Total market volume settled at $286.1B, representing a moderately active session at 109% of the 30-day average. The day’s most significant activity was a pronounced surge in European equities, where trading volumes exceeded 232% of their recent average. This spike was largely driven by exceptionally high turnover in specific funds, particularly within the Eurozone category, indicating a concentrated and tactical interest in the region. Elsewhere, Alternatives and Fixed Income also saw elevated activity, trading at 151% and 119% of their respective averages, while other asset classes remained closer to their typical trading levels.
Asset Class Summary
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$188.4B
$180.5B
104%
Fixed Income
$34.0B
$28.5B
119%
Commodities
$12.9B
$9.9B
131%
Crypto
$7.1B
$7.2B
99%
Currencies
$70.0M
$74.2M
94%
Alternatives
$1.6B
$1.1B
151%
Non-Traditional
$41.8B
$35.6B
117%
Multi-Asset
$165.8M
$145.6M
114%
Equity
The Equity asset class recorded $188.4B in volume, trading at 104% of its 30-day average. The day’s activity was notably concentrated in specific international and thematic categories, with “Equity: Region – Eurozone” and “Equity: Thematic – Health Innovation” showing particularly high volumes relative to their averages. This focused interest was further evidenced by extreme turnover in specific tickers, largely driven by heavy turnover in USMC and GARP, which traded at multiples of their usual activity.
Fixed Income markets saw heightened trading, with total volume reaching $34.0B, or 119% of the 30-day average. The increased activity was particularly evident in credit-sensitive areas, with “Fixed Income: Taxable – High Yield” and “Fixed Income: Taxable – Securitized” categories showing strong volume flows. This was exemplified by significant turnover in tickers like FLHY and municipal-focused TFI, which drove the asset class’s above-average day.
Commodities experienced a very active session with $12.9B in volume, trading at 131% of its 30-day average. The day’s activity was overwhelmingly concentrated in the “Commodity: Focused – Precious Metals” category, which saw its volume surge to 135% of its recent average. This was largely driven by heavy turnover in broad precious metals funds like GLTR and gold-focused IAUM.
The Digital Asset class saw $7.1B in trading volume, coming in just shy of its 30-day average at 99%. Activity was primarily centered in the “Digital Asset: Cryptocurrency – Bitcoin” category, which itself traded slightly above its average at 103%. Outliers were modest, with tickers like BTCO and EZBC showing moderately elevated turnover.
The Currency asset class registered $70.0M in volume, a quiet session at 94% of its 30-day average. No categories or tickers exhibited unusual activity levels today.
High-Volume Categories (>$100M Traded)
Category
No categories met the high-volume criteria.
High-Activity Ticker Outliers
Ticker
No high-activity ticker outliers for this asset class.
Alternatives
The Alternatives asset class was a focal point of activity, with total volume reaching $1.6B, a significant 151% of its 30-day average. This surge was almost entirely concentrated in the “Alternative: Volatility – Long” category, which alone accounted for the bulk of the volume. This indicates a strong, directional interest in volatility products, largely driven by heavy turnover in UVIX.
The Non-Traditional asset class saw a busy session with $41.8B in volume, or 117% of its 30-day average. The primary drivers of this activity were the “Non-Traditional: Leverage | Inverse – Equity” and “Non-Traditional: Leverage | Inverse – Commodity” categories. The tactical nature of the day’s trading was clear from high turnover in products like SSO and DDM, which offer leveraged exposure to major equity indexes.
High-Volume Categories (>$100M Traded)
Category
Activity vs ADV
$ Volume
1-Day Return
Non-Traditional: Leverage | Inverse – Equity
133%
$24.2B
+0.39%
Non-Traditional: Leverage | Inverse – Single Stock
The Multi-Asset class saw $165.8M in volume, trading at a moderately elevated 114% of its 30-day average. Activity was somewhat concentrated in the “Asset Allocation: Target Risk – Global Macro” category. No single category met the high-volume threshold, but ALLW showed moderately increased turnover for the day.
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