Macro Summary
Total ETF market volume registered a subdued $260.31 billion, trading at just 89% of the recent 30-day average. The session was characterized by a distinct risk-off sentiment, with Equity and Commodity asset classes seeing significantly below-average turnover. In contrast, Fixed Income activity was perfectly in line with its average, though this figure masked extreme turnover in specific categories. Alternatives and Multi-Asset classes also saw pockets of elevated interest, trading above their typical daily volumes.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $170.64B | $195.79B | 87% |
| Fixed Income | $27.92B | $27.91B | 100% |
| Commodities | $4.09B | $7.13B | 57% |
| Digital Asset | $4.79B | $4.82B | 99% |
| Currencies | $90.4M | $116.6M | 78% |
| Alternatives | $1.14B | $967.7M | 118% |
| Non-Traditional | $51.34B | $54.33B | 94% |
| Multi-Asset | $304.1M | $265.9M | 114% |
| Total | $260.31B | $291.33B | 89% |
Equity
Equity ETFs experienced a quiet day, with total volume reaching $170.64 billion, or 87% of the 30-day average. Despite the overall lull, several thematic and style categories attracted significant attention. Health Innovation (191% of ADV), Global Ex-U.S. Small | Mid Cap (190%), and Disruptive Tech (137%) were notable areas of activity. Individual fund flows were led by significant outliers, including First Trust NYSE Arca Biotechnology Index Fund (FBT) at 825% of its average volume, First Trust Long/Short Equity ETF (FTLS) at 597%, and First Trust Health Care AlphaDEX Fund (FXH) at 556%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 191% | $244.3M | +1.34% |
| Equity: Global Ex-U.S. Small | Mid Cap | 190% | $530.5M | +0.33% |
| Equity: U.S. Small Cap – Growth | 142% | $455.5M | +0.63% |
| Equity: Sector – Health Care | 138% | $4.71B | +0.39% |
| Equity: Thematic – Disruptive Tech | 137% | $6.20B | +2.74% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 825% | $76.5M | +0.30% |
| FTLS | First Trust Long/Short Equity ETF | 597% | $47.2M | +0.73% |
| FXH | First Trust Health Care AlphaDEX Fund | 556% | $19.8M | -0.48% |
| IWX | iShares Russell Top 200 Value ETF | 548% | $60.5M | -0.01% |
| IXJ | iShares Global Healthcare ETF | 493% | $110.5M | +0.62% |
| DFIS | Dimensional International Small Cap ETF | 484% | $83.1M | -0.44% |
| RODM | Hartford Multifactor Developed Markets (ex-US) ETF | 476% | $17.5M | +0.12% |
| SEIE | SEI Select International Equity ETF | 463% | $11.8M | +0.62% |
| DXUV | Dimensional US Vector Equity ETF | 450% | $12.7M | +0.26% |
| RPV | Invesco S&P 500 Pure Value ETF | 397% | $45.2M | -0.32% |
Fixed Income
Fixed Income was a tale of two markets, with total volume of $27.92 billion landing exactly at 100% of its 30-day average, yet hiding pockets of intense activity. Ultrashort and Corporate bond funds were the primary drivers of turnover. Key categories showing outsized interest included International bonds (199% of ADV), Corporate bonds (162%), and Ultrashort funds (131%). The session’s most extreme volume spikes occurred here, with Franklin Ultra Short Bond ETF (FLUD) trading an incredible 2,890% of its average, followed by Invesco Variable Rate Investment Grade ETF (VRIG) at 1,796% and First Trust Structured Credit Income Opportunities ETF (SCIO) at 1,639%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International | 199% | $104.3M | +0.14% |
| Fixed Income: Taxable – Corporate | 162% | $6.50B | +0.05% |
| Fixed Income: Taxable – Preferred Stock | 141% | $309.4M | +0.24% |
| Fixed Income: Taxable – Ultrashort | 131% | $2.04B | -0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLUD | Franklin Ultra Short Bond ETF | 2,890% | $93.2M | +0.02% |
| VRIG | Invesco Variable Rate Investment Grade ETF | 1,796% | $151.0M | +0.06% |
| SCIO | First Trust Structured Credit Income Opportunities ETF | 1,639% | $42.1M | +0.02% |
| FSIG | First Trust Limited Duration Investment Grade Corporate ETF | 1,260% | $62.7M | -0.21% |
