Macro Summary
Total ETF market volume registered $205.68 billion, a relatively subdued session at just 81% of the recent 30-day average. The trading day was characterized by a significant divergence in activity across asset classes. Equity volume was notably quiet, while fixed income traded in line with recent norms. The clear standout was the commodities complex, where a surge of interest in precious metals drove activity well above its typical levels, a theme that also echoed in thematic equity and non-traditional products.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $126.53B | $170.69B | 74% |
| Fixed Income | $27.00B | $27.27B | 99% |
| Commodities | $8.88B | $5.67B | 157% |
| Digital Asset | $2.52B | $4.55B | 55% |
| Currencies | $88.9M | $109.1M | 81% |
| Alternatives | $835.0M | $743.2M | 112% |
| Non-Traditional | $39.64B | $45.91B | 86% |
| Multi-Asset | $183.9M | $228.9M | 80% |
| Total | $205.68B | $255.16B | 81% |
Equity
Equity ETFs saw a quiet day, trading just $126.53 billion, or 74% of their 30-day average volume. The session’s activity was heavily concentrated in thematic funds, particularly those focused on Precious Metals, which traded at 232% of their average. Natural Resources (136%) and Multi-Sector (131%) themes also saw elevated interest. Individual fund outliers included Franklin FTSE United Kingdom ETF (FLGB) at an exceptional 835% of its average, iShares U.S. Equity Factor Rotation Active ETF (DYNF) at 483%, and JPMorgan BetaBuilders Japan ETF (BBJP) which traded $427.8 million at 394% of its norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Precious Metals | 232% | $4.86B | +6.70% |
| Equity: Thematic – Natural Resources | 136% | $1.18B | +2.19% |
| Equity: Thematic – Multi-Sector | 131% | $704.0M | +1.72% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLGB | Franklin FTSE United Kingdom ETF | 835% | $35.1M | +0.69% |
| DYNF | iShares U.S. Equity Factor Rotation Active ETF | 483% | $630.0M | +0.52% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 408% | $34.2M | +0.41% |
| OUSM | ALPS O'Shares US Small-Cap Quality Dividend ETF | 398% | $13.0M | +0.58% |
| BBJP | JPMorgan BetaBuilders Japan ETF | 394% | $427.8M | +1.77% |
| FVAL | Fidelity Value Factor ETF | 351% | $11.6M | +0.81% |
| LRGC | AB US Large Cap Strategic Equities ETF | 339% | $11.7M | +0.47% |
| EPP | iShares MSCI Pacific ex-Japan ETF | 322% | $53.1M | +1.02% |
| GFLW | VictoryShares Free Cash Flow Growth ETF | 316% | $15.2M | +1.97% |
| SPSM | State Street SPDR Portfolio S&P 600 Small Cap ETF | 291% | $274.2M | +0.46% |
Fixed Income
Fixed Income ETFs experienced a typical session, with volume of $27.00 billion landing at 99% of the 30-day average. Pockets of heightened activity were seen in Government Long duration products, which traded at 172% of their average, and Defined Maturity funds at 131%. A few specific funds saw massive volume spikes, led by the State Street Fixed Income Sector Rotation ETF (FISR) trading an incredible 2,919% of its ADV. Similarly, the State Street SPDR Portfolio Aggregate Bond ETF (SPAB) saw 913% of its typical volume, while the high-yield focused State Street SPDR Bloomberg High Yield Bond ETF (JNK) turned over $853.0 million at 361% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Long | 172% | $5.19B | +0.28% |
| Fixed Income: Specialty – Defined Maturity | 131% | $406.9M | +0.14% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FISR | State Street Fixed Income Sector Rotation ETF | 2,919% | $119.7M | +0.20% |
| SPAB | State Street SPDR Portfolio Aggregate Bond ETF | 913% | $522.4M | +0.24% |
| EVLN | Eaton Vance Floating-Rate ETF | 524% | $18.4M | +0.35% |
| CLOX | Eldridge AAA CLO ETF | 512% | $19.5M | +0.20% |
| LDUR | PIMCO Enhanced Low Duration Active ETF | 507% | $30.4M | +0.09% |
| HYEM | VanEck Emerging Markets High Yield Bond ETF | 429% | $17.7M | +1.05% |
| IBDY | iShares iBonds Dec 2033 Term Corporate ETF | 412% | $23.9M | +0.20% |
| BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | 362% | $57.4M | +0.05% |
| JNK | State Street SPDR Bloomberg High Yield Bond ETF | 361% | $853.0M | +0.21% |
| CALI | iShares Short-Term California Muni Active ETF | 333% | $17.4M | -0.02% |
Commodities
The commodities space was the center of attention, with total volume of $8.88 billion representing a robust 157% of its 30-day average. This surge was almost entirely driven by the Precious Metals category, which saw activity at 187% of its norm and accounted for $7.90 billion of the asset class’s total volume. Major gold ETFs led the charge, with SPDR Gold Shares (GLD) trading over $5.1 billion at 211% of its average. Other bullion products like iShares Gold Trust Micro ETF of Benef Interest (IAUM) and iShares Gold Trust (IAU) also saw significantly heightened turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 187% | $7.90B | +2.05% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 281% | $216.6M | +2.22% |
