Macro Summary
Total ETF market volume was exceptionally light in the first session of the holiday-shortened week, reaching just $213.82 billion, or 73% of the recent 30-day average. The subdued tone was pervasive across most major asset classes, with Equity, Fixed Income, and Commodities all trading well below their typical pace. The only notable exceptions to the broad-based quiet were Digital Assets and Currencies, which both saw a significant uptick in activity, suggesting focused interest in these specific market segments while broader participation remained on the sidelines.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $143.72B | $198.37B | 72% |
| Fixed Income | $23.55B | $27.64B | 85% |
| Commodities | $3.86B | $6.88B | 56% |
| Digital Asset | $6.06B | $4.93B | 123% |
| Currencies | $145.4M | $116.2M | 125% |
| Alternatives | $559.6M | $898.5M | 62% |
| Non-Traditional | $35.69B | $53.87B | 66% |
| Multi-Asset | $235.9M | $263.0M | 90% |
| Total | $213.82B | $292.98B | 73% |
Equity
Equity ETFs saw a particularly quiet day, with total volume of $143.72 billion representing only 72% of the 30-day average. Despite the overall lull, pockets of activity emerged in international strategies, with Global Ex-U.S. Small | Mid Cap funds trading at 197% of their average and Asia-Pacific Ex-Japan funds at 139%. Several individual funds saw massive volume spikes, led by VictoryShares Free Cash Flow Growth ETF (GFLW) at 1,152% of its average. Other notable outliers included Avantis International Small Cap Value ETF (AVDV) at 535% and iShares Dow Jones U.S. ETF (IYY) at 571% of their respective norms.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Small | Mid Cap | 197% | $617.0M | +1.17% |
| Equity: Sector – Materials | 140% | $918.0M | +0.04% |
| Equity: Region – Asia-Pacific Ex-Japan | 139% | $253.8M | +2.43% |
| Equity: Global Ex-U.S. Large Cap – Value | 136% | $1.28B | +0.93% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GFLW | VictoryShares Free Cash Flow Growth ETF | 1,152% | $30.4M | +1.21% |
| IYY | iShares Dow Jones U.S. ETF | 571% | $20.7M | +0.80% |
| AVDV | Avantis International Small Cap Value ETF | 535% | $383.4M | +1.31% |
| SPGM | State Street SPDR Portfolio MSCI Global Stock Market ETF | 478% | $129.2M | +1.11% |
| GNR | State Street SPDR S&P Global Natural Resources ETF | 424% | $69.0M | +0.16% |
| HEEM | iShares Currency Hedged MSCI Emerging Markets ETF | 422% | $16.2M | +2.90% |
| CGCV | Capital Group Conservative Equity ETF | 403% | $42.0M | +0.14% |
| IYF | iShares U.S. Financials ETF | 377% | $114.8M | +1.31% |
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 363% | $29.3M | +0.83% |
| FLCA | Franklin FTSE Canada ETF | 360% | $10.2M | +0.38% |
Fixed Income
Fixed Income activity was also below par, with $23.55 billion changing hands, equivalent to 85% of its recent average. While no specific categories saw outsized interest, a handful of individual ETFs experienced extraordinary volume. The standout was Dimensional Global Core Plus Fixed Income ETF (DFGP), which traded a remarkable $299.8 million, or 2,778% of its 30-day average. Other funds with significant activity included Hartford Strategic Income ETF (HFSI) at 632% and John Hancock Core Bond ETF (JHCR) at 544% of their typical volumes.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DFGP | Dimensional Global Core Plus Fixed Income ETF | 2,778% | $299.8M | +0.20% |
| HFSI | Hartford Strategic Income ETF | 632% | $38.6M | +0.11% |
| JHCR | John Hancock Core Bond ETF | 544% | $19.2M | -0.18% |
| FLBL | Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund | 418% | $12.9M | -0.07% |
| TAXX | BondBloxx IR+M Tax-Aware Short Duration ETF | 401% | $15.5M | -0.42% |
| HYGV | FlexShares High Yield Value-Scored Bond Index Fund | 398% | $15.2M | +0.10% |
| XAGG | Eaton Vance Income Opportunities ETF | 392% | $40.4M | +0.17% |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | 384% | $31.6M | +0.00% |
| CORP | PIMCO Investment Grade Corporate Bond Index ETF | 341% | $20.8M | -0.03% |
| CLOA | iShares AAA CLO Active ETF | 290% | $55.0M | +0.01% |
Commodities
The commodities complex was extremely quiet, posting just $3.86 billion in volume, a mere 56% of its 30-day average. No specific categories registered elevated turnover. The only fund to see a notable increase in trading was the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), which traded at 244% of its normal pace on volume of $19.3 million.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 244% | $19.3M | +2.93% |
Digital Asset
