Macro Summary
The ETF market experienced a deeply subdued session, with total dollar volume reaching just $211.01 billion, a mere 72% of the 30-day average. The quiet tone was pervasive across the board, as every major asset class failed to meet its recent volume benchmarks. Digital Assets came the closest to a typical day, trading at 96% of their average, while the Commodities space was particularly dormant at just 52% of its usual activity. The session’s primary excitement was found not in ETFs, but in specific single-stock stories.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $139.70B | $199.08B | 70% |
| Fixed Income | $22.88B | $27.75B | 82% |
| Commodities | $3.56B | $6.82B | 52% |
| Digital Asset | $4.81B | $5.03B | 96% |
| Currencies | $67.8M | $119.9M | 57% |
| Alternatives | $674.3M | $887.1M | 76% |
| Non-Traditional | $39.08B | $53.66B | 73% |
| Multi-Asset | $230.5M | $258.6M | 89% |
| Total | $211.01B | $293.62B | 72% |
Equity
Equity ETFs saw a significant drop-off in activity, trading $139.70 billion, or just 70% of their 30-day average volume. No specific equity categories registered unusual turnover, and the session’s activity was driven by a handful of disparate fund-level outliers. The most active fund relative to its average was the iShares Currency Hedged MSCI Emerging Markets ETF (HEEM), which traded 599% of its norm. In terms of dollar volume, notable activity was seen in the iShares Global Energy ETF (IXC) with $211.8 million changing hands (446% of ADV), Franklin FTSE Japan ETF (FLJP) at 442% of ADV on $197.7 million, and Franklin FTSE Taiwan ETF (FLTW) with $185.9 million in volume (417% of ADV).
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HEEM | iShares Currency Hedged MSCI Emerging Markets ETF | 599% | $26.3M | -3.21% |
| LVHD | Franklin U.S. Low Volatility High Dividend Index ETF | 458% | $12.7M | +1.04% |
| IXC | iShares Global Energy ETF | 446% | $211.8M | +3.01% |
| FLJP | Franklin FTSE Japan ETF | 442% | $197.7M | -2.20% |
| MORT | VanEck Mortgage REIT Income ETF | 439% | $34.6M | -0.51% |
| SMDV | ProShares Russell 2000 Dividend Growers ETF | 438% | $12.0M | -0.50% |
| WELD | Tema U.S. Manufacturing & Reshoring ETF | 427% | $11.1M | -3.95% |
| USMC | Principal U.S. Mega-Cap ETF | 423% | $26.4M | -0.25% |
| FLTW | Franklin FTSE Taiwan ETF | 417% | $185.9M | -4.64% |
| QLC | FlexShares US Quality Large Cap Index Fund | 405% | $13.1M | -0.38% |
Fixed Income
Fixed Income ETFs traded $22.88 billion, representing a below-average 82% of their recent volume. Despite the overall quiet, the Long-Term Taxable bond category was a pocket of activity, trading at 128% of its 30-day average. The session was defined by several significant fund-level outliers, led by the VictoryShares Core Plus Bond ETF (UBND) which saw 934% of its average daily volume. Close behind was the First Trust Tactical High Yield ETF (HYLS) at 909% of its norm. Other funds with unusually high turnover included the Franklin Ultra Short Bond ETF (FLUD) at 807% and the First Trust Core Investment Grade ETF (FTCB) at 606% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Long-Term | 128% | $648.3M | -0.88% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UBND | VictoryShares Core Plus Bond ETF | 934% | $42.1M | -0.32% |
| HYLS | First Trust Tactical High Yield ETF | 909% | $53.0M | -0.16% |
| FLUD | Franklin Ultra Short Bond ETF | 807% | $51.9M | +0.00% |
| CLOZ | Eldridge BBB-B CLO ETF | 653% | $46.7M | -0.02% |
| LDUR | PIMCO Enhanced Low Duration Active ETF | 618% | $23.7M | -0.17% |
| FTCB | First Trust Core Investment Grade ETF | 606% | $68.5M | -0.70% |
| FSIG | First Trust Limited Duration Investment Grade Corporate ETF | 566% | $39.3M | -0.32% |
| FDHY | Fidelity Enhanced High Yield ETF | 437% | $16.8M | -0.16% |
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | 427% | $12.1M | -0.77% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 412% | $28.3M | -0.21% |
Commodities
The Commodities complex was the quietest corner of the market, with total volume of just $3.56 billion, or 52% of its 30-day average. No categories showed heightened interest. The day’s limited activity was concentrated in two specific funds. The Harbor Commodity All-Weather Strategy ETF (HGER) was a significant outlier, trading $184.8 million in shares, a remarkable 536% of its recent average. The only other fund with notable volume was the iShares Bloomberg Roll Select Commodity Strategy ETF (CMDY), which saw 237% of its typical turnover.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HGER | Harbor Commodity All-Weather Strategy ETF | 536% | $184.8M | -0.57% |
| CMDY | iShares Bloomberg Roll Select Commodity Strategy ETF | 237% | $11.2M | +0.75% |
Digital Asset
Digital Asset ETFs were the most active group relative to their recent trend, though they still fell just short of a typical session. The asset class traded $4.81 billion, or 96% of its 30-day average volume. The bulk of the day’s activity was driven by the ProShares Bitcoin ETF (BITO), which traded a substantial $3.48 billion, representing 183% of its usual turnover. Also seeing elevated interest was the Bitwise Solana Staking ETF (BSOL), which traded at 185% of its 30-day average on $48.3 million in 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 |
|---|---|---|---|---|
| BSOL | Bitwise Solana Staking ETF | 185% | $48.3M | -1.03% |
| BITO | ProShares Bitcoin ETF | 183% | $3.48B | +0.06% |
Currencies
Currency ETFs saw a very quiet session, with total volume reaching only $67.8 million. This represented just 57% of the asset class’s 30-day average. Trading was muted across the board, with no specific categories or individual tickers registering as volume outliers.
