Macro Summary
The ETF market saw total trading volume of $250.8B, representing 92% of the recent 30-day average. The day’s activity was overwhelmingly dominated by a surge in the Commodities space, which traded at an exceptional 273% of its average volume. This was almost entirely driven by intense turnover in Precious Metals ETFs, as seen in both the Commodity asset class and within thematic Equity funds. This concentrated activity suggests a significant market focus on metals, with other segments like Equity and Fixed Income showing more subdued, below-average trading volumes.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $147.6B | $185.3B | 80% |
| Fixed Income | $27.3B | $29.0B | 94% |
| Commodity | $32.3B | $11.8B | 273% |
| Digital Asset | $11.0B | $7.7B | 143% |
| Currency | $76.0M | $74.8M | 102% |
| Alternative | $1.1B | $1.3B | 87% |
| Non-Traditional | $31.2B | $37.2B | 84% |
| Multi-Asset | $199.5M | $156.4M | 128% |
Equity
The Equity asset class recorded $147.6B in volume, a quiet session at 80% of its 30-day average. The standout activity was concentrated in the Thematic Precious Metals category, which saw volume surge to 252% of its norm, largely driven by heavy turnover in GDXJ and GDX. Other areas like Consumer Staples and Natural Resources also saw above-average interest, with notable activity in tickers like MDYV and REGL in the mid-cap space.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Precious Metals | 252% | $8.0B | -10.31% |
| Equity: Thematic – Natural Resources | 141% | $1.6B | -2.57% |
| Equity: Sector – Consumer Staples | 134% | $1.4B | -0.55% |
| Equity: Thematic – Health Innovation | 132% | $135.2M | -0.21% |
| Equity: U.S. Mid Cap – Growth | 126% | $279.9M | +0.27% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2205% | $80.0M | +0.01% |
| RXI | iShares Global Consumer Discretionary ETF | 2154% | $74.0M | +0.58% |
| MDYG | SPDR S&P 400 Mid Cap Growth ETF | 1534% | $101.2M | +0.65% |
| MDYV | SPDR S&P 400 Mid Cap Value ETF | 1191% | $66.5M | +0.17% |
| IPAC | iShares Core MSCI Pacific ETF | 643% | $47.1M | -0.94% |
| ICOW | Pacer Developed Markets International Cash Cows 100 ETF | 385% | $13.6M | -0.87% |
| SGDM | Sprott Gold Miners ETF | 376% | $19.2M | -9.78% |
| GDXJ | VanEck Junior Gold Miners ETF | 300% | $1.9B | -10.06% |
| PXH | Invesco RAFI Emerging Markets ETF | 288% | $12.2M | -0.97% |
| DBEU | Xtrackers MSCI Europe Hedged Equity ETF | 278% | $7.6M | -0.26% |
Fixed Income
Fixed Income markets traded $27.3B, or 94% of their 30-day average volume. Activity was notably higher in Convertible bonds and Core bond funds, which traded at 163% and 124% of their respective averages. The heightened interest in Core was primarily due to elevated turnover in AGG. Additionally, municipal bond categories saw focused interest, with Intermediate Munis showing above-average activity, highlighted by a significant volume spike in BAB.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Convertible | 163% | $140.2M | -1.00% |
| Fixed Income: Specialty – Defined Maturity | 131% | $421.4M | +0.05% |
| Fixed Income: Taxable – Core | 124% | $2.2B | +0.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BAB | Invesco Taxable Municipal Bond ETF | 2876% | $85.0M | +0.53% |
| HYBB | iShares BB Rated Corporate Bond ETF | 1550% | $54.0M | +0.09% |
| IBTJ | iShares iBonds Dec 2029 Term Treasury ETF | 863% | $37.3M | +0.07% |
| ICLO | Invesco AAA CLO Floating Rate Note ETF | 564% | $15.2M | -0.07% |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | 533% | $28.3M | +0.07% |
| IBTH | iShares iBonds Dec 2027 Term Treasury ETF | 473% | $38.0M | +0.00% |
| LQDH | iShares Interest Rate Hedged Corporate Bond ETF | 389% | $15.1M | -0.48% |
| GSY | Invesco Ultra Short Duration ETF | 337% | $88.3M | +0.01% |
| HYGH | iShares Interest Rate Hedged High Yield Bond ETF | 319% | $13.0M | -0.14% |
| HYBL | SPDR Blackstone High Income ETF | 260% | $11.1M | -0.05% |
Commodities
