Macro Summary
Total ETF market volume registered a subdued $191.01 billion, representing just 80% of the recent 30-day average. The session was characterized by a distinct divergence in activity across asset classes. While turnover in Equity and Non-Traditional products was significantly below trend, both the Fixed Income and Commodities complexes saw above-average trading volumes. This selective engagement suggests investors were focused on specific rate-sensitive and inflation-hedging segments of the market while broadly reducing activity in risk assets.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $114.46B | $154.19B | 74% |
| Fixed Income | $31.16B | $28.94B | 108% |
| Commodities | $9.05B | $7.69B | 118% |
| Digital Asset | $3.85B | $4.45B | 87% |
| Currencies | $84.5M | $98.0M | 86% |
| Alternatives | $703.2M | $687.7M | 102% |
| Non-Traditional | $31.49B | $41.01B | 77% |
| Multi-Asset | $212.8M | $217.0M | 98% |
| Total | $191.01B | $237.29B | 80% |
Equity
Equity ETFs experienced a quiet session, with total volume of $114.46 billion equating to only 74% of the 30-day average. Despite the overall lull, certain pockets saw heightened interest, including Thematic Sustainability funds (146% of ADV), Materials sector funds (145%), and Utilities sector funds (136%). Individual fund activity was led by several extreme outliers, most notably the Distillate US Fundamental Stability & Value ETF (DSTL), which traded an exceptional 1,553% of its typical volume. Other notable movers included the First Trust Nasdaq-100 Select Equal Weight ETF (QQEW) at 884% of ADV and the State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM), which saw $475.4 million in turnover, or 594% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Sustainability | 146% | $350.3M | -0.86% |
| Equity: Sector – Materials | 145% | $906.6M | -1.22% |
| Equity: Sector – Utilities | 136% | $1.34B | +0.53% |
| Equity: U.S. Mid Cap – Growth | 128% | $287.8M | -1.56% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DSTL | Distillate US Fundamental Stability & Value ETF | 1,553% | $78.6M | -0.45% |
| QQEW | First Trust Nasdaq-100 Select Equal Weight ETF | 884% | $49.7M | -1.86% |
| RSPH | Invesco S&P 500 Equal Weight Health Care ETF | 609% | $21.6M | +0.13% |
| SPSM | State Street SPDR Portfolio S&P 600 Small Cap ETF | 594% | $475.4M | -1.11% |
| SAMT | Strategas Macro Thematic Opportunities ETF | 591% | $31.5M | -0.70% |
| IYM | iShares U.S. Basic Materials ETF | 587% | $160.8M | -1.42% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 544% | $27.9M | -1.69% |
| GRNJ | Fundstrat Granny Shots US Small- & Mid-Cap ETF | 528% | $21.2M | -1.12% |
| SMLF | iShares U.S. SmallCap Equity Factor ETF | 503% | $60.8M | -1.26% |
| IYH | iShares U.S. Healthcare ETF | 489% | $240.0M | +0.52% |
Fixed Income
Fixed Income was a clear standout, with $31.16 billion in turnover representing 108% of its 30-day average. The session’s activity was overwhelmingly concentrated in municipal bond funds, which saw a surge in volume across the curve. Long-duration municipal ETFs traded at an immense 451% of their average, while single-state and intermediate-duration categories also saw heavy turnover at 258% and 160% of ADV, respectively. This theme was exemplified by the iShares Long-Term National Muni Bond ETF (LMUB), which traded over 14 times its normal volume. Elsewhere, Bank Loan ETFs were also active, trading 160% of their average, led by the First Trust Senior Loan Fund (FTSL) at 909% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Long | 451% | $261.2M | -0.85% |
