Macro Summary
Trading activity for the session was muted overall, tracking at just 88% of the 30-day average on a total market volume of $290.05B. While Multi-Asset exchange-traded products managed to inch past their historical norms at 104% of typical activity, core asset classes were notably subdued. Equities anchored absolute dollar volume with $211.88B traded (97% of ADV), offset by steep declines in Commodities turnover ($11.04B, 38% of ADV) and Digital Assets ($4.19B, 63% of ADV). The session reflected a balanced, quiet environment rather than sweeping thematic rotations.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $211.88B | $218.83B | 97% |
| Fixed Income | $25.77B | $31.69B | 81% |
| Commodities | $11.04B | $28.72B | 38% |
| Digital Asset | $4.19B | $6.65B | 63% |
| Currencies | $94.42M | $120.38M | 78% |
| Alternatives | $1.17B | $1.31B | 89% |
| Non-Traditional | $35.65B | $41.88B | 85% |
| Multi-Asset | $250.82M | $241.98M | 104% |
Equity
The Equity class observed near-average volume levels at $211.88B (97% of ADV), experiencing specific pockets of concentrated rotation rather than broad conviction. Sustainability and Information Technology categories caught outsized attention, posting 144% and 135% of their respective 30-day averages, despite ending the session in negative territory. Unsurprisingly, specific thematic, financial, and consumer discretionary tickers dominated the high-activity outlier board.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Sustainability | 144% | $316.88M | -1.36% |
| Equity: U.S. Large Cap – Growth | 135% | $58.51B | -0.70% |
| Equity: Sector – Information Technology | 135% | $14.65B | -1.59% |
| Equity: Region – Country Specific | 126% | $11.48B | -0.62% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|---|
| FTXO | First Trust Nasdaq Bank ETF | 656% | $34.86M | +1.06% |
| RSPD | Invesco S&P 500 Equal Weight Consumer Discretionary ETF | 621% | $24.40M | +1.37% |
| AUSF | Global X Adaptive U.S. Factor ETF | 584% | $17.63M | +0.62% |
| EWZS | iShares MSCI Brazil Small-Cap ETF | 569% | $56.10M | +0.32% |
| IMCV | iShares Morningstar Mid-Cap Value ETF | 548% | $13.82M | +0.64% |
| FLCA | Franklin FTSE Canada ETF | 531% | $18.69M | +1.08% |
| FXO | First Trust Financials AlphaDEX Fund | 494% | $66.79M | +0.93% |
| GRPM | Invesco S&P MidCap 400 GARP ETF | 455% | $12.25M | +0.77% |
| SPTM | State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 419% | $267.61M | -0.47% |
| IXP | iShares Global Comm Services ETF | 378% | $20.40M | -0.29% |
Fixed Income
Fixed Income volume wrapped up at $25.77B, realizing 81% of typical daily turnover. The action skewed predominantly toward credit and taxable exposures, highlighted by above-average participation in the Convertible (132%) and Bank Loan (129%) categories. Floating rate products and high-yield instruments distinctly anchored the outlier list, signaling targeted yield-seeking behavior from participants.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Convertible | 132% | $208.73M | -1.32% |
| Fixed Income: Taxable – Bank Loans | 129% | $1.04B | -0.34% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|---|
| TFLR | T. Rowe Price Floating Rate ETF | 1785% | $66.57M | -0.09% |
| HYBL | State Street Blackstone High Income ETF | 357% | $16.66M | -0.35% |
| CLOX | Eldridge AAA CLO ETF | 297% | $9.94M | +0.04% |
| BWX | SPDR Bloomberg International Treasury Bond ETF | 286% | $63.27M | +0.20% |
| JBBB | Janus Henderson B-BBB CLO ETF | 225% | $46.94M | -0.39% |
| ISTB | iShares Core 1-5 Year USD Bond ETF | 225% | $54.10M | +0.02% |
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | 217% | $7.34M | +0.12% |
| FTSM | First Trust Enhanced Short Maturity ETF | 207% | $112.40M | +0.01% |
| SPBO | State Street SPDR Portfolio Corporate Bond ETF | 204% | $30.86M | +0.08% |
| FLBL | Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund | 188% | $20.86M | +0.20% |
Commodities
Commodities experienced a highly subdued session, with aggregate volume sinking to just $11.04B, or 38% of its 30-day average. Focused Energy (189% of ADV) was the sole category to break the $100M threshold with elevated conviction, driven heavily by crude oil products amidst broader asset class quietude.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 189% | $1.68B | -0.50% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|---|
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 255% | $69.84M | +2.76% |
| USO | United States Oil Fund LP | 244% | $1.39B | +0.15% |
Digital Asset
Digital Assets printed a very light session, managing just $4.19B in trading volume, tracking at 63% of historical norms. Returns across the board skewed negative, and no specific category or underlying ticker met the threshold for high-activity outlier status.
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 exchange-traded products remained quiet, settling at $94.42M in volume (78% of typical activity). The session did not feature any specific categories or tickers commanding pronounced trading 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.
Alternatives
Alternative ETPs gathered $1.17B in trading volume, registering at 89% of average daily activity. The asset class saw balanced, muted participation across Absolute Return and Volatility profiles, with no single segment or ticker hitting extreme outlier parameters.
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
The Non-Traditional segment saw total turnover of $35.65B, coming in slightly subdued at 85% of average volume. Synthetic Income and Leveraged/Inverse structures dominated the action, heavily skewed toward semiconductor and tech-focused single-stock products on a highly volatile day for those names.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|---|
| KORU | Direxion MSCI Daily South Korea Bull 3X Shares | 476% | $478.25M | +2.66% |
| FNGU | MicroSectors FANG+ 3 Leveraged ETNs | 184% | $224.12M | -2.03% |
| UCO | ProShares Ultra Bloomberg Crude Oil | 180% | $124.20M | -0.23% |
| NVDL | GraniteShares 2x Long NVDA Daily ETF | 157% | $1.34B | -11.43% |
| BUYW | Main BuyWrite ETF | 157% | $9.34M | -0.03% |
| ISPY | ProShares S&P 500 High Income ETF | 155% | $8.71M | -0.56% |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | 154% | $29.25M | -1.90% |
| NVDX | T-Rex 2X Long NVIDIA Daily Target ETF | 151% | $271.40M | -11.32% |
| NVDY | YieldMax NVDA Option Income Strategy ETF | 151% | $106.87M | -4.66% |
Multi-Asset
Multi-Asset products stood out as the only class to crest its 30-day moving average, recording 104% of typical activity on $250.82M in volume. The session highlighted interest in Global Macro and Real Asset allocations, with notable activity spikes among adaptive and all-weather strategies.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|---|
| ALLW | SPDR Bridgewater All Weather ETF | 280% | $48.65M | +0.12% |
| RAAX | VanEck Real Assets ETF | 215% | $23.17M | +0.33% |
| HECA | Hedgeye Capital Allocation ETF | 173% | $13.88M | -0.60% |
Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.
Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