| GLD | SPDR Gold Shares | 211% | $5.17B | +2.20% |
| PALL | abrdn Physical Palladium Shares ETF | 202% | $31.4M | +0.64% |
| IAU | iShares Gold Trust | 168% | $662.2M | +2.20% |
| AAAU | Goldman Sachs Physical Gold ETF | 167% | $72.3M | +2.17% |
| CPER | United States Copper Index Fund | 163% | $25.2M | -1.93% |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 151% | $402.9M | +2.21% |
Digital Asset
Digital Asset ETFs saw a very quiet session, with trading volume reaching only $2.52 billion, or 55% of the 30-day average. Activity was broadly subdued across the space, with no specific categories or individual tickers registering volume significantly above 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 $88.9 million, a quiet day at 81% of the asset class’s 30-day average volume. While overall activity was muted, the Invesco CurrencyShares Euro Trust (FXE) stood out, trading at 214% of its typical volume with $16.1 million changing hands.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 214% | $16.1M | +0.36% |
Alternatives
Alternatives ETFs posted a slightly elevated session, with $835.0 million in volume representing 112% of the 30-day average. The activity was highly concentrated in the Managed Futures category, which traded at 325% of its norm. This was largely attributable to a single fund, the iMGP DBi Managed Futures Strategy ETF (DBMF), which saw turnover at 496% of its average on volume of $289.3 million.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 325% | $308.3M | -0.08% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 496% | $289.3M | -0.05% |
Non-Traditional
Non-Traditional ETFs saw a below-average session with $39.64 billion in turnover, representing 86% of the 30-day average. While no categories stood out, the precious metals theme was evident in leveraged products, with MicroSectors Gold Miners 3X Leveraged ETN (GDXU) and Direxion Daily Gold Miners Index Bull 2X ETF (NUGT) trading at 319% and 255% of their respective averages. Single-stock focused ETFs also saw heavy action, including Tradr 2X Long AAOI Daily ETF (AAOX) at 372% 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 |
|---|---|---|---|---|
| AAOX | Tradr 2X Long AAOI Daily ETF | 372% | $405.0M | +16.18% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 319% | $407.3M | +20.97% |
| NUGT | Direxion Daily Gold Miners Index Bull 2X ETF | 255% | $179.6M | +13.96% |
| NBOS | Neuberger Option Strategy ETF | 248% | $6.9M | +0.18% |
| MSTU | T-Rex 2X Long MSTR Daily Target ETF | 245% | $442.1M | +6.40% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 228% | $27.1M | +0.86% |
| UGL | ProShares Ultra Gold | 209% | $157.1M | +4.35% |
| PTIR | GraniteShares 2x Long PLTR Daily ETF | 198% | $134.8M | +20.06% |
| UJAN | Innovator U.S. Equity Ultra Buffer ETF – January | 198% | $5.5M | +0.17% |
| PLTY | YieldMax PLTR Option Income Strategy ETF | 189% | $8.8M | +7.90% |
Multi-Asset
Trading in Multi-Asset ETFs was muted, with total volume of $183.9 million coming in at just 80% of the recent 30-day average. There were no notable high-volume categories or individual fund outliers 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.
Single-Stock Volume
Activity in single stocks was marked by several massive volume spikes, likely tied to earnings reports and other corporate news. Doximity, Inc. Class A (DOCS) was the standout, trading an exceptional 2,185% of its 30-day average on $1.78 billion in volume. Other significant movers included Atlassian Corp Class A (TEAM) at 786% of its ADV and The Trade Desk, Inc. Class A (TTD) at 570%. Many of these active names are widely held across the ETF landscape; for instance, Airbnb, Inc. Class A (ABNB), which traded at 500% of its average, is a constituent in 380 different ETFs.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| DOCS | Doximity, Inc. Class A | 2,185% | $1.78B | +35.74% | 118 |
| TEAM | Atlassian Corp Class A | 786% | $2.86B | +35.23% | 182 |
| HTZ | Hertz Global Holdings Inc | 735% | $508.3M | +13.86% | 58 |
| TTD | Trade Desk, Inc. Class A | 570% | $1.80B | -21.68% | 194 |
| HALO | Halozyme Therapeutics, Inc. | 534% | $746.2M | +18.59% | 184 |
| TWLO | Twilio, Inc. Class A | 504% | $1.86B | +25.02% | 237 |
| ABNB | Airbnb, Inc. Class A | 500% | $2.59B | +17.13% | 380 |
| CART | Maplebear Inc. | 373% | $652.9M | +11.37% | 191 |
| CHYM | Chime Financial, Inc. Class A | 339% | $534.5M | -6.08% | 59 |
| CELH | Celsius Holdings, Inc. | 334% | $861.1M | +15.71% | 112 |
| NET | Cloudflare Inc Class A | 296% | $2.53B | +6.01% | 248 |
| DKNG | DraftKings, Inc. Class A | 282% | $801.6M | +7.96% | 114 |
| NTRA | Natera, Inc. | 280% | $1.01B | +20.16% | 193 |
| SPCX | Space Exploration Technologies Corp. Class A | 270% | $30.38B | +15.94% | 226 |
| AAOI | Applied Optoelectronics, Inc. | 266% | $3.12B | +8.74% | 86 |
