Macro Summary
The market logged a balanced session, trading in-line with recent norms as total volume reached $374.0B, registering 103% of its 30-day average. Fixed Income and Non-Traditional asset classes drove the most distinct liquidity increases, while Digital Assets experienced more muted participation, trailing 30-day averages.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $248.38B | $245.69B | 101% |
| Fixed Income | $40.66B | $35.10B | 116% |
| Commodities | $25.68B | $26.78B | 96% |
| Digital Asset | $5.78B | $6.86B | 84% |
| Currencies | $202.1M | $137.7M | 147% |
| Alternatives | $2.11B | $1.66B | 127% |
| Non-Traditional | $50.83B | $45.88B | 111% |
| Multi-Asset | $307.6M | $269.1M | 114% |
Equity
Equities posted balanced liquidity with $248.38B in volume (101% of 30-day averages). Sector rotation was evident, anchored by heightened participation in Energy and Communication Services, alongside notable strength globally within Eurozone and Ex-U.S. Blend cohorts.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Sector – Energy | 146% | $7.36B | -0.95% |
| Sector – Communication Services | 142% | $1.46B | +0.01% |
| Region – Eurozone | 138% | $1.23B | +0.08% |
| Global Ex-U.S. Large Cap – Blend | 136% | $12.88B | +0.31% |
| Thematic – Midstream & MLPs | 133% | $194.5M | -0.55% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NULG | Nuveen ESG Large-Cap Growth ETF | 2863% | $206.3M | -0.37% |
| GSUS | Goldman Sachs MarketBeta U.S. Equity ETF | 1337% | $122.7M | -0.22% |
| NANR | State Street SPDR S&P North American Natural Resources ETF | 961% | $63.0M | +0.02% |
| FREL | Fidelity MSCI Real Estate Index ETF | 511% | $42.1M | -0.19% |
| SRVR | Pacer Data & Infrastructure Real Estate ETF | 443% | $14.6M | +0.48% |
| KLMN | Invesco MSCI North America Climate ETF | 433% | $362.0M | -0.11% |
| GSIE | Goldman Sachs ActiveBeta International Equity ETF | 350% | $78.5M | +0.31% |
| HACK | Amplify Cybersecurity ETF | 317% | $30.9M | -0.42% |
| VDC | Vanguard Consumer Staples ETF | 303% | $133.6M | -0.11% |
| DFUV | Dimensional US Marketwide Value ETF | 282% | $64.4M | -0.30% |
Fixed Income
Fixed Income attracted robust trading interest, hitting $40.66B (116% of the 30-day average). The most significant volume surges occurred across International USD and Corporate credit segments, showing heightened participation despite negative session returns.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Taxable – International USD | 183% | $643.4M | -0.14% |
| Taxable – Corporate | 171% | $9.97B | -0.39% |
| Taxable – Long-Term | 163% | $1.09B | -0.89% |
| Taxable – Emerging | 162% | $308.5M | +0.30% |
| Municipal – Short | 140% | $244.3M | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VCEB | Vanguard ESG U.S. Corporate Bond ETF | 3184% | $119.1M | -0.45% |
| DBND | DoubleLine Opportunistic Core Bond ETF | 887% | $37.7M | -0.27% |
| MEAR | iShares Short Maturity Municipal Bond Active ETF | 535% | $31.5M | +0.05% |
| EMBD | Global X Emerging Markets Bond ETF | 461% | $12.8M | -0.42% |
| SYFI | AB Short Duration High Yield ETF | 406% | $22.5M | +0.14% |
| LONZ | PIMCO Senior Loan Active Exchange-Traded Fund | 405% | $27.6M | +0.19% |
| HYDB | iShares High Yield Systematic Bond ETF | 365% | $26.3M | -0.06% |
| LEMB | iShares J.P. Morgan EM Local Currency Bond ETF | 339% | $49.2M | +0.74% |
| ICLO | Invesco AAA CLO Floating Rate Note ETF | 323% | $14.2M | +0.08% |
| JPLD | JPMorgan Limited Duration Bond ETF | 317% | $117.4M | -0.08% |
Commodities
