Macro Summary
Total ETF market volume registered $266.23 billion, a subdued session at just 92% of the 30-day average daily volume. The day’s activity was characterized by a distinct shift towards defensive assets, as Fixed Income was the only major asset class to trade above its recent trend, seeing 120% of its average volume. In contrast, Equity ETFs saw significantly lighter trading at 88% of their average, while most other asset classes also experienced a quiet day, reinforcing the session’s risk-off sentiment.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $172.30B | $196.35B | 88% |
| Fixed Income | $33.62B | $27.93B | 120% |
| Commodities | $6.11B | $6.97B | 88% |
| Digital Asset | $4.58B | $4.85B | 94% |
| Currencies | $99.4M | $115.1M | 86% |
| Alternatives | $594.0M | $931.4M | 64% |
| Non-Traditional | $48.70B | $53.54B | 91% |
| Multi-Asset | $241.9M | $265.4M | 91% |
| Total | $266.23B | $290.94B | 92% |
Equity
Equity ETFs traded a total of $172.30 billion, representing a quiet 88% of their 30-day average. Despite the overall lull, certain segments saw concentrated interest. Communication Services sector funds were notably active at 209% of their average, alongside FinTech thematic funds at 218%. U.S. Small and Mid Cap Growth categories also saw elevated turnover, trading at 179% and 182% of their norms, respectively. Outlier activity was led by iShares S&P Small-Cap 600 Growth ETF (IJT), which traded an exceptional 1,295% of its average volume, followed by Dimensional World Equity ETF (DFAW) at 874% and Invesco MSCI USA ETF (PBUS) at 740%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – FinTech | 218% | $278.0M | +0.31% |
| Equity: Sector – Communication Services | 209% | $1.59B | +2.73% |
| Equity: U.S. Mid Cap – Growth | 182% | $469.6M | -0.83% |
| Equity: U.S. Small Cap – Growth | 179% | $591.0M | -0.74% |
| Equity: Region – Asia-Pacific | 176% | $103.6M | -1.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IJT | iShares S&P Small-Cap 600 Growth ETF | 1,295% | $258.8M | -0.81% |
| DFAW | Dimensional World Equity ETF | 874% | $53.8M | -0.26% |
| MSLC | Morgan Stanley Pathway Large Cap Equity ETF | 849% | $38.1M | +0.20% |
| PBUS | Invesco MSCI USA ETF | 740% | $226.8M | -0.08% |
| FCOM | Fidelity MSCI Communication Services Index ETF | 632% | $63.2M | +2.66% |
| JVAL | JPMorgan U.S. Value Factor ETF US Value Factor Fund | 618% | $18.1M | -0.76% |
| SPGM | State Street SPDR Portfolio MSCI Global Stock Market ETF | 613% | $126.2M | -0.69% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 510% | $570.2M | -0.44% |
| IJK | iShares S&P Mid-Cap 400 Growth ETF | 489% | $161.0M | -1.31% |
| CSRE | Cohen & Steers Real Estate Active ETF | 474% | $14.3M | +0.35% |
Fixed Income
Fixed Income was the standout asset class, with volume reaching $33.62 billion, or a robust 120% of its 30-day average. Investor focus was clearly on the shorter end of the duration spectrum, with Government Ultrashort funds trading 154% of their average on $6.85 billion, and Short-Term Taxable funds seeing 156% of their norm. Municipal funds also saw heightened activity, particularly in the short-duration space at 161% of average. Individual fund activity was led by BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) at 572% of its ADV and BondBloxx BB-Rated USD High Yield Corporate Bond ETF (XBB) at 525%, while Vanguard Short-Term Bond ETF (BSV) traded a heavy $603.5 million at 284% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Short | 161% | $314.1M | -0.20% |
| Fixed Income: Taxable – Short-Term | 156% | $1.63B | -0.19% |
| Fixed Income: Taxable – Government Ultrashort | 154% | $6.85B | -0.12% |
| Fixed Income: Taxable – Core | 150% | $2.84B | -0.30% |
| Fixed Income: Taxable – Inflation Protected | 138% | $826.7M | -0.89% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 572% | $27.1M | -0.40% |
| XBB | BondBloxx BB-Rated USD High Yield Corporate Bond ETF | 525% | $48.0M | -0.54% |
| SECU | iShares Securitized Income Active ETF | 385% | $23.1M | -0.45% |
| YLD | Principal Active High Yield ETF | 357% | $11.5M | -0.86% |
| SMMU | PIMCO Short Term Municipal Bond Active ETF | 351% | $19.3M | -0.27% |
| SPTI | State Street SPDR Portfolio Intermediate Term Treasury ETF | 343% | $241.8M | -0.48% |
| IGEB | iShares Investment Grade Systematic Bond ETF | 342% | $39.5M | -0.52% |
| SPTS | State Street SPDR Portfolio Short Term Treasury ETF | 323% | $145.5M | -0.36% |
| STPZ | PIMCO 1-5 Year US TIPS Index Exchange-Traded Fund | 311% | $10.3M | -1.01% |
| BSV | Vanguard Short-Term Bond ETF | 284% | $603.5M | -0.45% |
Commodities
Commodities ETFs saw a relatively quiet session, trading $6.11 billion for 88% of their 30-day average volume. The only category to see above-average interest was Broad Market Multi-Sector funds, which traded at 133% of their norm. Among individual ETFs, the Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF (PDBC) was a notable outlier, trading 220% of its average on $215.3 million. GraniteShares Gold Shares (BAR) also saw heightened interest at 193% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Multi-Sector – Broad Market | 133% | $396.6M | -0.24% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 220% | $215.3M | -0.63% |
