Macro Summary
Total market volume settled at $234.4B (82% of the 30-day average), reflecting a generally quiet session across most major asset classes. However, a significant anomaly emerged in the Asia-Pacific region, where the “Equity: Region – Asia-Pacific” category exploded to 551% of its average daily volume (rising +0.75% on the day). This surge was almost entirely driven by heavy turnover in VPL (closing +1.06%), which saw trading activity spike to over 700% of its normal levels. While broad market participation remained muted, this specific pocket of international equity drew aggressive capital flow, contrasting sharply with the lackluster volumes seen in domestic equities and fixed income.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $160.5B | $200.8B | 80% |
| Fixed Income | $26.8B | $28.7B | 93% |
| Commodity | $11.7B | $8.6B | 135% |
| Digital Asset | $5.4B | $7.3B | 74% |
| Currency | $90.7M | $80.1M | 113% |
| Alternative | $890.3M | $1.4B | 65% |
| Non-Traditional | $28.8B | $39.0B | 74% |
| Multi-Asset | $235.6M | $174.3M | 135% |
Equity
Equity markets saw $160.5B in total volume, trading at just 80% of the 30-day average. Activity was heavily concentrated in specific thematic and regional pockets, most notably the “Equity: Region – Asia-Pacific” category (finishing the day up +0.75%), which saw volume swell to 551% of its average. This move was largely driven by heavy turnover in VPL (closing +1.06%). Thematic categories also saw elevated interest, with “Equity: Thematic – Industrial Revolution” (up +1.39%) and “Equity: Thematic – Sustainability” (up +1.02%) both trading at 154% of average volume, supported by outliers like ARKX (closing +3.34%) and TAN (closing +4.87%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific | 551% | $362.7M | +0.75% |
| Equity: Global Ex-U.S. Small | Mid Cap | 133% | $310.3M | +0.38% |
| Equity: Thematic – Industrial Revolution | 154% | $239.9M | +1.39% |
| Equity: Thematic – Sustainability | 154% | $217.1M | +1.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FDEM | Fidelity Emerging Markets Multifactor ETF | 1563% | $57.0M | +0.35% |
| STRV | Strive 500 ETF | 987% | $29.1M | +0.48% |
| VPL | Vanguard FTSE Pacific ETF | 708% | $356.4M | +1.06% |
| XT | iShares Future Exponential Technologies ETF | 551% | $38.1M | +0.57% |
| CGCV | Capital Group Conservative Equity ETF | 433% | $42.8M | +0.67% |
| SEIV | SEI Enhanced U.S. Large Cap Value Factor ETF | 362% | $12.0M | +0.57% |
| IXG | iShares Global Financials ETF | 358% | $9.8M | +1.01% |
| ACWV | iShares MSCI Global Min Vol Factor ETF | 354% | $41.5M | +0.21% |
| DIVB | iShares Core Dividend ETF | 351% | $29.9M | +0.53% |
| ARKX | ARK Space & Defense Innovation ETF | 341% | $30.3M | +3.34% |
Fixed Income
Fixed Income volume reached $26.8B, operating at 93% of its 30-day average. While domestic taxable bonds were largely inline with averages, international exposure saw a sharp increase in activity. The “Fixed Income: Taxable – International USD” category (closing virtually flat at +0.01%) traded at 300% of its normal volume, driven by outsized flows in BNDX (closing -0.17%). The “Fixed Income: Specialty – Defined Maturity” category (down -0.15%) also saw notable action at 205% of average volume, with IBTM (closing -0.09%) seeing activity spike to over 400% of its norm.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International USD | 300% | $880.1M | +0.01% |
| Fixed Income: Specialty – Defined Maturity | 205% | $741.2M | -0.15% |
| Fixed Income: Municipal – Single State | 201% | $124.6M | +0.02% |
| Fixed Income: Municipal – High Yield | 157% | $146.3M | -0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HYDB | iShares High Yield Systematic Bond ETF | 798% | $104.7M | +0.12% |
| BNDX | Vanguard Total International Bond ETF | 464% | $776.2M | -0.17% |
| IBTM | iShares iBonds Dec 2032 Term Treasury ETF | 409% | $10.3M | -0.09% |
| IBDU | iShares iBonds Dec 2029 Term Corporate ETF | 386% | $68.4M | 0.00% |
| UBND | VictoryShares Core Plus Intermediate Bond ETF | 386% | $21.1M | +0.02% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 375% | $50.5M | -0.03% |
| IBHG | iShares iBonds 2027 Term High Yield and Income ETF | 373% | $10.1M | -0.04% |
| VTEC | Vanguard California Tax-Exempt Bond ETF | 348% | $47.9M | +0.08% |
| BWZ | SPDR Bloomberg Short Term International Treasury Bond ETF | 315% | $8.4M | +0.33% |
| SPMB | State Street SPDR Portfolio Mortgage Backed Bond ETF | 295% | $48.3M | +0.02% |
Commodities
