Macro Summary
Total ETF market volume registered a subdued $192.54 billion, representing just 80% of the 30-day average daily volume. The session was characterized by broadly lower-than-average activity across most asset classes, with equities trading at a particularly quiet 74% of their recent norm. The notable exception was the Digital Asset space, which was the only major category to see above-average turnover, trading at 129% of its 30-day ADV and providing the day’s primary pocket of investor engagement.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $117.44B | $158.39B | 74% |
| Fixed Income | $26.06B | $28.26B | 92% |
| Commodities | $6.04B | $7.28B | 83% |
| Digital Asset | $5.92B | $4.58B | 129% |
| Currencies | $59.5M | $99.4M | 60% |
| Alternatives | $562.5M | $713.5M | 79% |
| Non-Traditional | $36.23B | $42.08B | 86% |
| Multi-Asset | $223.4M | $218.9M | 102% |
| Total | $192.54B | $241.63B | 80% |
Equity
Equity ETFs saw a quiet day, with total volume reaching $117.44 billion, or just 74% of the 30-day average. Despite the overall lull, specific pockets of the market saw intense interest. The Health Innovation thematic category was a standout, trading at 132% of its average. Individual fund activity was led by broad market and tech ETFs, including State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM) at 675% of its ADV and State Street SPDR NYSE Technology ETF (XNTK) at 617%. Cybersecurity also drew heavy flows, with Amplify Cybersecurity ETF (HACK) trading 302% of its usual volume alongside a +8.25% gain.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 132% | $209.2M | +0.10% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SPTM | State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 675% | $254.4M | +0.61% |
| XNTK | State Street SPDR NYSE Technology ETF | 617% | $123.7M | +2.00% |
| DSI | iShares ESG MSCI KLD 400 ETF | 413% | $60.8M | +1.23% |
| EPOL | iShares MSCI Poland ETF | 367% | $62.7M | -2.54% |
| FNDA | Schwab Fundamental U.S. Small Company ETF | 349% | $63.0M | -0.03% |
| IYF | iShares U.S. Financials ETF | 337% | $188.2M | -0.49% |
| SPGM | State Street SPDR Portfolio MSCI Global Stock Market ETF | 326% | $25.0M | +0.43% |
| HACK | Amplify Cybersecurity ETF | 302% | $81.4M | +8.25% |
| TVAL | T. Rowe Price Value ETF | 301% | $10.2M | -0.56% |
| IHE | iShares U.S. Pharmaceuticals ETF | 291% | $77.6M | -1.15% |
Fixed Income
Fixed Income ETFs traded $26.06 billion, a slightly below-average session at 92% of the 30-day ADV. The primary driver of activity was a clear focus on short-duration government debt, with the Government Short and Government Intermediate categories trading at 274% and 209% of their respective averages. This theme was reflected in the most active funds, as Vanguard Short-Term Treasury ETF (VGSH) saw 450% of its average volume on $1.16 billion traded, and Schwab Short-Term US Treasury ETF (SCHO) saw 407% on $478.4 million. Smaller funds like Northern Trust Ultra-Short Fixed Income ETF (RAVI) and Northern Trust Credit-Scored US Corporate Bond ETF (SKOR) experienced extreme turnover, at 746% and 733% of their norms, respectively.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Short | 274% | $2.01B | -0.05% |
| Fixed Income: Taxable – Government Intermediate | 209% | $1.63B | -0.09% |
| Fixed Income: Taxable – Emerging | 183% | $113.1M | -0.04% |
| Fixed Income: Taxable – Multisector | 127% | $489.6M | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RAVI | Northern Trust Ultra-Short Fixed Income ETF | 746% | $32.9M | -0.01% |
| SKOR | Northern Trust Credit-Scored US Corporate Bond ETF | 733% | $19.0M | +0.01% |
