Macro Summary
Total ETF market volume was exceptionally light, reaching just $155.41 billion, a mere 64% of the recent 30-day average daily volume. The session was characterized by a stark divergence in activity, with extremely subdued trading in equities and alternatives contrasting sharply with a massive surge in fixed income. This concentration of capital flows into government bond ETFs defined the day’s trading narrative, while most other asset classes saw turnover well below their typical levels.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $90.63B | $160.21B | 57% |
| Fixed Income | $27.89B | $28.14B | 99% |
| Commodities | $7.03B | $7.22B | 97% |
| Digital Asset | $4.15B | $4.66B | 89% |
| Currencies | $81.5M | $99.9M | 82% |
| Alternatives | $391.0M | $720.3M | 54% |
| Non-Traditional | $25.04B | $42.59B | 59% |
| Multi-Asset | $193.0M | $222.2M | 87% |
| Total | $155.41B | $243.86B | 64% |
Equity
Equity ETFs experienced a profoundly quiet session, with total volume of $90.63 billion representing only 57% of the 30-day average. Despite the overall lull, pockets of activity emerged in Thematic Health Innovation funds, which traded at 228% of their norm, and Asia-Pacific Ex-Japan strategies at 163%. Individual fund outliers were numerous but on relatively low dollar volumes, led by the Northern Trust STOXX Global Broad Infrastructure ETF (NFRA) which saw an extraordinary 3,296% of its average volume. Other notable activity was seen in the Horizon Expedition Plus ETF (HBTA) at 1,852% and the Sprott Uranium Miners ETF (URNM) at 346% of its usual turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 228% | $340.5M | -0.60% |
| Equity: Region – Asia-Pacific Ex-Japan | 163% | $215.9M | -0.15% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NFRA | Northern Trust STOXX Global Broad Infrastructure ETF | 3,296% | $94.1M | -0.04% |
| HBTA | Horizon Expedition Plus ETF | 1,852% | $46.8M | +0.37% |
| CNEQ | Alger Concentrated Equity ETF | 531% | $32.4M | -0.42% |
| DAPP | VanEck Digital Transformation ETF | 426% | $33.8M | -3.01% |
| OSEA | Harbor International Compounders ETF | 411% | $12.1M | -0.50% |
| URNM | Sprott Uranium Miners ETF | 346% | $87.1M | +0.19% |
| QINT | American Century Quality Diversified International ETF | 341% | $14.4M | -0.59% |
| FNDB | Schwab Fundamental U.S. Broad Market ETF | 337% | $24.3M | +0.14% |
| PKW | Invesco Buyback Achievers ETF | 299% | $14.2M | +0.34% |
| FNDA | Schwab Fundamental U.S. Small Company ETF | 281% | $47.6M | +0.24% |
Fixed Income
Fixed Income was the undeniable center of attention, trading $27.89 billion, or a robust 99% of its 30-day average, in stark contrast to the rest of the market. Activity was heavily concentrated in government debt, with Short-Term Government funds trading at an incredible 633% of their average and Intermediate-Term Government funds hitting 558% of theirs. This theme was driven by massive block trades in a handful of Treasury ETFs, including the iShares U.S. Treasury Bond ETF (GOVT) at 1,216% of its ADV on $2.29 billion, the Vanguard Short-Term Treasury ETF (VGSH) at 981% on $1.95 billion, and the State Street SPDR Portfolio Short Term Treasury ETF (SPTS) at 2,097% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Short | 633% | $3.97B | -0.10% |
| Fixed Income: Taxable – Government Intermediate | 558% | $3.84B | -0.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SPTS | State Street SPDR Portfolio Short Term Treasury ETF | 2,097% | $848.2M | -0.07% |
| GOVT | iShares U.S. Treasury Bond ETF | 1,216% | $2.29B | -0.07% |
| VGSH | Vanguard Short-Term Treasury ETF | 981% | $1.95B | -0.06% |
| SCHO | Schwab Short-Term US Treasury ETF | 764% | $727.5M | -0.06% |
| VGIT | Vanguard Intermediate-Term Treasury ETF | 611% | $1.33B | -0.15% |
| FTRB | Federated Hermes Total Return Bond ETF | 560% | $16.2M | -0.04% |
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 551% | $16.6M | -0.43% |
| UBND | VictoryShares Core Plus Bond ETF | 401% | $16.9M | -0.16% |
| FLTB | Fidelity Limited Term Bond ETF | 316% | $8.4M | -0.05% |
| SLQD | iShares 0-5 Year Investment Grade Corporate Bond ETF | 291% | $33.4M | -0.05% |
Commodities
Commodities ETFs saw a relatively balanced session, with total volume of $7.03 billion coming in at 97% of the 30-day average. Elevated interest was seen in Agriculture funds, which traded at 249% of their typical volume, and Shipping Freight strategies at 200%. Specific fund activity was led by the Teucrium Wheat Fund (WEAT) at 303% of its average and the broad-based iShares S&P GSCI Commodity Indexed Trust (GSG) at 379% of its norm. The SPDR Gold Minishares Trust of beneficial interest (GLDM) also saw heightened turnover at 200% of its average on $720.6 million.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 249% | $127.2M | +2.10% |
| Commodity: Specialty – Shipping Freight | 200% | $152.6M | -9.53% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 379% | $52.8M | +0.12% |
| WEAT | Teucrium Wheat Fund | 303% | $40.7M | +4.80% |
| DBA | Invesco DB Agriculture Fund | 240% | $55.4M | +1.15% |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 200% | $720.6M | -1.61% |
Digital Asset