The Commodities complex was the epicenter of today’s market activity, with trading volume exploding to $32.3B, an extraordinary 273% of its 30-day average. The action was highly concentrated in Focused Precious Metals, which traded at 280% of its normal volume. This was further evidenced by extreme individual activity in tickers like BAR and OUNZ. The Energy category also saw a significant uptick in interest, with volume at 191% of its average, propelled by heavy trading in USO and UNG.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 280% | $31.0B | -6.01% |
| Commodity: Focused – Energy | 191% | $1.1B | +0.43% |
| Commodity: Multi-Sector – Broad Market | 134% | $217.2M | -1.33% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BAR | GraniteShares Gold Shares | 577% | $166.7M | -5.95% |
| OUNZ | VanEck Merk Gold ETF | 487% | $188.0M | -5.98% |
| AAAU | Goldman Sachs Physical Gold ETF | 383% | $427.6M | -5.90% |
| UNG | United States Natural Gas Fund LP | 213% | $290.1M | +1.97% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 191% | $131.0M | -0.98% |
| USO | United States Oil Fund LP | 191% | $739.7M | +0.89% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 153% | $16.4M | -0.42% |
Crypto
Digital Assets saw robust trading, with volume reaching $11.0B, or 143% of its 30-day average. The majority of this activity was in Bitcoin-focused products, which traded at 148% of their average volume. This heightened interest was evident in tickers such as ARKB and BTC, both of which saw activity more than double their recent norms. Ethereum-related funds also saw above-average turnover, contributing to the strong session for the asset class.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 148% | $7.8B | +0.56% |
| Digital Asset: Cryptocurrency – Ethereum | 135% | $3.1B | +0.10% |
High-Activity Ticker Outliers
Currencies
The Currency asset class saw $76.0M change hands, trading right in line with its 30-day average at 102% of normal volume. There were no specific high-volume categories or high-activity tickers to note, indicating a standard session for this segment of the market.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Alternatives
The Alternatives space saw a quiet day with total volume of $1.1B, representing 87% of its 30-day average. No categories met the high-volume criteria, and trading was generally subdued across the asset class. There were no specific high-activity tickers to highlight, indicating a lack of notable catalysts or investor focus in this area.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Non-Traditional
Non-Traditional ETFs saw volume of $31.2B, a relatively subdued session at 84% of the 30-day average. The most notable activity occurred in the Leveraged/Inverse Commodity category, which traded at 202% of its typical volume, driven by exceptional turnover in gold-related products like UGL and NUGT. Synthetic Income Commodity funds also saw elevated interest. Elsewhere, activity was more muted, though single-stock leveraged ETFs such as GGLL showed isolated pockets of high turnover.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 202% | $2.0B | +0.59% |
| Non-Traditional: Leverage | Inverse – Crypto | 135% | $2.9B | -0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| WTPI | WisdomTree Equity Premium Income Fund | 491% | $19.3M | +0.06% |
| UGL | ProShares Ultra Gold | 322% | $505.7M | -11.82% |
| GGLL | Direxion Daily GOOGL Bull 2X Shares | 299% | $242.9M | -4.90% |
| NUGT | Direxion Daily Gold Miners Index Bull 2x Shares | 296% | $620.1M | -18.26% |
| AMZY | YieldMax AMZN Option Income Strategy ETF | 275% | $20.3M | +1.90% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 274% | $475.1M | -28.52% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 253% | $10.2M | -0.12% |
| DDM | ProShares Ultra Dow30 | 235% | $47.0M | +1.03% |
| FOCT | FT Vest U.S. Equity Buffer ETF – October | 230% | $11.9M | +0.05% |
| QSPT | FT Vest Nasdaq-100 Buffer ETF – September | 223% | $5.9M | -0.06% |
Multi-Asset
Multi-Asset funds saw a notable increase in activity, trading $199.5M, which is 128% of their 30-day average. The heightened volume was driven by the Alternative Asset Sleeve category, which traded at 174% of its norm, and the Target Risk – Global Macro category. Specific tickers showing elevated activity included AOK and AOM in the conservative and moderate risk profiles, respectively.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
