Macro Summary
Total ETF market volume registered $236.00 billion, a subdued session at just 89% of the recent 30-day average. The day’s activity was unevenly distributed, with significant capital rotation evident across asset classes. Fixed Income, Commodities, and Alternatives all saw above-average turnover, while trading in the much larger Equity space was notably muted. Digital Assets also experienced a particularly quiet session, trading at only 71% of its typical volume.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $151.65B | $179.56B | 84% |
| Fixed Income | $29.99B | $25.70B | 117% |
| Commodities | $6.94B | $6.10B | 114% |
| Digital Asset | $3.60B | $5.06B | 71% |
| Currencies | $94.5M | $103.0M | 92% |
| Alternatives | $1.02B | $724.9M | 140% |
| Non-Traditional | $42.49B | $46.44B | 91% |
| Multi-Asset | $210.8M | $241.9M | 87% |
| Total | $236.00B | $263.93B | 89% |
Equity
Equity ETFs accounted for $151.65 billion in turnover, representing a quiet day at only 84% of their 30-day average daily volume. Pockets of activity emerged in specific categories, including Latin America (189% of ADV), Communication Services (175%), and Consumer Discretionary (149%). The session’s most remarkable activity occurred in a suite of JPMorgan funds, which saw massive volume spikes, led by JPMorgan Global Select Equity ETF Global Select Equity ETF (JGLO) at 3,442% of its ADV and JPMorgan Active Value ETF (JAVA) at 781% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Latin America | 189% | $114.5M | -1.23% |
| Equity: Sector – Communication Services | 175% | $1.42B | -3.99% |
| Equity: Sector – Consumer Discretionary | 149% | $1.95B | -3.28% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JGLO | JPMorgan Global Select Equity ETF Global Select Equity ETF | 3,442% | $208.2M | -1.49% |
| JAVA | JPMorgan Active Value ETF | 781% | $230.1M | -0.72% |
| IHE | iShares U.S. Pharmaceuticals ETF | 570% | $146.9M | +1.34% |
| JGRO | JPMorgan Active Growth ETF | 499% | $235.3M | -1.45% |
| EUSA | iShares MSCI USA Equal Weighted ETF | 427% | $31.5M | -0.36% |
| JIRE | JPMorgan International Research Enhanced Equity ETF | 423% | $114.3M | -1.51% |
| JPEF | JPMorgan Equity Focus ETF | 376% | $26.3M | -1.14% |
| IXP | iShares Global Comm Services ETF | 364% | $12.6M | -3.25% |
| BBJP | JPMorgan BetaBuilders Japan ETF | 340% | $294.5M | -1.21% |
| BBIN | JPMorgan BetaBuilders International Equity ETF | 324% | $31.1M | -1.26% |
Fixed Income
Fixed Income products saw elevated trading, with $29.99 billion changing hands, or 117% of the 30-day average. The session’s focus was squarely on the municipal bond space, where multiple categories saw extraordinary turnover, including Long-Term Munis (298% of ADV), High Yield Munis (255%), and Intermediate Munis (242%). Key drivers included State Street SPDR Nuveen ICE Municipal Bond ETF (TFI) at 704% of its average volume and VanEck Intermediate Muni ETF (ITM) at 634%. Taxable High Yield was also active, trading at 158% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Long | 298% | $108.4M | -0.80% |
| Fixed Income: Municipal – High Yield | 255% | $263.0M | -0.75% |
| Fixed Income: Municipal – Intermediate | 242% | $2.09B | -0.62% |
| Fixed Income: Municipal – Single State | 223% | $190.2M | -0.67% |
| Fixed Income: Taxable – High Yield | 158% | $5.36B | -0.31% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| LQDH | iShares Interest Rate Hedged Corporate Bond ETF | 805% | $25.2M | -0.20% |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | 704% | $106.5M | -0.58% |
| ITM | VanEck Intermediate Muni ETF | 634% | $52.0M | -0.40% |
| SCMB | Schwab Municipal Bond ETF | 521% | $120.2M | -0.73% |
| IBDT | iShares iBonds Dec 2028 Term Corporate ETF | 437% | $63.6M | -0.10% |
| RISR | FolioBeyond Alternative Income and Interest Rate Hedge ETF | 409% | $10.7M | +0.23% |
| CLOX | Eldridge AAA CLO ETF | 398% | $16.0M | -0.02% |
| BBHY | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 389% | $10.1M | -0.39% |
| PZA | Invesco National AMT-Free Municipal Bond ETF | 389% | $90.4M | -0.89% |
| HYMB | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 369% | $91.4M | -0.78% |
Commodities
Commodities ETFs posted a moderately active session, trading $6.94 billion for 114% of their recent average. The day’s activity was heavily concentrated in Energy-focused products, which traded at 225% of their typical volume. This was driven primarily by the United States Oil Fund LP (USO), which saw $1.71 billion in turnover, or 247% of its 30-day ADV, as it gained +5.86%. Other energy funds like United States Brent Oil Fund LP (BNO) and Invesco DB Oil Fund (DBO) also saw volumes well over 150% of their averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 225% | $1.97B | +2.75% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USO | United States Oil Fund LP | 247% | $1.71B | +5.86% |
| CPER | United States Copper Index Fund | 160% | $26.8M | -2.48% |
| BNO | United States Brent Oil Fund LP | 153% | $139.3M | +4.01% |
| DBO | Invesco DB Oil Fund | 151% | $14.0M | +5.52% |
Digital Asset
Digital Asset ETFs experienced a very quiet session, with total volume reaching only $3.60 billion, or 71% of the 30-day average. Trading was broadly subdued across the asset class, with no specific categories or individual tickers registering anomalous activity compared to their recent norms.
