Macro Summary
Total ETF market volume concluded the week on a quiet note, with just $184.11 billion changing hands, a mere 77% of the recent 30-day average. The subdued activity was broad-based, as major asset classes like Equity, Fixed Income, and Commodities all traded at approximately three-quarters of their typical pace. Digital Assets and Currencies saw activity closer to their norms but still remained below average. The only segment to surpass its daily volume average was Multi-Asset, which ticked up to 105%, though this was on a very low absolute volume base, underscoring a widespread lack of conviction across the market.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $116.68B | $154.32B | 76% |
| Fixed Income | $22.53B | $29.80B | 76% |
| Commodities | $6.07B | $7.99B | 76% |
| Digital Asset | $3.99B | $4.42B | 90% |
| Currencies | $90.4M | $98.8M | 92% |
| Alternatives | $505.9M | $679.3M | 74% |
| Non-Traditional | $34.03B | $40.57B | 84% |
| Multi-Asset | $224.6M | $214.5M | 105% |
| Total | $184.11B | $238.09B | 77% |
Equity
Equity ETFs saw a significant drop in activity, trading $116.68 billion, or just 76% of their 30-day average. Despite the overall lull, targeted interest emerged in Asia-Pacific strategies, with the category trading at 300% of its norm. Specific funds saw major volume spikes, led by the WisdomTree Dynamic International Equity Fund (DDWM) at 637% of its average. Other standouts included the iShares Core MSCI Pacific ETF (IPAC) at 571%, the iShares Global Energy ETF (IXC) at 366%, and the Schwab U.S. Mid-Cap ETF (SCHM) at 320% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific | 300% | $139.8M | +0.62% |
| Equity: Region – Asia-Pacific Ex-Japan | 152% | $218.8M | +1.22% |
| Equity: Thematic – FinTech | 134% | $108.4M | -0.35% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DDWM | WisdomTree Dynamic International Equity Fund | 637% | $22.1M | +0.02% |
| IPAC | iShares Core MSCI Pacific ETF | 571% | $43.2M | +0.16% |
| IXC | iShares Global Energy ETF | 366% | $119.6M | -0.87% |
| IMCB | iShares Morningstar Mid-Cap ETF | 341% | $9.0M | -0.23% |
| SCHM | Schwab U.S. Mid-Cap ETF | 320% | $134.7M | +0.56% |
| QUS | State Street SPDR MSCI USA StrategicFactors ETF | 315% | $8.4M | -0.66% |
| FV | First Trust Dorsey Wright Focus 5 ETF | 315% | $13.5M | -0.11% |
| ARTY | iShares Future AI & Tech ETF | 285% | $93.1M | +2.29% |
| JHMD | John Hancock Multifactor Developed International ETF | 284% | $10.7M | +3.17% |
| VPL | Vanguard FTSE Pacific ETF | 250% | $96.0M | +1.27% |
Fixed Income
Fixed Income volume was similarly muted, totaling $22.53 billion for a session activity level of 76% against its 30-day average. The primary driver of activity was the municipal bond space, where Long, Short, and Intermediate duration categories all traded well above their norms at 162%, 139%, and 127% respectively. A few individual funds saw extraordinary turnover, headlined by the Simplify Aggregate Bond ETF (AGGH), which traded an incredible 1,779% of its average volume. Other notable tickers included the BNY Mellon Municipal Intermediate ETF (BKMI) at 1,069% and the Vanguard Short-Term Tax Exempt Bond ETF (VTES) at 361% of its usual pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Long | 162% | $108.7M | +0.05% |
| Fixed Income: Municipal – Short | 139% | $281.6M | +0.00% |
| Fixed Income: Municipal – Intermediate | 127% | $1.64B | +0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AGGH | Simplify Aggregate Bond ETF | 1,779% | $77.7M | -0.56% |
| BKMI | BNY Mellon Municipal Intermediate ETF | 1,069% | $28.0M | +0.03% |
| SCIO | First Trust Structured Credit Income Opportunities ETF | 435% | $15.7M | +0.10% |
| VTES | Vanguard Short-Term Tax Exempt Bond ETF | 361% | $98.0M | +0.04% |
| DRSK | Aptus Defined Risk ETF | 330% | $15.6M | -0.11% |
| ITM | VanEck Intermediate Muni ETF | 297% | $45.5M | +0.06% |
| UITB | VictoryShares Core Intermediate Bond ETF | 294% | $21.1M | -0.01% |
| DFCA | Dimensional California Municipal Bond ETF | 286% | $10.8M | -0.08% |
| HYGH | iShares Interest Rate Hedged High Yield Bond ETF | 286% | $13.4M | -0.01% |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 271% | $393.9M | +0.00% |
Commodities
Commodities ETFs registered a quiet session with $6.07 billion in volume, representing 76% of the 30-day average. No specific categories stood out with elevated activity. However, a few individual products saw increased interest, including the iShares S&P GSCI Commodity Indexed Trust (GSG), which traded 211% of its average. The United States Natural Gas Fund LP (UNG) also saw a pickup in trading, reaching 162% 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 |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 211% | $55.4M | -0.37% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 177% | $14.0M | -0.31% |
| UNG | United States Natural Gas Fund LP | 162% | $170.4M | +0.71% |
Digital Asset