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.
Alternatives
Activity in the Alternatives space was subdued, posting total volume of $674.3 million, or 76% of its 30-day average. The session lacked any notable catalysts, as no specific categories or individual ETFs experienced unusually high trading volumes.
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 ETFs saw a below-average session with $39.08 billion in total volume, representing 73% of the 30-day norm. While the broader category was quiet, several income-focused strategies saw a surge in activity. The Invesco MSCI EAFE Income Advantage ETF (EFAA) was the standout, trading 880% of its average volume. Other notable movers included the FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) at 468% of ADV and the FT Vest U.S. Equity Moderate Buffer ETF – May (GMAY) at 467% of its average.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EFAA | Invesco MSCI EAFE Income Advantage ETF | 880% | $37.1M | -1.05% |
| SDVD | FT Vest SMID Rising Dividend Achievers Target Income ETF | 468% | $15.7M | -0.88% |
| GMAY | FT Vest U.S. Equity Moderate Buffer ETF – May | 467% | $24.9M | -0.15% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 326% | $13.7M | -0.79% |
| XQQI | NEOS Boosted Nasdaq-100 High Income ETF | 199% | $29.5M | -1.73% |
| RDVI | FT Vest Rising Dividend Achievers Target Income ETF | 187% | $29.5M | -0.93% |
| IQQQ | ProShares Nasdaq-100 High Income ETF | 182% | $5.7M | -1.73% |
| CAIQ | Calamos Nasdaq Autocallable Income ETF | 182% | $9.0M | -0.50% |
| KNG | FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 165% | $21.5M | +0.28% |
| ISPY | ProShares S&P 500 High Income ETF | 164% | $7.7M | -0.48% |
Multi-Asset
Multi-Asset ETFs traded a total of $230.5 million, coming in at 89% of their 30-day average volume. While overall activity was slightly below par, two funds saw elevated turnover. The State Street Multi-Asset Real Return ETF (RLY) traded at 191% of its norm, while the State Street Bridgewater All Weather ETF (ALLW) saw 157% of its typical 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 |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 191% | $14.4M | +0.34% |
| ALLW | State Street Bridgewater All Weather ETF | 157% | $24.5M | -1.02% |
Single-Stock Volume
While the ETF market was broadly quiet, single-stock activity provided significant fireworks, driven by company-specific news. The standout was Crinetics Pharmaceuticals Inc (CRNX), which exploded to trade $6.67 billion, an incredible 14,292% of its 30-day average, following positive clinical trial data; the stock is a component in 73 different ETFs. Another massive outlier was ClearOne, Inc. (CLRO), which saw 2,788% of its average volume. Other widely-held stocks with elevated turnover included Dominion Energy Inc (D) at 197% of ADV (held by 271 ETFs) and Cloudflare Inc Class A (NET) at 187% of ADV (held by 242 ETFs).
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| CRNX | Crinetics Pharmaceuticals Inc | 14,292% | $6.67B | +98.69% | 73 |
| CLRO | ClearOne, Inc. | 2,788% | $563.7M | +83.04% | 2 |
| SOLS | Solstice Advanced Materials, Inc. | 344% | $551.0M | -8.74% | 126 |
| D | Dominion Energy Inc | 197% | $899.3M | +1.21% | 271 |
| NET | Cloudflare Inc Class A | 187% | $1.55B | +8.38% | 242 |
| CVNA | Carvana Co. Class A | 174% | $1.21B | -4.01% | 257 |
| RIVN | Rivian Automotive, Inc. Class A | 168% | $860.7M | -18.10% | 160 |
| HONA | Honeywell Aerospace Inc | 165% | $890.0M | +0.83% | 304 |
| FIG | Figma, Inc. Class A | 160% | $569.2M | +5.27% | 52 |
| PATH | UiPath, Inc. Class A | 155% | $832.9M | -1.81% | 134 |