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 traded $94.5 million, a slightly below-average session at 92% of the 30-day ADV. Overall activity was muted, with one notable exception. The Invesco Currencyshares Japanese Yen Trust (FXY) saw a significant volume spike, trading $31.0 million, which is 337% of its recent daily 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 |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 337% | $31.0M | -0.38% |
Alternatives
Alternatives were a hub of activity, trading $1.02 billion for a strong 140% of their 30-day average volume. The interest was centered on volatility-linked products, with both Long Volatility (147% of ADV) and Short Volatility (163%) categories seeing heightened turnover. The ProShares Ultra VIX Short-Term Futures ETF (UVXY) was a standout, trading $273.2 million, or 171% of its typical volume, as it rallied +6.67%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 163% | $217.1M | -1.97% |
| Alternative: Volatility – Long | 147% | $732.9M | +4.32% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 171% | $273.2M | +6.67% |
Non-Traditional
Non-Traditional ETFs saw a slightly subdued session with $42.49 billion in volume, representing 91% of the 30-day average. Activity was concentrated in Synthetic Income strategies, with both commodity-linked (195% of ADV) and equity-linked (133%) categories seeing above-average interest. Several funds saw massive volume spikes, including FT Vest SMID Rising Dividend Achievers Target Income ETF (SDVD) at 1,403% of its ADV and First Trust Nasdaq BuyWrite Income ETF (FTQI) at 946% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Commodity | 195% | $100.7M | -1.40% |
| Non-Traditional: Synthetic Income – Equity | 133% | $2.50B | -0.88% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDVD | FT Vest SMID Rising Dividend Achievers Target Income ETF | 1,403% | $50.6M | -0.67% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 946% | $48.8M | -0.98% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 470% | $48.5M | +0.36% |
| KNG | FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 441% | $54.0M | -0.49% |
| ROCY | JPMorgan Equity Premium Yield ETF | 399% | $17.3M | -0.93% |
| DDM | ProShares Ultra Dow30 | 390% | $40.9M | -2.07% |
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 383% | $13.7M | -0.55% |
| FTHI | First Trust BuyWrite Income ETF | 378% | $64.5M | -0.59% |
| BUFF | Innovator Laddered Allocation Power Buffer ETF | 363% | $14.7M | -0.55% |
| RDVI | FT Vest Rising Dividend Achievers Target Income ETF | 342% | $61.1M | -0.52% |
Multi-Asset
Multi-Asset ETFs posted a quiet day, with total volume of $210.8 million coming in at 87% of the 30-day average. Trading was unremarkable across the category, with the exception of the VanEck Real Assets ETF (RAAX), which traded $29.7 million, or 280% of its recent 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 |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 280% | $29.7M | +0.24% |
Single-Stock Volume
Several widely-held single stocks experienced significant trading volume driven by corporate earnings and news. Albertsons Companies, Inc. Class A (ACI) was a major outlier, trading 490% of its average daily volume with $528.7M changing hands as its price fell -21.47%. Other notable movers included Quest Diagnostics Incorporated (DGX) at 432% of its ADV and Medpace Holdings, Inc. (MEDP) at 431%. Several mega-cap stocks held by hundreds of ETFs also saw heavy turnover, including Thermo Fisher Scientific Inc. (TMO) and Union Pacific Corporation (UNP), which traded nearly 300% of their respective averages.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| ACI | Albertsons Companies, Inc. Class A | 490% | $528.7M | -21.47% | 152 |
| DGX | Quest Diagnostics Incorporated | 432% | $772.4M | +7.23% | 275 |
| MEDP | Medpace Holdings, Inc. | 431% | $665.7M | +14.80% | 180 |
| CLF | Cleveland-Cliffs Inc | 369% | $705.0M | +16.46% | 97 |
| ROL | Rollins, Inc. | 348% | $671.1M | -9.16% | 257 |
| DOV | Dover Corporation | 333% | $737.4M | -7.82% | 271 |
| HBAN | Huntington Bancshares Incorporated | 297% | $1.10B | -4.84% | 270 |
| TMO | Thermo Fisher Scientific Inc. | 296% | $2.98B | +8.50% | 349 |
| UNP | Union Pacific Corporation | 283% | $2.01B | +5.90% | 371 |
| LMT | Lockheed Martin Corporation | 278% | $1.68B | +9.65% | 375 |
| NSC | Norfolk Southern Corporation | 260% | $797.2M | +3.59% | 248 |
| URI | United Rentals, Inc. | 237% | $1.18B | +9.76% | 300 |
| NU | Nu Holdings Ltd. Class A | 235% | $2.43B | -2.21% | 137 |
| CSX | CSX Corporation | 234% | $1.30B | +5.31% | 341 |
| WST | West Pharmaceutical Services, Inc. | 221% | $558.9M | -0.79% | 267 |
