Macro Summary
Total market volume reached $360.7B during the session, registering robust activity at 130% of the 30-day average. The session tone was broadly risk-on, highlighted by anomalous activity levels in Commodities (155%) and strong participation in Equity (132%), while defensive and tactical positioning drove elevated flows in Non-Traditional segments.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $239.3B | $180.8B | 132% |
| Fixed Income | $33.0B | $28.9B | 114% |
| Commodities | $11.5B | $7.4B | 155% |
| Digital Asset | $5.5B | $4.6B | 119% |
| Currencies | $133.5M | $117.6M | 113% |
| Alternatives | $1.2B | $1.1B | 110% |
| Non-Traditional | $69.9B | $54.6B | 128% |
| Multi-Asset | $225.9M | $266.7M | 85% |
Equity
Equity volume was strong, totaling $239.3B to operate at 132% of its 30-day average. Thematic tech categories, notably Industrial Revolution, alongside core U.S. Mid Cap and Large Cap Growth segments, demonstrated outsized activity, reflecting concentrated risk appetites.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Industrial Revolution | 172% | $1.3B | +4.60% |
| Equity: U.S. Mid Cap – Blend | 169% | $3.1B | +2.21% |
| Equity: U.S. Large Cap – Growth | 153% | $55.3B | +2.46% |
| Equity: U.S. Small Cap – Blend | 152% | $13.3B | +2.17% |
| Equity: U.S. Mid Cap – Value | 147% | $324.7M | +1.51% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| QGRO | American Century U.S. Quality Growth ETF | 659% | $97.6M | +2.30% |
| IXJ | iShares Global Healthcare ETF | 553% | $58.7M | +1.18% |
| VNQI | Vanguard Global ex-U.S. Real Estate ETF | 457% | $57.1M | +1.85% |
| IHF | iShares U.S. Healthcare Providers ETF | 449% | $104.3M | -0.19% |
| QUS | State Street SPDR MSCI USA StrategicFactors ETF | 445% | $11.2M | +0.90% |
| TSME | Thrivent Small-Mid Cap Equity ETF | 407% | $10.4M | +4.05% |
| IETC | iShares U.S. Tech Independence Focused ETF | 402% | $19.0M | +1.85% |
| FSMD | Fidelity Small-Mid Multifactor ETF | 393% | $22.4M | +2.69% |
| RPV | Invesco S&P 500 Pure Value ETF | 387% | $34.5M | +0.62% |
| PXF | Invesco RAFI Developed Markets ex-U.S. ETF | 369% | $23.0M | +3.40% |
Fixed Income
Fixed Income trading saw $33.0B in volume, operating at an active 114% of its 30-day average. The session highlighted notable participant interest down the credit spectrum, specifically within Convertible, Securitized, and High Yield corporate tiers.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Convertible | 192% | $396.8M | +1.89% |
| Fixed Income: Municipal – Intermediate | 150% | $1.5B | +0.01% |
| Fixed Income: Taxable – Securitized | 148% | $683.3M | +0.32% |
| Fixed Income: Taxable – Corporate | 136% | $5.6B | +0.54% |
| Fixed Income: Taxable – High Yield | 133% | $5.1B | +0.42% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| WIP | State Street SPDR FTSE International Government Inflation-Protected Bond ETF | 1216% | $59.8M | +0.59% |
| JMTG | JPMorgan Mortgage-Backed Securities ETF | 1108% | $311.2M | +0.59% |
| GOVI | Invesco Equal Weight 0-30 Year Treasury ETF | 643% | $49.0M | +0.89% |
| CLOX | Eldridge AAA CLO ETF | 492% | $18.1M | +0.12% |
| ICLO | Invesco AAA CLO Floating Rate Note ETF | 412% | $10.8M | +0.20% |
| GTO | Invesco Total Return Bond ETF | 330% | $32.5M | +0.47% |
| DGCB | Dimensional Global Credit ETF | 324% | $14.3M | +0.74% |
| ICVT | iShares Convertible Bond ETF | 304% | $290.4M | +2.76% |
| DFGX | Dimensional International Core Fixed Income ETF | 287% | $17.7M | +0.77% |
| CORB | AB Core Bond ETF | 271% | $7.7M | +0.61% |
Commodities
