Macro Summary
Total ETF market volume registered $217.96 billion, a subdued session at just 89% of the 30-day average daily volume. The session was defined by a stark divergence in activity, with explosive, above-average turnover in Digital Assets and Commodities contrasting sharply with muted trading across the broader Equity market. Fixed Income activity was perfectly in line with recent averages, while most other asset classes saw below-average interest.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $133.88B | $161.40B | 83% |
| Fixed Income | $27.76B | $27.75B | 100% |
| Commodities | $10.00B | $6.52B | 153% |
| Digital Asset | $8.78B | $4.24B | 207% |
| Currencies | $51.8M | $104.4M | 50% |
| Alternatives | $662.8M | $725.7M | 91% |
| Non-Traditional | $36.60B | $43.65B | 84% |
| Multi-Asset | $209.3M | $219.3M | 95% |
| Total | $217.96B | $244.61B | 89% |
Equity
Equity ETFs saw a quiet day, trading $133.88 billion for just 83% of their recent average. Pockets of elevated activity emerged in thematic and sector funds, with Health Innovation (213% ADV), Precious Metals (160% ADV), and Health Care (133% ADV) categories seeing the most outsized interest. The session’s most significant outlier was Avantis U.S. Large Cap Value ETF (AVLV), which traded a massive $1.70 billion, representing an incredible 1,232% of its typical volume. Other notable activity was seen in VanEck Agribusiness ETF (MOO) at 373% of ADV and iShares Core S&P U.S. Growth ETF (IUSG) at 366% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 213% | $263.8M | -1.77% |
| Equity: Thematic – Precious Metals | 160% | $4.01B | +2.06% |
| Equity: Sector – Health Care | 133% | $4.77B | -1.99% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AVLV | Avantis U.S. Large Cap Value ETF | 1,232% | $1.70B | -0.65% |
| FVAL | Fidelity Value Factor ETF | 726% | $28.0M | -0.68% |
| ILCG | iShares Morningstar Growth ETF | 724% | $46.1M | -0.79% |
| IWL | iShares Russell Top 200 ETF | 680% | $49.8M | -0.87% |
| PTNQ | Pacer Trendpilot 100 ETF | 676% | $20.7M | -0.83% |
| NULG | Nuveen ESG Large-Cap Growth ETF | 569% | $26.8M | -0.60% |
| NULV | Nuveen ESG Large-Cap Value ETF | 565% | $19.5M | -0.71% |
| EQWL | Invesco S&P 100 Equal Weight ETF | 478% | $45.6M | -0.84% |
| MOO | VanEck Agribusiness ETF | 373% | $54.3M | +1.67% |
| IUSG | iShares Core S&P U.S. Growth ETF | 366% | $322.5M | -0.77% |
Fixed Income
Fixed Income trading was perfectly balanced, with $27.76 billion in volume matching its 30-day average at 100% activity. Category-level interest was modestly elevated in Government Intermediate (136% ADV), Single State Municipals (127% ADV), and Multisector funds (127% ADV). Individual fund activity was highlighted by several significant outliers, led by the Fidelity Low Duration Bond Factor ETF (FLDR), which traded 1,107% of its average volume. Other funds with notable turnover included Capital Group U.S. Multi-Sector Income ETF (CGMS) at 625% ADV and iShares Short Duration Bond Active ETF (NEAR) at 602% ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Intermediate | 136% | $843.6M | -0.20% |
| Fixed Income: Municipal – Single State | 127% | $139.8M | -0.13% |
| Fixed Income: Taxable – Multisector | 127% | $491.6M | -0.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLDR | Fidelity Low Duration Bond Factor ETF | 1,107% | $122.0M | -0.00% |
| CGMS | Capital Group U.S. Multi-Sector Income ETF | 625% | $175.8M | -0.31% |
| NEAR | iShares Short Duration Bond Active ETF | 602% | $147.9M | -0.04% |
| GMUB | Goldman Sachs Municipal Income ETF | 593% | $17.9M | -0.31% |
| MTBA | Simplify MBS ETF | 581% | $35.3M | -0.20% |
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | 417% | $10.7M | -0.39% |
