Macro Summary
Markets settled into a holding pattern today, with total trading volume of $285.6B landing right in line with expectations at 99% of the 30-day average. Despite the flat headline figures, significant rotation occurred beneath the surface in Fixed Income, defined by a massive surge in the Fixed Income: Municipal – Short category (finishing the day down 0.01%). This pocket of the market traded at 419% of its average daily volume, largely driven by heavy turnover in JMST (closing +0.15%), which saw activity levels nearly 10x its normal daily average.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $208.1B | $201.6B | 103% |
| Fixed Income | $29.2B | $28.7B | 102% |
| Commodities | $8.9B | $8.6B | 104% |
| Digital Asset | $6.7B | $7.3B | 91% |
| Currencies | $72.8M | $80.1M | 91% |
| Alternatives | $791.7M | $1.4B | 57% |
| Non-Traditional | $31.6B | $39.8B | 80% |
| Multi-Asset | $211.3M | $172.3M | 123% |
Equity
Equity ETFs saw total volume of $208.1B, trading at 103% of the 30-day average. The session was highlighted by significant flows into the Equity: Global Ex-U.S. Large Cap – Blend category (finishing the day up 0.33%), largely driven by heavy turnover in VSGX (closing -0.66%). Additionally, the Equity: Thematic – Precious Metals category (up 2.90%) saw robust engagement, supported by above-average volume in GDXJ (closing +2.92%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Large Cap – Blend | 131% | $7.5B | +0.33% |
| Equity: Thematic – Precious Metals | 131% | $3.5B | +2.90% |
| Equity: U.S. Small Cap – Value | 126% | $521.9M | -0.34% |
| Equity: Thematic – Infrastructure | 125% | $367.2M | +0.35% |
| Equity: U.S. Mid Cap – Growth | 127% | $362.5M | +1.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IHF | iShares U.S. Healthcare Providers ETF | 730% | $69.9M | +0.18% |
| VSGX | Vanguard ESG International Stock ETF | 549% | $52.1M | -0.66% |
| PTLC | Pacer Trendpilot US Large Cap ETF | 499% | $35.6M | +0.97% |
| AVNM | Avantis All International Markets Equity ETF | 492% | $13.2M | +0.96% |
| SPYX | State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 481% | $21.3M | +0.75% |
| FLJP | Franklin FTSE Japan ETF | 360% | $56.2M | -3.49% |
| RSPG | Invesco S&P 500 Equal Weight Energy ETF | 356% | $19.2M | +0.14% |
| EWD | iShares MSCI Sweden ETF | 355% | $11.2M | +0.78% |
| CIBR | First Trust NASDAQ Cybersecurity ETF | 337% | $182.4M | +1.25% |
| VIOO | Vanguard S&P Small-Cap 600 ETF | 331% | $30.5M | +0.21% |
Fixed Income
Fixed Income ETFs traded at 102% of their 30-day average, with total volume reaching $29.2B. The action was concentrated in the Fixed Income: Specialty – Defined Maturity category (down 0.35%), largely driven by heavy turnover in IBDT (closing -0.43%). The Fixed Income: Municipal – Short category (down 0.01%) was also a standout, seeing exceptional volume relative to its average, fueled by activity in JMST (closing +0.15%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Specialty – Defined Maturity | 356% | $1.2B | -0.35% |
| Fixed Income: Municipal – Short | 419% | $621.8M | -0.01% |
| Fixed Income: Taxable – Inflation Protected | 125% | $810.4M | -0.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JMST | JPMorgan Ultra-Short Municipal Income ETF | 981% | $456.8M | +0.15% |
| IBDT | iShares iBonds Dec 2028 Term Corporate ETF | 936% | $151.2M | -0.43% |
| IBDV | iShares iBonds Dec 2030 Term Corporate ETF | 736% | $117.3M | -0.47% |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | 708% | $49.3M | -0.36% |
| HFSI | Hartford Strategic Income ETF | 474% | $29.0M | -0.04% |
| DFNM | Dimensional National Municipal Bond ETF | 376% | $26.9M | +0.01% |
| TFLR | T. Rowe Price Floating Rate ETF | 349% | $9.2M | +0.01% |
| JBBB | Janus Henderson B-BBB CLO ETF | 320% | $54.7M | +0.00% |
| SEIX | Virtus Seix Senior Loan ETF | 315% | $13.1M | +0.11% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 313% | $15.8M | -0.27% |
Commodities
Commodity ETFs saw steady engagement, with total volume of $8.9B (104% of average). The most notable activity occurred in the Commodity: Multi-Sector – Broad Market category (up 0.29%), largely driven by heavy turnover in CMDT (closing +0.24%). Activity also picked up in the Commodity: Focused – Industrial Metals space, with CPER (closing +1.02%) seeing elevated volumes.