Commodities were a bright spot for activity, trading $11.7B in volume, or 135% of the 30-day average. The “Commodity: Focused – Precious Metals” category (surging +2.82%) saw elevated interest, trading at 137% of average volume. This move was underscored by massive activity in PPLT (closing +6.85%), which saw volume exceed 500% of its norm, and SLVR (up +4.99%). The “Commodity: Multi-Sector – Broad Market” category also showed strength, with activity at 125% of average, aided by BCI (closing +0.64%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 137% | $10.8B | +2.82% |
| Commodity: Multi-Sector – Broad Market | 125% | $215.7M | +0.29% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PPLT | abrdn Physical Platinum Shares ETF | 507% | $298.4M | +6.85% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 423% | $69.5M | +0.64% |
| SLVR | Sprott Silver Miners & Physical Silver ETF | 284% | $45.6M | +4.99% |
| SLVP | iShares MSCI Global Silver Miners ETF | 255% | $33.8M | +4.54% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 220% | $28.9M | +2.60% |
| PALL | abrdn Physical Palladium Shares ETF | 207% | $104.4M | +2.40% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 191% | $29.3M | +2.66% |
| DBA | Invesco DB Agriculture Fund | 191% | $9.8M | -2.90% |
| UNG | United States Natural Gas Fund LP | 159% | $290.6M | -2.67% |
Digital Asset
Digital Assets saw subdued volume of $5.4B, reaching only 74% of the 30-day average. No individual category met the threshold for high-volume activity. Trading was largely muted across the board, though BITW (closing +0.13%) provided a rare pocket of activity, trading at 177% of its average volume.
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 | 177% | $10.3M | +0.13% |
Currency
Currency ETF volume was modest at $90.7M, but activity levels were slightly elevated at 113% of the 30-day average. While overall category volumes remained below the $100M threshold, specific funds like FXE (closing +0.39%) saw notable action, trading at nearly double its average daily turnover.
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 |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 192% | $18.0M | +0.39% |
Alternatives
Alternative ETFs saw quiet trading with $890.3M in volume (65% of average). While broad category volumes remained low, there was idiosyncratic activity in managed futures strategies, largely driven by heavy turnover in CTA (closing +0.53%), which traded at more than double its typical daily volume.
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 |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 234% | $20.1M | +0.53% |
Non-Traditional
Non-Traditional ETFs traded $28.8B in volume (74% of average), but certain segments saw focused buying pressure. The “Non-Traditional: Buffer – Equity” category (up +0.28%) was a standout, trading at 156% of its average daily volume. This activity was bolstered by high turnover in tickers like USOI (closing +0.89%), which saw volume surge to nearly 450% of normal levels, and FDEC (up +0.28%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 156% | $458.4M | +0.28% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 447% | $16.9M | +0.89% |
| FDEC | FT Vest US Equity Buffer ETF – December | 320% | $11.8M | +0.28% |
| QDEC | FT Vest Nasdaq-100 Buffer ETF – December | 301% | $12.8M | +0.20% |
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | 232% | $10.7M | +0.21% |
| DDM | ProShares Ultra Dow30 | 226% | $58.3M | +0.95% |
| IWMI | NEOS Russell 2000 High Income ETF | 211% | $22.2M | +2.42% |
| DFEN | Direxion Daily Aerospace & Defense Bull 3X Shares | 197% | $18.2M | +7.52% |
| SDVD | FT Vest SMID Rising Dividend Achievers Target Income ETF | 196% | $6.4M | +0.60% |
| XYLD | Global X S&P 500 Covered Call ETF | 192% | $64.4M | -0.45% |
| CWEB | Direxion Daily CSI China Internet Index Bull 2x Shares | 189% | $15.9M | +1.90% |
Multi-Asset
Multi-Asset funds traded $235.6M in volume, reaching 135% of the 30-day average. While category-level volumes were below the high-volume threshold, outliers like AOR (up +0.30%) saw significant turnover at 227% of average activity, indicating targeted rebalancing or allocation shifts within these diversified strategies.
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 |
|---|---|---|---|---|
| AOR | iShares Core 60/40 Balanced Allocation ETF | 227% | $56.6M | +0.30% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 196% | $12.3M | +2.30% |
| AOA | iShares Core 80/20 Aggressive Allocation ETF | 157% | $15.2M | +0.28% |
