Macro Summary
Total ETF market volume concluded the session at a muted $255.20 billion, representing just 88% of the recent 30-day average daily volume. The broad-based slowdown was evident across most asset classes, with equities, fixed income, and commodities all trading well below their typical pace. Only the Digital Asset and Multi-Asset categories managed to eke out activity slightly above their recent norms. Despite the overall quiet tone, the session was characterized by extremely concentrated and outsized trading in a handful of specific funds and single stocks, suggesting highly targeted, catalyst-driven positioning.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $172.45B | $195.13B | 88% |
| Fixed Income | $23.61B | $28.30B | 83% |
| Commodities | $5.03B | $7.29B | 69% |
| Digital Asset | $4.85B | $4.78B | 101% |
| Currencies | $67.9M | $118.4M | 57% |
| Alternatives | $727.4M | $1.00B | 73% |
| Non-Traditional | $48.19B | $54.42B | 89% |
| Multi-Asset | $277.9M | $264.3M | 105% |
| Total | $255.20B | $291.29B | 88% |
Equity
Equity ETFs saw a quiet day with total volume reaching $172.45 billion, or 88% of the 30-day average. Despite the overall lull, several categories saw significant interest, led by Thematic Health Innovation funds at 244% of average volume, U.S. Small Cap Growth at 176%, and Health Care sector funds at 154%. This session’s activity was dominated by extreme outliers at the individual fund level. The First Trust Nasdaq Oil & Gas ETF (FTXN) traded an incredible 1,137% of its average volume, while the iShares MSCI India Small Cap ETF (SMIN) and First Trust NYSE Arca Biotechnology Index Fund (FBT) also saw volumes surge past 1,000% of their respective norms.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 244% | $294.0M | +2.18% |
| Equity: U.S. Small Cap – Growth | 176% | $543.2M | +0.32% |
| Equity: Sector – Health Care | 154% | $5.11B | +2.31% |
| Equity: Region – Asia-Pacific Ex-Japan | 136% | $250.0M | -1.02% |
| Equity: Sector – Communication Services | 136% | $1.01B | +0.34% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTXN | First Trust Nasdaq Oil & Gas ETF | 1,137% | $84.7M | -0.59% |
| SMIN | iShares MSCI India Small Cap ETF | 1,045% | $91.8M | +0.65% |
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 1,006% | $50.2M | +1.98% |
| HDEF | Xtrackers MSCI EAFE High Dividend Yield Equity ETF | 992% | $55.1M | +0.17% |
| BKIE | BNY Mellon International Equity ETF | 872% | $38.4M | -0.39% |
| CATH | Global X S&P 500 Catholic Values Custom ETF | 825% | $28.2M | -0.70% |
| FLQL | Franklin U.S. Large Cap Multifactor Index ETF | 754% | $37.3M | -0.79% |
| SUSA | iShares ESG Optimized MSCI USA ETF | 737% | $34.3M | -0.27% |
| DBJP | Xtrackers MSCI Japan Hedged Equity ETF | 574% | $20.4M | -0.59% |
| FXN | First Trust Energy AlphaDEX Fund | 485% | $81.8M | -0.71% |
Fixed Income
Fixed Income ETFs registered a below-average session, with turnover of $23.61 billion translating to 83% of the 30-day ADV. The primary pocket of elevated activity was in the Government Intermediate category, which traded at 138% of its typical volume. Similar to the equity space, individual fund activity was highly concentrated. The Dimensional Global Credit ETF (DGCB) was a significant standout, trading 968% of its average volume. Other notable outliers included the VanEck Emerging Markets High Yield Bond ETF (HYEM) at 740% and the Simplify Aggregate Bond ETF (AGGH) at 618% of their norms.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Intermediate | 138% | $984.4M | +0.19% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DGCB | Dimensional Global Credit ETF | 968% | $46.4M | +0.09% |
| HYEM | VanEck Emerging Markets High Yield Bond ETF | 740% | $33.6M | -0.12% |
| AGGH | Simplify Aggregate Bond ETF | 618% | $15.9M | -0.02% |
| ISHG | iShares 1-3 Year International Treasury Bond ETF | 513% | $26.4M | +0.04% |
| XTEN | BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 450% | $61.9M | +0.21% |
| VPLS | Vanguard Core Plus Bond ETF | 419% | $45.6M | +0.08% |
| DFGX | Dimensional International Core Fixed Income ETF | 368% | $26.4M | +0.06% |
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | 351% | $13.3M | +0.10% |
| CORB | AB Core Bond ETF | 335% | $9.8M | +0.07% |
| IGEB | iShares Investment Grade Systematic Bond ETF | 284% | $18.2M | +0.11% |
Commodities
The commodities complex experienced a very subdued session, with total volume of $5.03 billion amounting to just 69% of its recent 30-day average. No specific categories saw unusually high turnover. The lone bright spot of activity was the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI), which traded a notable 390% of its typical volume, exchanging $23.9 million in shares.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 390% | $23.9M | -1.17% |
Digital Asset
Digital Asset ETFs traded in line with recent trends, posting $4.85 billion in volume for 101% of the 30-day average. While no categories stood out, a couple of specific funds saw heightened interest. Both the Bitwise XRP ETF (XRP) and the Morgan Stanley Bitcoin Trust ETF (MSBT) traded at 175% of their respective average daily volumes, indicating focused activity within the space.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XRP | Bitwise XRP ETF | 175% | $14.5M | +1.31% |
| MSBT | Morgan Stanley Bitcoin Trust ETF | 175% | $20.8M | +0.94% |
Currencies
Currency ETFs saw a particularly quiet day, with total volume reaching only $67.9 million, or 57% of the 30-day average. There were no categories or individual tickers with trading activity that significantly deviated from their recent norms, marking a broadly uneventful session for the asset class.
