The total ETF market volume reached $316.7B today, representing 111% of its 30-day average activity. The primary narrative of the session centered on a massive surge in volatility and turnover within specialized equity themes, specifically the Equity: Thematic – Evolving Consumer category which traded at 163% of its average volume while falling 1.96%. This activity was punctuated by a historic volume spike and price collapse in the MSOS ETF, which plunged 26.08% on the day. Broader markets remained active as the Equity asset class (up 0.53%) and Fixed Income (up 0.10%) both saw elevated participation levels relative to recent averages.
Asset Class Summary
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$224.8B
$199.8B
112%
Fixed Income
$32.8B
$28.7B
114%
Commodity
$10.3B
$8.4B
123%
Digital Asset
$7.8B
$7.3B
107%
Currency
$50.8M
$80.8M
63%
Alternative
$1.2B
$1.4B
83%
Non-Traditional
$39.6B
$40.0B
99%
Multi-Asset
$182.1M
$172.1M
106%
Equity
The Equity asset class traded a total of $224.8B, representing 112% of its 30-day average activity. This elevated turnover was significantly influenced by the Equity: Thematic – Evolving Consumer category (finishing the day down 1.96%) and high turnover in Equity: U.S. Large Cap – Growth (up 1.29%). Specific ticker-level activity was anchored by MSOS (closing -26.08%), which traded at a remarkable 639% of its average volume, and TMFC (closing +0.77%), which saw activity reach 738% of normal levels. These heavy flows in thematic and growth categories provided the primary catalyst for the asset class’s overall volume profile.
FlexShares International Quality Dividend Index Fund
354%
$8.9M
+0.87%
Fixed Income
Fixed Income ETFs recorded $32.8B in total volume, trading at 114% of their 30-day average. The session was defined by significant turnover in the Fixed Income: Taxable – Bank Loans category (finishing the day up 0.04%) and Fixed Income: Taxable – Multisector (up 0.09%). Activity was heavily concentrated in specific tickers such as LDUR (closing +0.08%), which traded at a massive 1159% of its average, and DFIP (closing +0.12%), reaching 841% of ADV. These flows into bank loans and inflation-protected segments highlighted a shift toward defensive and rate-sensitive income strategies.
NuShares ETF Trust Nuveen International Aggregate Bond ETF
394%
$249.6M
-0.16%
Commodities
Commodity ETFs saw $10.3B in volume, trading at 123% of their 30-day average. The primary driver was the Commodity: Focused – Precious Metals category (up 0.00% average), which traded at 126% of ADV. Ticker activity was led by PPLT (closing +1.64%), which saw turnover reach 260% of average, and PALL (closing +3.64%), trading at 199% of its usual volume. The concentration of activity in platinum and palladium suggests a tactical focus on specific industrial and precious metals.
PIMCO Commodity Strategy Active Exchange-Traded Fund
151%
$6.7M
-0.18%
Crypto
Digital Asset ETFs traded $7.8B, or 107% of their 30-day average. Volume was notable in the Digital Asset: Cryptocurrency – Ethereum category (finishing the day down 0.70%) and multi-coin strategies. Ticker-level activity was highlighted by ETHW (closing -0.64%), which traded at 180% of average, and BITW (closing -1.15%), seeing turnover at 176% of ADV. The general weakness across tickers like BSOL (-4.17%) reflects broader selling pressure in the altcoin space.
Currency ETFs traded a total volume of $50.8M, representing just 63% of their 30-day average. The broader category (finishing the day down 0.01%) saw muted activity across the board. No specific high-activity tickers or categories met the criteria for outlier status today, reflecting a period of relative calm in foreign exchange product turnover.
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 $1.2B in volume, trading at 83% of their 30-day average activity level. While overall asset class volume was slightly below average, specific activity was noted in the Alternative: Absolute Return – Event Driven category (finishing the day down 0.41%) and Alternative: Absolute Return – Multi-Strategy (up 0.74%). No individual tickers rose to the level of high-activity outliers for the session.
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.
Non-Traditional
Non-Traditional ETFs traded $39.6B, representing 99% of their 30-day average. Activity was primarily driven by the Non-Traditional: Leverage | Inverse – Commodity category (finishing the day up 0.27%) and specific demand for synthetic income. Ticker-level turnover was dominated by RSPA (closing +0.14%), which traded at 285% of its average, and MUU (closing +19.33%), reaching 270% of ADV. The significant activity in AGQ (-3.99%) at 227% of ADV highlights the intense participation in leveraged commodity vehicles.
Multi-Asset ETFs traded $182.1M, reaching 106% of their 30-day average. Turnover was primarily driven by the Asset Allocation: Target Risk – Growth category (finishing the day up 0.56%) and Asset Allocation: Specialty – Real Assets (up 0.24%). No individual multi-asset tickers triggered high-activity outlier status for the day, as the class maintained a balanced volume profile despite slight outperformance in growth-oriented target risk funds.
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.
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