Digital Asset ETFs traded $4.15 billion, a slightly subdued 89% of their recent daily average. The session’s focus was on coins outside of Bitcoin, with Altcoin funds trading at 174% of their norm and Ethereum-focused products at 128%. This was reflected in the top outliers, as XRP-tracking funds saw significant volume spikes; the Franklin XRP ETF (XRPZ) traded 336% of its average, while the Bitwise XRP ETF (XRP) saw 250% of its usual turnover. The Grayscale Ethereum Staking Mini ETF (ETH) also saw elevated activity at 201% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 174% | $196.4M | -2.95% |
| Digital Asset: Cryptocurrency – Ethereum | 128% | $906.1M | +0.31% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XRPZ | Franklin XRP ETF | 336% | $15.2M | -6.38% |
| XRP | Bitwise XRP ETF | 250% | $39.0M | -6.64% |
| ETH | Grayscale Ethereum Staking Mini ETF | 201% | $97.8M | +0.33% |
| BSOL | Bitwise Solana Staking ETF | 169% | $49.8M | -1.18% |
Currencies
Currency ETF volume was muted at $81.5 million, representing 82% of the 30-day average. There were no broader category-level standouts. The only notable fund-level activity was in the Invesco Currencyshares Japanese Yen Trust (FXY), which traded $41.0 million, or 223% of its typical daily volume, accounting for half of the entire asset class’s 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 |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 223% | $41.0M | -0.16% |
Alternatives
Alternatives saw a very quiet day, with total volume of just $391.0 million equating to only 54% of the 30-day average. No categories saw above-average activity. The only notable interest was a modest pickup in a pair of managed futures funds, with the Simplify Managed Futures Strategy ETF (CTA) trading at 185% of its ADV and the Fidelity Managed Futures ETF (FFUT) at 182%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 185% | $20.6M | -0.06% |
| FFUT | Fidelity Managed Futures ETF | 182% | $6.2M | -0.29% |
Non-Traditional
Non-Traditional ETFs posted a quiet session with $25.04 billion in volume, just 59% of the 30-day average. The only category to see above-average interest was Equity Buffer strategies, which traded at 139% of their norm. Among individual funds, the Direxion Daily META Bull 2X ETF (METU) was a standout, trading 375% of its average on a significant $383.0 million. The FT Vest U.S. Equity Moderate Buffer ETF – August (GAUG) also saw a spike in activity, trading at 475% of its usual pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 139% | $441.2M | +0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GAUG | FT Vest U.S. Equity Moderate Buffer ETF – August | 475% | $14.9M | -0.01% |
| DIVN | Horizon Dividend Income ETF | 433% | $19.0M | -0.20% |
| METU | Direxion Daily META Bull 2X ETF | 375% | $383.0M | +1.83% |
| FJUL | FT Vest U.S. Equity Buffer ETF – July | 205% | $6.9M | +0.06% |
| GDXY | YieldMax Gold Miners Option Income Strategy ETF | 200% | $14.3M | -0.98% |
| WTPI | WisdomTree Equity Premium Income Fund | 178% | $5.7M | -0.84% |
| YMAG | YieldMax Magnificent 7 Fund of Option Income ETFs | 178% | $19.9M | -1.07% |
| ACIO | Aptus Collared Investment Opportunity ETF | 168% | $11.3M | -0.02% |
| OVL | Overlay Shares Large Cap Equity ETF | 152% | $13.8M | -0.03% |
| TLTW | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 151% | $36.0M | +0.02% |
Multi-Asset
The Multi-Asset category experienced a quiet trading day, with total volume of $193.0 million reaching 87% of its 30-day average. Activity was broadly in line with recent trends, as no specific categories or individual ETFs registered volume significantly above their typical levels.
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 US-listed single stocks saw extraordinary trading volumes, often driven by earnings reports. Abercrombie & Fitch Co. Class A (ANF) was the day’s most active name, trading an incredible 2,306% of its 30-day average on $2.49 billion in volume following a 36.21% price surge. Other notable movers included Dycom Industries, Inc. (DY) at 449% of its ADV and Semtech Corporation (SMTC) at 417%. Among widely-held mega-caps, Meta Platforms Inc Class A (META), a constituent in 686 ETFs, traded 176% of its average on nearly $17 billion, while Intuit Inc. (INTU), held by 453 ETFs, saw 290% of its normal volume.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| ANF | Abercrombie & Fitch Co. Class A | 2,306% | $2.49B | +36.21% | 157 |
| DY | Dycom Industries, Inc. | 449% | $829.1M | -11.59% | 151 |
| SMTC | Semtech Corporation | 417% | $1.35B | +10.15% | 141 |
| DKS | Dick's Sporting Goods, Inc. | 399% | $1.77B | +4.22% | 173 |
| INTU | Intuit Inc. | 290% | $3.66B | -2.56% | 453 |
| JAZZ | Jazz Pharmaceuticals Public Limited Company | 289% | $546.1M | -4.20% | 184 |
| BURL | Burlington Stores, Inc. | 268% | $710.8M | +0.31% | 188 |
| WSM | Williams-Sonoma, Inc. | 237% | $504.9M | +1.16% | 298 |
| RVMD | Revolution Medicines, Inc. | 204% | $700.1M | +1.90% | 152 |
| ZM | Zoom Communications, Inc. Class A | 204% | $627.4M | -6.82% | 246 |
| OKTA | Okta, Inc. Class A | 192% | $733.8M | +19.43% | 226 |
| META | Meta Platforms Inc Class A | 176% | $16.98B | +0.97% | 686 |
| OKLO | Oklo Inc. Class A | 172% | $691.7M | -5.86% | 77 |
| SCHW | Charles Schwab Corp | 167% | $1.34B | -2.47% | 382 |
| BSX | Boston Scientific Corporation | 164% | $1.54B | -2.98% | 305 |
