Outlier Volumes Suggest “Risk-On” Alive and Well

Macro Summary

The ETF market saw a significant increase in trading activity, with total volume reaching $281.0B, a robust 128% of its 30-day average. The primary driver of this heightened volume was the Equity asset class, which traded at 132% of its recent average. Within equities, the Information Technology sector was a clear standout, with volumes surging to 179% of the 30-day average, indicating strong, focused conviction in this area of the market. This was accompanied by a notable increase in trading in the Non-Traditional asset class, where leveraged single-stock ETFs were particularly active.

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Equity

The Equity asset class was the main driver of market activity, trading $198.3B in volume, or 132% of its 30-day average. The Information Technology sector was the clear leader, with volume surging to 179% of its average. This was followed by strong activity in the Industrial and Financials sectors, indicating broad bullish sentiment across key areas of the market.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Fixed Income

The Fixed Income asset class had a busy session with $31.3B in volume, trading at 120% of its 30-day average. Bank Loans were a standout category, trading at 176% of their average, while Government Long-Duration bonds were also active at 141% of their average.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Commodities

The Commodities asset class saw a significant uptick in activity, trading $7.8B in volume, which is 132% of its 30-day average. The heightened interest was concentrated in Precious Metals, which traded at 136% of their average volume.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Crypto

The Digital Asset class had a quiet session with $5.2B in trading volume, which was 82% of its 30-day average. A notable pocket of activity was in Solana ETFs, which traded at 188% of their average.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Currencies

The Currency asset class saw elevated trading activity with $85.3M in volume, 130% of its 30-day average. The heightened interest was spread across the major currency ETFs.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Alternatives

The Alternatives asset class had a quiet session, trading $755.8M in volume, which was 78% of its 30-day average. Activity was muted across all major strategies within this class.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Non-Traditional

The Non-Traditional asset class saw significant activity with $37.4B in volume, trading at 125% of its 30-day average. The primary driver was Leverage/Inverse Single Stock ETFs, which traded at 143% of their average, indicating a strong appetite for tactical, high-conviction trades.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Multi-Asset

The Multi-Asset class saw a slightly elevated day of trading with $145.1M in volume, which was 114% of its 30-day average. The Conservative Target Risk and Global Macro categories saw the most notable increases in activity.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers