Macro Summary
U.S.-listed ETF markets saw total trading volume of $181.2B today, representing just 69% of the 30-day average activity level. Despite the overall light turnover, the market mood was defined by a concentrated surge in the Commodity asset class, which finished the day up 0.02% on volume that reached 166% of its historical norm. This anomaly was driven by aggressive positioning in precious metals, contrasting with the more sluggish activity observed in Equities (62% of average) and Fixed Income (87% of average), which fell 0.17% and 0.10% respectively.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $114.1B | $182.8B | 62% |
| Fixed Income | $23.1B | $26.7B | 87% |
| Commodity | $15.4B | $9.3B | 166% |
| Digital Asset | $5.3B | $6.5B | 82% |
| Currency | $60.8M | $77.4M | 79% |
| Alternative | $529.2M | $1.2B | 45% |
| Non-Traditional | $22.4B | $34.3B | 65% |
| Multi-Asset | $222.6M | $171.9M | 129% |
Equity
The Equity asset class recorded a total volume of $114.1B, trading at 62% of its 30-day average activity level. Turnover was notably heavy in the Equity: Global Large Cap – Value category (finishing the day down 0.12%) and the Equity: Global Small | Mid Cap category (closing down 0.73%). This segment-level activity was punctuated by significant individual ticker outliers, including ALAI (closing -0.55% with 722% activity) and EUSA (closing -0.19% with 615% activity), signaling localized rebalancing or rotation within a broadly quiet session.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Large Cap – Value | 346% | $87.5M | -0.12% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ALAI | Alger AI Enablers & Adopters ETF | 722% | $18.9M | -0.55% |
| EUSA | iShares MSCI USA Equal Weighted ETF | 615% | $23.6M | -0.19% |
| ACWV | iShares MSCI Global Min Vol Factor ETF | 597% | $73.8M | -0.18% |
| INDY | iShares India 50 ETF | 501% | $25.3M | -0.46% |
| IXUS | iShares Core MSCI Total International Stock ETF | 409% | $741.2M | +0.05% |
| SCHC | Schwab International Small-Cap Equity ETF | 399% | $75.6M | -0.16% |
| SPEU | SPDR Portfolio Europe ETF | 381% | $9.7M | +0.40% |
| SLVP | iShares MSCI Global Silver Miners ETF | 364% | $64.4M | +2.13% |
| AVIV | Avantis International Large Cap Value ETF | 322% | $11.0M | +0.29% |
| IWC | iShares Micro-Cap ETF | 289% | $20.7M | -0.81% |
Fixed Income
Fixed Income ETFs traded a total of $23.1B, reaching 87% of their 30-day average volume. Activity was particularly robust within the Fixed Income: Municipal – High Yield category (finishing up 0.09%) and Fixed Income: Taxable – Bank Loans (down 0.03%). High-activity ticker outliers provided specific evidence of this trend, most notably FTCB (closing -0.07% on 912% activity) and LMBS (closing -0.18% with 665% activity), which dominated turnover within their respective taxable core and short-term categories.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – High Yield | 176% | $172.0M | +0.09% |
| Fixed Income: Taxable – Bank Loans | 122% | $495.7M | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTCB | First Trust Core Investment Grade ETF | 912% | $65.4M | -0.07% |
| LMBS | First Trust Low Duration Opportunities ETF | 665% | $126.2M | -0.18% |
| ULST | State Street Ultra Short Term Bond ETF | 449% | $15.9M | +0.01% |
| HYLS | First Trust Tactical High Yield ETF | 372% | $22.7M | +0.16% |
| FLCB | Franklin U.S Core Bond ETF | 311% | $19.8M | -0.09% |
| TIPX | State Street SPDR Bloomberg 1-10 Year TIPS ETF | 299% | $11.3M | +0.03% |
| MUNI | PIMCO Intermediate Municipal Bond Active ETF | 297% | $49.6M | -0.01% |
| AGGY | WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | 291% | $7.5M | +0.03% |
| HYMB | State Street SPDR Nuveen High Yield Municipal Bond ETF | 274% | $58.2M | +0.18% |
| HYBL | State Street Blackstone High Income ETF | 263% | $15.9M | +0.11% |
Commodity