| Fixed Income: Municipal – Single State | 258% | $317.9M | -0.65% |
| Fixed Income: Municipal – Intermediate | 160% | $1.91B | -0.55% |
| Fixed Income: Taxable – Bank Loans | 160% | $428.0M | -0.22% |
| Fixed Income: Specialty – Defined Maturity | 149% | $499.8M | -0.45% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| LMUB | iShares Long-Term National Muni Bond ETF | 1,404% | $201.5M | -1.06% |
| FTSL | First Trust Senior Loan Fund | 909% | $75.8M | -0.12% |
| YLD | Principal Active High Yield ETF | 563% | $19.0M | -1.08% |
| CMF | iShares California Muni Bond ETF | 532% | $154.5M | -0.79% |
| IBHF | iShares iBonds 2026 Term High Yield and Income ETF | 453% | $19.5M | -0.44% |
| SCMB | Schwab Municipal Bond ETF | 404% | $154.1M | -0.66% |
| BRTR | iShares Total Return Active ETF | 403% | $16.4M | -0.60% |
| IBTO | iShares iBonds Dec 2033 Term Treasury ETF | 386% | $11.7M | -0.72% |
| UBND | VictoryShares Core Plus Bond ETF | 383% | $16.6M | -0.19% |
| KORP | American Century Diversified Corporate Bond ETF | 344% | $14.5M | -0.36% |
Commodities
The commodities complex was another bright spot for activity, trading $9.05 billion for a total of 118% of its recent average. Interest was broad-based, with Agriculture-focused funds leading the way at 203% of ADV, followed by Broad Market (177%) and Energy (148%) products. Among individual ETFs, the VanEck Commodity Strategy ETF (PIT) saw turnover spike to 540% of its average. The Agriculture theme was confirmed by heavy trading in the Invesco DB Agriculture Fund (DBA) at 327% of ADV, while the high-volume United States Oil Fund LP (USO) also saw elevated interest at 153% of its average on a strong up-day for crude.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 203% | $131.3M | +1.37% |
| Commodity: Multi-Sector – Broad Market | 177% | $488.1M | +1.18% |
| Commodity: Focused – Energy | 148% | $1.36B | +1.92% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PIT | VanEck Commodity Strategy ETF | 540% | $18.8M | +1.59% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 417% | $78.6M | +2.39% |
| DBA | Invesco DB Agriculture Fund | 327% | $96.4M | +0.56% |
| DBC | Invesco DB Commodity Index Tracking Fund | 307% | $79.1M | +2.06% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 238% | $76.4M | +1.30% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 238% | $17.7M | +0.74% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 190% | $8.0M | +1.10% |
| UNG | United States Natural Gas Fund LP | 163% | $154.0M | +0.52% |
| USO | United States Oil Fund LP | 153% | $1.09B | +5.70% |
| AAAU | Goldman Sachs Physical Gold ETF | 151% | $84.4M | -2.75% |
Digital Asset
Digital Asset ETFs saw a quiet day of trading, with total volume of $3.85 billion coming in at 87% of the 30-day average. No specific categories stood out for elevated activity. The only fund to see significantly unusual turnover was the Zcash ETF (ZCSH), which traded 232% of its typical daily 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 |
|---|---|---|---|---|
| ZCSH | Zcash ETF | 232% | $13.8M | -3.39% |
Currencies
Currency ETFs posted a quiet session with just $84.5 million in total volume, or 86% of the 30-day average. No specific categories or individual funds registered noteworthy activity, indicating a lack of directional conviction in the foreign exchange space.
