activity. The iShares MSCI UAE ETF (UAE) was a significant outlier, trading 775% of its average volume. Other notable funds included the State Street SPDR S&P Aerospace & Defense ETF (XAR) at 220% of its ADV on $118.3 million and the iShares U.S. Insurance ETF (IAK) at 237% 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 |
|---|---|---|---|---|
| UAE | iShares MSCI UAE ETF | 775% | $23.8M | +0.18% |
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 283% | $19.8M | -0.17% |
| USPX | Franklin U.S. Equity Index ETF | 258% | $9.6M | -0.12% |
| GPZ | VanEck Alternative Asset Manager ETF | 241% | $9.7M | -2.04% |
| IAK | iShares U.S. Insurance ETF | 237% | $53.8M | +0.20% |
| CPAI | Counterpoint Quantitative Equity ETF | 225% | $7.3M | +0.61% |
| XAR | State Street SPDR S&P Aerospace & Defense ETF | 220% | $118.3M | +1.55% |
| FLBR | Franklin FTSE Brazil ETF | 213% | $5.8M | -0.70% |
| DFUV | Dimensional US Marketwide Value ETF | 211% | $44.2M | +0.21% |
| RSPD | Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 204% | $6.0M | -0.19% |
Fixed Income
Fixed Income was the most active asset class relative to its own history, though still below trend with $22.82 billion in volume, or 86% of its 30-day average. The Municipal – Intermediate category was a clear standout, trading 126% of its average volume. This was driven by intense interest in specific funds, led by a massive volume spike in the Xtrackers USD High Yield BB-B ex Financials ETF (BHYB), which traded over 1,843% of its ADV. Muni-focused funds like the JPMorgan Municipal ETF (JMUB) and NYLI MacKay Muni Intermediate ETF (MMIT) also saw heavy turnover at 543% and 618% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Intermediate | 126% | $1.33B | -0.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BHYB | Xtrackers USD High Yield BB-B ex Financials ETF | 1,843% | $129.2M | -0.04% |
| MMIT | NYLI MacKay Muni Intermediate ETF | 618% | $37.8M | -0.15% |
| JMUB | JPMorgan Municipal ETF | 543% | $309.2M | -0.15% |
| CORB | AB Core Bond ETF | 509% | $15.3M | -0.29% |
| VTEI | Vanguard Intermediate-Term Tax-Exempt Bond ETF | 475% | $37.9M | -0.16% |
| SUSB | iShares ESG Aware 1-5 Year USD Corporate Bond ETF | 374% | $14.0M | -0.06% |
| EVLN | Eaton Vance Floating-Rate ETF | 320% | $14.2M | +0.05% |
| TUSI | Touchstone Ultra Short Income ETF | 243% | $16.6M | +0.06% |
| PMBS | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 233% | $8.1M | -0.22% |
| VCRB | Vanguard Core Bond ETF | 227% | $84.9M | -0.20% |
Commodities
The commodities complex was quiet, with total volume of $4.45 billion translating to just 74% of the 30-day average. Activity was broadly distributed and subdued, with no high-volume categories or individual ticker outliers qualifying for notable 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.
Digital Asset
Digital Asset ETFs experienced an extremely sluggish session, posting the lowest relative activity of any asset class. Total volume reached only $1.76 billion, a mere 42% of the 30-day average. There were no standout categories or individual tickers to report as trading was muted across the board.
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 traded $81.4 million, or 76% of their recent daily average, in a generally quiet session. The only notable activity was in the Invesco CurrencyShares Euro Trust (FXE), which saw a modest spike in interest, trading 150% of its typical volume as it gained +0.37%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 150% | $11.6M | +0.37% |
Alternatives
The Alternatives space saw a subdued day of trading, with volume reaching $510.6 million, or 71% of its 30-day average. The session lacked any significant concentration of activity, with no categories or individual ETFs registering unusual volume.
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 recorded $33.02 billion in volume, or 77% of their 30-day average. While the overall figure was below trend, several leveraged single-stock products experienced massive turnover. The Tradr 2X Long SNDK Daily ETF (SNXX) traded an immense $2.45 billion at 175% of its ADV, while the Tradr 2X Long AAOI Daily ETF (AAOX) saw 255% of its average volume. Similarly, the Direxion Daily TSLA Bull 2X ETF (TSLL) was heavily traded, with $1.20 billion changing hands.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MQQQ | Tradr 2X Long Innovation 100 Monthly ETF | 423% | $50.1M | -0.36% |
| TSLY | YieldMax TSLA Option Income Strategy ETF | 309% | $32.3M | +0.20% |
| AAOX | Tradr 2X Long AAOI Daily ETF | 255% | $320.4M | +30.79% |
| MSTY | YieldMax MSTR Option Income Strategy ETF | 182% | $24.8M | -3.59% |
| TSLL | Direxion Daily TSLA Bull 2X ETF | 179% | $1.20B | +1.22% |
| SNXX | Tradr 2X Long SNDK Daily ETF | 175% | $2.45B | +14.85% |
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | 166% | $5.9M | +0.00% |
| BULZ | MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 159% | $44.1M | -0.43% |
| LITX | Tradr 2X Long LITE Daily ETF | 150% | $126.8M | +10.11% |
Multi-Asset
Multi-Asset ETFs traded near their typical pace, with $189.6 million in volume representing 88% of the 30-day average. Activity was largely unremarkable, with the exception of the State Street Bridgewater All Weather ETF (ALLW), which traded at 159% of its usual 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 |
|---|---|---|---|---|
| ALLW | State Street Bridgewater All Weather ETF | 159% | $20.8M | -0.18% |
Single-Stock Volume
Despite the quiet ETF market, several individual stocks saw heavy and unusual trading volume. Reddit (RDDT) was a major focus, trading $3.64 billion, over 404% of its 30-day average, and is a constituent in 202 different ETFs. Applied Optoelectronics (AAOI) also saw significant interest, trading $2.60 billion (213% of ADV) in a move that corresponded with heavy volume in its related leveraged ETF. The highest relative volume belonged to Unusual Machines Inc. (UMAC), which traded 660% of its average, while Nebius Group N.V. (NBIS) saw the day’s highest dollar volume at $7.48 billion.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| UMAC | Unusual Machines Inc. | 660% | $524.0M | +24.72% | 32 |
| RDDT | Reddit, Inc. Class A | 404% | $3.64B | +12.63% | 202 |
| CBRS | Cerebras Systems, Inc. Class A | 268% | $3.12B | -5.42% | 79 |
| AAOI | Applied Optoelectronics, Inc. | 213% | $2.60B | +15.84% | 88 |
| MP | MP Materials Corp Class A | 211% | $607.9M | +5.82% | 133 |
| WDAY | Workday, Inc. Class A | 202% | $1.47B | -4.04% | 367 |
| WBS | Webster Financial Corporation | 200% | $658.4M | -0.03% | 124 |
| NU | Nu Holdings Ltd. Class A | 192% | $2.28B | +8.76% | 136 |
| TPR | Tapestry, Inc. | 185% | $649.3M | +0.46% | 326 |
| NBIS | Nebius Group N.V. Class A | 158% | $7.48B | +8.35% | 156 |
| SMCI | Super Micro Computer, Inc. | 152% | $2.29B | +1.56% | 246 |
