ETF Market Pulse: Navigating a Muted, Red Session

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Macro Summary

The aggregate market volume for the March 26, 2026 session reached $322.70B, registering a muted 88% of its 30-day average. The session featured broadly negative returns across most segments, with Fixed Income and Currencies exhibiting the most normalized activity levels relative to other asset classes.

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $217.61B $253.41B 86%
Fixed Income $39.59B $39.86B 99%
Commodities $17.78B $20.05B 89%
Digital Asset $4.19B $5.42B 77%
Currencies $151.01M $159.52M 95%
Alternatives $1.72B $1.95B 88%
Non-Traditional $41.47B $44.95B 92%
Multi-Asset $197.41M $260.66M 76%

Equity

Equity ETFs drove the bulk of market liquidity with $217.61B in volume, operating at 86% of the 30-day average. Activity was concentrated in specific international and mid-cap growth segments amidst broadly negative daily returns.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Equity: Global Ex-U.S. Small | Mid Cap 153% $587.38M -1.91%
Equity: U.S. Mid Cap – Growth 148% $406.71M -2.22%
Equity: Region – Asia-Pacific Ex-Japan 144% $359.68M -3.08%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
JHEM John Hancock Multifactor Emerging Markets ETF 1190% $41.79M -2.98%
TOUS T. Rowe Price International Equity ETF 827% $66.72M -2.19%
GQGU GQG US Equity ETF 602% $32.89M +0.56%
EFIV State Street SPDR S&P 500 ESG ETF 530% $14.43M -1.67%
JVAL JPMorgan U.S. Value Factor ETF US Value Factor Fund 521% $15.65M -1.25%
TCAF T. Rowe Price Capital Appreciation Equity ETF 494% $136.62M -1.74%
XOVR ERShares Private-Public Crossover ETF 400% $38.67M -1.23%
FXN First Trust Energy AlphaDEX Fund 361% $64.86M +0.80%
AIA iShares Asia 50 ETF 330% $195.79M -4.30%
CLSE Convergence Long/Short Equity ETF 311% $7.99M -2.48%

Fixed Income

Fixed Income ETFs saw $39.59B in total volume, tracking very closely to its 30-day average at 99%. High Yield Municipal bonds experienced outsized activity levels, acting as a primary driver of the asset class.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Municipal – High Yield 180% $239.40M -0.41%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
HYMB State Street SPDR Nuveen ICE High Yield Municipal Bond ETF 685% $151.60M -0.77%
IBTM iShares iBonds Dec 2032 Term Treasury ETF 511% $13.82M -0.46%
FALN iShares Fallen Angels USD Bond ETF 465% $179.18M -0.75%
PMMF iShares Prime Money Market ETF 405% $38.51M +0.00%
TAGG T. Rowe Price QM U.S. Bond ETF 374% $11.17M -0.97%
CALI iShares Short-Term California Muni Active ETF 327% $10.22M -0.11%
ITM VanEck Intermediate Muni ETF 315% $33.23M -0.24%
SPBO State Street SPDR Portfolio Corporate Bond ETF 271% $47.10M -0.67%
PWZ Invesco California AMT-Free Municipal Bond ETF 261% $12.02M -0.40%
JMUB JPMorgan Municipal ETF 257% $101.21M -0.19%

Commodities

Commodities generated $17.78B in volume, operating at 89% of normal activity levels. The Agriculture category was a notable outlier, showing positive returns alongside heightened participation.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Commodity: Focused – Agriculture 146% $118.44M +0.81%

High-Activity Ticker Outliers

No items met the inclusion criteria for this session.

Digital Asset

Digital Asset ETFs recorded $4.19B in trading volume, remaining muted at 77% of average activity levels as cryptocurrencies broadly pulled back.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

No items met the inclusion criteria for this session.

Currencies

Currency ETFs produced $151.01M in volume, operating near 95% of the 30-day average, led primarily by Euro-focused exposures.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
FXE Invesco CurrencyShares Euro Trust 223% $54.55M -0.22%

Alternatives

Alternative ETFs traded $1.72B in volume, registering at 88% of typical activity, with relatively flat to marginally positive returns overall.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

No items met the inclusion criteria for this session.

Non-Traditional

Non-Traditional strategies generated $41.47B in volume at 92% of the 30-day average. Activity was selectively elevated across specific leveraged and inverse single-stock exposures and synthetic income strategies.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
DGP DB Gold Double Long Exchange Traded Notes 333% $55.58M -7.65%
METU Direxion Daily META Bull 2X ETF 266% $175.10M -15.26%
GMAR FT Vest U.S. Equity Moderate Buffer ETF – March 202% $7.03M -0.88%
FEPI REX FANG & Innovation Equity Premium Income ETF 182% $11.97M -3.06%
SPDN Direxion Daily S&P 500 Bear 1X ETF 167% $1.27B +1.32%
USDX SGI Enhanced Core ETF 163% $4.20M +0.18%
GJAN FT Vest U.S. Equity Moderate Buffer ETF – Jan 152% $4.74M -0.97%

Multi-Asset

Multi-Asset volume was notably quiet at $197.41M, trading at just 76% of typical activity amidst negative session returns.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

No items met the inclusion criteria for this session.

Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.

Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.

This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.