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 |
|---|---|---|---|---|
| CMDT | PIMCO Commodity Strategy Active Exchange-Traded Fund | 389% | $18.0M | +0.24% |
| PPLT | abrdn Physical Platinum Shares ETF | 217% | $121.5M | +2.33% |
| CPER | United States Copper Index Fund | 184% | $26.3M | +1.02% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 166% | $26.9M | +0.65% |
| PALL | abrdn Physical Palladium Shares ETF | 165% | $80.3M | +1.17% |
Crypto
Crypto ETFs recorded $6.7B in volume, operating at 91% of their 30-day average. While headline volume was moderate, the Digital Asset: Cryptocurrency – Multicoin category (up 4.73%) saw notable interest, largely driven by heavy turnover in BITW (closing +4.91%).
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 |
|---|---|---|---|---|
| BITW | Bitwise 10 Crypto Index ETF | 167% | $9.4M | +4.91% |
Currencies
Currency ETFs were relatively quiet, trading at 91% of their 30-day average volume ($72.8M total). The day’s primary outlier was in the Currency category (down 0.19%), largely driven by heavy turnover in FXY (closing -1.32%).
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 |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 248% | $23.0M | -1.32% |
Alternatives
Alternative ETFs experienced a slow session, trading at just 57% of their 30-day average. No individual categories or tickers displayed significant outlier activity, resulting in a quiet day across the 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. | ||||
Non-Traditional
Non-Traditional ETFs saw volumes at 80% of their 30-day average ($31.6B total). The Non-Traditional: Buffer – Equity category (up 0.37%) attracted significant interest, trading at 145% of its average daily volume. This activity was largely driven by heavy turnover in QDEC (closing +0.81%), which experienced an exceptional surge in trading volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 145% | $421.9M | +0.37% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| QDEC | FT Vest Nasdaq-100 Buffer ETF – December | 1912% | $49.7M | +0.81% |
| PLTW | Roundhill PLTR WeeklyPay ETF | 239% | $24.8M | +6.36% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 219% | $7.9M | +1.08% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETN | 218% | $9.2M | +0.55% |
| BUCK | Simplify Treasury Option Income ETF | 199% | $6.7M | +0.11% |
| IQQQ | ProShares Nasdaq-100 High Income ETF | 197% | $5.7M | +1.42% |
| EFAA | Invesco MSCI EAFE Income Advantage ETF | 185% | $4.9M | +0.46% |
| RYLD | Global X Russell 2000 Covered Call ETF | 181% | $17.4M | +0.77% |
| DDM | ProShares Ultra Dow30 | 171% | $43.0M | +0.62% |
| DFEN | Direxion Daily Aerospace & Defense Bull 3X Shares | 157% | $14.6M | +8.02% |
Multi-Asset
Multi-Asset ETFs saw total volume of $211.3M, reaching 123% of the 30-day average. The Asset Allocation: Specialty – Alternative Asset Sleeve category (up 1.63%) was a key driver, trading at 179% of its average volume. This activity was reinforced by heavy turnover in GDE (closing +1.10%) and YYY (closing +0.69%).
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 |
|---|---|---|---|---|
| YYY | Amplify CEF High Income ETF | 203% | $8.0M | +0.69% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 175% | $10.6M | +1.10% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 155% | $10.8M | +0.15% |
