The ETF market registered a high-volume session, with total trading reaching $339.2B, approximately 121% of the 30-day average. While activity was elevated across several asset classes, the day’s primary narrative was a highly concentrated surge of activity within U.S. Large Cap Growth. This was most evident in tickers like QQXT, which saw over 32 times its average daily volume while finishing the day down -0.43%. This specific outlier activity stood in contrast to more broadly distributed, though still high, volumes seen in Fixed Income and Non-Traditional asset classes.
Asset Class Summary
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$233.2B
$185.6B
126%
Fixed Income
$34.5B
$30.1B
115%
Commodities
$11.2B
$13.3B
84%
Crypto
$9.4B
$8.6B
109%
Currencies
$64.1M
$76.7M
84%
Alternatives
$2.0B
$1.5B
130%
Non-Traditional
$48.6B
$41.8B
116%
Multi-Asset
$180.9M
$180.6M
100%
Equity
The Equity asset class saw significant turnover, closing with $233.2B in volume, or 126% of its 30-day average. This activity was notably driven by high-volume categories like Equity: Thematic – Multi-Sector (finishing the day down -2.80%), Equity: Sector – Health Care (which fell -0.76%), and Equity: U.S. Small Cap – Blend (down -1.95%). At the ticker level, the activity was exceptionally concentrated in specific U.S. Large Cap Growth names, with QQXT (closing -0.43%) and VFMO (closing -4.03%) seeing extreme turnover. Heavy trading was also seen in Health Care tickers, including IYH (closing -0.12%).
Fixed Income markets saw heightened trading, with $34.5B in total volume, 115% of the 30-day average. The day’s activity was heavily concentrated in government bonds and convertibles. Notably, the Fixed Income: Taxable – Government Long category (finishing down -0.72%) and the Fixed Income: Taxable – Convertible category (down -2.64%) both saw volume more than double their daily averages. This was driven by massive turnover in specific tickers like SPTL (closing -0.77%) and IEF (closing -0.32%), which saw 988% and 578% of their average activity, respectively.
The Commodities asset class traded $11.2B in volume, a quiet session at 84% of its 30-day average. No categories met the high-volume criteria. Activity was subdued across the board, with BAR (closing -0.77%) and OUNZ (closing -0.82%) being the most active tickers, though neither saw exceptionally high turnover relative to the rest of the market.
The Crypto asset class registered $9.4B in volume, 109% of its recent average. Activity was primarily focused on the Digital Asset: Cryptocurrency – Bitcoin category, which saw 112% of its average volume and finished the day down -2.81%. Among individual tickers, the highest relative activity was seen in FETH (closing -6.78%) and ARKB (closing -3.29%).
The Currencies asset class saw a quiet day, with total volume reaching $64.1M, just 84% of its 30-day average. No high-volume categories or significant ticker outliers were reported.
High-Volume Categories (>$100M Traded)
Category
Activity vs ADV
$ Volume
1-Day Return
No categories met the high-volume criteria.
High-Activity Ticker Outliers
Ticker
Name
Activity vs ADV
$ Volume
1D Return
No high-activity ticker outliers for this asset class.
Alternatives
The Alternatives asset class saw $2.0B in volume, 130% of its 30-day average. This activity was almost entirely contained within the Alternative: Volatility – Long category (finishing the day up +6.86%) and the Alternative: Volatility – Short category (down -2.77%). No specific high-activity ticker outliers were reported for the asset class.
High-Volume Categories (>$100M Traded)
Category
Activity vs ADV
$ Volume
1-Day Return
Alternative: Volatility – Long
131%
$1.6B
+6.86%
Alternative: Volatility – Short
143%
$284.9M
-2.77%
High-Activity Ticker Outliers
Ticker
Name
Activity vs ADV
$ Volume
1D Return
No high-activity ticker outliers for this asset class.
Non-Traditional
The Non-Traditional asset class saw $48.6B in volume, trading at 116% of its 30-day average. The high-volume category Non-Traditional: Buffer – Crypto (finishing down -1.43%) saw significant activity. At the ticker level, most of the outlier activity came from synthetic income single-stock funds, led by AMZY (closing -3.21%), which traded 776% of its average volume. Significant activity was also seen in buffer ETFs like BUFZ (closing -0.53%).
The Multi-Asset class saw a typical day, trading $180.9M, or 100% of its 30-day average. No categories or tickers met the high-activity thresholds, indicating a normal session for this asset class.
High-Volume Categories (>$100M Traded)
Category
Activity vs ADV
$ Volume
1-Day Return
No categories met the high-volume criteria.
High-Activity Ticker Outliers
Ticker
Name
Activity vs ADV
$ Volume
1D Return
No high-activity ticker outliers for this asset class.
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