Macro Summary
Total ETF market volume reached $251.9B, trading at 104% of its 30-day average. The day’s activity was dominated by an extraordinary surge in the Commodities asset class, which traded at a remarkable 269% of its recent average. This was almost entirely driven by intense turnover in Precious Metals, particularly in silver ETFs, suggesting a significant flight to or repositioning within safe-haven assets. Other pockets of elevated activity were seen in Non-Traditional and Currency funds, while the Equity space remained relatively subdued.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $153.8B | $167.2B | 92% |
| Fixed Income | $30.0B | $27.2B | 110% |
| Commodities | $22.8B | $8.5B | 269% |
| Crypto | $8.1B | $6.3B | 128% |
| Currencies | $132.2M | $68.9M | 192% |
| Alternatives | $898.9M | $865.9M | 104% |
| Non-Traditional | $36.0B | $32.3B | 112% |
| Multi-Asset | $173.4M | $134.6M | 129% |
Equity
The Equity asset class saw subdued trading, with total volume of $153.8B, representing just 92% of its 30-day average. Elevated activity was concentrated in specific international regions, with Eurozone-focused funds trading at 250% of their average volume, largely driven by heavy turnover in BBEU. Thematic investing also saw pockets of high volume, particularly in Precious Metals and Evolving Consumer categories, with notable activity in tickers like XHB and ITB.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Precious Metals | 183% | $4.8B | -4.27% |
| Equity: Region – Eurozone | 250% | $1.3B | -0.78% |
| Equity: Thematic – Natural Resources | 158% | $1.3B | -0.43% |
| Equity: Thematic – Evolving Consumer | 167% | $1.2B | -0.61% |
| Equity: Region – Asia-Pacific | 284% | $117.4M | -0.29% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BBEU | JPMorgan BetaBuilders Europe ETF | 2759% | $688.3M | -1.00% |
| PABU | iShares Paris-Aligned Climate Optimized MSCI USA ETF | 2096% | $61.9M | -0.07% |
| KLMN | Invesco MSCI North America Climate ETF | 1117% | $221.4M | -0.07% |
| RXI | iShares Global Consumer Discretionary ETF | 856% | $21.5M | -1.04% |
| EMCS | Xtrackers MSCI Emerging Markets Climate Selection ETF | 619% | $128.9M | -1.87% |
| DIVB | iShares Core Dividend ETF | 565% | $31.8M | -0.75% |
| IWX | iShares Russell Top 200 Value ETF | 464% | $35.3M | -0.43% |
| DXJ | WisdomTree Japan Hedged Equity Fund | 468% | $211.1M | -0.27% |
| TOUS | T. Rowe Price International Equity ETF | 427% | $18.9M | -0.99% |
| IWV | iShares Russell 3000 ETF | 418% | $216.7M | -0.37% |
Fixed Income
Fixed Income ETFs saw elevated trading with $30.0B in volume, 110% of the 30-day average. The activity was heavily concentrated in specific categories. Bank Loans were exceptionally active, trading at 206% of their average, led by heavy volume in BKLN. Securitized products also saw a surge at 195% of average volume, with VMBS and MBB showing significant turnover. Additionally, Government Intermediate bonds traded at 200% of their norm, largely due to high activity in GOVT.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – High Yield | 170% | $6.7B | -0.34% |
| Fixed Income: Taxable – Government Intermediate | 200% | $1.3B | -0.05% |
| Fixed Income: Taxable – Securitized | 195% | $933.3M | -0.13% |
| Fixed Income: Taxable – Bank Loans | 206% | $723.1M | -0.17% |
| Fixed Income: Taxable – International USD | 133% | $315.4M | -0.04% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| TAGG | T. Rowe Price QM U.S. Bond ETF | 1366% | $43.1M | -0.07% |
| GOVT | iShares U.S. Treasury Bond ETF | 621% | $805.6M | -0.06% |
| SPAB | SPDR Portfolio Aggregate Bond ETF | 560% | $205.5M | -0.10% |
| LDUR | PIMCO Enhanced Low Duration Active ETF | 462% | $14.9M | +0.20% |
| VMBS | Vanguard Mortgage-Backed Securities ETF | 361% | $277.8M | -0.20% |
| UCON | First Trust Smith Unconstrained Bond ETF | 312% | $45.1M | -0.14% |
| QLTA | iShares Aaa-A Rated Corporate Bond ETF | 307% | $60.7M | -0.13% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | 283% | $132.3M | +0.01% |
| STIP | iShares 0-5 Year TIPS Bond ETF | 277% | $194.1M | -0.05% |
| BKLN | Invesco Senior Loan ETF | 267% | $397.9M | -0.19% |
Commodities