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.
Alternatives
Trading in the Alternatives space was muted, with total volume of $727.4 million representing 73% of the 30-day average. Category-level activity was unremarkable. The only fund to see significantly elevated turnover was the iMGP DBi Managed Futures Strategy ETF (DBMF), which traded 163% of its typical volume on the day.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 163% | $80.3M | -0.70% |
Non-Traditional
Non-Traditional ETFs saw a relatively standard session with $48.19 billion in turnover, or 89% of their 30-day ADV. While category activity was balanced, several individual defined outcome and leveraged products saw massive volume spikes. The Invesco MSCI EAFE Income Advantage ETF (EFAA) led the way, trading an exceptional 1,107% of its average. Other notable movers included the FT Vest Laddered Autocallable Barrier & Income ETF (ACYN) at 239% and the Direxion Daily S&P Biotech Bull 3X ETF (LABU) at 185% of their norms.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EFAA | Invesco MSCI EAFE Income Advantage ETF | 1,107% | $35.7M | -0.54% |
| ACYN | FT Vest Laddered Autocallable Barrier & Income ETF | 239% | $68.2M | +0.10% |
| IGLD | FT Vest Gold Strategy Target Income ETF | 238% | $17.7M | +1.04% |
| CAIE | Calamos Autocallable Income ETF | 238% | $25.4M | -0.09% |
| DJUN | FT Vest U.S. Equity Deep Buffer ETF – June | 205% | $5.2M | -0.05% |
| BUFD | FT Vest Laddered Deep Buffer ETF | 199% | $15.7M | -0.12% |
| LABU | Direxion Daily S&P Biotech Bull 3X ETF | 185% | $206.9M | +7.10% |
| WDCX | Tradr 2X Long WDC Daily ETF | 183% | $114.1M | -26.49% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 163% | $12.5M | +0.08% |
Multi-Asset
Multi-Asset funds traded slightly above their recent pace, with $277.9 million in volume representing 105% of the 30-day average. The activity was largely driven by the Target Risk – Growth category, which saw turnover at 135% of its norm. At the ticker level, the iShares Core 40/60 Moderate Allocation ETF (AOM) was the most active fund, trading 217% of its typical daily volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Growth | 135% | $152.0M | -0.09% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AOM | iShares Core 40/60 Moderate Allocation ETF | 217% | $16.4M | -0.18% |
Single-Stock Volume
Single-stock activity featured several dramatic outliers, contrasting with the broader market’s quiet tone. Sadot Group Inc. (SDOT) saw an extraordinary volume spike of 2,752% above its 30-day average on $735.5 million traded. Synaptics Incorporated (SYNA) also experienced heavy turnover at 752% of its ADV. Among widely-held names, ON Semiconductor Corporation (ON) traded $3.51 billion, or 259% of its average, and is a constituent in 300 ETFs. Similarly, AbbVie, Inc. (ABBV), a component of 464 ETFs, saw volume reach 228% of its norm on $2.80 billion in turnover.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| SDOT | Sadot Group Inc. | 2,752% | $735.5M | +174.72% | 1 |
| SYNA | Synaptics Incorporated | 752% | $828.6M | -3.50% | 108 |
| CM | Canadian Imperial Bank of Commerce | 510% | $666.6M | -0.36% | — |
| TECH | Bio-Techne Corporation | 286% | $723.5M | +0.30% | 173 |
| ON | ON Semiconductor Corporation | 259% | $3.51B | -24.03% | 300 |
| HLT | Hilton Worldwide Holdings Inc. | 251% | $1.34B | -4.02% | 302 |
| CRS | Carpenter Technology Corporation | 251% | $871.5M | -1.29% | 201 |
| MRNA | Moderna, Inc. | 244% | $858.1M | +12.53% | 213 |
| VRTX | Vertex Pharmaceuticals Incorporated | 244% | $1.44B | +1.32% | 383 |
| NXT | Nextpower Inc. Class A | 239% | $756.4M | -5.58% | 216 |
| ABBV | AbbVie, Inc. | 228% | $2.80B | +3.78% | 464 |
| ROK | Rockwell Automation, Inc. | 224% | $666.8M | -1.42% | 320 |
| KDP | Keurig Dr Pepper Inc. | 216% | $808.4M | +2.89% | 293 |
| BE | Bloom Energy Corporation Class A | 215% | $6.22B | -16.98% | 228 |
| HWM | Howmet Aerospace Inc. | 213% | $1.39B | -1.12% | 336 |