| FPEI | First Trust Institutional Preferred Securities & Income ETF | 660% | $43.9M | -0.13% |
| STPZ | PIMCO 1-5 Year US TIPS Index Exchange-Traded Fund | 592% | $18.6M | -0.05% |
| IBDV | iShares iBonds Dec 2030 Term Corporate ETF | 563% | $65.4M | -0.07% |
| VGSH | Vanguard Short-Term Treasury ETF | 450% | $1.16B | -0.01% |
| SCHO | Schwab Short-Term US Treasury ETF | 407% | $478.4M | +0.02% |
| FTRB | Federated Hermes Total Return Bond ETF | 391% | $13.4M | +0.02% |
| DBND | DoubleLine Opportunistic Core Bond ETF | 389% | $13.8M | -0.07% |
| NBSD | Neuberger Short Duration Income ETF | 367% | $34.1M | -0.01% |
Commodities
Commodity ETFs posted a below-average session with $6.04 billion in total volume, 83% of the 30-day ADV. Despite the muted headline number, specific sectors were highly active. Shipping Freight ETFs saw turnover at 291% of their average, while Agriculture-focused funds traded at 265% of their norm. This was evident in individual fund flows, where USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) traded an exceptional 840% of its typical volume. Agriculture funds also saw heavy interest, with Invesco DB Agriculture Fund (DBA) and Teucrium Wheat Fund (WEAT) trading 301% and 293% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Specialty – Shipping Freight | 291% | $233.3M | +8.90% |
| Commodity: Focused – Agriculture | 265% | $140.3M | +0.52% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 840% | $42.2M | +0.83% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 419% | $64.1M | +1.20% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 349% | $10.2M | +0.89% |
| DBA | Invesco DB Agriculture Fund | 301% | $71.1M | +0.84% |
| WEAT | Teucrium Wheat Fund | 293% | $41.6M | +0.50% |
Digital Asset
Digital Asset ETFs were the clear center of market activity, trading a robust $5.92 billion, or 129% of their 30-day average. The surge was led by strong interest in altcoins, where the category volume reached 342% of its norm, and Ethereum, which traded at 183% of its average. The largest fund in the space, iShares Ethereum Trust ETF (ETHA), traded over $1 billion at 192% of its ADV. Smaller altcoin funds saw even more dramatic spikes in activity, including Zcash ETF (ZCSH) at 656% of its average and Bitwise Solana Staking ETF (BSOL) at 420% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 342% | $397.1M | +6.14% |
| Digital Asset: Cryptocurrency – Ethereum | 183% | $1.32B | +1.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ZCSH | Zcash ETF | 656% | $23.2M | +4.53% |
| XRPC | Canary XRP ETF | 501% | $14.2M | +5.67% |
| BSOL | Bitwise Solana Staking ETF | 420% | $126.4M | +12.52% |
| XRPZ | Franklin XRP ETF | 341% | $16.7M | +5.04% |
| XRP | Bitwise XRP ETF | 295% | $49.3M | +5.25% |
| FETH | Fidelity Ethereum Fund ETF | 217% | $79.4M | +1.18% |
| ETHA | iShares Ethereum Trust ETF | 192% | $1.08B | +1.09% |
| HODL | VanEck Bitcoin ETF | 177% | $37.2M | +1.76% |
| ETHB | iShares Staked Ethereum Trust ETF | 166% | $15.8M | +1.10% |
Currencies
Currency ETFs experienced a very quiet session, with total volume of just $59.5 million, representing only 60% of the 30-day average daily volume. No specific categories or individual tickers registered noteworthy activity relative to their recent trading patterns.
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 saw a subdued trading day, with total volume reaching $562.5 million, or 79% of its 30-day average. Activity was broadly in line with recent trends, and no specific categories or funds stood out for unusually high turnover.
