Macro Summary
Overall market volume tracked at 90% of its 30-day average, totaling $247.6B. However, this relatively quiet surface masked a massive rotation into short-term government debt. The Fixed Income: Taxable – Government Ultrashort category saw activity surge to 158% of its average, propelled by extraordinary turnover in the XHLF ETF, which traded at an astounding 3914% of its normal volume. This flight to the front end of the curve was the day’s defining theme, alongside notable activity in Equity Long/Short strategies and the Precious Metals complex.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $159.8B | $184.6B | 87% |
| Fixed Income | $29.1B | $28.9B | 101% |
| Commodities | $14.7B | $13.2B | 111% |
| Crypto | $6.1B | $8.0B | 77% |
| Currencies | $59.8M | $75.3M | 79% |
| Alternatives | $821.6M | $1.4B | 60% |
| Non-Traditional | $36.8B | $38.2B | 96% |
| Multi-Asset | $201.4M | $163.5M | 123% |
Equity
Equity traded $159.8B, which was 87% of its 30-day average. Activity was concentrated in the Equity: Thematic – Precious Metals and Equity: Specialty – Long | Short categories. This was driven by heavy turnover in GSUS, XSOE, and ARGT.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Precious Metals | 153% | $5.4B | -3.76% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 1266% | $80.8M | +1.22% |
| XSOE | WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 1012% | $58.3M | +1.30% |
| ARGT | Global X MSCI Argentina ETF | 515% | $246.0M | +18.84% |
| QQQE | Direxion NASDAQ-100 Equal Weighted Index Shares | 459% | $72.7M | +1.22% |
| BTAL | AGF U.S. Market Neutral Anti-Beta Fund | 414% | $37.1M | -1.33% |
| IGM | iShares Expanded Tech Sector ETF | 348% | $187.8M | +1.88% |
| DFSU | Dimensional US Sustainability Core 1 ETF | 251% | $10.9M | +1.04% |
| ONEQ | Fidelity Nasdaq Composite Index ETF | 225% | $43.4M | +1.86% |
| FLTW | Franklin FTSE Taiwan ETF | 208% | $13.0M | +1.07% |
| DHS | WisdomTree U.S. High Dividend Fund | 201% | $5.0M | +0.01% |
Fixed Income
Fixed Income traded $29.1B, which was 101% of its 30-day average. Activity was concentrated in the Fixed Income: Taxable – Government Ultrashort, Fixed Income: Taxable – Convertible, and Fixed Income: Taxable – Short-Term categories. This was driven by heavy turnover in XHLF, XBB, and IVOL.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Ultrashort | 158% | $5.2B | +0.02% |
| Fixed Income: Taxable – Short-Term | 131% | $1.3B | +0.02% |
| Fixed Income: Taxable – Government Short | 125% | $740.8M | -0.03% |
| Fixed Income: Taxable – Convertible | 160% | $153.6M | +0.90% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XHLF | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 3914% | $456.5M | +0.03% |
| XBB | BondBloxx BB-Rated USD High Yield Corporate Bond ETF | 529% | $50.3M | +0.46% |
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 421% | $24.3M | -0.13% |
| IGSB | iShares 1-5 Year Investment Grade Corporate Bond ETF | 403% | $504.3M | -0.02% |
| LONZ | PIMCO Senior Loan Active Exchange-Traded Fund | 365% | $22.5M | +0.11% |
| ISTB | iShares Core 1-5 Year USD Bond ETF | 257% | $43.9M | +0.01% |
| CWB | SPDR Bloomberg Convertible Securities ETF | 242% | $116.5M | +0.61% |
| HYGH | iShares Interest Rate Hedged High Yield Bond ETF | 235% | $11.0M | +0.14% |
| CLIP | Global X 1-3 Month T-Bill ETF | 213% | $33.4M | +0.01% |
| SCHQ | Schwab Long-Term U.S. Treasury ETF | 199% | $28.7M | +0.30% |
Commodities
Commodities traded $14.7B, which was 111% of its 30-day average. Trading activity was subdued across all categories within the asset class.
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 |
|---|---|---|---|---|
| OUNZ | VanEck Merk Gold ETF | 213% | $112.9M | -2.81% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 200% | $23.6M | -0.26% |
| CPER | United States Copper Index Fund | 194% | $30.4M | +0.95% |
| AAAU | Goldman Sachs Physical Gold ETF | 162% | $220.3M | -2.71% |
| BAR | GraniteShares Gold Shares | 153% | $61.8M | -2.79% |
Crypto
Crypto traded $6.1B, which was 77% of its 30-day average. Trading activity was subdued across all categories within the asset class.
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. | ||||
Currencies
Currencies traded $59.8M, which was 79% of its 30-day average. Trading activity was subdued across all categories within the asset class.
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. | ||||
Alternatives
Alternatives traded $821.6M, which was 60% of its 30-day average. Trading activity was subdued across all categories within the asset class.
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 |
|---|---|---|---|---|
| SVOL | Simplify Volatility Premium ETF | 239% | $16.7M | +2.03% |
Non-Traditional
Non-Traditional traded $36.8B, which was 96% of its 30-day average. Activity was concentrated in the Non-Traditional: Leverage | Inverse – Commodity category. This was driven by heavy turnover in ACIO, TSLR, and IDVO.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 120% | $1.3B | +7.52% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ACIO | Aptus Collared Investment Opportunity ETF | 216% | $11.0M | +0.84% |
| TSLR | GraniteShares 2x Long TSLA Daily ETF | 209% | $170.7M | +8.60% |
| IDVO | Amplify CWP International Enhanced Dividend Income ETF | 203% | $9.4M | +1.01% |
| WPAY | Roundhill WeeklyPay Universe ETF | 192% | $57.3M | +2.63% |
| UPRO | ProShares UltraPro S&P500 | 182% | $861.7M | +3.64% |
| UGL | ProShares Ultra Gold | 160% | $301.7M | -5.35% |
| GOCT | FT Vest U.S. Equity Moderate Buffer ETF – October | 160% | $6.3M | +0.36% |
| SPXL | Direxion Daily S&P 500 Bull 3x Shares | 150% | $924.7M | +3.64% |
| CONY | YieldMax COIN Option Income Strategy ETF | 150% | $207.6M | +1.46% |
Multi-Asset
Multi-Asset traded $201.4M, which was 123% of its 30-day average. Activity was concentrated in the Asset Allocation: Specialty – Alternative Asset Sleeve category. This was driven by heavy turnover in GDE, AOR, and AOK.
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 |
|---|---|---|---|---|
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 223% | $18.9M | -0.82% |
| AOR | iShares Core 60/40 Balanced Allocation ETF | 197% | $28.8M | +0.57% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 158% | $6.5M | +0.49% |