Commodities registered $25.68B in total turnover, slightly trailing historical averages at 96% of the 30-day level. Activity was heavily skewed, with Focused Energy exhibiting exceptional volume surges well past typical thresholds, supporting a heavily positive return profile.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Focused – Energy | 689% | $15.09B | +1.76% |
| Multi-Sector – Broad Market | 224% | $749.0M | +1.08% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USO | United States Oil Fund LP | 773% | $14.11B | +0.90% |
| DBO | Invesco DB Oil Fund | 735% | $158.9M | +3.08% |
| BNO | United States Brent Oil Fund LP | 531% | $590.3M | +0.96% |
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | 410% | $46.9M | +1.61% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 326% | $126.9M | +0.97% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 313% | $114.0M | +0.86% |
| DBC | Invesco DB Commodity Index Tracking Fund | 230% | $68.3M | +1.68% |
| CMDY | iShares Bloomberg Roll Select Commodity Strategy ETF | 221% | $11.2M | +1.09% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 202% | $38.6M | +2.08% |
| DBB | Invesco DB Base Metals Fund | 199% | $20.7M | -0.49% |
Digital Asset
Digital Asset strategies saw muted participation for the session. Total turnover landed at $5.78B, representing only 84% of the trailing 30-day average. Outsized momentum remained concentrated exclusively in key legacy tickers.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BITO | ProShares Bitcoin ETF | 173% | $1.40B | +1.42% |
Currencies
Currency volumes registered heightened relative liquidity, printing $202.1M (147% of 30-day averages). Participation remained highly centralized, driven structurally by specific bullish allocations.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 147% | $202.1M | +0.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UUP | Invesco DB US Dollar Index Bullish Fund | 180% | $87.2M | +0.04% |
Alternatives
Alternatives observed elevated interest with total action tracking at 127% of trailing norms ($2.11B traded). The predominant driver of this increase emerged from Long Volatility strategies, reflecting distinct defensive posturing.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Volatility – Long | 130% | $1.65B | +4.38% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional products exhibited robust and widespread liquidity spikes ($50.83B or 111% relative activity). Geared exposures, particularly leveraged Commodity and broad Equity inverse/leveraged trackers, dominated trader focus.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UCO | ProShares Ultra Bloomberg Crude Oil | 733% | $1.51B | +3.90% |
| SCO | ProShares UltraShort Bloomberg Crude Oil | 542% | $535.4M | -3.37% |
| SH | ProShares Short S&P500 | 256% | $1.05B | +0.04% |
| ERX | Direxion Daily Energy Bull 2X ETF | 238% | $117.4M | -2.93% |
| SPDN | Direxion Daily S&P 500 Bear 1X ETF | 231% | $927.0M | +0.05% |
| SPXS | Direxion Daily S&P 500 Bear 3X ETF | 224% | $1.11B | +0.16% |
| TZA | Direxion Daily Small Cap Bear 3X ETF | 205% | $1.46B | +0.31% |
| SOXS | Direxion Daily Semiconductor Bear 3X ETF | 180% | $2.88B | -3.24% |
| KORU | Direxion Daily MSCI South Korea Bull 3X ETF | 179% | $549.0M | -4.63% |
| GUSH | Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF | 178% | $89.4M | -3.21% |
Multi-Asset
Multi-Asset ETFs transacted $307.6M over the session, operating moderately above their historic baseline at 114% of ADV. Activity favored targeted tactical configurations and thematic multi-asset structures.
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 | 333% | $41.2M | -0.04% |
| AOR | iShares Core 60/40 Balanced Allocation ETF | 193% | $54.2M | -0.05% |
| ALLW | State Street Bridgewater All Weather ETF | 165% | $38.9M | -0.20% |
| PCEF | Invesco CEF Income Composite ETF | 151% | $3.8M | +0.75% |
