Macro Summary
The ETF market recorded a total trading volume of $272.5B today, representing 117% of its 30-day average. The day’s narrative was defined by a massive surge in thematic and specialized equity strategies, specifically within the Industrial Revolution category, which saw volume skyrocket to 267% of normal levels despite a -0.50% return. This defensive and technology-led repositioning was further evidenced by extreme turnover in specific international factor funds like EMGF (-0.47%) and JHMD (-0.45%), suggesting a broad institutional shift in global equity exposure.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $187.1B | $161.4B | 116% |
| Fixed Income | $31.1B | $24.9B | 125% |
| Commodity | $14.1B | $10.3B | 137% |
| Digital Asset | $5.3B | $5.7B | 94% |
| Currency | $61.9M | $75.6M | 82% |
| Alternative | $733.1M | $807.7M | 91% |
| Non-Traditional | $34.0B | $29.6B | 115% |
| Multi-Asset | $213.9M | $177.2M | 121% |
Equity
Equity ETFs saw total volume of $187.1B, trading at 116% of their 30-day average. The session was dominated by significant turnover in the Health Care category (finishing the day up 1.21%) and the Financials sector (closing -1.24%). Extreme activity in SHLD (closing +1.55%) drove the Thematic – Industrial Revolution narrative, while broad-based rebalancing was evident in international factor leaders like EMGF (closing -0.47%) and JHMD (closing -0.45%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Health Care | 183% | $5.6B | +1.21% |
| Equity: Sector – Financials | 135% | $4.0B | -1.24% |
| Equity: Emerging Large Cap | 126% | $3.8B | -0.56% |
| Equity: Sector – Energy | 147% | $2.9B | -1.07% |
| Equity: Sector – Industrial | 167% | $2.7B | -0.71% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EMGF | iShares Emerging Markets Equity Factor ETF | 851% | $32.3M | -0.47% |
| JHMD | John Hancock Multifactor Developed International ETF | 774% | $51.6M | -0.45% |
| QGRW | WisdomTree U.S. Quality Growth Fund | 736% | $103.7M | +0.17% |
| QQH | HCM Defender 100 Index ETF | 621% | $18.1M | +0.10% |
| PBW | Invesco WilderHill Clean Energy ETF | 545% | $90.7M | -1.37% |
| OMFL | Invesco Russell 1000 Dynamic Multifactor ETF | 524% | $55.5M | -0.77% |
| SHLD | Global X Defense Tech ETF | 429% | $210.2M | +1.55% |
| IXP | iShares Global Comm Services ETF | 422% | $17.9M | -0.21% |
| PTL | Inspire 500 ETF | 411% | $14.2M | -0.98% |
| ITA | iShares U.S. Aerospace & Defense ETF | 400% | $432.1M | -2.23% |
Fixed Income
Fixed Income ETFs reached $31.1B in total volume, trading at 125% of their 30-day average. Activity was particularly concentrated in the Municipal – Intermediate category (finishing the day up 0.28%) and Taxable – Government Long (closing +0.49%). The move was supported by extreme turnover in XHLF (closing 0.00%) and FMB (closing +0.27%), highlighting a flight to safety and duration management as yields stabilized.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Intermediate | 166% | $1.3B | +0.28% |
| Fixed Income: Taxable – Government Long | 135% | $5.1B | +0.49% |
| Fixed Income: Taxable – Short-Term | 165% | $1.4B | +0.01% |
| Fixed Income: Taxable – Government Short | 150% | $778.0M | -0.00% |
| Fixed Income: Taxable – Core Enhanced | 136% | $671.7M | +0.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XHLF | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 755% | $103.8M | +0.01% |
| FMB | First Trust Managed Municipal ETF | 730% | $58.7M | +0.27% |
| FLCB | Franklin U.S Core Bond ETF | 675% | $44.0M | +0.09% |
| JSI | Janus Henderson Securitized Income ETF | 600% | $36.4M | +0.00% |
| XBIL | US Treasury 6 Month Bill ETF | 465% | $22.9M | +0.00% |
Commodities
Commodity ETFs registered $14.1B in volume, or 137% of their 30-day average. The Focused – Precious Metals category (finishing the day down 2.08%) saw significant turnover, alongside a surge in Focused – Industrial Metals (closing -3.14%). High-activity tickers like CPER (closing -3.45%) and SIVR (closing -3.77%) signaled a sharp reduction in metals exposure as part of the session’s broader risk-off move.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 139% | $13.3B | -2.08% |
| Commodity: Multi-Sector – Broad Market | 102% | $173.6M | -0.77% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 227% | $52.2M | -3.45% |
| SIVR | abrdn Physical Silver Shares ETF | 208% | $438.7M | -3.77% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 205% | $28.3M | -0.48% |
| SLV | iShares Silver Trust | 174% | $6.5B | -3.80% |
| GLDM | SPDR Gold Minishares Trust | 162% | $707.6M | -0.90% |
Crypto
Digital Asset ETFs posted total volume of $5.3B, or 94% of their 30-day average. The session was marked by heavy selling in Cryptocurrency – Ethereum (finishing the day down 3.25%) and Cryptocurrency – Bitcoin (closing -1.59%). Despite the lack of category-level outliers, the broad pullback across all major crypto assets indicates a cooling of recent speculative momentum.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Currencies
Currency ETFs traded a total of $61.9M today, representing 82% of their 30-day average. The Currency category (finishing the day down 0.06%) showed subdued turnover compared to other asset classes, reflecting a relatively quiet session for foreign exchange markets.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Alternatives
Alternative ETFs saw total volume of $733.1M, trading at 91% of their 30-day average. The session saw moderate interest in Volatility – Short strategies (finishing the day down 0.80%), while broader alternative strategies remained below their recent activity averages.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 124% | $135.1M | -0.80% |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Non-Traditional
Non-Traditional ETFs reported total volume of $34.0B, at 115% of their 30-day average. The surge was primarily driven by Leverage | Inverse – Commodity (finishing the day up 0.18%) and Buffer – Equity (closing -0.09%). Intense activity in DGP (closing -1.42%) and DFEN (closing -6.48%) highlighted active speculation and hedging within sector-specific leveraged vehicles.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 152% | $2.6B | +0.18% |
| Non-Traditional: Buffer – Equity | 180% | $568.7M | -0.09% |
| Non-Traditional: Synthetic Income – Equity | 139% | $2.0B | -0.36% |
| Non-Traditional: Leverage | Inverse – Fixed Income | 157% | $367.3M | -0.13% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DGP | DB Gold Double Long Exchange Traded Notes | 715% | $21.2M | -1.42% |
| DFEN | Direxion Daily Aerospace & Defense Bull 3X Shares | 401% | $41.0M | -6.48% |
| LABU | Direxion Daily S&P Biotech Bull 3X Shares | 367% | $307.3M | +7.73% |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | 341% | $31.0M | -1.03% |
| NJAN | Innovator Growth-100 Power Buffer ETF – January | 322% | $8.3M | -0.09% |
Multi-Asset
Multi-Asset ETFs saw $213.9M in total volume, trading at 121% of their 30-day average. Turnover was concentrated in Specialty – Alternative Asset Sleeve (finishing the day down 0.99%) and Target Risk – Global Macro (closing -0.37%). High-activity tickers like NTSX (closing -0.23%) and ALLW (closing -0.16%) reflected a trend toward complex risk management and diversification.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NTSX | WisdomTree U.S. Efficient Core Fund | 380% | $13.9M | -0.23% |
| ALLW | SPDR Bridgewater All Weather ETF | 184% | $15.3M | -0.16% |
