Macro Summary
The March 4, 2026 session was characterized by muted overall activity, with total market volume settling at $338.0B, registering 96% of the 30-day average. While core Equity and Non-Traditional segments traded tightly in line with their historical averages, pronounced activity rotations surfaced within Digital Assets and Fixed Income, which cleared 143% and 110% of their respective moving averages. Conversely, Commodities experienced a steep deceleration, trading at merely 45% of standard turnover.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $231.5B | $234.6B | 99% |
| Fixed Income | $37.1B | $33.8B | 110% |
| Commodity | $13.3B | $29.3B | 45% |
| Digital Asset | $9.7B | $6.8B | 143% |
| Currency | $96.8M | $131.4M | 74% |
| Alternative | $1.5B | $1.4B | 105% |
| Non-Traditional | $44.5B | $44.4B | 100% |
| Multi-Asset | $221.9M | $262.3M | 85% |
Equity
Equity trading remained highly balanced on the macro level, posting $231.5B in turnover (99% of its 30-day average). The most distinct relative activity localized around global, non-US exposures—specifically Asia-Pacific Emerging and Eurozone allocations—as well as isolated size and style segment rotations within domestic markets.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific Emerging | 1918% | $294.0M | +0.66% |
| Equity: Region – Asia-Pacific | 238% | $496.3M | +0.56% |
| Equity: Region – Asia-Pacific Ex-Japan | 231% | $439.9M | +0.36% |
| Equity: Region – Eurozone | 206% | $1.6B | +1.18% |
| Equity: Region – Country Specific | 154% | $16.3B | +0.90% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EEMA | iShares MSCI Emerging Markets Asia ETF | 2265% | $292.2M | +0.72% |
| MFSV | MFS Active Value ETF | 1474% | $57.8M | +0.22% |
| IEUR | iShares Core MSCI Europe ETF | 683% | $713.5M | +1.26% |
| DLS | WisdomTree International SmallCap Dividend Fund | 466% | $14.7M | +0.79% |
| VIOG | Vanguard S&P Small-Cap 600 Growth ETF | 455% | $11.8M | +0.55% |
| USMC | Principal U.S. Mega-Cap ETF | 406% | $29.3M | +0.62% |
| EMEQ | Nomura ETF Trust Nomura Focused Emerging Markets Equity ETF | 404% | $27.6M | +2.82% |
| USCA | Xtrackers MSCI USA Climate Action Equity ETF | 401% | $12.0M | +0.82% |
| NUSC | Nuveen ESG Small-Cap ETF | 394% | $12.2M | +0.58% |
| DIVI | Franklin International Core Dividend Tilt Index Fund | 389% | $42.3M | +1.05% |
Fixed Income
Fixed Income activity demonstrated elevated engagement, clearing $37.1B (110% of 30-day ADV). Structural demand localized forcefully within credit risk overlays, as Taxable Bank Loans and Corporate debt aggregates generated anomalous volume spikes relative to standard baseline expectations.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Bank Loans | 165% | $1.6B | +0.26% |
| Fixed Income: Taxable – Corporate | 133% | $7.3B | +0.05% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MFSB | MFS Active Core Plus Bond ETF | 1129% | $31.7M | -0.02% |
| HYEM | VanEck Emerging Markets High Yield Bond ETF | 512% | $16.3M | +0.47% |
| FLHY | Franklin High Yield Corporate ETF | 448% | $23.1M | +0.31% |
| USIG | iShares Broad USD Investment Grade Corporate Bond ETF | 353% | $438.0M | +0.03% |
| CLOX | Eldridge AAA CLO ETF | 298% | $12.2M | -0.29% |
| IBDT | iShares iBonds Dec 2028 Term Corporate ETF | 265% | $44.7M | -0.06% |
| FEMB | First Trust Emerging Markets Local Currency Bond ETF | 256% | $14.5M | -0.07% |
| BBAG | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 237% | $7.4M | -0.07% |
| TBIL | F/m US Treasury 3 Month Bill Fund | 237% | $249.1M | +0.01% |
| XCCC | BondBloxx CCC-Rated USD High Yield Corporate Bond ETF | 218% | $32.4M | +0.35% |
Commodity