Digital Asset ETFs were a clear bright spot in an otherwise muted session, with total volume hitting $6.06 billion, or 123% of the 30-day average. The activity was heavily concentrated in Bitcoin-focused products, as the Cryptocurrency – Bitcoin category traded at 128% of its norm. The ProShares Bitcoin ETF (BITO) led the charge, trading over $3.1 billion in shares, representing 170% of its average daily volume. Also active was the Bitwise Solana Staking ETF (BSOL), which saw 162% of its typical turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 128% | $5.44B | +3.26% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BITO | ProShares Bitcoin ETF | 170% | $3.11B | +3.36% |
| BSOL | Bitwise Solana Staking ETF | 162% | $41.0M | +1.27% |
Currencies
Currency ETFs also experienced a notable surge in activity, with the asset class trading $145.4 million, or 125% of its 30-day average. This elevated interest was broad-based across the category, though no single fund qualified as a significant individual outlier. The increased turnover suggests a heightened focus on foreign exchange markets during the session.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 125% | $145.4M | -0.05% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Alternatives
Trading in the Alternatives space was subdued, with volume of $559.6 million amounting to only 62% of the recent average. Activity was broadly in line with the quiet market tone. The only fund to show a meaningful increase in turnover was the Simplify Managed Futures Strategy ETF (CTA), which traded at 157% of its 30-day norm.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 157% | $21.9M | +1.50% |
Non-Traditional
Non-Traditional ETFs, a category that includes buffered and options-income strategies, saw a quiet day with $35.69 billion in volume, just 66% of its 30-day average. While no categories stood out, several individual defined-outcome funds saw elevated turnover. Among the most active were FT Vest U.S. Equity Deep Buffer ETF – June (DJUN) at 324% of its average and Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) at 264%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DJUN | FT Vest U.S. Equity Deep Buffer ETF – June | 324% | $9.7M | +0.39% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 264% | $23.1M | +0.17% |
| IWMI | NEOS Russell 2000 High Income ETF | 190% | $29.6M | +0.73% |
| MLPI | NEOS MLP & Energy Infrastructure High Income ETF | 187% | $30.8M | +0.16% |
| SPUU | Direxion Daily S&P 500 Bull 2X ETF | 186% | $8.3M | +1.79% |
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 181% | $11.4M | +0.54% |
| TSPY | TappAlpha S&P 500 Growth & Daily Income ETF | 160% | $8.6M | +0.55% |
| PMAY | Innovator U.S. Equity Power Buffer ETF – May | 157% | $8.4M | +0.42% |
Multi-Asset
Multi-Asset ETFs traded slightly below their typical pace, with $235.9 million in volume representing 90% of the 30-day average. Most of the notable activity was concentrated in a single fund. The WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) was a significant outlier, trading $43.3 million in shares, or 426% of its usual volume.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 426% | $43.3M | +2.36% |
| INCM | Franklin Income Focus ETF Income Focus ETF | 158% | $16.8M | +0.21% |
| AOM | iShares Core 40/60 Moderate Allocation ETF | 153% | $12.5M | +0.50% |
Single-Stock Volume
Single-stock activity featured several dramatic outliers. Lianhe Sowell International Group Ltd. Class A (LHSW) saw an astronomical 34,958% of its average volume, trading over $603 million. Elsewhere, several widely-held stocks experienced heavy turnover. Solstice Advanced Materials, Inc. (SOLS), a constituent in 126 ETFs, traded 573% of its average volume. Honeywell Aerospace Inc (HONA), held by 312 ETFs, saw 273% of its normal volume with $1.34 billion traded. Other heavily traded names included Verizon Communications Inc. (VZ) and Moderna, Inc. (MRNA), which are held by 422 and 217 ETFs, respectively.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| LHSW | Lianhe Sowell International Group Ltd. Class A | 34,958% | $603.1M | +236.28% | — |
| SOLS | Solstice Advanced Materials, Inc. | 573% | $813.3M | -14.75% | 126 |
| ESI | Element Solutions Inc | 505% | $710.7M | -3.10% | 132 |
| BNS | Bank of Nova Scotia | 328% | $713.2M | +2.53% | — |
| HONA | Honeywell Aerospace Inc | 273% | $1.34B | -3.19% | 312 |
| MRNA | Moderna, Inc. | 246% | $1.12B | +2.49% | 217 |
| RMD | ResMed Inc. | 223% | $655.0M | +4.15% | 304 |
| WULF | TeraWulf Inc. | 222% | $1.56B | +5.30% | 100 |
| VZ | Verizon Communications Inc. | 163% | $2.12B | -1.07% | 422 |
