Macro Summary
Trading activity across U.S. markets was relatively muted on Thursday, with total volume coming in at $224.2B (80% of the 30-day average). While broad participation was light, traders directed significant attention toward international fixed income markets. The day’s most anomalous activity was concentrated in the Fixed Income: Taxable – Emerging category (168% of average volume), which finished the day down 0.13%. This surge in turnover was exemplified by the NuShares ETF Trust Nuveen International Aggregate Bond ETF (NXUS), which saw trading volumes swell to 651% of its daily average while closing down 0.08%.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $152.4B | $190.9B | 80% |
| Fixed Income | $26.6B | $29.7B | 90% |
| Commodity | $6.8B | $8.4B | 82% |
| Digital Asset | $5.2B | $7.6B | 68% |
| Currency | $105.9M | $77.9M | 136% |
| Alternative | $752.3M | $1.4B | 53% |
| Non-Traditional | $32.2B | $41.2B | 78% |
| Multi-Asset | $163.4M | $172.3M | 95% |
Equity
Equity markets saw $152.4B in total volume, trading at 80% of the 30-day average. The session’s most notable pocket of strength was the Equity: Thematic – Infrastructure category (finishing the day up 0.56%), which saw volumes reach 153% of normal levels. This activity was largely driven by heavy turnover in the First Trust RBA American Industrial Renaissance ETF (AIRR) (closing +0.97%), which traded 300% of its average daily volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Infrastructure | 153% | $444.0M | +0.56% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JSMD | Janus Henderson Small/Mid Cap Growth Alpha ETF | 613% | $22.6M | +0.15% |
| DIVB | iShares Core Dividend ETF | 589% | $30.7M | +0.16% |
| IYK | iShares U.S. Consumer Staples ETF | 571% | $103.8M | -0.52% |
| IOO | iShares Global 100 ETF | 487% | $135.0M | -0.25% |
| BKGI | BNY Mellon Global Infrastructure Income ETF | 416% | $15.3M | -0.10% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 414% | $167.8M | +0.07% |
| REET | iShares Global REIT ETF | 392% | $172.8M | -0.53% |
| TCHP | T. Rowe Price Blue Chip Growth ETF | 340% | $23.0M | +0.25% |
| SYLD | Cambria Shareholder Yield ETF | 328% | $13.9M | -0.51% |
| GSEW | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 314% | $16.7M | +0.33% |
Fixed Income
Fixed Income markets recorded $26.6B in volume, operating at 90% of the 30-day average. The Fixed Income: Taxable – Emerging category (finishing the day down 0.13%) was a standout, trading 168% of its normal volume. This surge was underpinned by exceptional activity in the NuShares ETF Trust Nuveen International Aggregate Bond ETF (NXUS) (closing -0.08%), which posted activity levels 651% above average.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 168% | $117.0M | -0.13% |
| Fixed Income: Taxable – International USD | 161% | $451.1M | -0.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NXUS | NuShares ETF Trust Nuveen International Aggregate Bond ETF | 651% | $249.8M | -0.08% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 626% | $41.5M | -0.06% |
| PMBS | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 444% | $18.7M | +0.09% |
| FIGB | Fidelity Investment Grade Bond ETF | 418% | $10.8M | -0.13% |
| BILZ | PIMCO Ultra Short Government Active Exchange-Traded Fund | 329% | $78.2M | -0.00% |
| BSJS | Invesco BulletShares 2028 High Yield Corporate Bond ETF | 307% | $8.3M | -0.16% |
| BWZ | SPDR Bloomberg Short Term International Treasury Bond ETF | 263% | $7.8M | -0.02% |
| PSK | State Street SPDR ICE Preferred Securities ETF | 258% | $8.3M | -0.41% |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | 253% | $13.5M | -0.11% |
| CORP | PIMCO Investment Grade Corporate Bond Index ETF | 245% | $10.6M | -0.07% |
Commodities
Commodities were relatively quiet with $6.8B traded, representing 82% of the average. The session was anchored by the Commodity: Focused – Precious Metals category (finishing the day down 0.60%), which traded 81% of its usual volume. While high-level category surges were absent, activity was largely driven by heavy turnover in the First Trust Global Tactical Commodity Strategy Fund (FTGC) (closing +0.18%), which saw volumes reach 205% of its 30-day average.
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 |
|---|---|---|---|---|
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 205% | $14.1M | +0.18% |
| SIVR | abrdn Physical Silver Shares ETF | 201% | $177.8M | -2.35% |
| SLV | iShares Silver Trust | 191% | $2.5B | -2.39% |
Digital Asset
Digital Asset markets saw $5.2B in volume, a quiet session at just 68% of the 30-day average. The Digital Asset: Cryptocurrency – Ethereum category (finishing the day up 0.16%) showed relative strength, trading at 91% of its average volume. Despite the lull, market flows were stable, with no specific tickers showing extreme anomalous activity to the upside.
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. | ||||
Currency
Currency markets traded $105.9M in volume, significantly elevated at 136% of the 30-day average. The primary driver was the Currency category (finishing the day down 0.02%), which also traded 136% of its average. This unusual activity was largely driven by heavy turnover in the Invesco CurrencyShares Euro Trust (FXE) (closing -0.16%), which surged to 341% of its normal trading volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 136% | $105.9M | -0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 341% | $30.1M | -0.16% |
Alternative
Alternative strategies were very quiet, with $752.3M traded (53% of the 30-day average). The Alternative: Absolute Return – Managed Futures category (finishing the day up 0.08%) saw some relative engagement, yet still remained below average at 62%. Overall, the asset class saw no significant high-volume category breakouts or extreme ticker outliers on the day.
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. | ||||
Non-Traditional
Non-Traditional ETFs saw $32.2B in total volume, approximately 78% of the 30-day average. Activity was concentrated in the Non-Traditional: Leverage | Inverse – Commodity category (finishing the day up 0.08%), which traded at 121% of its average. This movement was largely driven by heavy turnover in the ProShares S&P 500 High Income ETF (ISPY) (closing +0.08%), which saw volumes spike to 429% of its daily average.
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 |
|---|---|---|---|---|
| ISPY | ProShares S&P 500 High Income ETF | 429% | $27.2M | +0.08% |
| URTY | ProShares UltraPro Russell2000 | 211% | $156.8M | +2.55% |
| BMNU | T-REX 2X Long BMNR Daily Target ETF | 196% | $369.2M | +14.79% |
| AGQ | ProShares Ultra Silver | 185% | $391.6M | -4.54% |
| METU | Direxion Daily META Bull 2X Shares | 178% | $390.3M | +6.88% |
| FBL | GraniteShares 2x Long META Daily ETF | 152% | $144.6M | +6.95% |
| UPRO | ProShares UltraPro S&P500 | 152% | $1.0B | +0.24% |
Multi-Asset
Multi-Asset ETFs were relatively steady with $163.4M in volume, trading at 95% of their average. The Asset Allocation: Target Risk – Moderate category (finishing the day down 0.06%) was the most active relative to history, reaching 202% of its 30-day average. This activity was largely driven by heavy turnover in the iShares Core 40/60 Moderate Allocation ETF (AOM) (closing -0.08%), which saw volumes reach 276% of its daily average.
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 |
|---|---|---|---|---|
| AOM | iShares Core 40/60 Moderate Allocation ETF | 276% | $22.0M | -0.08% |