Commodities exhibited an extreme aggregate deceleration, capturing just $13.3B in volume compared to a $29.3B typical benchmark (45% activity). Despite the broader slump, pockets of acute rotational strength materialized heavily within focused Energy constructs.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 242% | $3.0B | +0.85% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 474% | $18.7M | +0.91% |
| DBO | Invesco DB Oil Fund | 438% | $48.4M | +1.79% |
| USO | United States Oil Fund LP | 290% | $2.6B | +1.90% |
| FGDL | Franklin Responsibly Sourced Gold ETF | 249% | $10.9M | +0.93% |
| DBB | Invesco DB Base Metals Fund | 157% | $16.2M | +1.59% |
Digital Asset
Digital Assets captured outsized market attention, commanding 143% of historical volume measures at $9.7B total turnover. Robust engagement swept across the entire class, marked by intense velocity in broad Altcoin and Ethereum proxies concurrent with significant baseline volume in dominant Bitcoin structures.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 251% | $255.6M | +9.12% |
| Digital Asset: Cryptocurrency – Ethereum | 150% | $2.0B | +8.74% |
| Digital Asset: Cryptocurrency – Bitcoin | 140% | $7.5B | +6.51% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BSOL | Bitwise Solana Staking ETF | 300% | $79.8M | +9.11% |
| XRP | Bitwise XRP ETF | 208% | $22.8M | +7.66% |
| FETH | Fidelity Ethereum Fund ETF | 202% | $265.1M | +8.46% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 177% | $325.7M | +7.09% |
| ETH | Grayscale Ethereum Staking Mini ETF | 171% | $377.7M | +8.58% |
| BITB | Bitwise Bitcoin ETF Trust | 158% | $257.4M | +7.11% |
| ARKB | ARK 21Shares Bitcoin ETF | 152% | $276.4M | +7.08% |
Currency
Currency allocations experienced a suppressed session, tracking significantly below normalized levels with just $96.8M traded (74% of ADV). Broad foreign exchange overlays lacked distinct catalysts, concluding structurally quiet across primary constituents.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Alternative
Alternative strategies generated an orderly session with total volume reaching $1.5B, translating to a nominal beat against historicals at 105% activity. Trading dispersed primarily within isolated multi-strategy products.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLSP | Franklin Systematic Style Premia ETF | 1530% | $39.4M | -1.15% |
Non-Traditional
Non-Traditional structures anchored substantial market breadth, pushing $44.5B in aggregate turnover cleanly aligned with the 30-day mean (100% activity). Leveraged and inverse mechanics tracking the volatile crypto segment attracted the most pronounced velocity multiplier of the session.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 142% | $1.6B | +8.27% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| KORU | Direxion MSCI Daily South Korea Bull 3X Shares | 663% | $1.3B | +4.96% |
| UCO | ProShares Ultra Bloomberg Crude Oil | 304% | $324.4M | +2.35% |
| CONL | GraniteShares 2x Long COIN Daily ETF | 286% | $338.4M | +26.76% |
| SH | ProShares Short S&P500 | 212% | $693.2M | -0.74% |
| BUCK | Simplify Treasury Option Income ETF | 203% | $12.2M | -0.04% |
| ERX | Direxion Daily Energy Bull 2x Shares | 196% | $76.3M | -1.39% |
| GUSH | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares | 194% | $76.4M | +1.98% |
| SPXS | Direxion Daily S&P 500 Bear 3x Shares | 189% | $750.5M | -2.29% |
| ISPY | ProShares S&P 500 High Income ETF | 186% | $10.5M | +0.69% |
| PMAR | Innovator U.S. Equity Power Buffer ETF – March | 185% | $6.8M | +0.42% |
Multi-Asset
Multi-Asset constructs processed $221.9M in turnover, tracking to a relatively dull 85% of standard historical activity. Asset-mix products reflected a risk-on sentiment in returns, yet lacked requisite liquidity concentration to force any specific category outliers.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOA | iShares Core 80/20 Aggressive Allocation ETF | 195% | $20.6M | +0.73% |