| ISHG | iShares 1-3 Year International Treasury Bond ETF | 417% | $16.5M | +0.07% |
| EAGG | iShares ESG Aware US Aggregate Bond ETF | 397% | $66.0M | -0.32% |
| VTEL | Vanguard Long-Term Tax-Exempt Bond ETF | 375% | $15.3M | -0.15% |
| CORB | AB Core Bond ETF | 350% | $12.1M | -0.24% |
Commodities
Commodities were a focal point of activity, trading $10.00 billion, or a robust 153% of average daily volume. The surge was driven by intense interest in Precious Metals, where the category saw 174% of its typical turnover, and a massive spike in Shipping Freight funds, which traded at 284% of their ADV. This was reflected in the most active tickers, with SPDR Gold Shares (GLD) trading $5.64 billion (180% ADV) and iShares Silver Trust (SLV) trading $1.44 billion (177% ADV).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Specialty – Shipping Freight | 284% | $168.6M | +2.95% |
| Commodity: Focused – Precious Metals | 174% | $8.77B | +0.73% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PPLT | abrdn Physical Platinum Shares ETF | 266% | $85.6M | +1.15% |
| BAR | GraniteShares Gold Shares | 186% | $14.3M | +0.36% |
| IAU | iShares Gold Trust | 186% | $758.0M | +0.22% |
| GLD | SPDR Gold Shares | 180% | $5.64B | +0.22% |
| SLV | iShares Silver Trust | 177% | $1.44B | +2.61% |
| DBA | Invesco DB Agriculture Fund | 171% | $38.4M | +0.30% |
| OUNZ | VanEck Merk Gold ETF | 161% | $38.9M | +0.45% |
| SIVR | abrdn Physical Silver Shares ETF | 160% | $100.7M | +2.65% |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 159% | $142.3M | +0.21% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 156% | $4.7M | +0.42% |
Digital Asset
Digital Asset ETFs were the session’s standout, exploding with $8.78 billion in volume, a remarkable 207% of the 30-day average. The rally was broad-based across the crypto space, led by Ethereum-focused funds (347% ADV), Altcoin products (336% ADV), and Bitcoin ETFs (182% ADV). Ticker activity was immense, with iShares Bitcoin Trust (IBIT) trading $4.26 billion (305% ADV) and iShares Ethereum Trust ETF (ETHA) seeing $1.46 billion in turnover (337% ADV). The most extreme outlier was the Bitwise XRP ETF (XRP), which saw volume spike to 1,109% of its daily average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Ethereum | 347% | $1.94B | +10.55% |
| Digital Asset: Cryptocurrency – Altcoin | 336% | $281.1M | +7.72% |
| Digital Asset: Cryptocurrency – Bitcoin | 182% | $6.56B | +6.09% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XRP | Bitwise XRP ETF | 1,109% | $81.2M | +15.96% |
| ETH | Grayscale Ethereum Staking Mini ETF | 522% | $185.6M | +10.56% |
| FETH | Fidelity Ethereum Fund ETF | 361% | $107.4M | +10.75% |
| ETHE | Grayscale Ethereum Staking ETF | 354% | $96.2M | +10.41% |
| ETHA | iShares Ethereum Trust ETF | 337% | $1.46B | +10.26% |
| IBIT | iShares Bitcoin Trust ETF | 305% | $4.26B | +6.20% |
| ETHB | iShares Staked Ethereum Trust ETF | 303% | $23.8M | +10.61% |
| BITB | Bitwise Bitcoin ETF Trust | 277% | $105.8M | +6.26% |
| EZBC | Franklin Bitcoin ETF | 256% | $10.9M | +6.28% |
| GBTC | Grayscale Bitcoin Trust ETF | 247% | $206.5M | +6.17% |
Currencies
Currency ETF activity was deeply subdued, with total volume of just $51.8 million representing only 50% of the 30-day average. Trading was quiet across the board, with the only notable fund being the Invesco CurrencyShares Swiss Franc Trust (FXF), which traded at a modestly elevated 183% 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 |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 183% | $5.5M | -0.41% |
Alternatives
The Alternatives space saw a quiet session with trading volume of $662.8 million, or 91% of its recent daily average. There were no categories or individual tickers with significantly outsized activity to note.
