Macro Summary
Total market volume for the session reached $308.9B, representing 124% of the 30-day average. The trading day was characterized by a pronounced “Risk-Off” rotation, as investors aggressively piled into hard assets and defensive fixed income segments. While Equity volume remained healthy at 118% of ADV, the broad-based -0.24% return pushed capital toward Commodities—specifically Precious Metals and Energy—which traded at nearly double their typical daily volume. Fixed Income markets also saw significant repositioning, particularly within Municipal bonds, which saw volume skyrocket to 244% of normal levels.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $203.4B | $172.5B | 118% |
| Fixed Income | $38.3B | $26.3B | 146% |
| Commodity | $22.8B | $11.6B | 197% |
| Digital Asset | $7.0B | $5.7B | 123% |
| Currency | $64.6M | $73.5M | 88% |
| Alternative | $1.1B | $806.0M | 132% |
| Non-Traditional | $36.2B | $31.4B | 115% |
| Multi-Asset | $217.9M | $191.4M | 114% |
Equity
Equity markets saw elevated activity with total volume of $203.4B (118% of ADV), though returns were generally soft with an average 1D return of -0.24%. Small-cap volatility was a major theme, with VBK (+0.28%) and VBR (+0.03%) both trading at more than 10x their normal volume. International exposures also saw deep activity, particularly through IDEQ (-0.60%) and IDEV (-0.60%).
Top Categories by Activity
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Small Cap – Growth | 352% | $995.8M | -0.17% |
| Equity: U.S. Small Cap – Value | 260% | $1.2B | -0.05% |
| Equity: Sector – Consumer Staples | 195% | $2.2B | +0.67% |
| Equity: Sector – Financials | 187% | $6.0B | -1.14% |
| Equity: Sector – Energy | 184% | $4.0B | +1.58% |
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VBK | Vanguard Small-Cap Growth ETF | 1260% | $737.5M | +0.28% |
| VBR | Vanguard Small Cap Value ETF | 1069% | $761.8M | +0.03% |
| IDEQ | Lazard International Dynamic Equity ETF | 1000% | $26.1M | -0.60% |
| USXF | iShares ESG Advanced MSCI USA ETF | 854% | $24.7M | -0.20% |
| VUG | Vanguard Growth ETF | 778% | $3.9B | -0.24% |
| TCHP | T. Rowe Price Blue Chip Growth ETF | 749% | $45.9M | -0.53% |
| VLUE | iShares MSCI USA Value Factor ETF | 675% | $397.3M | -0.02% |
| PJP | Invesco Pharmaceuticals ETF | 616% | $29.6M | -0.95% |
| IDEV | iShares Core MSCI Intl Developed Markets ETF | 595% | $694.7M | -0.60% |
| PVAL | Putnam Focused Large Cap Value ETF | 438% | $204.2M | -0.14% |
Fixed Income
The Fixed Income market witnessed a flight to quality and yield repositioning, with total volume hitting $38.3B (146% of ADV). Municipal bonds were the clear standout, with Short-term (393% of ADV) and Intermediate (223% of ADV) funds seeing massive inflows. Notable outliers included PTRB (+0.02%), which traded 45x its normal volume, and SCMB (+0.10%) at 20x.
Top Categories by Activity
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Long | 463% | $153.8M | +0.01% |
| Fixed Income: Taxable – Government Intermediate | 422% | $2.6B | +0.08% |
| Fixed Income: Municipal – Short | 393% | $787.5M | +0.04% |
| Fixed Income: Taxable – International USD | 332% | $1.2B | -0.10% |
| Fixed Income: Taxable – Securitized | 258% | $1.1B | -0.03% |
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PTRB | PGIM Total Return Bond ETF | 4517% | $114.7M | +0.02% |
| SCMB | Schwab Municipal Bond ETF | 1995% | $473.3M | +0.10% |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 1334% | $184.8M | +0.06% |
| HYLB | Xtrackers USD High Yield Corporate Bond ETF | 1240% | $492.6M | +0.04% |
| ITM | VanEck Intermediate Muni ETF | 929% | $104.2M | +0.15% |
| VGIT | Vanguard Intermediate-Term Treasury ETF | 882% | $1.5B | +0.07% |
| BAB | Invesco Taxable Municipal Bond ETF | 702% | $22.5M | -1.16% |
| SCHZ | Schwab US Aggregate Bond ETF | 693% | $269.7M | -0.06% |
| SUB | iShares Short-Term National Muni Bond ETF | 650% | $393.2M | +0.20% |
| ANGL | VanEck Fallen Angel High Yield Bond ETF | 636% | $132.3M | +0.02% |
Commodities
Commodities were the session’s primary volume outlier, with total volume of $22.8B (197% of ADV). Precious Metals were the focal point as SLV (+1.97%) saw a staggering $10.9B in volume. Energy funds also surged, led by USO (+2.63%), while broad market commodity exposure via BCI (+0.54%) traded at 216% of ADV.