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 saw a relatively calm session, trading $36.23 billion, or 86% of their 30-day average. The primary area of interest was in leveraged and inverse crypto products, which traded at 152% of their average volume, echoing the broader strength in digital assets. Leveraged single-stock ETFs focused on NVIDIA were exceptionally active, with GraniteShares 2x Long NVDA Daily ETF (NVDL) trading a massive $1.84 billion at 450% of its ADV. Similarly, Defiance Daily Target 2x Long MSTR ETF (MSTX) saw volume spike to 242% of its average, reflecting heightened speculative interest in crypto-related equities.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 152% | $802.9M | +5.81% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NVDL | GraniteShares 2x Long NVDA Daily ETF | 450% | $1.84B | +16.04% |
| NVDU | Direxion Daily NVDA Bull 2X ETF | 425% | $173.3M | +16.08% |
| NVDX | T-Rex 2X Long NVIDIA Daily Target ETF | 382% | $409.5M | +16.21% |
| MSTX | Defiance Daily Target 2x Long MSTR ETF | 242% | $187.6M | +23.92% |
| SSO | ProShares Ultra S&P 500 | 236% | $443.8M | +1.17% |
| BMNU | T-REX 2X Long BMNR Daily Target ETF | 235% | $120.2M | +6.38% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 231% | $29.8M | -0.31% |
| AIPI | REX AI Equity Premium Income ETF | 216% | $10.5M | +3.46% |
| MSTY | YieldMax MSTR Option Income Strategy ETF | 203% | $40.3M | +7.17% |
| QYLD | Global X NASDAQ 100 Covered Call ETF | 189% | $135.4M | +0.60% |
Multi-Asset
Multi-Asset ETFs traded a total of $223.4 million, almost perfectly in line with their 30-day average at 102% of normal volume. Activity was generally balanced across the category, though a couple of funds saw elevated interest. State Street Bridgewater All Weather ETF (ALLW) traded at 217% of its average, while WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) saw turnover reach 167% 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 |
|---|---|---|---|---|
| ALLW | State Street Bridgewater All Weather ETF | 217% | $35.5M | +0.16% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 167% | $9.4M | +0.40% |
Single-Stock Volume
Single-stock activity was dominated by explosive, news-driven moves in the technology and software sectors. Salesforce, Inc. (CRM) saw immense turnover of $13.44 billion, a staggering 574% of its 30-day average, following a +22.62% price surge. Similarly, Okta, Inc. Class A (OKTA) traded 668% of its usual volume. Megacap NVIDIA Corporation (NVDA), a constituent in 847 ETFs, continued to see heavy trading with nearly $60 billion changing hands, 236% of its ADV. The crypto-related theme also appeared here, as Strategy Inc Class A (MSTR) traded $5.34 billion, or 256% of its average, amid a +11.89% gain.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| OKTA | Okta, Inc. Class A | 668% | $2.68B | +28.21% | 224 |
| JAZZ | Jazz Pharmaceuticals Public Limited Company | 579% | $1.16B | +0.71% | 185 |
| CRM | Salesforce, Inc. | 574% | $13.44B | +22.62% | 440 |
| PURR | Hyperliquid Strategies, Inc | 465% | $534.9M | +14.08% | 28 |
| VEEV | Veeva Systems Inc. Class A | 399% | $1.41B | +15.13% | 302 |
| BURL | Burlington Stores, Inc. | 378% | $1.07B | -7.47% | 188 |
| ANF | Abercrombie & Fitch Co. Class A | 335% | $617.6M | -1.03% | 156 |
| CRWD | CrowdStrike Holdings, Inc. Class A | 301% | $4.94B | +20.18% | 434 |
| HPQ | HP Inc. | 283% | $1.13B | -3.70% | 313 |
| DG | Dollar General Corporation | 279% | $735.9M | +2.62% | 283 |
| MSTR | Strategy Inc Class A | 256% | $5.34B | +11.89% | 181 |
| P | Everpure, Inc. Class A | 253% | $693.9M | -8.41% | 203 |
| BBY | Best Buy Co., Inc. | 237% | $682.0M | -4.27% | 313 |
| NVDA | NVIDIA Corporation | 236% | $59.70B | +8.27% | 847 |
| RBRK | Rubrik, Inc. Class A | 228% | $573.6M | +6.53% | 127 |
