Muted Session Sees ETF Volumes Fall Sharply Below Average

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Macro Summary

Total ETF market volume concluded the week on a quiet note, with just $184.11 billion changing hands, a mere 77% of the recent 30-day average. The subdued activity was broad-based, as major asset classes like Equity, Fixed Income, and Commodities all traded at approximately three-quarters of their typical pace. Digital Assets and Currencies saw activity closer to their norms but still remained below average. The only segment to surpass its daily volume average was Multi-Asset, which ticked up to 105%, though this was on a very low absolute volume base, underscoring a widespread lack of conviction across the market.

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $116.68B $154.32B 76%
Fixed Income $22.53B $29.80B 76%
Commodities $6.07B $7.99B 76%
Digital Asset $3.99B $4.42B 90%
Currencies $90.4M $98.8M 92%
Alternatives $505.9M $679.3M 74%
Non-Traditional $34.03B $40.57B 84%
Multi-Asset $224.6M $214.5M 105%
Total $184.11B $238.09B 77%

Equity

Equity ETFs saw a significant drop in activity, trading $116.68 billion, or just 76% of their 30-day average. Despite the overall lull, targeted interest emerged in Asia-Pacific strategies, with the category trading at 300% of its norm. Specific funds saw major volume spikes, led by the WisdomTree Dynamic International Equity Fund (DDWM) at 637% of its average. Other standouts included the iShares Core MSCI Pacific ETF (IPAC) at 571%, the iShares Global Energy ETF (IXC) at 366%, and the Schwab U.S. Mid-Cap ETF (SCHM) at 320% of its typical volume.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Equity: Region – Asia-Pacific 300% $139.8M +0.62%
Equity: Region – Asia-Pacific Ex-Japan 152% $218.8M +1.22%
Equity: Thematic – FinTech 134% $108.4M -0.35%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
DDWM WisdomTree Dynamic International Equity Fund 637% $22.1M +0.02%
IPAC iShares Core MSCI Pacific ETF 571% $43.2M +0.16%
IXC iShares Global Energy ETF 366% $119.6M -0.87%
IMCB iShares Morningstar Mid-Cap ETF 341% $9.0M -0.23%
SCHM Schwab U.S. Mid-Cap ETF 320% $134.7M +0.56%
QUS State Street SPDR MSCI USA StrategicFactors ETF 315% $8.4M -0.66%
FV First Trust Dorsey Wright Focus 5 ETF 315% $13.5M -0.11%
ARTY iShares Future AI & Tech ETF 285% $93.1M +2.29%
JHMD John Hancock Multifactor Developed International ETF 284% $10.7M +3.17%
VPL Vanguard FTSE Pacific ETF 250% $96.0M +1.27%

Fixed Income

Fixed Income volume was similarly muted, totaling $22.53 billion for a session activity level of 76% against its 30-day average. The primary driver of activity was the municipal bond space, where Long, Short, and Intermediate duration categories all traded well above their norms at 162%, 139%, and 127% respectively. A few individual funds saw extraordinary turnover, headlined by the Simplify Aggregate Bond ETF (AGGH), which traded an incredible 1,779% of its average volume. Other notable tickers included the BNY Mellon Municipal Intermediate ETF (BKMI) at 1,069% and the Vanguard Short-Term Tax Exempt Bond ETF (VTES) at 361% of its usual pace.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Municipal – Long 162% $108.7M +0.05%
Fixed Income: Municipal – Short 139% $281.6M +0.00%
Fixed Income: Municipal – Intermediate 127% $1.64B +0.02%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
AGGH Simplify Aggregate Bond ETF 1,779% $77.7M -0.56%
BKMI BNY Mellon Municipal Intermediate ETF 1,069% $28.0M +0.03%
SCIO First Trust Structured Credit Income Opportunities ETF 435% $15.7M +0.10%
VTES Vanguard Short-Term Tax Exempt Bond ETF 361% $98.0M +0.04%
DRSK Aptus Defined Risk ETF 330% $15.6M -0.11%
ITM VanEck Intermediate Muni ETF 297% $45.5M +0.06%
UITB VictoryShares Core Intermediate Bond ETF 294% $21.1M -0.01%
DFCA Dimensional California Municipal Bond ETF 286% $10.8M -0.08%
HYGH iShares Interest Rate Hedged High Yield Bond ETF 286% $13.4M -0.01%
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF 271% $393.9M +0.00%

Commodities

Commodities ETFs registered a quiet session with $6.07 billion in volume, representing 76% of the 30-day average. No specific categories stood out with elevated activity. However, a few individual products saw increased interest, including the iShares S&P GSCI Commodity Indexed Trust (GSG), which traded 211% of its average. The United States Natural Gas Fund LP (UNG) also saw a pickup in trading, reaching 162% 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
GSG iShares S&P GSCI Commodity Indexed Trust 211% $55.4M -0.37%
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund 177% $14.0M -0.31%
UNG United States Natural Gas Fund LP 162% $170.4M +0.71%

