Macro Summary
Total ETF market volume reached $358.0B, trading at 133% of its 30-day average. The day’s activity was dominated by a remarkable surge in the Commodities space, which traded at an exceptional 358% of its typical volume. This was almost entirely driven by intense turnover in Precious Metals ETFs, as the category saw activity levels reach 376% of its recent average. While other asset classes like Alternatives and Digital Assets also saw elevated volumes, the concentrated and aggressive trading in precious metals funds defined the session’s character.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $221.3B | $184.7B | 120% |
| Fixed Income | $38.7B | $28.9B | 134% |
| Commodities | $37.4B | $10.5B | 358% |
| Crypto | $11.2B | $7.4B | 151% |
| Currencies | $55.7M | $75.6M | 74% |
| Alternatives | $2.9B | $1.2B | 241% |
| Non-Traditional | $46.1B | $36.8B | 125% |
| Multi-Asset | $263.7M | $151.3M | 174% |
Equity
The Equity asset class recorded $221.3B in volume, trading at 120% of its 30-day average. Thematic investing was a key driver, with Precious Metals funds trading at 268% of average volume. The U.S. Mid Cap Growth and Financials sectors were also notably active. Specific tickers showed extreme turnover, particularly in the international space, where DBEF traded over 1800% of its average volume, alongside significant activity in U.S. Large Cap funds like SUSL.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Large Cap – Value | 141% | $9.3B | +0.53% |
| Equity: Thematic – Precious Metals | 268% | $7.9B | -7.47% |
| Equity: Sector – Financials | 162% | $6.3B | +0.69% |
| Equity: Thematic – Natural Resources | 153% | $1.7B | -1.63% |
| Equity: U.S. Mid Cap – Growth | 241% | $517.5M | -0.21% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBEF | Xtrackers MSCI EAFE Hedged Equity ETF | 1837% | $545.8M | +0.46% |
| SUSL | iShares ESG MSCI USA Leaders ETF | 1309% | $39.9M | +0.74% |
| FLGB | Franklin FTSE United Kingdom ETF | 1037% | $45.4M | -0.05% |
| MSLC | Morgan Stanley Pathway Large Cap Equity ETF | 948% | $32.7M | +0.55% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 936% | $27.1M | +0.17% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | 774% | $275.2M | +0.09% |
| SPYX | SPDR S&P 500 Fossil Fuel Reserves Free ETF | 694% | $35.0M | +0.61% |
| SAMT | Strategas Macro Thematic Opportunities ETF | 603% | $17.1M | -0.35% |
| CGGR | Capital Group Growth ETF | 484% | $588.6M | +0.34% |
| BBEU | JPMorgan BetaBuilders Europe ETF | 428% | $407.5M | +0.11% |
Fixed Income
Fixed Income ETFs saw elevated trading, with total volume reaching $38.7B, or 134% of the 30-day average. The most significant activity was concentrated in the short end of the curve, as Taxable Short-Term funds traded at 270% of their average volume. This was largely driven by heavy turnover in BSV and VGSH, both of which saw activity levels more than 800% above their norms. Municipal Short-Term funds also experienced a surge in interest.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – High Yield | 158% | $7.3B | +0.08% |
| Fixed Income: Taxable – Core | 185% | $3.1B | -0.10% |
| Fixed Income: Taxable – Short-Term | 270% | $2.7B | -0.02% |
| Fixed Income: Taxable – Government Short | 277% | $1.6B | -0.06% |
| Fixed Income: Taxable – Government Intermediate | 193% | $1.4B | -0.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SMMU | PIMCO Short Term Municipal Bond Active ETF | 1089% | $52.6M | -0.02% |
| BSV | Vanguard Short-Term Bond ETF | 1009% | $1.8B | -0.08% |
| VGSH | Vanguard Short-Term Treasury ETF | 832% | $1.2B | -0.05% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 704% | $18.0M | +0.13% |
| USFR | WisdomTree Floating Rate Treasury Fund | 603% | $1.2B | +0.05% |
| IBND | SPDR Bloomberg International Corporate Bond ETF | 401% | $18.0M | -0.28% |
| HYDB | iShares High Yield Systematic Bond ETF | 401% | $45.4M | +0.22% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 393% | $16.7M | -0.29% |
| MEAR | iShares Short Maturity Municipal Bond Active ETF | 383% | $27.9M | +0.06% |
| SUB | iShares Short-Term National Muni Bond ETF | 368% | $248.5M | -0.07% |
Commodities