| BAR | GraniteShares Gold Shares | 193% | $19.4M | +0.48% |
| DBC | Invesco DB Commodity Index Tracking Fund | 181% | $49.6M | -0.73% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 157% | $11.9M | -0.21% |
Digital Asset
Digital Asset ETFs experienced a balanced session with total volume of $4.58 billion, or 94% of the 30-day average. Activity was broadly in line with recent trends, with no specific categories showing unusual turnover. The primary outlier was the Morgan Stanley Bitcoin Trust ETF (MSBT), which traded at a brisk 235% of its average daily 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 |
|---|---|---|---|---|
| MSBT | Morgan Stanley Bitcoin Trust ETF | 235% | $29.1M | +2.02% |
Currencies
Currency ETFs posted a quiet day with total volume of $99.4 million, representing 86% of the recent 30-day average. Trading was subdued across the category, with the only notable activity seen in the WisdomTree Bloomberg US Dollar Bullish Fund (USDU), which traded 189% 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 |
|---|---|---|---|---|
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | 189% | $16.2M | +0.17% |
Alternatives
Activity in the Alternatives space was muted, with funds trading just $594.0 million, or 64% of their 30-day average. No categories saw above-average turnover. The sole standout was the First Trust Managed Futures Strategy Fund (FMF), which saw elevated interest at 284% of its average daily 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 |
|---|---|---|---|---|
| FMF | First Trust Managed Futures Strategy Fund | 284% | $10.2M | -0.32% |
Non-Traditional
Non-Traditional ETFs saw volume of $48.70 billion, trading at a near-average 91% of their 30-day norm. The most significant activity was concentrated in Equity Buffer funds, which as a category traded at a high 206% of their average. This was driven by the Innovator U.S. Equity Power Buffer ETF – July (PJUL), which saw an immense 1,533% of its typical volume. Separately, the Direxion Daily META Bull 2X ETF (METU) was extremely active, trading $545.7 million at 451% of its ADV, corresponding with heavy trading in its underlying single stock.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 206% | $918.1M | -0.10% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 1,533% | $55.4M | -0.18% |
| BALT | Innovator Defined Wealth Shield ETF | 487% | $65.5M | +0.01% |
| METU | Direxion Daily META Bull 2X ETF | 451% | $545.7M | +18.31% |
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | 381% | $10.8M | -0.04% |
| BUFD | FT Vest Laddered Deep Buffer ETF | 307% | $23.3M | -0.05% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 208% | $16.6M | -1.54% |
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | 203% | $11.4M | -0.60% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 202% | $15.4M | +0.47% |
| NEBX | Tradr 2X Long NBIS Daily ETF | 199% | $160.2M | -34.60% |
| QDPL | Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | 198% | $12.5M | +0.75% |
Multi-Asset
Multi-Asset ETFs recorded a quiet session with $241.9 million in volume, equivalent to 91% of their 30-day average. Trading was broadly in line with recent trends across the asset class. The only fund to show notable activity was the State Street Multi-Asset Real Return ETF (RLY), which traded at 197% of its 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 |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 197% | $14.4M | -0.70% |
Single-Stock Volume
Single-stock activity was marked by several extreme outliers and heavy trading in widely-held mega-caps. Linkhome Holdings Inc. (LHAI) and Mobility Global Inc (MBGL) saw astronomical turnover at 1,041,927% and 24,411% of their respective averages. Among large-cap names, Meta Platforms Inc Class A (META) was a focal point, trading a massive $25.03 billion at 255% of its ADV; the stock is a constituent in 668 different ETFs. Other heavily traded and widely held stocks included NIKE, Inc. Class B (NKE) at 313% of its ADV and Honeywell Aerospace Inc (HONA) at 362% of its ADV, which are held by 298 and 325 ETFs, respectively.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| LHAI | Linkhome Holdings Inc. | 1,041,927% | $754.3M | +275.00% | — |
| MBGL | Mobility Global Inc | 24,411% | $777.6M | — | 2 |
| HONA | Honeywell Aerospace Inc | 362% | $1.20B | +2.59% | 325 |
| NKE | NIKE, Inc. Class B | 313% | $3.19B | +4.60% | 298 |
| GH | Guardant Health, Inc. | 277% | $1.07B | +13.91% | 145 |
| GIS | General Mills, Inc. | 265% | $883.4M | +7.43% | 281 |
| META | Meta Platforms Inc Class A | 255% | $25.03B | +9.09% | 668 |
| TECH | Bio-Techne Corporation | 236% | $782.4M | +0.40% | 170 |
| VSAT | ViaSat, Inc. | 235% | $516.9M | -7.73% | 132 |
| AA | Alcoa Corporation | 227% | $748.2M | -8.95% | 185 |
| RDDT | Reddit, Inc. Class A | 211% | $1.61B | +13.20% | 190 |
| DLR | Digital Realty Trust, Inc. | 206% | $1.02B | -1.79% | 296 |
| ABVX | Abivax SA Sponsored ADR | 198% | $575.6M | -0.10% | 17 |
| T | AT&T Inc | 193% | $2.28B | -1.04% | 388 |
| SE | Sea Limited Sponsored ADR Class A | 191% | $578.4M | +7.56% | 108 |