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 posted below-average volume of $36.60 billion, or 84% of their 30-day ADV. However, this figure masks a significant concentration of activity in crypto-linked products. The Leverage and Inverse Crypto category was extremely active, trading at 301% of its average. This was driven by funds like 2x Ether ETF (ETHU) at 436% ADV and Volatility Shares 2x Bitcoin ETF (BITX) at 356% ADV, reinforcing the day’s dominant crypto theme.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 301% | $1.23B | +10.71% |
| Non-Traditional: Leverage | Inverse – Commodity | 140% | $1.10B | +0.63% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ETHU | 2x Ether ETF | 436% | $366.8M | +20.71% |
| BITX | Volatility Shares 2x Bitcoin ETF | 356% | $353.5M | +12.52% |
| BITU | ProShares Ultra Bitcoin ETF | 328% | $124.6M | +12.53% |
| MSTU | T-Rex 2X Long MSTR Daily Target ETF | 277% | $590.3M | +15.77% |
| OVL | Overlay Shares Large Cap Equity ETF | 251% | $20.7M | -0.37% |
| CONL | GraniteShares 2x Long COIN Daily ETF | 239% | $216.4M | +16.39% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 237% | $365.8M | +6.78% |
| AGQ | ProShares Ultra Silver | 221% | $324.3M | +5.24% |
| UGL | ProShares Ultra Gold | 216% | $207.0M | +0.44% |
| CONY | YieldMax COIN Option Income Strategy ETF | 214% | $13.7M | +5.43% |
Multi-Asset
Trading in Multi-Asset ETFs was muted, totaling $209.3 million for 95% of the 30-day average daily volume. The session was broadly unremarkable for the asset class, with the State Street Multi-Asset Real Return ETF (RLY) being the only fund to see activity approach double its norm, at 196% of ADV.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 196% | $13.4M | +0.40% |
Single-Stock Volume
Single-stock activity was marked by several dramatic, high-volume moves. Moderna, Inc. (MRNA) was the standout, trading an enormous $12.71 billion, or 893% of its average, as its shares fell -23.17%; the stock is a constituent in 221 ETFs. Similarly, Advance Auto Parts, Inc. (AAP) saw 777% of its normal volume on a -24.93% price drop. Tying into the day’s primary theme, crypto-exposed stocks were also highly active, with Strategy Inc Class A (MSTR) and Coinbase Global, Inc. Class A (COIN) trading 295% and 238% of their respective averages. Walmart Inc. (WMT), a widely held name across 475 ETFs, also saw elevated turnover at 334% of its ADV.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| MRNA | Moderna, Inc. | 893% | $12.71B | -23.17% | 221 |
| AAP | Advance Auto Parts, Inc. | 777% | $680.1M | -24.93% | 105 |
| MFC | Manulife Financial Corporation | 583% | $522.1M | -2.18% | — |
| TEM | Tempus AI, Inc. Class A | 472% | $1.28B | +8.15% | 87 |
| VIK | Viking Holdings Ltd | 335% | $762.9M | -1.34% | 105 |
| WMT | Walmart Inc. | 334% | $7.91B | -9.04% | 475 |
| MSTR | Strategy Inc Class A | 295% | $4.82B | +7.84% | 177 |
| DE | Deere & Company | 284% | $1.77B | +7.48% | 338 |
| DKS | Dick's Sporting Goods, Inc. | 269% | $702.6M | -6.24% | 169 |
| BABA | Alibaba Group Holding Limited Sponsored ADR | 264% | $3.52B | +1.12% | 90 |
| MTD | Mettler-Toledo International Inc. | 253% | $543.2M | -2.25% | 252 |
| AU | Anglogold Ashanti PLC | 248% | $521.9M | +5.64% | 154 |
| COIN | Coinbase Global, Inc. Class A | 238% | $2.79B | +7.90% | 260 |
| AEM | Agnico Eagle Mines Limited | 234% | $1.08B | +1.89% | 14 |
| BMNR | BitMine Immersion Technologies Inc | 228% | $1.29B | +6.27% | 66 |
