Macro Summary
Total ETF market volume was exceptionally light, reaching just $178.40 billion, a mere 61% of the 30-day average daily volume. The subdued tone was pervasive across nearly all asset classes, with Equity, Commodities, and Alternatives all trading below 60% of their recent norms. Despite the broad lack of participation, several individual funds across asset classes saw massive, concentrated turnover, creating notable outliers in an otherwise quiet session.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $111.62B | $199.52B | 56% |
| Fixed Income | $19.54B | $27.96B | 70% |
| Commodities | $3.95B | $6.79B | 58% |
| Digital Asset | $4.40B | $5.01B | 88% |
| Currencies | $80.9M | $117.5M | 69% |
| Alternatives | $423.9M | $874.7M | 48% |
| Non-Traditional | $38.18B | $53.17B | 72% |
| Multi-Asset | $209.8M | $254.5M | 82% |
| Total | $178.40B | $293.69B | 61% |
Equity
Equity ETFs saw turnover of $111.62 billion, representing only 56% of their recent average in a broadly muted session for the asset class. The standout category was Global Ex-U.S. Small | Mid Cap, which traded at an elevated 227% of its 30-day average. Individual fund activity was highly concentrated, led by Vanguard U.S. Multifactor ETF (VFMF) which saw an extraordinary 2,754% of its average volume. Other significant outliers included State Street SPDR S&P Global Infrastructure ETF (GII) at 1,134% of its norm and Avantis International Small Cap Value ETF (AVDV), which traded $304.7 million at 363% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Small | Mid Cap | 227% | $770.2M | +0.14% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VFMF | Vanguard U.S. Multifactor ETF | 2,754% | $119.9M | +0.98% |
| GII | State Street SPDR S&P Global Infrastructure ETF | 1,134% | $33.7M | -0.35% |
| MODL | VictoryShares WestEnd U.S. Sector ETF | 518% | $16.1M | +0.84% |
| IMCB | iShares Morningstar Mid-Cap ETF | 452% | $13.6M | +0.73% |
| AVDV | Avantis International Small Cap Value ETF | 363% | $304.7M | +0.08% |
| SPHD | Invesco S&P 500 High Dividend Low Volatility ETF | 354% | $132.9M | -0.06% |
| EPP | iShares MSCI Pacific ex-Japan ETF | 348% | $59.9M | +0.59% |
| EWQ | iShares MSCI France ETF | 331% | $46.3M | +0.27% |
| HEWJ | iShares Currency Hedged MSCI Japan ETF | 328% | $15.8M | +1.12% |
| HACK | Amplify Cybersecurity ETF | 320% | $48.9M | +2.74% |
Fixed Income
Fixed Income ETFs posted $19.54 billion in volume, or 70% of their 30-day average, in a session that was quiet overall but marked by significant single-fund turnover. No specific categories saw outsized interest, but several individual ETFs experienced massive volume spikes. Dimensional Global Core Plus Fixed Income ETF (DFGP) was the clear leader, trading $250.5 million for an incredible 1,213% of its daily average. Other notable movers included Angel Oak Income ETF (CARY) and BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD), which saw activity at 674% and 659% of their respective norms.
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 | 1,213% | $250.5M | +0.15% |
| CARY | Angel Oak Income ETF | 674% | $43.5M | +0.05% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 659% | $58.4M | +0.07% |
| SPAB | State Street SPDR Portfolio Aggregate Bond ETF | 524% | $254.6M | +0.14% |
| BAB | Invesco Taxable Municipal Bond ETF | 520% | $25.9M | +0.28% |
| FISR | State Street Fixed Income Sector Rotation ETF | 388% | $16.9M | +0.24% |
| FLCB | Franklin U.S Core Bond ETF | 304% | $34.7M | +0.05% |
| RAVI | FlexShares Ultra-Short Income Fund | 280% | $19.8M | +0.02% |
| BSJS | Invesco BulletShares 2028 High Yield Corporate Bond ETF | 262% | $7.1M | +0.09% |
| MFSB | MFS Active Core Plus Bond ETF | 248% | $6.9M | +0.06% |
Commodities
Commodities ETFs registered a quiet $3.95 billion in turnover, just 58% of the asset class’s 30-day average volume. While the broader category was subdued, activity was highly concentrated in a few specific products. State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF (CERY) saw an exceptional $100.7 million change hands, representing 1,673% of its typical volume. Separately, United States Natural Gas Fund LP (UNG) saw elevated turnover at 168% of its average as the fund declined -6.59%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CERY | State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | 1,673% | $100.7M | -0.63% |
| DJP | iPath Bloomberg Commodity Index Total Return ETN | 429% | $16.7M | -0.71% |
| UNG | United States Natural Gas Fund LP | 168% | $114.5M | -6.59% |
Digital Asset
Digital Asset ETFs traded $4.40 billion, reaching 88% of their 30-day average volume. Activity was slightly below the recent trend but was the closest to its norm among all major asset classes. No specific funds or categories demonstrated unusually high trading interest during the session.
