Macro Summary
Total ETF market volume registered $227.40 billion, a subdued session at just 93% of the recent 30-day average daily volume. The market tone was broadly quiet, with the largest asset class, Equity, trading well below its recent norm. However, this muted backdrop was punctuated by highly concentrated and outsized activity within specific Fixed Income categories and funds. Digital Assets and Currencies were particularly dormant, trading at 57% and 47% of their respective averages, highlighting a risk-off sentiment and a focus on specific credit and duration plays.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $148.53B | $161.69B | 92% |
| Fixed Income | $27.17B | $27.48B | 99% |
| Commodities | $6.43B | $6.30B | 102% |
| Digital Asset | $2.38B | $4.14B | 57% |
| Currencies | $49.0M | $104.7M | 47% |
| Alternatives | $576.9M | $733.3M | 79% |
| Non-Traditional | $42.05B | $44.05B | 95% |
| Multi-Asset | $218.2M | $220.4M | 99% |
| Total | $227.40B | $244.72B | 93% |
Equity
Equity ETFs saw a quiet day, trading $148.53 billion, or 92% of their 30-day average. While broad market participation was low, thematic categories focusing on Midstream & MLPs and Multi-Sector strategies saw elevated turnover at 138% and 127% of their respective norms. Individual fund activity was highlighted by extreme outliers, led by JPMorgan U.S. Value Factor ETF (JVAL), which traded an exceptional 1,133% of its average volume. Other notable activity was seen in Invesco S&P MidCap 400 Revenue ETF (RWK) at 725% of its ADV and WisdomTree US Value Fund of Benef Interest (WTV) at 500% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Midstream & MLPs | 138% | $186.7M | +0.99% |
| Equity: Thematic – Multi-Sector | 127% | $639.8M | -2.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JVAL | JPMorgan U.S. Value Factor ETF US Value Factor Fund | 1,133% | $30.9M | -0.98% |
| RWK | Invesco S&P MidCap 400 Revenue ETF | 725% | $19.8M | -1.24% |
| TDVG | T. Rowe Price Dividend Growth ETF | 555% | $16.6M | -0.09% |
| HLAL | Wahed FTSE USA Shariah ETF | 509% | $17.4M | -1.15% |
| WTV | WisdomTree US Value Fund of Benef Interest | 500% | $78.1M | -0.05% |
| DIVI | Franklin International Core Dividend Tilt Index Fund | 474% | $26.6M | -1.36% |
| ILCG | iShares Morningstar Growth ETF | 375% | $23.2M | -1.73% |
| ROBO | ROBO Global Robotics & Automation Index ETF | 359% | $44.4M | -2.52% |
| DDWM | WisdomTree Dynamic International Equity Fund | 353% | $13.6M | -0.76% |
| VTWG | Vanguard Russell 2000 Growth ETF | 347% | $18.4M | -1.64% |
Fixed Income
Fixed Income was the session’s main story, with total volume of $27.17 billion landing right at 99% of its 30-day average, but driven by intense, targeted trading. Bank Loan funds were exceptionally active, trading 211% of their typical volume. Other areas of focus included Intermediate Municipal bonds at 142% of ADV and Long-Term Taxable bonds at 131%. The activity was led by massive volume spikes in specific funds, including Invesco Emerging Markets Sovereign Debt ETF (PCY) at an extraordinary 1,917% of its average. Several Eaton Vance funds were also heavily traded, with Eaton Vance Floating-Rate ETF (EVLN) seeing 1,697% of its norm, alongside PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund (ZROZ) which turned over $295.6M, or 740% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Bank Loans | 211% | $515.7M | -0.01% |
| Fixed Income: Municipal – Intermediate | 142% | $1.59B | -0.20% |
| Fixed Income: Taxable – Preferred Stock | 132% | $276.8M | -0.31% |
| Fixed Income: Taxable – Long-Term | 131% | $627.2M | +0.45% |
| Fixed Income: Municipal – Single State | 131% | $141.3M | -0.27% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 1,917% | $90.8M | -0.07% |
| EVLN | Eaton Vance Floating-Rate ETF | 1,697% | $84.9M | +0.07% |
| BAB | Invesco Taxable Municipal Bond ETF | 1,442% | $96.8M | -0.76% |
| EVSD | Eaton Vance Short Duration Income ETF | 1,006% | $67.0M | +0.01% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | 740% | $295.6M | +0.77% |
| EVTR | Eaton Vance Total Return Bond ETF | 654% | $153.0M | +0.05% |
| EVMO | Eaton Vance Mortgage Opportunities ETF | 424% | $14.9M | +0.18% |
| LGOV | First Trust Long Duration Opportunities ETF | 368% | $13.8M | +0.10% |
| IBDW | iShares iBonds Dec 2031 Term Corporate ETF | 313% | $31.0M | +0.05% |
| IBDZ | iShares iBonds Dec 2034 Term Corporate ETF | 312% | $9.1M | +0.12% |
Commodities
Commodities ETFs traded $6.43 billion, a level consistent with recent trends at 102% of the 30-day average. While no specific categories saw outsized volume, activity was concentrated in a few specific funds. United States Copper Index Fund (CPER) was notably active, trading 282% of its typical volume on a -2.33% down day for the fund. Similarly, Invesco DB Base Metals Fund (DBB) saw turnover at 280% of its average, while the broader Invesco DB Agriculture Fund (DBA) traded at 189% 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 |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 282% | $47.5M | -2.33% |
| DBB | Invesco DB Base Metals Fund | 280% | $12.1M | -1.45% |
| DBA | Invesco DB Agriculture Fund | 189% | $41.5M | -0.36% |
Digital Asset
It was a very quiet session for Digital Asset ETFs, which saw just $2.38 billion in total volume, representing only 57% of the 30-day average. The lack of interest was broad-based, with no specific categories or individual tickers registering activity levels above the 150% threshold, reinforcing the muted tone for the asset class.
