Macro Summary
Global markets saw heightened participation on Thursday, with total volume reaching $429.8B (141% of the 30-day average). The session was defined by a decisive risk-on rotation within the Equity market, which traded at 149% of its average volume. Activity was heavily concentrated in high-beta segments, most notably Equity: Thematic – Evolving Consumer (which climbed 2.72% on the day) and Equity: U.S. Small Cap – Blend (up 2.80%), both of which saw trading volumes surge to more than double their historical baselines.
Asset Class Summary
| Asset Class | $ Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $307.1B | $205.5B | 149% |
| Non-Traditional | $63.7B | $44.9B | 142% |
| Fixed Income | $33.0B | $31.6B | 105% |
| Digital Asset | $13.8B | $8.7B | 158% |
| Commodity | $9.0B | $12.4B | 72% |
| Alternative | $3.0B | $1.8B | 163% |
| Multi-Asset | $169.5M | $184.9M | 92% |
| Currency | $91.4M | $74.7M | 122% |
Equity
Equity markets commanded $307.1B in total volume, trading at 149% of the 30-day average. The surge was broad-based but particularly acute in the Equity: U.S. Small Cap – Blend category (finishing the day up 2.80%), and Equity: Sector – Information Technology (closing +0.81%). Activity was largely driven by heavy turnover in RSPT (closing +1.58%) and SNPE (closing +1.22%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Large Cap – Blend | 143% | $112.6B | +1.28% |
| Equity: U.S. Large Cap – Growth | 155% | $69.5B | +0.75% |
| Equity: U.S. Small Cap – Blend | 203% | $25.0B | +2.80% |
| Equity: Sector – Information Technology | 185% | $18.4B | +0.81% |
| Equity: U.S. Large Cap – Value | 163% | $13.8B | +1.68% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RSPT | Invesco S&P 500 Equal Weight Technology ETF | 687% | $107.3M | +1.58% |
| BKGI | BNY Mellon Global Infrastructure Income ETF | 657% | $20.8M | +0.48% |
| AIA | iShares Asia 50 ETF | 553% | $114.0M | -0.08% |
| WCLD | WisdomTree Cloud Computing Fund | 477% | $51.0M | +0.93% |
| FFSM | Fidelity Fundamental Small-Mid Cap ETF | 464% | $16.3M | +2.39% |
| FWD | AB Disruptors ETF | 421% | $66.8M | +0.39% |
| SNPE | Xtrackers S&P 500 Scored & Screened ETF | 421% | $117.0M | +1.22% |
| EWJV | iShares MSCI Japan Value ETF | 416% | $16.7M | +2.52% |
| VLUE | iShares MSCI USA Value Factor ETF | 413% | $278.2M | +2.18% |
| IYH | iShares U.S. Healthcare ETF | 411% | $148.2M | +2.10% |
Fixed Income
Fixed Income registered $33.0B in volume, trading near its baseline at 105% of the 30-day average. Activity was focused in the Fixed Income: Taxable – Convertible category (closing down 0.28%), alongside Fixed Income: Taxable – Preferred Stock (up 0.26%). Notable outlier flows were seen in CDX (closing -0.15%) and HYBL (closing +0.14%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Preferred Stock | 125% | $292.4M | +0.26% |
| Fixed Income: Taxable – Convertible | 167% | $219.3M | -0.28% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CDX | Simplify High Yield ETF | 838% | $38.8M | -0.15% |
| HYBL | State Street Blackstone High Income ETF | 639% | $31.9M | +0.14% |
| PSK | State Street SPDR ICE Preferred Securities ETF | 518% | $15.5M | +0.14% |
| DFGX | Dimensional Global ex US Core Fixed Income ETF | 489% | $31.4M | +0.22% |
| EVMO | Eaton Vance Mortgage Opportunities ETF | 444% | $15.4M | +0.12% |
| IBMO | iShares iBonds Dec 2026 Term Muni Bond ETF | 442% | $12.3M | +0.07% |
| IBDZ | iShares iBonds Dec 2034 Term Corporate ETF | 382% | $11.2M | +0.32% |
| VRP | Invesco Variable Rate Preferred ETF | 314% | $33.6M | -0.06% |
| BWZ | SPDR Bloomberg Short Term International Treasury Bond ETF | 300% | $9.1M | -0.12% |
| TBLL | Invesco Short Term Treasury ETF | 269% | $50.3M | +0.03% |
Commodities
Commodities saw muted action with $9.0B in volume, representing just 72% of the 30-day average. While the broader asset class was quiet, isolated pockets of activity emerged in the Commodity: Focused – Agriculture category (closing up 0.07%). Specific idiosyncratic flows were evident in DBA (closing -0.29%) and SDCI (closing -1.00%).