Digital Asset

Digital Asset ETFs traded $3.99 billion, which was below average but relatively active compared to the broader market at 90% of the 30-day norm. The Altcoin category was a pocket of strength, trading at 134% of its usual pace. The session’s clear standout was the Zcash ETF (ZCSH), which saw a massive volume surge to 762% of its average on $63.7 million traded as its price jumped +7.48%. Elsewhere, the Franklin Bitcoin ETF (EZBC) also saw notable activity at 219% of its norm.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Digital Asset: Cryptocurrency – Altcoin 134% $199.6M -3.10%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
ZCSH Zcash ETF 762% $63.7M +7.48%
EZBC Franklin Bitcoin ETF 219% $12.5M -2.34%

Currencies

Currency ETFs posted volume of $90.4 million, or 92% of their 30-day average. While the absolute dollar volume was low, the segment was one of the most active on a relative basis. The session’s activity was concentrated in the Invesco CurrencyShares Euro Trust (FXE), which traded 222% of its typical 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
FXE Invesco CurrencyShares Euro Trust 222% $16.5M -0.13%

Alternatives

The Alternatives space saw a quiet day, with volume of $505.9 million equating to just 74% of the 30-day average. Trading was broadly subdued across the category, with the only notable outlier being the Simplify Managed Futures Strategy ETF (CTA), which saw volume reach 212% of its recent 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
CTA Simplify Managed Futures Strategy ETF 212% $28.1M +0.19%

Non-Traditional

Non-Traditional ETFs recorded $34.03 billion in volume, representing a relatively busy 84% of their 30-day average. The Synthetic Income – Fixed Income category was notably active at 148% of its norm. Several defined outcome and options-based strategies saw heavy trading, led by the Aptus Enhanced Yield ETF (JUCY) at 680% of its average. Other funds with significant turnover included the Innovator U.S. Equity Power Buffer ETF – September (PSEP) at 442% and the Simplify Treasury Option Income ETF (BUCK) at 429% of their typical volumes.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Synthetic Income – Fixed Income 148% $115.2M +0.00%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
JUCY Aptus Enhanced Yield ETF 680% $25.7M -0.07%
PSEP Innovator U.S. Equity Power Buffer ETF – September 442% $42.9M -0.21%
BUCK Simplify Treasury Option Income ETF 429% $19.5M -0.28%
ROCQ JPMorgan Nasdaq Equity Premium Yield ETF 249% $37.9M +0.27%
ACYS FT Vest Laddered Autocallable Barrier & Resilient Income ETF 223% $17.4M -0.12%
BULZ MicroSectors Solactive FANG & Innovation 3X Leveraged ETN 199% $47.3M +1.80%
BUFF Innovator Laddered Allocation Power Buffer ETF 193% $10.2M -0.11%
DIVN Horizon Dividend Income ETF 188% $9.3M -0.80%
TSLY YieldMax TSLA Option Income Strategy ETF 172% $17.7M -3.37%
TDVI FT Vest Technology Dividend Target Income ETF 158% $6.8M +0.16%

Multi-Asset

Multi-Asset was the only asset class to exceed its daily average, trading 105% of its 30-day norm, though on a small base of just $224.6 million. The modest outperformance was driven by a couple of specific funds. The State Street Multi-Asset Real Return ETF (RLY) traded at 194% of its average, while the iShares Core 30/70 Conservative Allocation ETF (AOK) saw activity reach 183% 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
RLY State Street Multi-Asset Real Return ETF 194% $12.4M -0.28%
AOK iShares Core 30/70 Conservative Allocation ETF 183% $8.6M -0.16%

Single-Stock Volume

In contrast to the quiet ETF market, several single stocks experienced massive volume, often accompanied by sharp price moves. Lululemon Athletica (LULU) was the standout, trading 775% of its average daily volume with $3.35 billion changing hands as the stock fell -17.50%; it is a constituent in 221 different ETFs. Other tech and software names were also highly active, including Samsara (IOT) at 436% of its average and Guidewire Software (GWRE) at 350% of its ADV following a -19.92% price drop. Widely held names like Dell (DELL), held by 415 ETFs, and Tesla (TSLA), held by 521 ETFs, also saw volumes well above 150% of their daily averages.

High-Activity Single Stocks (vs 30-Day ADV)

Stock Name Activity vs ADV $ Volume 1D Return ETFs Holding
LULU lululemon athletica inc. 775% $3.35B -17.50% 221
IOT Samsara, Inc. Class A 436% $917.8M +3.19% 162
PL Planet Labs PBC Class A 372% $524.1M -1.63% 94
CNI Canadian National Railway Company 363% $653.3M +0.12% 4
GWRE Guidewire Software, Inc. 350% $725.8M -19.92% 145
FICO Fair Isaac Corporation 347% $1.29B -16.39% 278
ZS Zscaler, Inc. 302% $1.25B -4.94% 208
CBRS Cerebras Systems, Inc. Class A 183% $2.77B +10.11% 81
AZO AutoZone, Inc. 170% $1.09B -0.18% 272
DELL Dell Technologies, Inc. Class C 164% $5.50B +1.26% 415
PATH UiPath, Inc. Class A 160% $1.57B -16.44% 138
LNG Cheniere Energy, Inc. 158% $728.5M +0.93% 262
TSLA Tesla, Inc. 157% $20.98B -6.00% 521
SNOW Snowflake, Inc. 157% $2.63B -4.90% 307

Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.

Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.

This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.