The Commodities asset class experienced an extraordinary session, with total volume of $37.4B representing 358% of its 30-day average. The activity was almost exclusively concentrated in Focused Precious Metals, which traded at a stunning 376% of its typical volume. This was evidenced by massive turnover in physically-backed gold ETFs, with funds like BAR, OUNZ, and AAAU all trading at over 500% of their average daily volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 376% | $36.6B | -3.05% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BAR | GraniteShares Gold Shares | 726% | $171.8M | -1.88% |
| OUNZ | VanEck Merk Gold ETF | 655% | $206.2M | -1.79% |
| AAAU | Goldman Sachs Physical Gold ETF | 571% | $535.5M | -1.74% |
| DBC | Invesco DB Commodity Index Tracking Fund | 489% | $36.5M | -0.07% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 157% | $104.1M | +0.11% |
Crypto
The Digital Asset class saw continued high engagement, with total volume of $11.2B trading at 151% of its 30-day average. Activity was led by Bitcoin funds, which traded at 171% of their typical volume. Several spot bitcoin ETFs showed elevated turnover, including HODL and BRRR, indicating persistent investor interest in direct crypto exposure through the ETF wrapper.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 171% | $8.6B | -1.34% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 273% | $152.0M | -1.63% |
| BRRR | Coinshares Bitcoin ETF | 263% | $31.9M | -1.44% |
| ARKB | ARK 21Shares Bitcoin ETF | 245% | $259.7M | -1.45% |
Currencies
The Currency asset class experienced a quiet session, with total volume of $55.7M representing just 74% of its 30-day average. No categories met the criteria for high volume, and there were no significant ticker-level outliers to report.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Alternatives
Alternative ETFs saw a surge in trading activity, with total volume of $2.9B reaching 241% of the 30-day average. The primary driver was the Volatility category, which traded at 246% of its norm. This was led by heavy trading in long-volatility products like UVIX and UVXY, which saw volumes well over 200% of their daily averages.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 297% | $427.2M | +3.76% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVIX | 2x Long VIX Futures ETF | 287% | $790.5M | -16.45% |
| VIXY | ProShares VIX Short-Term Futures ETF | 234% | $211.6M | -8.30% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 222% | $766.5M | -12.44% |
Non-Traditional
The Non-Traditional space saw $46.1B in volume, trading at 125% of its 30-day average. The most significant activity came from leveraged and inverse commodity products, which traded at 256% of their average. This was largely driven by heavy trading in precious metals products, specifically UGL, which saw turnover more than 600% above its norm. Leveraged gold miner ETFs like GDXU also saw exceptionally high volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 256% | $2.3B | +1.04% |
| Non-Traditional: Synthetic Income – Single Stock | 126% | $1.1B | +0.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UGL | ProShares Ultra Gold | 615% | $759.4M | -3.47% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 380% | $582.3M | -20.57% |
| NUGT | Direxion Daily Gold Miners Index Bull 2x Shares | 270% | $528.8M | -13.33% |
| AGQ | ProShares Ultra Silver | 266% | $746.6M | -10.13% |
| QYLD | Global X NASDAQ 100 Covered Call ETF | 238% | $242.0M | +0.52% |
| DPST | Direxion Daily Regional Banks Bull 3X Shares | 222% | $228.9M | +4.62% |
| ULTY | YieldMax Ultra Option Income Strategy ETF | 212% | $345.8M | -1.62% |
| WPAY | Roundhill WeeklyPay Universe ETF | 198% | $43.3M | +0.95% |
| RGTX | Defiance Daily Target 2X Long RGTI ETF | 195% | $400.7M | -7.18% |
| TSMX | Direxion Daily TSM Bull 2X Shares | 192% | $74.6M | -2.62% |
Multi-Asset
Multi-Asset ETFs saw a notable pickup in volume, trading $263.7M, which is 174% of the 30-day average. The activity was centered in Target Risk Global Macro funds, which traded at 292% of their usual volume. This was driven by significant turnover in broad-based allocation ETFs like ALLW.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ALLW | SPDR Bridgewater All Weather ETF | 257% | $30.1M | -0.68% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 201% | $14.6M | -2.71% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 174% | $6.6M | -0.37% |
| AOR | iShares Core 60/40 Balanced Allocation ETF | 173% | $24.5M | +0.14% |