Commodities registered significant anomalous activity, trading $11.5B to hit 155% of the 30-day average. Focused allocations in Precious Metals dominated capital flows, signaling strong demand for safe-haven or hard asset exposure.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 166% | $9.0B | +3.66% |
| Commodity: Focused – Energy | 140% | $2.0B | -2.62% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AAAU | Goldman Sachs Physical Gold ETF | 258% | $172.3M | +3.18% |
| SGOL | abrdn Physical Gold Shares ETF | 250% | $258.2M | +3.27% |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 238% | $55.7M | -0.07% |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 219% | $705.9M | +3.23% |
| IAU | iShares Gold Trust | 216% | $1.0B | +3.24% |
| OUNZ | VanEck Merk Gold ETF | 207% | $54.8M | +3.02% |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 195% | $182.8M | +3.22% |
| OILK | ProShares K-1 Free Crude Oil ETF of Benef Interest | 189% | $20.9M | -2.37% |
| BNO | United States Brent Oil Fund LP | 188% | $382.6M | -4.90% |
| GLD | SPDR Gold Shares | 177% | $4.6B | +3.23% |
Digital Asset
Digital Asset volume maintained an above-average pace at $5.5B, tracking at 119% of recent norms. Flows were largely concentrated in primary Bitcoin-linked products, though category-wide anomalous volume remained muted.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BITO | ProShares Bitcoin ETF | 183% | $2.8B | +2.43% |
| BITW | Bitwise 10 Crypto Index ETF | 151% | $4.8M | +2.89% |
Currencies
Currencies exhibited muted session dynamics with $133.5M in total volume, settling at 113% of normal levels. Activity lacked strong directional conviction among standard baskets.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 229% | $13.0M | +0.68% |
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | 203% | $16.0M | -0.40% |
Alternatives
Alternative ETF volume recorded quiet participation, capturing $1.2B at 110% of its 30-day average. Short volatility instruments were the sole bright spot amidst otherwise lackluster cross-category engagement.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 132% | $189.3M | +2.10% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional strategies saw elevated transactional activity at $69.9B, roughly 128% of the 30-day average. Outsized flows into Levered and Inverse equity wrappers signaled aggressive tactical positioning and hedging by participants.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Fixed Income | 151% | $125.2M | +0.61% |
| Non-Traditional: Leverage | Inverse – Equity | 148% | $47.5B | +1.38% |
| Non-Traditional: Leverage | Inverse – Fixed Income | 128% | $244.1M | -0.19% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SSO | ProShares Ultra S&P 500 | 318% | $713.4M | +3.69% |
| ORCX | Defiance Daily Target 2X Long ORCL ETF | 294% | $324.3M | -19.36% |
| UGL | ProShares Ultra Gold | 272% | $344.9M | +6.35% |
| QYLD | Global X NASDAQ 100 Covered Call ETF | 248% | $243.9M | +1.98% |
| SH | ProShares Short S&P500 | 236% | $713.3M | -1.82% |
| DMAY | FT Vest U.S. Equity Deep Buffer ETF – May | 236% | $6.6M | +0.72% |
| FTHI | First Trust BuyWrite Income ETF | 234% | $32.8M | +1.31% |
| DIVO | Amplify CWP Enhanced Dividend Income ETF | 215% | $81.0M | +1.01% |
| XYLD | Global X S&P 500 Covered Call ETF | 214% | $54.4M | +0.68% |
| PSQ | ProShares Short QQQ | 204% | $436.2M | -3.40% |
Multi-Asset
Multi-Asset volume was materially subdued, logging just $225.9M to finish at a quiet 85% of its 30-day average. The broader market risk-on tone negated immediate demand for diversified macro wrappers.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOK | iShares Core 30/70 Conservative Allocation ETF | 174% | $15.8M | +1.09% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 150% | $15.9M | +4.29% |