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 ETF volume was muted, with just $80.9 million traded, or 69% of the 30-day average. There were no notable high-volume categories or individual fund outliers to report in the space.
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
Alternatives were the quietest corner of the market, with volume reaching only $423.9 million, a mere 48% of the 30-day average. Trading was broadly subdued with no significant activity in any specific categories or funds.
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 $38.18 billion in volume, representing 72% of their recent daily average. Activity was focused on leveraged and buffered products. ProShares Ultra Bloomberg Natural Gas (BOIL) traded a heavy $224.7 million, or 243% of its ADV, as it fell -11.47%. Direxion Daily META Bull 2X ETF (METU) also saw significant interest, trading $238.9 million at 173% of its average. Innovator U.S. Equity Power Buffer ETF – July (PJUL) led the group by activity, trading at 279% of its 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 |
|---|---|---|---|---|
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 279% | $19.6M | +0.40% |
| BOIL | ProShares Ultra Bloomberg Natural Gas | 243% | $224.7M | -11.47% |
| QJUN | FT Vest Nasdaq-100 Buffer ETF – June | 208% | $6.7M | +1.19% |
| TDVI | FT Vest Technology Dividend Target Income ETF | 191% | $6.3M | +1.18% |
| METU | Direxion Daily META Bull 2X ETF | 173% | $238.9M | +8.80% |
| DDM | ProShares Ultra Dow30 | 171% | $17.8M | +0.44% |
| IQQQ | ProShares Nasdaq-100 High Income ETF | 153% | $4.8M | +1.66% |
Multi-Asset
Multi-Asset ETFs recorded $209.8 million in turnover, or 82% of their 30-day average. While overall activity was below the recent trend, a couple of funds saw elevated interest. State Street Multi-Asset Real Return ETF (RLY) traded at 244% of its average, while Return Stacked U.S. Stocks & Managed Futures ETF (RSST) saw 203% 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 | 244% | $19.1M | -0.39% |
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | 203% | $7.4M | +0.66% |
Single-Stock Volume
Several single stocks experienced extraordinary trading volumes, standing in stark contrast to the quiet ETF market. Julong Holding Limited Class A (JLHL) saw an astronomical 83,195% of its average daily volume, trading $1.92 billion. The biotechnology and pharmaceutical sector was also a hotbed of activity, with Ionis Pharmaceuticals, Inc. (IONS), BridgeBio Pharma, Inc. (BBIO), and Alnylam Pharmaceuticals, Inc (ALNY) all trading over 500% of their respective 30-day averages. Many of these names are widely held across the ETF landscape, with ALNY held by 252 ETFs and IONS held by 130 ETFs, amplifying their market impact.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| JLHL | Julong Holding Limited Class A | 83,195% | $1.92B | +799.80% | 1 |
| IONS | Ionis Pharmaceuticals, Inc. | 891% | $1.27B | -23.75% | 130 |
| BBIO | BridgeBio Pharma, Inc. | 710% | $1.72B | +16.25% | 105 |
| QGEN | QIAGEN NV | 588% | $517.8M | +11.18% | 73 |
| ALNY | Alnylam Pharmaceuticals, Inc | 527% | $1.76B | -3.25% | 252 |
| AZN | AstraZeneca PLC | 329% | $1.15B | -5.58% | 11 |
| PENG | Penguin Solutions Incorporation | 301% | $696.8M | +4.17% | 94 |
| CRNX | Crinetics Pharmaceuticals Inc | 231% | $701.5M | +0.13% | 74 |
| OPEN | Opendoor Technologies Inc | 231% | $572.5M | +10.33% | 61 |
| TD | Toronto-Dominion Bank | 213% | $614.5M | +0.99% | 1 |
| RIVN | Rivian Automotive, Inc. Class A | 213% | $1.28B | +9.99% | 163 |
| MARA | MARA Holdings, Inc. | 184% | $981.4M | +10.39% | 112 |
| YUM | Yum! Brands, Inc. | 174% | $604.2M | -1.77% | 306 |
| NU | Nu Holdings Ltd. Class A | 170% | $1.22B | +2.09% | 137 |