Commodity ETFs were the day’s primary outlier, generating $15.4B in volume—166% of the 30-day average. This surge was almost entirely concentrated in the Commodity: Focused – Precious Metals category (finishing up 1.27%), which traded $14.6B on its own. Extreme turnover in SLV (closing +5.13% with 284% activity) and SIVR (closing +5.15% with 264% activity) drove this trend, while industrial metals also saw elevated turnover through CPER (closing +4.07% on 268% activity).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 170% | $14.6B | +1.27% |
| Commodity: Multi-Sector – Broad Market | 123% | $203.0M | -1.01% |
| Commodity: Focused – Energy | 104% | $541.7M | +0.01% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 357% | $46.2M | +0.84% |
| SLV | iShares Silver Trust | 284% | $8.0B | +5.13% |
| CPER | United States Copper Index Fund | 268% | $49.3M | +4.07% |
| SIVR | abrdn Physical Silver Shares ETF | 264% | $434.0M | +5.15% |
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | 224% | $14.6M | +0.62% |
| PALL | abrdn Physical Palladium Shares ETF | 206% | $155.5M | -1.94% |
| UNG | United States Natural Gas Fund LP | 193% | $365.0M | +0.44% |
Digital Asset
Digital Asset ETFs saw $5.3B in volume, operating at 82% of their 30-day average activity level. The category was led by Digital Asset: Cryptocurrency – Bitcoin (down 0.34%) and Digital Asset: Cryptocurrency – Multicoin (up 0.77%). Ticker-level activity was highlighted by BRRR (closing +0.88% with 272% activity) and EZBC (closing +0.87% with 183% activity).
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 |
|---|---|---|---|---|
| BRRR | Coinshares Bitcoin ETF | 272% | $19.4M | +0.88% |
| EZBC | Franklin Bitcoin ETF | 183% | $22.5M | +0.87% |
| BITW | Bitwise 10 Crypto Index ETF | 174% | $10.5M | +1.16% |
Currency
Currency ETFs generated $60.8M in volume, representing 79% of their 30-day average. The asset class saw a modest decline of 0.08% overall, with FXF (closing -0.36% on 160% activity) being the standout ticker in terms of relative 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 |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 160% | $8.0M | -0.36% |
Alternatives
The Alternative asset class saw muted turnover of $529.2M, just 45% of its 30-day average. While absolute return strategies saw relatively normal flows, volatility-linked products were significantly quieter than usual.
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 recorded $22.4B in volume, or 65% of their typical level. Despite the low aggregate volume, the Non-Traditional: Leverage | Inverse – Commodity category (down 0.51%) saw activity spike to 223% of its ADV, largely driven by turnover in AGQ (closing +10.96% with 307% activity). Other notable outliers included PJAN (+0.04% on 337% activity) and USOI (+0.38% on 260% activity).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 223% | $3.0B | -0.51% |
| Non-Traditional: Leverage | Inverse – Single Stock | 66% | $5.8B | -2.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | 337% | $9.6M | +0.04% |
| AGQ | ProShares Ultra Silver | 307% | $1.6B | +10.96% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs | 260% | $13.0M | +0.38% |
| DDM | ProShares Ultra Dow30 | 237% | $57.0M | -0.47% |
| GDEC | FT Vest U.S. Equity Moderate Buffer ETF – December | 231% | $14.3M | -0.08% |
| XDTE | Roundhill S&P 500 0DTE Covered Call Strategy ETF | 209% | $24.5M | +0.04% |
| CWEB | Direxion Daily CSI China Internet Index Bull 2x | 174% | $13.1M | -0.43% |
| DIVO | Amplify CWP Enhanced Dividend Income ETF | 170% | $56.3M | -2.30% |
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 168% | $6.0M | -0.04% |
| KNG | FT Vest S&P 500 Div Aristocrats Target Income ETF | 167% | $33.6M | -0.11% |
Multi-Asset
Multi-Asset ETFs outperformed their averages significantly, trading $222.6M (129% of ADV). Strength was concentrated in the Asset Allocation: Target Risk – Global Macro category (finishing down 0.27%) and Asset Allocation: Target Risk – Conservative (down 0.00%). Outlier turnover in ALLW (closing +1.66% on 200% activity) and AOK (flat on 151% activity) supported these category moves.
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 |
|---|---|---|---|---|
| ALLW | SPDR Bridgewater All Weather ETF | 200% | $15.7M | +1.66% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 151% | $10.4M | 0.00% |
