Macro Summary
Total ETF market volume registered a subdued $198.83 billion, representing just 82% of the 30-day average daily volume. The session was broadly quiet across most asset classes, with Equity, Digital Assets, and Currencies trading at significantly below-average levels. Fixed Income and Commodities saw turnover closer to their recent norms, but the day’s main story unfolded in the single-stock space, where several individual companies experienced extraordinary trading activity.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $124.78B | $161.73B | 77% |
| Fixed Income | $25.25B | $26.63B | 95% |
| Commodities | $5.97B | $6.03B | 99% |
| Digital Asset | $2.09B | $4.26B | 49% |
| Currencies | $47.0M | $110.2M | 43% |
| Alternatives | $496.9M | $724.5M | 69% |
| Non-Traditional | $39.99B | $43.77B | 91% |
| Multi-Asset | $195.7M | $217.6M | 90% |
| Total | $198.83B | $243.47B | 82% |
Equity
Equity ETFs saw a quiet day, trading just $124.78 billion, or 77% of their recent average. Despite the overall lull, pockets of activity emerged in specific regions and themes. Latin America funds traded at 209% of their average, followed by Asia-Pacific Ex-Japan at 187% and Precious Metals at 157%. Individual fund outliers were led by the American Century Quality Diversified International ETF (QINT), which saw exceptional volume at 1,761% of its norm. Other notable movers included the iShares Emerging Markets Equity Factor ETF (EMGF) at 938% and the iShares Global Financials ETF (IXG) at 533% of their respective averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Latin America | 209% | $162.2M | -0.38% |
| Equity: Region – Asia-Pacific Ex-Japan | 187% | $268.7M | +0.08% |
| Equity: Thematic – Precious Metals | 157% | $3.53B | -2.67% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| QINT | American Century Quality Diversified International ETF | 1,761% | $48.7M | +0.04% |
| EMGF | iShares Emerging Markets Equity Factor ETF | 938% | $105.4M | +0.77% |
| IXG | iShares Global Financials ETF | 533% | $49.2M | +0.47% |
| DES | WisdomTree U.S. SmallCap Dividend Fund | 489% | $23.4M | +0.52% |
| DSTL | Distillate US Fundamental Stability & Value ETF | 489% | $19.0M | +1.77% |
| XSOE | WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 467% | $24.1M | +0.22% |
| ECH | iShares MSCI Chile ETF | 413% | $59.3M | +0.10% |
| RING | iShares MSCI Global Gold Miners ETF | 412% | $194.4M | -3.10% |
| FELG | Fidelity Enhanced Large Cap Growth ETF | 389% | $51.6M | +1.14% |
| REZ | iShares Residential and Multisector Real Estate ETF | 363% | $14.5M | +1.60% |
Fixed Income
Fixed Income products traded $25.25 billion, a level consistent with recent trends at 95% of the 30-day average. While the asset class as a whole was near its typical volume, certain categories showed significant interest, including Core Enhanced (208%), Bank Loans (158%), and Core taxable funds (131%). The Fidelity Total Bond ETF (FBND) was a massive outlier, trading $866.0M in volume, or 714% of its average. State Street Blackstone High Income ETF (HYBL) and PIMCO 15+ Year US TIPS Index Exchange-Traded Fund (LTPZ) also experienced unusually high turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Core Enhanced | 208% | $1.31B | +0.30% |
| Fixed Income: Taxable – Bank Loans | 158% | $372.1M | +0.19% |
| Fixed Income: Taxable – Convertible | 141% | $195.4M | +0.29% |
| Fixed Income: Taxable – Core | 131% | $2.49B | +0.28% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FBND | Fidelity Total Bond ETF | 714% | $866.0M | +0.30% |
| HYBL | State Street Blackstone High Income ETF | 563% | $15.4M | -0.02% |
| LTPZ | PIMCO 15+ Year US TIPS Index Exchange-Traded Fund | 461% | $45.3M | +0.34% |
| SLQD | iShares 0-5 Year Investment Grade Corporate Bond ETF | 450% | $41.1M | +0.13% |
| BSCR | Invesco BulletShares 2027 Corporate Bond ETF | 418% | $41.7M | +0.00% |
| JBBB | Janus Henderson B-BBB CLO ETF | 374% | $47.2M | +0.08% |
| TDTT | FlexShares iBoxx 3 Year Target Duration TIPS Index Fund | 310% | $13.4M | +0.08% |
| BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF | 302% | $11.8M | +0.29% |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 276% | $273.5M | +0.08% |
| TFLR | T. Rowe Price Floating Rate ETF | 269% | $10.9M | +0.24% |
Commodities
The commodities complex saw a standard session, with $5.97 billion changing hands, or 99% of its 30-day average volume. Activity was balanced across the space, with no specific categories showing outsized interest. The lone ticker to stand out was the United States Copper Index Fund (CPER), which traded at a moderately elevated 158% 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 |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 158% | $24.7M | -0.36% |
Digital Asset
It was a very quiet day for Digital Asset ETFs, which saw volume of just $2.09 billion, less than half of their 30-day average at 49%. Trading was subdued across the category, though the ARK 21Shares Bitcoin ETF (ARKB) proved to be an exception. It traded a notable $60.8M, representing 193% 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 |
|---|---|---|---|---|
| ARKB | ARK 21Shares Bitcoin ETF | 193% | $60.8M | -0.02% |
Currencies
Currency ETFs experienced an extremely muted session, with total volume reaching only $47.0 million. This turnover represents just 43% of the asset class’s 30-day average, indicating a significant lack of investor interest during the session. No individual currency funds registered notable activity relative to their typical volumes.
