Macro Summary
Overall total volume for the market settled at $227.0B, representing just 80% of the 30-day average. Despite the overall softness, targeted risk-on activity was compelling, particularly within the metals and mining segment, as evidenced by a surge in the Equity: Thematic – Natural Resources category. This high-conviction segment traded at 133% of its average daily volume and finished the session up +1.32%.
Asset Class Summary
| Asset Class | $ Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $152.9B | $192.4B | 79% |
| Fixed Income | $26.2B | $29.9B | 88% |
| Commodity | $6.8B | $8.8B | 77% |
| Digital Asset | $6.4B | $7.7B | 83% |
| Currency | $104.7M | $77.6M | 135% |
| Alternative | $782.1M | $1.5B | 53% |
| Non-Traditional | $33.7B | $41.6B | 81% |
| Multi-Asset | $252.5M | $171.0M | 148% |
Equity
The Equity segment posted a total volume of $152.9B, translating to 79% of its 30-day average. Activity was notably elevated in categories like Thematic – Natural Resources (finishing the day up +1.32%). This concentrated turnover was largely driven by heavy turnover in EPS (WisdomTree U.S. LargeCap Fund, closing up +0.36%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Thematic – Natural Resources | 133% | $1.3B | +1.32% |
| Sector – Utilities | 119% | $1.2B | -0.18% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EPS | WisdomTree U.S. LargeCap Fund | 927% | $31.1M | +0.36% |
| IDU | iShares U.S. Utilities ETF | 809% | $137.5M | -0.30% |
| JAVA | JPMorgan Active Value ETF | 650% | $157.8M | +1.12% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 535% | $188.1M | +0.53% |
| EWD | iShares MSCI Sweden ETF | 513% | $19.2M | +0.33% |
| USMC | Principal U.S. Mega-Cap ETF | 477% | $23.3M | +0.32% |
| LGLV | State Street SPDR US Large Cap Low Volatility Index ETF | 468% | $17.7M | +0.39% |
| COPX | Global X Copper Miners ETF | 348% | $423.9M | +4.78% |
| SMIN | iShares MSCI India Small Cap ETF | 324% | $29.6M | -1.21% |
| IHE | iShares U.S. Pharmaceuticals ETF | 364% | $28.0M | +0.52% |
Fixed Income
The Fixed Income segment recorded a total volume of $26.2B, translating to 88% of its 30-day average. Activity was notably elevated in categories like Taxable – Core Enhanced (finishing the day up +0.15%). This concentrated turnover was largely driven by heavy turnover in PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund, closing up +0.22%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Taxable – Core Enhanced | 126% | $712.4M | +0.15% |
| Specialty – Defined Maturity | 144% | $504.8M | +0.12% |
| Taxable – Preferred Stock | 134% | $301.4M | +0.11% |
| Taxable – Emerging | 165% | $111.6M | +0.18% |
| Municipal – High Yield | 145% | $102.8M | +0.12% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PMBS | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 1103% | $34.2M | +0.22% |
| VRIG | Invesco Variable Rate Investment Grade ETF | 950% | $79.1M | +0.06% |
| GTO | Invesco Total Return Bond ETF | 878% | $91.7M | +0.14% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 354% | $21.1M | +0.12% |
| IBDZ | iShares iBonds Dec 2034 Term Corporate ETF | 389% | $15.2M | +0.26% |
| IBDV | iShares iBonds Dec 2030 Term Corporate ETF | 349% | $44.3M | +0.16% |
| IBHE | iShares iBonds 2025 Term High Yield & Income ETF | 349% | $10.6M | +0.04% |
| CLOI | VanEck CLO ETF | 320% | $31.5M | -0.01% |
| CLOZ | Eldridge BBB-B CLO ETF | 313% | $36.7M | +0.14% |
| SPIB | State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | 313% | $435.7M | +0.12% |
Commodity
The Commodity segment recorded a total volume of $6.8B, translating to 77% of its 30-day average. Activity was notably elevated in categories like Focused – Industrial Metals (finishing the day up +1.70%). This concentrated turnover was largely driven by heavy turnover in CPER (United States Copper Index Fund, closing up +2.80%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Focused – Industrial Metals | 243% | $38.5M | +1.70% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 260% | $36.4M | +2.80% |
| SIVR | abrdn Physical Silver Shares ETF | 155% | $133.5M | -0.18% |
Digital Asset
The Digital Asset segment recorded a total volume of $6.4B, translating to 83% of its 30-day average. No individual category demonstrated volume spikes significantly exceeding 125% of its 30-day average, indicating subdued activity across the board.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| No high-activity ticker outliers for this asset class. | ||||
Currency
The Currency segment recorded a total volume of $104.7M, translating to 135% of its 30-day average. Activity was notably elevated in categories like Currency (finishing the day up +0.22%). This concentrated turnover was largely driven by heavy turnover in FXF (Invesco CurrencyShares Swiss Franc Trust, closing up +0.42%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 135% | $104.7M | +0.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 162% | $8.9M | +0.42% |
| UUP | Invesco DB US Dollar Index Bullish Fund | 158% | $55.0M | -0.50% |
Alternative
The Alternative segment recorded a total volume of $782.1M, translating to 53% of its 30-day average. No individual category demonstrated volume spikes significantly exceeding 125% of its 30-day average, indicating subdued activity across the board.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| No high-activity ticker outliers for this asset class. | ||||
Non-Traditional
The Non-Traditional segment recorded a total volume of $33.7B, translating to 81% of its 30-day average. Activity was notably elevated in categories like Buffer – Crypto (finishing the day up +0.78%). This concentrated turnover was largely driven by heavy turnover in MSTX (Defiance Daily Target 2x Long MSTR ETF, closing up +7.73%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Leverage | Inverse – Commodity | 124% | $1.2B | -0.27% |
| Buffer – Crypto | 343% | $9.6M | +0.78% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MSTX | Defiance Daily Target 2x Long MSTR ETF | 192% | $317.8M | +7.73% |
| BMNU | T-REX 2X Long BMNR Daily Target ETF | 180% | $332.2M | +10.08% |
| AGQ | ProShares Ultra Silver | 203% | $418.4M | -1.03% |
| QQA | Invesco QQQ Income Advantage ETF | 227% | $12.4M | +0.20% |
| SDVD | FT Vest SMID Rising Dividend Achievers Target Income ETF | 203% | $6.0M | +0.91% |
| GNOV | FT Vest U.S. Equity Moderate Buffer ETF -November | 276% | $7.0M | +0.12% |
Multi-Asset
The Multi-Asset segment recorded a total volume of $252.5M, translating to 148% of its 30-day average. Activity was notably elevated in categories like Target Risk – Conservative (finishing the day up +0.21%). This concentrated turnover was largely driven by heavy turnover in AOK (iShares Core 30/70 Conservative Allocation ETF, closing up +0.14%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Target Risk – Conservative | 367% | $23.8M | +0.21% |
| Target Risk – Aggressive | 304% | $24.6M | +0.19% |
| Target Risk – Growth | 194% | $100.8M | +0.33% |
| Specialty – Multi-Asset Income | 128% | $31.6M | +0.33% |
| Specialty – Real Assets | 173% | $11.3M | +0.54% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOK | iShares Core 30/70 Conservative Allocation ETF | 386% | $20.9M | +0.14% |
| AOR | iShares Core 60/40 Balanced Allocation ETF | 315% | $64.5M | +0.26% |
| AOA | iShares Core 80/20 Aggressive Allocation ETF | 310% | $24.4M | +0.25% |
