Macro Summary
Total ETF market volume was muted in the session leading into the holiday weekend, with $226.79 billion changing hands, representing just 78% of the 30-day average daily volume. Activity was broadly subdued across nearly all asset classes, with most trading well below their typical pace. The lone exception was the Currencies category, which saw slightly elevated turnover. Despite the overall quiet tone, several specific funds and categories across Equity and Fixed Income experienced significant, concentrated bursts of trading activity.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $155.57B | $196.95B | 79% |
| Fixed Income | $18.00B | $27.82B | 65% |
| Commodities | $3.07B | $6.91B | 44% |
| Digital Asset | $2.81B | $4.90B | 57% |
| Currencies | $134.3M | $115.1M | 117% |
| Alternatives | $664.3M | $916.2M | 73% |
| Non-Traditional | $46.33B | $53.55B | 87% |
| Multi-Asset | $211.0M | $266.8M | 79% |
| Total | $226.79B | $291.43B | 78% |
Equity
Equity ETFs saw a quiet session, trading $155.57 billion, or just 79% of their recent average. Despite the low overall volume, several niche categories saw heightened interest, including Global Ex-U.S. Small | Mid Cap (181%), U.S. Small Cap – Growth (156%), and Thematic – Health Innovation (143%). Individual fund activity was highlighted by several extreme outliers, including the iShares MSCI USA Equal Weighted ETF (EUSA) which traded 1,163% of its average on $55.6M in volume. Similarly, the iShares MSCI Spain ETF (EWP) saw turnover at 928% of its norm, while the iShares U.S. Pharmaceuticals ETF (IHE) was also exceptionally active at 782% of its 30-day average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Small | Mid Cap | 181% | $545.8M | +0.62% |
| Equity: U.S. Small Cap – Growth | 156% | $531.8M | -1.28% |
| Equity: Thematic – Health Innovation | 143% | $206.8M | +2.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EUSA | iShares MSCI USA Equal Weighted ETF | 1,163% | $55.6M | +0.56% |
| EWP | iShares MSCI Spain ETF | 928% | $137.6M | +1.16% |
| IHE | iShares U.S. Pharmaceuticals ETF | 782% | $87.4M | +2.69% |
| HEEM | iShares Currency Hedged MSCI Emerging Markets ETF | 657% | $20.8M | -2.21% |
| IPAC | iShares Core MSCI Pacific ETF | 653% | $42.9M | +0.35% |
| FMAT | Fidelity MSCI Materials Index ETF | 600% | $20.7M | +1.72% |
| PBPH | Portfolio Building Block World Pharma and Biotech Index ETF | 590% | $19.9M | +3.33% |
| DLN | WisdomTree U.S. LargeCap Dividend Fund | 543% | $62.4M | +0.76% |
| DTCR | Global X Data Center And Digital Infrastructure ETF | 467% | $222.2M | -3.42% |
| PBEU | Portfolio Building Block European Banks Index ETF | 441% | $25.7M | +1.83% |
Fixed Income
Fixed Income ETFs experienced a very slow day, with volume of $18.00 billion amounting to only 65% of the 30-day average. However, this placid surface concealed intense activity in specific areas. Short-duration Municipal bond funds were a hot spot, trading at 203% of their average, alongside Convertible (179%) and Emerging Market (141%) debt funds. The session’s most active ETF came from this asset class, as the Simplify Aggregate Bond ETF (AGGH) saw extraordinary volume at 1,336% of its ADV. Other notable movers included the BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF (XEMD) at 984% and the JPMorgan Ultra-Short Municipal Income ETF (JMST) at 495% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Short | 203% | $399.1M | +0.04% |
| Fixed Income: Taxable – Convertible | 179% | $328.6M | -1.05% |
| Fixed Income: Taxable – Emerging | 141% | $110.9M | +0.21% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AGGH | Simplify Aggregate Bond ETF | 1,336% | $40.1M | +0.29% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 984% | $51.1M | +0.24% |
| LQDH | iShares Interest Rate Hedged Corporate Bond ETF | 787% | $24.1M | -0.34% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | 495% | $263.7M | +0.05% |
| PHYL | PGIM Active High Yield Bond ETF | 429% | $17.7M | +0.07% |
| EVMO | Eaton Vance Mortgage Opportunities ETF | 327% | $9.0M | +0.31% |
| EBND | State Street SPDR Bloomberg Emerging Markets Local Bond ETF | 295% | $17.9M | +0.69% |
| ANGL | VanEck Fallen Angel High Yield Bond ETF | 258% | $39.1M | +0.15% |
| PFFD | Global X U.S. Preferred ETF | 250% | $25.8M | -0.11% |
| VGUS | Vanguard Ultra-Short Treasury ETF | 221% | $23.6M | +0.06% |
Commodities
Commodities ETFs saw volume dry up, with just $3.07 billion in turnover, a mere 44% of the 30-day average. No specific commodity categories experienced unusually high volume. The only notable activity occurred in a couple of individual funds, with the iShares S&P GSCI Commodity Indexed Trust (GSG) trading at 198% of its ADV and the iShares Gold Trust Micro ETF of Benef Interest (IAUM) seeing 179% of its normal turnover.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 198% | $43.1M | -0.09% |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 179% | $187.6M | +1.97% |
Digital Asset
The Digital Asset space was quiet, posting $2.81 billion in volume, which is only 57% of its recent daily average. No categories stood out for elevated activity. The lone fund to see significantly higher-than-normal trading was the Bitwise Solana Staking ETF (BSOL), which traded 172% of its 30-day average on $42.2M in 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 |
|---|---|---|---|---|
| BSOL | Bitwise Solana Staking ETF | 172% | $42.2M | +4.84% |
Currencies
Currency ETFs were the only asset class to trade above their 30-day average, with $134.3 million in volume representing 117% of the norm. Despite the heightened aggregate activity, turnover was broadly distributed across the space, as no individual categories or funds registered as significant outliers on the session.