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.
Alternatives
Alternatives ETFs saw a subdued session, with trading volume of $496.9 million amounting to just 69% of the 30-day average. The broader category lacked a clear catalyst, and activity was muted across the board. No individual funds stood out with unusually high trading volume 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.
Non-Traditional
Non-Traditional ETFs, which include leveraged and inverse products, traded $39.99 billion, putting activity just shy of the recent norm at 91% of the 30-day average. Several funds saw heightened interest, led by the Tradr 2X Long SNDK Daily ETF (SNXX), which traded an impressive $2.44 billion, or 176% of its average. The FT Vest Laddered Buffer ETF (BUFR) also saw significant turnover at 317% of its 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 |
|---|---|---|---|---|
| BUFR | FT Vest Laddered Buffer ETF | 317% | $133.6M | +0.20% |
| SPCH | Leverage Shares 2X Long SPCX Daily ETF | 198% | $473.2M | -6.51% |
| IRE | Defiance Daily Target 2X Long IREN ETF | 189% | $162.1M | +5.57% |
| SNXX | Tradr 2X Long SNDK Daily ETF | 176% | $2.44B | +29.09% |
| PLTY | YieldMax PLTR Option Income Strategy ETF | 172% | $9.2M | +0.79% |
| QDPL | Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | 167% | $8.7M | +0.74% |
| NUGT | Direxion Daily Gold Miners Index Bull 2X ETF | 159% | $121.7M | -5.77% |
Multi-Asset
Multi-Asset ETFs posted a relatively typical session, with volume of $195.7 million coming in at 90% of the 30-day average. The category saw balanced trading without any specific themes driving activity. The VanEck Real Assets ETF (RAAX) was the only fund with notable volume, trading at 185% of its 30-day 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 |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 185% | $21.1M | -0.44% |
Single-Stock Volume
In stark contrast to the quiet ETF market, single-stock activity was explosive in several names. FGI Industries Ltd. (FGI) saw astronomical volume, trading over 456,000% of its 30-day average on $1.25 billion in turnover. Accelerant Holdings Class A (ARX) also experienced a massive surge at 5,070% of its norm. Several widely-held large caps were also extremely active, including Workday, Inc. Class A (WDAY) at 475% of ADV (held by 367 ETFs) and Cisco Systems, Inc. (CSCO) at 261% of ADV (held by 573 ETFs), following significant corporate news.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| FGI | FGI Industries Ltd. | 456,311% | $1.25B | +164.38% | 3 |
| ARX | Accelerant Holdings Class A | 5,070% | $1.35B | +43.38% | 31 |
| WDAY | Workday, Inc. Class A | 475% | $3.00B | +17.49% | 367 |
| JD | JD.com, Inc. Sponsored ADR Class A | 393% | $892.5M | -7.18% | 35 |
| CBRS | Cerebras Systems, Inc. Class A | 334% | $3.68B | -12.02% | 80 |
| SMCI | Super Micro Computer, Inc. | 321% | $4.53B | +4.24% | 246 |
| ENB | Enbridge Inc. | 309% | $666.3M | -0.19% | 11 |
| TPR | Tapestry, Inc. | 306% | $1.01B | -16.24% | 326 |
| CSCO | Cisco Systems, Inc. | 261% | $6.36B | -8.65% | 573 |
| COHR | Coherent Corp. | 239% | $4.07B | -7.44% | 328 |
| CRWV | CoreWeave, Inc. Class A | 215% | $5.11B | -1.71% | 221 |
| OPEN | Opendoor Technologies Inc | 208% | $610.8M | +5.01% | 67 |
| MDB | MongoDB, Inc. Class A | 198% | $963.3M | +7.43% | 239 |
| NBIS | Nebius Group N.V. Class A | 190% | $8.66B | -1.40% | 155 |
| HUBS | HubSpot, Inc. | 189% | $743.6M | +14.15% | 183 |
