Macro Summary
The market experienced muted activity during this session, with total volume standing at $321.99B, achieving roughly 89% of the 30-day average. Fixed Income and Currencies were the only asset classes to exceed their historical baselines (recording 116% and 110% of ADV, respectively), while participation across Equity, Commodities, and Multi-Asset segments remained subdued.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $209.56B | $251.10B | 83% |
| Fixed Income | $45.18B | $38.94B | 116% |
| Commodities | $18.27B | $19.73B | 93% |
| Digital Asset | $5.04B | $5.46B | 92% |
| Currencies | $172.15M | $156.59M | 110% |
| Alternatives | $1.98B | $1.89B | 105% |
| Non-Traditional | $41.57B | $44.61B | 93% |
| Multi-Asset | $201.91M | $267.07M | 76% |
Equity
Equity trading was notably muted, capturing $209.56B in total volume (83% of the 30-day average). Despite the softer tape, anomalous activity surfaced in Asia-Pacific Ex-Japan strategies, which traded heavily at 177% of their baseline.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific Ex-Japan | 177% | $410.39M | -1.52% |
| Equity: U.S. Mid Cap – Value | 167% | $490.45M | +0.77% |
| Equity: U.S. Mid Cap – Growth | 156% | $396.07M | +0.07% |
| Equity: Thematic – Midstream & MLPs | 129% | $194.47M | +0.90% |
| Equity: Sector – Health Care | 126% | $5.16B | -0.40% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FPAG | FPA Global Equity ETF | 470% | $22.79M | -0.71% |
| BBMC | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 439% | $17.74M | +0.61% |
| GQGU | GQG US Equity ETF | 355% | $17.52M | +0.47% |
| XTL | State Street SPDR S&P Telecom ETF | 313% | $19.87M | +1.69% |
| PEY | Invesco High Yield Equity Dividend Achievers ETF | 311% | $27.08M | +0.55% |
| DJD | Invesco Dow Jones Industrial Average Dividend ETF | 308% | $10.00M | -0.28% |
| STRV | Strive 500 ETF | 297% | $9.18M | -0.58% |
| QLTY | GMO US Quality ETF | 288% | $80.32M | -0.63% |
| IWS | iShares Russell Mid-Cap Value ETF | 288% | $225.87M | +0.75% |
| SYLD | Cambria Shareholder Yield ETF | 283% | $10.62M | +1.54% |
Fixed Income
Fixed Income was the standout asset class of the session, drawing $45.18B in volume (116% of the historical average). Securitized and Single-State Municipal bonds fueled the participation surge, logging volume more than double their respective 30-day norms.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Securitized | 205% | $956.87M | -0.21% |
| Fixed Income: Municipal – Single State | 203% | $178.10M | -0.60% |
| Fixed Income: Taxable – Inflation Protected | 165% | $1.11B | -0.25% |
| Fixed Income: Municipal – High Yield | 149% | $188.06M | -0.66% |
| Fixed Income: Specialty – Interest Rate Volatility | 148% | $104.21M | +0.27% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CLOA | iShares AAA CLO Active ETF | 1543% | $384.54M | +0.10% |
| TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | 779% | $123.38M | -0.99% |
| MFSB | MFS Active Core Plus Bond ETF | 723% | $27.84M | -0.28% |
| JMBS | Janus Henderson Mortgage-Backed Securities ETF | 597% | $212.01M | -0.45% |
| FPEI | First Trust Institutional Preferred Securities & Income ETF | 438% | $29.24M | -0.42% |
| IBTK | iShares iBonds Dec 2030 Term Treasury ETF | 392% | $13.86M | -0.28% |
| BUXX | Strive Enhanced Income Short Maturity ETF | 385% | $27.73M | -0.02% |
| JPLD | JPMorgan Limited Duration Bond ETF | 376% | $96.97M | -0.11% |
| BBAG | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 374% | $11.48M | -0.33% |
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 361% | $13.95M | -0.35% |
Commodities
Commodities registered balanced to slightly subdued activity, yielding $18.27B in total volume (93% of the historical average). The sole pocket of concentrated interest emerged within Agriculture products, which generated volume notably above their standard pace.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 155% | $115.47M | +0.47% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBA | Invesco DB Agriculture Fund | 156% | $48.78M | +0.29% |
Digital Asset
Trading across Digital Assets remained relatively quiet, logging $5.04B in total volume (92% of the 30-day average). Broad pullbacks across the segment suppressed overall interest.
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.
Currencies
Currency strategies commanded mild outperformance in participation relative to historical baselines, processing $172.15M in volume (110% of typical levels). The action was centralized in core structural currency products.
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 | 171% | $39.68M | -0.20% |
Alternatives
The Alternative asset class exhibited balanced to slightly elevated trading behavior, yielding $1.98B in total volume (105% of average). Participation was distributed smoothly without specific category concentrations triggering outsized anomalies.
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 witnessed $41.57B in aggregate volume, pacing at 93% of their rolling average. Despite the broader lag, structured equity buffers and fixed income leveraged/inverse products commanded disproportionate liquidity.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 179% | $590.44M | -0.21% |
| Non-Traditional: Leverage | Inverse – Fixed Income | 139% | $425.73M | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FFEB | FT Vest U.S. Equity Buffer Fund – February | 1117% | $34.19M | -0.36% |
| CRCA | ProShares Ultra CRCL | 270% | $188.68M | -42.12% |
| LITX | Tradr 2X Long LITE Daily ETF | 199% | $185.75M | +20.86% |
| SPDN | Direxion Daily S&P 500 Bear 1X ETF | 196% | $1.36B | -0.15% |
| DGP | DB Gold Double Long Exchange Traded Notes | 185% | $28.56M | +0.20% |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | 179% | $11.47M | -0.70% |
| AIPI | REX AI Equity Premium Income ETF | 170% | $8.34M | -0.94% |
| UDOW | ProShares UltraPro Dow30 | 169% | $441.45M | -0.43% |
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | 167% | $9.53M | -0.53% |
| QQA | Invesco QQQ Income Advantage ETF | 162% | $8.40M | -0.73% |
Multi-Asset
Multi-Asset allocations logged deeply subdued trading dynamics during the session, with total volume registering at $201.91M, or roughly 76% of its typical historical rate.
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 | 155% | $14.43M | +1.15% |
