Macro Summary
Total ETF market volume registered at a subdued $180.63B, just 74% of the recent 30-day average. The session was characterized by divergent activity across asset classes, with notably quiet trading in Equities contrasting sharply with elevated turnover in Commodities and Digital Assets. Fixed Income was the session’s main story, trading slightly above its average, propelled by a significant concentration of activity in short and intermediate-term government bond funds.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $107.50B | $161.04B | 67% |
| Fixed Income | $28.46B | $28.01B | 102% |
| Commodities | $9.48B | $7.10B | 134% |
| Digital Asset | $5.32B | $4.70B | 113% |
| Currencies | $69.5M | $101.5M | 69% |
| Alternatives | $436.9M | $722.9M | 60% |
| Non-Traditional | $29.16B | $43.29B | 67% |
| Multi-Asset | $202.5M | $222.5M | 91% |
| Total | $180.63B | $245.18B | 74% |
Equity
Equity ETFs saw a very quiet day, with total volume of $107.50B representing only 67% of the 30-day average. Despite the overall lull, certain thematic and international categories showed signs of life, including Health Innovation (214% of ADV) and Eurozone equities (133%). The session was marked by extraordinary block-like activity in a pair of ESG funds; the Nuveen ESG Large-Cap Value ETF (NULV) and Nuveen ESG Large-Cap Growth ETF (NULG) traded at an astonishing 6,293% and 4,385% of their respective norms. Other outliers included the BNY Mellon Global Infrastructure Income ETF (BKGI) at 889% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 214% | $306.5M | +1.89% |
| Equity: Region – Eurozone | 133% | $526.3M | +0.44% |
| Equity: Region – Asia-Pacific Ex-Japan | 132% | $172.5M | +1.55% |
| Equity: Global Ex-U.S. Small | Mid Cap | 128% | $368.7M | +0.83% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NULV | Nuveen ESG Large-Cap Value ETF | 6,293% | $255.5M | +0.33% |
| NULG | Nuveen ESG Large-Cap Growth ETF | 4,385% | $239.9M | +0.80% |
| BKGI | BNY Mellon Global Infrastructure Income ETF | 889% | $125.3M | +0.80% |
| WCMI | First Trust WCM International Equity ETF | 676% | $110.8M | +1.55% |
| GMOI | GMO International Value ETF | 655% | $41.3M | +0.31% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 559% | $168.0M | +0.43% |
| FNDB | Schwab Fundamental U.S. Broad Market ETF | 542% | $33.9M | -0.11% |
| ESGU | iShares ESG Aware MSCI USA ETF | 533% | $303.4M | +0.31% |
| UAE | iShares MSCI UAE ETF | 493% | $18.9M | -0.87% |
| EWG | iShares MSCI Germany ETF | 476% | $161.7M | +0.74% |
Fixed Income
Fixed Income was a key focal point, trading $28.46B for a slightly above-average 102% of its 30-day volume. The activity was heavily concentrated in government debt, where the Taxable Government Short and Intermediate categories saw turnover spike to 360% and 320% of their norms, respectively. This theme was evident in the most active tickers, with the Schwab Short-Term US Treasury ETF (SCHO) trading 913% of its ADV and the Vanguard Intermediate-Term Treasury ETF (VGIT) turning over $1.22B (674% of ADV). The day’s top outlier was the Goldman Sachs Municipal Income ETF (GMUB), which saw volume at 2,133% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Short | 360% | $2.07B | +0.12% |
| Fixed Income: Taxable – Government Intermediate | 320% | $2.05B | +0.35% |
| Fixed Income: Municipal – Long | 238% | $131.6M | +0.08% |
| Fixed Income: Municipal – Single State | 193% | $219.5M | +0.06% |
| Fixed Income: Municipal – Short | 134% | $254.0M | -0.09% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GMUB | Goldman Sachs Municipal Income ETF | 2,133% | $85.3M | +0.16% |
| SCHO | Schwab Short-Term US Treasury ETF | 913% | $677.6M | +0.11% |
| SPTS | State Street SPDR Portfolio Short Term Treasury ETF | 834% | $270.9M | +0.09% |
| VGIT | Vanguard Intermediate-Term Treasury ETF | 674% | $1.22B | +0.39% |
| FMHI | First Trust Municipal High Income ETF | 582% | $31.3M | +0.07% |
| VGSH | Vanguard Short-Term Treasury ETF | 560% | $967.5M | +0.11% |
| FLRT | Pacer Aristotle Pacific Floating Rate High Income ETF | 535% | $26.4M | +0.06% |
| LMUB | iShares Long-Term National Muni Bond ETF | 437% | $53.8M | -0.06% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 379% | $42.9M | +0.26% |
| DFGX | Dimensional International Core Fixed Income ETF | 311% | $23.4M | +0.38% |
Commodities
Commodities experienced an active session, with $9.48B in turnover representing 134% of the 30-day average. The heightened volume was driven by the Shipping Freight (203% of ADV) and Precious Metals (145% of ADV) categories. Large gold funds saw significant interest, with SPDR Gold Shares (GLD) trading $5.52B (155% of ADV) and the SPDR Gold Minishares Trust (GLDM) trading at 258% of its norm. The top outlier in the space was the Invesco DB Base Metals Fund (DBB) at 292% of its average volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Specialty – Shipping Freight | 203% | $146.9M | -0.89% |
| Commodity: Focused – Precious Metals | 145% | $8.15B | +0.04% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBB | Invesco DB Base Metals Fund | 292% | $12.6M | +0.78% |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 258% | $866.3M | +0.34% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 195% | $26.8M | -1.81% |