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
Alternatives ETFs traded $703.2 million, almost perfectly in line with their 30-day average at 102% of normal volume. The session’s activity was concentrated in Managed Futures strategies, which as a category traded 172% of their average. This was reflected in the top three outliers for the asset class, all from that category: the Simplify Managed Futures Strategy ETF (CTA) at 215% of ADV, the KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM) at 211%, and the iMGP DBi Managed Futures Strategy ETF (DBMF) at 153%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 172% | $161.1M | +0.59% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 215% | $25.7M | +2.79% |
| KMLM | KraneShares Mount Lucas Managed Futures Index Strategy ETF | 211% | $19.4M | +1.81% |
| DBMF | iMGP DBi Managed Futures Strategy ETF | 153% | $94.0M | +0.72% |
Non-Traditional
Non-Traditional ETFs saw a slow day, with $31.49 billion in turnover representing just 77% of the 30-day average. Within this muted landscape, Equity Buffer ETFs were a notable exception, trading at 167% of their collective average. This was driven by the Innovator U.S. Equity Power Buffer ETF – September (PSEP), which saw volume surge to 881% of its norm. Leveraged products also saw some pockets of activity, with the ProShares Ultra S&P 500 (SSO) and ProShares UltraShort Bloomberg Crude Oil (SCO) both trading more than double their average volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 167% | $531.3M | -0.35% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PSEP | Innovator U.S. Equity Power Buffer ETF – September | 881% | $58.3M | -0.42% |
| JUCY | Aptus Enhanced Yield ETF | 292% | $10.0M | -0.14% |
| XQQI | NEOS Boosted Nasdaq-100 High Income ETF | 278% | $32.3M | -1.82% |
| GAUG | FT Vest U.S. Equity Moderate Buffer ETF – August | 254% | $10.1M | -0.36% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 253% | $17.9M | -2.11% |
| EFAA | Invesco MSCI EAFE Income Advantage ETF | 229% | $8.8M | -0.39% |
| SSO | ProShares Ultra S&P 500 | 212% | $418.5M | -1.42% |
| SCO | ProShares UltraShort Bloomberg Crude Oil | 206% | $225.1M | -6.33% |
| RYLD | Global X Russell 2000 Covered Call ETF | 198% | $15.5M | -0.78% |
| GDXY | YieldMax Gold Miners Option Income Strategy ETF | 170% | $14.1M | -2.48% |
Multi-Asset
Multi-Asset ETFs recorded a typical session, with total volume of $212.8 million landing at 98% of the 30-day average. No categories saw unusual turnover. The only fund-level standout was the State Street Multi-Asset Real Return ETF (RLY), which traded 208% of its average daily 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 |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 208% | $12.0M | +0.28% |
Single-Stock Volume
Several single stocks experienced extraordinary trading volumes. GoPro, Inc. Class A (GPRO) was the most extreme outlier, trading an incredible 5,837% of its 30-day average with $583.7 million changing hands. Fervo Energy Company Class A (FRVO) also saw a massive volume spike at 989% of its ADV. Among more widely-held names, utility stocks were notably active, with Edison International (EIX) trading $1.34 billion (474% of ADV) and PG&E Corporation (PCG) trading $1.94 billion (356% of ADV). MongoDB, Inc. Class A (MDB), held by 251 ETFs, also saw elevated turnover at 159% of its average as its shares fell sharply.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| GPRO | GoPro, Inc. Class A | 5,837% | $583.7M | +36.38% | 24 |
| FRVO | Fervo Energy Company Class A | 989% | $677.0M | +28.06% | 32 |
| EIX | Edison International | 474% | $1.34B | +8.88% | 312 |
| PCG | PG&E Corporation | 356% | $1.94B | +5.58% | 254 |
| NVS | Novartis AG Sponsored ADR | 277% | $660.7M | +5.63% | 46 |
| DE | Deere & Company | 186% | $1.35B | +3.83% | 342 |
| PBR | Petroleo Brasileiro SA Sponsored ADR | 185% | $582.8M | +5.01% | 46 |
| HWM | Howmet Aerospace Inc. | 172% | $1.12B | +3.38% | 350 |
| BP | BP PLC Sponsored ADR | 167% | $616.1M | +2.88% | 37 |
| AON | Aon Plc Class A | 161% | $661.9M | +1.56% | 272 |
| MDB | MongoDB, Inc. Class A | 159% | $880.0M | -15.20% | 251 |
| SPGI | S&P Global, Inc. | 157% | $1.30B | +1.01% | 345 |
| AFRM | Affirm Holdings, Inc. Class A | 153% | $501.7M | -5.86% | 157 |