Digital Asset ETFs traded $3.99 billion, which was below average but relatively active compared to the broader market at 90% of the 30-day norm. The Altcoin category was a pocket of strength, trading at 134% of its usual pace. The session’s clear standout was the Zcash ETF (ZCSH), which saw a massive volume surge to 762% of its average on $63.7 million traded as its price jumped +7.48%. Elsewhere, the Franklin Bitcoin ETF (EZBC) also saw notable activity at 219% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 134% | $199.6M | -3.10% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ZCSH | Zcash ETF | 762% | $63.7M | +7.48% |
| EZBC | Franklin Bitcoin ETF | 219% | $12.5M | -2.34% |
Currencies
Currency ETFs posted volume of $90.4 million, or 92% of their 30-day average. While the absolute dollar volume was low, the segment was one of the most active on a relative basis. The session’s activity was concentrated in the Invesco CurrencyShares Euro Trust (FXE), which traded 222% 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 |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 222% | $16.5M | -0.13% |
Alternatives
The Alternatives space saw a quiet day, with volume of $505.9 million equating to just 74% of the 30-day average. Trading was broadly subdued across the category, with the only notable outlier being the Simplify Managed Futures Strategy ETF (CTA), which saw volume reach 212% of its recent 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 |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 212% | $28.1M | +0.19% |
Non-Traditional
Non-Traditional ETFs recorded $34.03 billion in volume, representing a relatively busy 84% of their 30-day average. The Synthetic Income – Fixed Income category was notably active at 148% of its norm. Several defined outcome and options-based strategies saw heavy trading, led by the Aptus Enhanced Yield ETF (JUCY) at 680% of its average. Other funds with significant turnover included the Innovator U.S. Equity Power Buffer ETF – September (PSEP) at 442% and the Simplify Treasury Option Income ETF (BUCK) at 429% of their typical volumes.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Fixed Income | 148% | $115.2M | +0.00% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JUCY | Aptus Enhanced Yield ETF | 680% | $25.7M | -0.07% |
| PSEP | Innovator U.S. Equity Power Buffer ETF – September | 442% | $42.9M | -0.21% |
| BUCK | Simplify Treasury Option Income ETF | 429% | $19.5M | -0.28% |
| ROCQ | JPMorgan Nasdaq Equity Premium Yield ETF | 249% | $37.9M | +0.27% |
| ACYS | FT Vest Laddered Autocallable Barrier & Resilient Income ETF | 223% | $17.4M | -0.12% |
| BULZ | MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 199% | $47.3M | +1.80% |
| BUFF | Innovator Laddered Allocation Power Buffer ETF | 193% | $10.2M | -0.11% |
| DIVN | Horizon Dividend Income ETF | 188% | $9.3M | -0.80% |
| TSLY | YieldMax TSLA Option Income Strategy ETF | 172% | $17.7M | -3.37% |
| TDVI | FT Vest Technology Dividend Target Income ETF | 158% | $6.8M | +0.16% |
Multi-Asset
Multi-Asset was the only asset class to exceed its daily average, trading 105% of its 30-day norm, though on a small base of just $224.6 million. The modest outperformance was driven by a couple of specific funds. The State Street Multi-Asset Real Return ETF (RLY) traded at 194% of its average, while the iShares Core 30/70 Conservative Allocation ETF (AOK) saw activity reach 183% 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 |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 194% | $12.4M | -0.28% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 183% | $8.6M | -0.16% |
Single-Stock Volume
In contrast to the quiet ETF market, several single stocks experienced massive volume, often accompanied by sharp price moves. Lululemon Athletica (LULU) was the standout, trading 775% of its average daily volume with $3.35 billion changing hands as the stock fell -17.50%; it is a constituent in 221 different ETFs. Other tech and software names were also highly active, including Samsara (IOT) at 436% of its average and Guidewire Software (GWRE) at 350% of its ADV following a -19.92% price drop. Widely held names like Dell (DELL), held by 415 ETFs, and Tesla (TSLA), held by 521 ETFs, also saw volumes well above 150% of their daily averages.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| LULU | lululemon athletica inc. | 775% | $3.35B | -17.50% | 221 |
| IOT | Samsara, Inc. Class A | 436% | $917.8M | +3.19% | 162 |
| PL | Planet Labs PBC Class A | 372% | $524.1M | -1.63% | 94 |
| CNI | Canadian National Railway Company | 363% | $653.3M | +0.12% | 4 |
| GWRE | Guidewire Software, Inc. | 350% | $725.8M | -19.92% | 145 |
| FICO | Fair Isaac Corporation | 347% | $1.29B | -16.39% | 278 |
| ZS | Zscaler, Inc. | 302% | $1.25B | -4.94% | 208 |
| CBRS | Cerebras Systems, Inc. Class A | 183% | $2.77B | +10.11% | 81 |
| AZO | AutoZone, Inc. | 170% | $1.09B | -0.18% | 272 |
| DELL | Dell Technologies, Inc. Class C | 164% | $5.50B | +1.26% | 415 |
| PATH | UiPath, Inc. Class A | 160% | $1.57B | -16.44% | 138 |
| LNG | Cheniere Energy, Inc. | 158% | $728.5M | +0.93% | 262 |
| TSLA | Tesla, Inc. | 157% | $20.98B | -6.00% | 521 |
| SNOW | Snowflake, Inc. | 157% | $2.63B | -4.90% | 307 |