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 experienced an extremely subdued trading session, with total volume reaching only $49.0 million. This activity level was less than half of the recent 30-day average, coming in at just 47%. No specific currency funds or categories stood out with any notable trading activity.
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
Trading in the Alternatives space was below average, with funds in the asset class exchanging $576.9 million, or 79% of their 30-day norm. The session was unremarkable for the category, as no specific strategies or individual ETFs saw volume that significantly deviated from their recent trends.
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, encompassing leveraged, inverse, and options-based strategies, traded a total of $42.05 billion, or 95% of their recent average. Leveraged and Inverse Fixed Income products were a pocket of activity, trading at 135% of their ADV. The session was marked by a massive volume spike in JPMorgan Equity Premium Yield ETF (ROCY), which traded 1,086% of its norm on $134.7M. Bearish funds were also active, with ProShares UltraPro Short S&P500 (SPXU) seeing 185% of its ADV and ProShares UltraShort 20+ Year Treasury (TBT) trading 208% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Fixed Income | 135% | $252.7M | -0.08% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ROCY | JPMorgan Equity Premium Yield ETF | 1,086% | $134.7M | -2.54% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 272% | $15.4M | -0.82% |
| TBT | ProShares UltraShort 20+ Year Treasury | 208% | $22.1M | -0.59% |
| SPXU | ProShares UltraPro Short S&P500 | 185% | $523.6M | +2.00% |
| UGL | ProShares Ultra Gold | 179% | $156.4M | -3.56% |
| MVLL | GraniteShares 2x Long MRVL Daily ETF | 175% | $140.9M | -15.18% |
| BUYW | Main BuyWrite ETF | 165% | $8.6M | -0.14% |
| RDVI | FT Vest Rising Dividend Achievers Target Income ETF | 164% | $37.5M | -0.67% |
| JEPQ | JPMorgan NASDAQ Equity Premium Income ETF | 152% | $598.4M | -0.93% |
| IWMI | NEOS Russell 2000 High Income ETF | 152% | $29.3M | -0.82% |
Multi-Asset
Multi-Asset ETFs saw a typical day of trading, with volume of $218.2 million landing squarely at 99% of the 30-day average. While no categories stood out, there was modestly elevated interest in core allocation products. The iShares Core 60/40 Balanced Allocation ETF (AOR) traded 198% of its average, and its more conservative counterpart, the iShares Core 40/60 Moderate Allocation ETF (AOM), saw 152% 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 |
|---|---|---|---|---|
| AOR | iShares Core 60/40 Balanced Allocation ETF | 198% | $39.1M | -0.67% |
| AOM | iShares Core 40/60 Moderate Allocation ETF | 152% | $9.3M | -0.38% |
Single-Stock Volume
The session was marked by several extraordinary volume events in single stocks. Profusa, Inc. (PFSA) saw unprecedented activity, trading an astonishing 129,555% of its 30-day average on $1.56 billion in volume as its share price surged. Amylyx Pharmaceuticals, Inc. (AMLX), held by 58 ETFs, also experienced a massive surge, trading 2,353% of its norm. Other notable high-volume names included Baidu, Inc. Sponsored ADR Class A (BIDU) at 608% of its ADV and Fabrinet (FN) at 369%. Among widely-held stocks, Keysight Technologies Inc (KEYS), a constituent in 349 ETFs, traded 237% of its average volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| PFSA | Profusa, Inc. | 129,555% | $1.56B | +581.68% | 1 |
| AMLX | Amylyx Pharmaceuticals, Inc. | 2,353% | $834.0M | +67.97% | 58 |
| KLAR | Klarna Group Plc | 721% | $510.1M | -22.40% | 25 |
| BIDU | Baidu, Inc. Sponsored ADR Class A | 608% | $1.42B | -12.75% | 41 |
| SAN | Banco Santander S.A. Sponsored ADR | 448% | $725.2M | -1.45% | 20 |
| FN | Fabrinet | 369% | $1.48B | -19.10% | 170 |
| DT | Dynatrace, Inc. | 361% | $886.6M | +2.99% | 158 |
| WBS | Webster Financial Corporation | 319% | $1.17B | -0.60% | 124 |
| TRI | Thomson Reuters Corporation | 279% | $594.7M | +1.90% | 16 |
| TLN | Talen Energy Corp | 260% | $645.4M | -11.08% | 166 |
| KEYS | Keysight Technologies Inc | 237% | $909.3M | -1.96% | 349 |
| TRGP | Targa Resources Corp. | 215% | $648.2M | +7.12% | 317 |
| CBRS | Cerebras Systems, Inc. Class A | 212% | $2.81B | -12.56% | 82 |
| PPL | PPL Corporation | 199% | $531.8M | -0.90% | 258 |
| SMTC | Semtech Corporation | 167% | $504.6M | -11.71% | 141 |