Top Categories by Activity
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 199% | $21.4B | +0.12% |
| Commodity: Focused – Energy | 181% | $1.0B | +1.62% |
| Commodity: Multi-Sector – Broad Market | 127% | $221.0M | +0.48% |
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USO | United States Oil Fund LP | 249% | $778.2M | +2.63% |
| SLV | iShares Silver Trust | 246% | $10.9B | +1.97% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 228% | $59.0M | +0.61% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 216% | $56.6M | +0.54% |
| GLDM | SPDR Gold Minishares Trust | 208% | $988.8M | -0.13% |
| DBC | Invesco DB Commodity Index Tracking Fund | 182% | $19.3M | +0.99% |
Digital Asset
Digital Assets outperformed on a return basis, finishing up +3.32% on $7.0B in volume. Bitcoin funds like BRRR (+3.33%) and EZBC (+3.35%) saw activity levels at 171% and 159% of ADV, respectively.
Top Categories by Activity
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 130% | $5.4B | +3.09% |
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GXRP | Grayscale XRP Trust ETF | 186% | $7.1M | +3.38% |
| BRRR | Coinshares Bitcoin ETF | 171% | $16.3M | +3.33% |
| EZBC | Franklin Bitcoin ETF | 159% | $22.3M | +3.35% |
Currencies
Currency trading was muted, with volume at $64.6M (88% of ADV). FXE (-0.14%) was the only major outlier, trading at 150% of its normal activity.
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 150% | $14.0M | -0.14% |
Alternatives
Alternatives saw a surge in volatility-related products as markets softened. Total class volume was $1.1B (132% of ADV). VXX (+2.53%) was the primary mover, seeing volume at 166% of ADV.
Top Categories by Activity
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 147% | $166.0M | -1.12% |
| Alternative: Volatility – Long | 133% | $856.6M | +2.34% |
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 166% | $301.2M | +2.53% |
Non-Traditional
Non-Traditional ETFs, predominantly Leverage and Inverse products, saw total volume of $36.2B (115% of ADV). Commodity-based leverage saw the highest relative activity at 186% of ADV, led by AGQ (+4.03%) and UCO (+4.20%).
Top Categories by Activity
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 186% | $3.5B | -0.21% |
| Non-Traditional: Synthetic Income – Commodity | 168% | $65.5M | +0.35% |
| Non-Traditional: Synthetic Income – Crypto | 126% | $55.9M | +2.86% |
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CWEB | Direxion Daily CSI China Internet Index Bull 2x Shares | 358% | $40.4M | -3.76% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs | 345% | $32.5M | +1.15% |
| AMZY | YieldMax AMZN Option Income Strategy ETF | 326% | $17.3M | -0.99% |
| BUYW | Main BuyWrite ETF | 314% | $13.8M | -0.17% |
| FAS | Direxion Daily Financial Bull 3x Shares | 297% | $230.5M | -5.49% |
| DDM | ProShares Ultra Dow30 | 295% | $76.2M | -1.71% |
| AGQ | ProShares Ultra Silver | 245% | $2.2B | +4.03% |
| DGP | DB Gold Double Long Exchange Traded Notes | 239% | $10.3M | -1.00% |
| AMDL | GraniteShares 2x Long AMD Daily ETF | 234% | $251.9M | +12.91% |
| UCO | ProShares Ultra Bloomberg Crude Oil | 229% | $109.2M | +4.20% |
Multi-Asset
Multi-Asset funds saw healthy turnover of $217.9M (114% of ADV). Global Macro strategies led the class with 214% of ADV activity, largely driven by ALLW (-0.33%), which traded at 324% of its typical volume.
Top Categories by Activity
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Global Macro | 214% | $42.1M | -0.27% |
Top Active Tickers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ALLW | SPDR Bridgewater All Weather ETF | 324% | $28.9M | -0.33% |
| NTSX | WisdomTree U.S. Efficient Core Fund | 234% | $10.0M | -0.15% |
| CGBL | Capital Group Core Balanced ETF | 150% | $48.8M | -0.10% |