| AAAU | Goldman Sachs Physical Gold ETF | 175% | $86.1M | +0.33% |
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | 171% | $12.6M | -1.71% |
| GLD | SPDR Gold Shares | 155% | $5.52B | +0.33% |
Digital Asset
Digital Asset ETFs posted an active day, with trading volume of $5.32B coming in at 113% of the recent average. Interest was highest in the Altcoin category, which saw 191% of its typical volume, followed by Ethereum-focused funds at 133%. XRP-related products were notable outliers, with the Bitwise XRP ETF (XRP) trading 280% of its norm. The asset class leader, iShares Bitcoin Trust ETF (IBIT), also saw above-average turnover of $2.73B, or 156% of its 30-day average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 191% | $203.1M | -0.38% |
| Digital Asset: Cryptocurrency – Ethereum | 133% | $936.2M | -0.44% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XRP | Bitwise XRP ETF | 280% | $40.3M | -2.01% |
| XRPZ | Franklin XRP ETF | 267% | $11.3M | -1.43% |
| BSOL | Bitwise Solana Staking ETF | 177% | $50.3M | +1.13% |
| MSBT | Morgan Stanley Bitcoin Trust ETF | 161% | $16.0M | +0.27% |
| IBIT | iShares Bitcoin Trust ETF | 156% | $2.73B | +0.04% |
Currencies
Currency ETFs saw a quiet session with total volume reaching just $69.5M, or 69% of the 30-day average. No specific categories stood out for their activity. The only notable fund-level action was in the Invesco CurrencyShares Swiss Franc Trust (FXF), which traded 310% 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 |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 310% | $10.1M | +0.26% |
Alternatives
Alternatives saw a very quiet session, with volume reaching just $436.9M, or 60% of its 30-day average. No specific categories or individual tickers registered unusually high trading activity.
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 traded $29.16B, a subdued 67% of their 30-day average. The lone bright spot was the Leverage and Inverse Crypto category, which saw turnover at 166% of its norm. This was reflected in the most active tickers, including the Volatility Shares 2x Bitcoin ETF (BITX) at 213% of its average and the 2x Ether ETF (ETHU) at 165%. The day’s top outlier was the ProShares S&P 500 High Income ETF (ISPY), which traded 319% of its usual volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 166% | $857.3M | -0.94% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ISPY | ProShares S&P 500 High Income ETF | 319% | $11.4M | +0.21% |
| GAUG | FT Vest U.S. Equity Moderate Buffer ETF – August | 269% | $7.8M | +0.13% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 240% | $15.7M | +0.44% |
| WTPI | WisdomTree Equity Premium Income Fund | 236% | $7.2M | +0.17% |
| BMNU | T-REX 2X Long BMNR Daily Target ETF | 215% | $106.0M | +6.20% |
| BITX | Volatility Shares 2x Bitcoin ETF | 213% | $292.0M | +0.18% |
| BITU | ProShares Ultra Bitcoin ETF | 194% | $95.7M | +0.14% |
| KNG | FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 187% | $23.9M | -0.76% |
| ETHU | 2x Ether ETF | 165% | $191.7M | -1.20% |
| BALI | iShares U.S. Large Cap Premium Income Active ETF | 160% | $12.0M | +0.07% |
Multi-Asset
Multi-Asset funds experienced a relatively balanced session, with total volume of $202.5M registering at 91% of the 30-day average. Activity was concentrated in just a couple of tickers, led by the State Street Multi-Asset Real Return ETF (RLY) at 209% of its norm and the Return Stacked U.S. Stocks & Managed Futures ETF (RSST) at 170%.
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 | 209% | $12.5M | -0.04% |
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | 170% | $5.5M | -0.39% |
Single-Stock Volume
Single-stock activity was dominated by a massive move in Dick’s Sporting Goods, Inc. (DKS), which saw extraordinary volume of $4.73B, or 1,567% of its 30-day average, as its shares fell -30.52%. DKS is a component in 172 different ETFs. Moderna, Inc. (MRNA) also saw heavy trading at 312% of its ADV on a +14.05% gain, with $7.41B in turnover; the stock is held by 223 ETFs. Other widely-held names with outsized volume included Dycom Industries, Inc. (DY) at 349% of its average and NIKE, Inc. Class B (NKE), held by 300 ETFs, at 160% of its norm.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| DKS | Dick's Sporting Goods, Inc. | 1,567% | $4.73B | -30.52% | 172 |
| DY | Dycom Industries, Inc. | 349% | $592.4M | -6.33% | 152 |
| MRNA | Moderna, Inc. | 312% | $7.41B | +14.05% | 223 |
| SMTC | Semtech Corporation | 291% | $868.1M | +7.61% | 141 |
| BMNR | BitMine Immersion Technologies Inc | 206% | $1.39B | +2.97% | 67 |
| BURL | Burlington Stores, Inc. | 199% | $509.6M | -3.82% | 188 |
| SMR | NuScale Power Corporation Class A | 185% | $514.8M | +8.34% | 68 |
| ZM | Zoom Communications, Inc. Class A | 179% | $527.7M | -5.80% | 245 |
| MSTR | Strategy Inc Class A | 176% | $3.51B | +3.05% | 177 |
| CRCL | Circle Internet Group, Inc. Class A | 174% | $1.57B | +4.77% | 137 |
| NKE | NIKE, Inc. Class B | 160% | $1.41B | -2.98% | 300 |
| TEM | Tempus AI, Inc. Class A | 159% | $559.3M | +3.49% | 87 |
| CDE | Coeur Mining, Inc. | 150% | $919.7M | +3.33% | 180 |
