Total ETF market volume was subdued, reaching $200.25 billion, or just 81% of the recent 30-day average. The session was characterized by a stark divergence in activity, with traditional asset classes like equities and fixed income seeing well-below-average turnover. In contrast, highly targeted flows drove exceptional volume into the Commodities and Digital Asset complexes, which traded at 170% and 182% of their respective daily averages, indicating a risk-on sentiment in specific alternative asset pockets amidst broader market quiet.
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$121.24B
$161.78B
75%
Fixed Income
$22.82B
$28.01B
81%
Commodities
$11.75B
$6.91B
170%
Digital Asset
$8.33B
$4.57B
182%
Currencies
$54.6M
$104.1M
52%
Alternatives
$543.4M
$729.9M
74%
Non-Traditional
$35.20B
$43.46B
81%
Multi-Asset
$291.7M
$219.2M
133%
Total
$200.25B
$245.78B
81%
Equity
Equity ETFs experienced a quiet session, with total volume of $121.24 billion representing only 75% of the 30-day average. While a few thematic categories like FinTech and Health Innovation saw modestly elevated interest, the day’s activity was defined by specific fund outliers rather than a broad trend. Several global funds saw massive percentage increases in turnover, led by the iShares Global Comm Services ETF (IXP) at 1,090% of its average and the Pacer Data & Infrastructure Real Estate ETF (SRVR) at 980%. Other notable movers included the iShares Global Consumer Discretionary ETF (RXI) and the Franklin FTSE United Kingdom ETF (FLGB), which traded at 755% and 615% of their norms, respectively.
Fixed Income ETFs saw a relatively muted day, trading $22.82 billion, or 81% of their recent daily average. Activity was concentrated in the municipal bond space, where Short-Term and Single State categories traded at 156% and 128% of their respective averages. Among individual funds, several saw significant spikes in volume, including the Vanguard ESG U.S. Corporate Bond ETF (VCEB) at 547% of its ADV and the JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG) at 535%. The JPMorgan International Bond Opportunities Fund (JPIB) also stood out, trading nearly five times its usual volume.
The commodities complex was a major focal point of activity, with volume surging to $11.75 billion, a robust 170% of its 30-day average. The Precious Metals category was the primary driver, trading 195% of its norm on $10.57 billion in turnover. This was dominated by the SPDR Gold Shares (GLD), which alone accounted for $7.71 billion, or 227% of its average. The Specialty – Shipping Freight category also saw a massive spike in interest, trading at 309% of its ADV. Other notable funds included the broad-based Invesco DB Commodity Index Tracking Fund (DBC), which turned over 323% of its typical volume.
Digital Asset ETFs were the session’s most active space, with turnover reaching $8.33 billion, a remarkable 182% of the 30-day average. The surge was broad-based, with Altcoins leading at 367% of their norm, followed by Ethereum-focused funds at 239% and Bitcoin products at 168%. The Bitwise XRP ETF (XRP) saw the most extreme relative volume, trading 664% of its average. In absolute terms, the iShares Bitcoin Trust ETF (IBIT) was the leader, exchanging $4.10 billion in shares, or 249% of its daily norm, as the entire crypto complex rallied.
Currency ETFs saw a very quiet session, with total volume of just $54.6 million, representing only 52% of the 30-day average. No categories showed significant activity. The only fund to trade at a notably elevated pace was the Invesco CurrencyShares Swiss Franc Trust (FXF), which saw 181% of its typical volume on turnover of $5.8 million.
High-Volume Categories
No items met the inclusion criteria for this session.
The Alternatives asset class experienced a below-average session, with total volume of $543.4 million, or 74% of its 30-day norm. No specific categories stood out for heightened activity. The only fund to register a significant volume spike was the Simplify Volatility Premium ETF (SVOL), which traded 171% of its average daily volume.
High-Volume Categories
No items met the inclusion criteria for this session.
Non-Traditional ETFs traded $35.20 billion, a relatively standard 81% of their 30-day average. However, this figure masks a significant rotation into leveraged and inverse crypto products, a category that saw volume surge to 293% of its norm. This was driven by funds like the Volatility Shares 2x Bitcoin ETF (BITX) and the 2x Ether ETF (ETHU), which traded at 378% and 360% of their respective averages. Leveraged gold miner funds also saw heavy action, with the Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) trading 226% of its ADV.
Multi-Asset ETFs posted a surprisingly active session, with volume reaching $291.7 million, or 133% of the 30-day average. This elevated turnover was not driven by a specific category but by outsized interest in a few key funds. The State Street Bridgewater All Weather ETF (ALLW) led the charge, trading $62.6 million, a notable 441% of its daily norm. The State Street Multi-Asset Real Return ETF (RLY) and VanEck Real Assets ETF (RAAX) also saw significant activity, trading 271% and 230% of their averages, respectively.
High-Volume Categories
No items met the inclusion criteria for this session.
Activity in single stocks was highlighted by several names trading at multiples of their average volume. Sadot Group Inc. (SDOT) was the most extreme outlier, trading an incredible 1,765% of its 30-day average on $685.0 million in volume. Several widely-held mega-cap stocks also saw heavy turnover, including crypto-proxy Strategy Inc Class A (MSTR), which traded $4.70 billion (248% ADV) and is held by 177 ETFs. Other notable high-volume names included Moderna, Inc. (MRNA) at 182% of its ADV and held by 226 ETFs, and Target Corporation (TGT), which is a constituent in 352 different ETFs and traded 153% of its average volume.
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