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
Alternatives ETFs traded $664.3 million, or a subdued 73% of their 30-day average volume. The primary driver of activity was the Absolute Return – Managed Futures category, which saw turnover at 182% of its norm. This was almost entirely attributable to the iMGP DBi Managed Futures Strategy ETF (DBMF), which traded $133.2 million, or 284% of its typical daily volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 182% | $148.5M | -0.37% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 284% | $133.2M | -0.62% |
Non-Traditional
Non-Traditional ETFs, a category that includes leveraged, inverse, and options-based strategies, saw a relatively calm session with $46.33 billion in volume, or 87% of the 30-day average. While no categories were unusually active, several individual funds saw notable interest. The Invesco S&P 500 Equal Weight Income Advantage ETF (RSPA) traded at 519% of its ADV. Several leveraged single-stock funds also saw heavy action, including the T-REX 2X Long SNDK Daily Target ETF (SNDU) at 216% of its average.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 519% | $39.6M | +0.42% |
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | 442% | $14.3M | +0.08% |
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 351% | $19.0M | +0.06% |
| XYLD | Global X S&P 500 Covered Call ETF | 282% | $82.3M | -0.01% |
| SNDU | T-REX 2X Long SNDK Daily Target ETF | 216% | $236.3M | -26.89% |
| PTIR | GraniteShares 2x Long PLTR Daily ETF | 180% | $123.4M | +4.74% |
| BALT | Innovator Defined Wealth Shield ETF | 165% | $25.3M | +0.03% |
| XQQI | NEOS Boosted Nasdaq-100 High Income ETF | 164% | $23.1M | -2.31% |
| PLTU | Direxion Daily PLTR Bull 2X ETF | 161% | $176.3M | +4.79% |
| TSMX | Direxion Daily TSM Bull 2X ETF | 160% | $124.7M | -4.28% |
Multi-Asset
Multi-Asset ETFs saw a quiet day consistent with the broader market, trading $211.0 million for 79% of their 30-day average. Category-level activity was unremarkable. The only fund to see a significant volume spike was the WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE), which turned over $20.4 million, or 209% of its recent average.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 209% | $20.4M | +1.32% |
Single-Stock Volume
Several widely-held single stocks experienced outsized trading volume during the session. Genuine Parts Company (GPC) was a major standout, trading 349% of its average daily volume on $586.2M as its shares rose +12.57%. Other notable high-volume names included Rivian Automotive, Inc. Class A (RIVN) at 289% of its ADV on $1.40B and Honeywell Aerospace Inc (HONA) at 242% on $1.02B. Mega-cap names like McDonald’s Corporation (MCD) and Robinhood Markets, Inc. Class A (HOOD), held by 385 and 305 ETFs respectively, also saw elevated turnover at 158% and 156% of their averages.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| GPC | Genuine Parts Company | 349% | $586.2M | +12.57% | 240 |
| RIVN | Rivian Automotive, Inc. Class A | 289% | $1.40B | +8.30% | 159 |
| HONA | Honeywell Aerospace Inc | 242% | $1.02B | +8.82% | 319 |
| SE | Sea Limited Sponsored ADR Class A | 226% | $706.8M | +0.60% | 109 |
| BP | BP PLC Sponsored ADR | 203% | $769.8M | +3.18% | 36 |
| AEM | Agnico Eagle Mines Limited | 174% | $759.2M | -0.30% | 15 |
| MKSI | MKS Inc. | 161% | $724.7M | -11.07% | 172 |
| MCD | McDonald's Corporation | 158% | $1.89B | +4.03% | 385 |
| HOOD | Robinhood Markets, Inc. Class A | 156% | $4.36B | +2.91% | 305 |