The Commodities space was the epicenter of market activity, with an immense $22.8B in volume, trading at an extraordinary 269% of its 30-day average. This surge was almost exclusively driven by the Precious Metals category, which alone traded at 280% of its recent average. The activity was led by massive turnover in silver ETF SLV, along with significant volume in gold and palladium funds like GLDM and PALL.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 280% | $21.9B | -1.53% |
| Commodity: Focused – Energy | 100% | $505.0M | -1.49% |
| Commodity: Multi-Sector – Broad Market | 264% | $379.2M | -0.77% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 533% | $62.2M | -1.21% |
| SLV | iShares Silver Trust | 388% | $5.0B | +0.77% |
| PALL | abrdn Physical Palladium Shares ETF | 373% | $186.1M | -3.75% |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 350% | $1.3B | -1.70% |
| CPER | United States Copper Index Fund | 280% | $28.9M | +0.92% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 242% | $140.0M | -0.88% |
| HGER | Harbor All-Weather Inflation Focus ETF | 152% | $29.2M | -0.96% |
Crypto
The Digital Asset class recorded a busy session with $8.1B in volume, trading at 128% of its 30-day average. The majority of this activity was concentrated in Bitcoin funds, which traded at 136% of their average volume. This heightened interest was clearly visible in the high turnover of major spot bitcoin ETFs, including GBTC, BITO, and BITB.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 136% | $5.7B | -1.93% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GBTC | Grayscale Bitcoin Trust ETF | 213% | $490.4M | -1.95% |
| BITO | ProShares Bitcoin ETF | 163% | $415.9M | -1.91% |
| BITB | Bitwise Bitcoin ETF Trust | 160% | $142.4M | -1.94% |
Currencies
Currency ETFs experienced a significant uptick in activity, trading $132.2M, which is 192% of their 30-day average. The increased volume was broadly distributed across the category, with FXE being a notable contributor to the day’s heightened turnover.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 172% | $20.1M | -0.55% |
Alternatives
The Alternatives asset class traded $898.9M, or 104% of its 30-day average. The day’s notable activity was centered in the Managed Futures category, which traded at 239% of its recent average. This was largely driven by significant volume in DBMF.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 375% | $62.9M | -1.21% |
Non-Traditional
Non-Traditional ETFs saw increased volume of $36.0B, trading at 112% of the 30-day average. The most significant activity was in the Leverage | Inverse – Commodity category, which traded at an exceptional 233% of its average volume, overwhelmingly driven by a surge in silver-focused AGQ. Synthetic Income – Single Stock funds also saw heightened interest, with notable turnover in TSLY.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 233% | $1.7B | -0.25% |
| Non-Traditional: Leverage | Inverse – Crypto | 131% | $2.4B | -3.23% |
| Non-Traditional: Synthetic Income – Single Stock | 135% | $1.1B | -0.78% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AGQ | ProShares Ultra Silver | 467% | $855.2M | -4.11% |
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | 337% | $11.5M | -0.03% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 313% | $380.3M | -13.38% |
| AMDL | GraniteShares 2x Long AMD Daily ETF | 277% | $1.1B | -1.48% |
| UGL | ProShares Ultra Gold | 249% | $215.6M | -3.58% |
| METU | Direxion Daily META Bull 2X Shares | 226% | $106.1M | +4.12% |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X Shares | 217% | $141.9M | -9.53% |
| TSLY | YieldMax TSLA Option Income Strategy ETF | 203% | $414.3M | -0.41% |
| AMZU | Direxion Daily AMZN Bull 2X Shares | 193% | $163.7M | +1.95% |
| DFEN | Direxion Daily Aerospace & Defense Bull 3X Shares | 182% | $23.4M | -5.11% |
Multi-Asset
Multi-Asset ETFs saw a notable increase in trading activity, with $173.4M in volume, or 129% of its 30-day average. The primary driver was the Global Macro category, which traded at 186% of its average volume, with significant contributions from tickers like ALLW.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ALLW | SPDR Bridgewater All Weather ETF | 174% | $15.4M | -0.91% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 167% | $10.1M | -1.96% |