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 |
|---|---|---|---|---|
| DBA | Invesco DB Agriculture Fund | 277% | $14.1M | -0.29% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 172% | $5.1M | -1.00% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 156% | $29.3M | -0.63% |
Digital Asset
Digital Assets saw robust interest with $13.8B in volume, clocking in at 158% of the 30-day average. The action was centered in the Digital Asset: Cryptocurrency – Bitcoin category (finishing the day down 1.66%). While broad category flows were strong, specific tickers like BTC (closing -2.04%) and IBIT (closing -1.94%) saw the most elevated relative activity.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 181% | $11.5B | -1.66% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BTC | Grayscale Bitcoin Mini Trust ETF | 243% | $273.9M | -2.04% |
| IBIT | iShares Bitcoin Trust ETF | 196% | $8.0B | -1.94% |
| EZBC | Franklin Bitcoin ETF | 192% | $36.9M | -2.04% |
Currencies
Currencies traded with moderate interest, totaling $91.4M in volume (122% of the 30-day average). Activity was concentrated in the Currency category (finishing the day down 0.05%).
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
Alternatives volume reached $3.0B, representing 163% of the 30-day average. The session was characterized by elevated turnover in the Alternative: Volatility – Short category (finishing the day up 1.93%) and Alternative: Volatility – Long (closing -5.08%). This action was largely driven by heavy turnover in VIXY (closing -4.97%) and SVOL (closing -0.18%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 182% | $463.6M | +1.93% |
| Alternative: Volatility – Long | 163% | $2.5B | -5.08% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VIXY | ProShares VIX Short-Term Futures ETF | 240% | $342.3M | -4.97% |
| SVOL | Simplify Volatility Premium ETF | 210% | $17.2M | -0.18% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 174% | $749.2M | -5.44% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 158% | $818.5M | -8.02% |
Non-Traditional
Non-Traditional ETFs attracted $63.7B in total volume (142% of the 30-day average). Momentum was driven by the Non-Traditional: Leverage | Inverse – Equity category (up 0.77%) and Non-Traditional: Buffer – Equity (up 0.53%). Trading was dominated by BUFZ (closing +0.50%) and SQQQ (closing -2.29%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Equity | 164% | $41.6B | +0.77% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 403% | $14.8M | +0.50% |
| SQQQ | ProShares UltraPro Short QQQ | 307% | $7.7B | -2.29% |
| UDOW | ProShares UltraPro Dow30 | 297% | $1.2B | +3.50% |
| NVDX | T-Rex 2X Long NVIDIA Daily Target ETF | 270% | $634.9M | -2.40% |
| GGLL | Direxion Daily GOOGL Bull 2X Shares | 270% | $468.7M | +6.86% |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | 257% | $3.2B | -2.65% |
| XDTE | Roundhill S&P 500 0DTE Covered Call Strategy ETF | 238% | $32.3M | +1.18% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 229% | $7.5M | -0.42% |
| NVDU | Direxion Daily NVDA Bull 2X Shares | 193% | $185.8M | -2.27% |
| AIPI | REX AI Equity Premium Income ETF | 186% | $11.5M | +0.27% |
Multi-Asset
Multi-Asset funds traded lightly with $169.5M in volume, coming in at 92% of the 30-day average. Activity was centered in the Asset Allocation: Specialty – Multi-Asset Income category (finishing the day up 0.61%).
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. | ||||