| CLOI | VanEck CLO ETF | 1,014% | $69.1M | +0.03% |
| FLRN | State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 901% | $231.3M | +0.05% |
| ISHG | iShares 1-3 Year International Treasury Bond ETF | 857% | $51.0M | +0.32% |
| GSY | Invesco Ultra Short Duration ETF | 592% | $161.2M | +0.04% |
| SPBO | State Street SPDR Portfolio Corporate Bond ETF | 589% | $108.7M | +0.15% |
| DFGP | Dimensional Global Core Plus Fixed Income ETF | 446% | $41.4M | +0.01% |
Commodities
The Commodities space saw a very muted session, with total volume of just $4.09 billion representing only 57% of its recent daily average. The lone area of heightened interest was in Agriculture-focused funds, which collectively traded at 146% of their norm. Among individual products, USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund (SDCI) saw turnover at 307% of its average, while abrdn Physical Precious Metals Basket Shares ETF (GLTR) traded at 273% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 146% | $109.2M | -0.67% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 307% | $21.0M | +0.10% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 273% | $34.5M | -1.22% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 236% | $29.0M | -0.95% |
| DBA | Invesco DB Agriculture Fund | 195% | $62.5M | -1.10% |
Digital Asset
Digital Asset ETFs traded in line with recent trends, posting $4.79 billion in volume for 99% of the 30-day average. The session lacked a broad catalyst, with no specific categories showing unusual activity. The only notable outlier was VanEck Bitcoin ETF (HODL), which saw elevated interest at 175% 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 |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 175% | $44.1M | +1.19% |
Currencies
Activity in Currency ETFs was subdued on the day. Total volume came in at $90.4 million, or 78% of the 30-day average. No specific categories or individual tickers registered trading volume significantly above their recent norms.
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 saw an active session, with trading volume of $1.14 billion surpassing the 30-day average by 18%. The activity was concentrated in Absolute Return strategies, with Multi-Strategy funds trading at an exceptional 1,965% of their average and Managed Futures funds trading at 185%. On a ticker level, iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) was a notable contributor, trading at 152% of its daily norm.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Multi-Strategy | 1,965% | $151.3M | -1.11% |
| Alternative: Absolute Return – Managed Futures | 185% | $151.6M | +0.05% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| KMLM | KraneShares Mount Lucas Managed Futures Index Strategy ETF | 172% | $11.7M | +0.57% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 152% | $360.1M | -4.00% |
Non-Traditional
Non-Traditional ETFs saw a relatively balanced session, with total volume of $51.34 billion coming in at 94% of the 30-day average. While no broader categories stood out, several individual funds experienced significant turnover. Among the leaders were FT Vest Laddered Moderate Buffer ETF (BUFZ) at 323% of its average, ProShares Nasdaq-100 High Income ETF (IQQQ) at 285%, and the leveraged Tradr 2X Long WDC Daily ETF (WDCX) at 219%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 323% | $12.2M | +0.27% |
| IQQQ | ProShares Nasdaq-100 High Income ETF | 285% | $8.6M | +2.12% |
| BALT | Innovator Defined Wealth Shield ETF | 230% | $27.0M | +0.03% |
| WDCX | Tradr 2X Long WDC Daily ETF | 219% | $144.2M | +23.66% |
| ISPY | ProShares S&P 500 High Income ETF | 203% | $9.3M | +2.43% |
| AMZU | Direxion Daily AMZN Bull 2X ETF | 195% | $209.7M | +8.08% |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | 173% | $27.5M | -0.91% |
| TSPY | TappAlpha S&P 500 Growth & Daily Income ETF | 172% | $8.6M | +1.11% |
| OVL | Overlay Shares Large Cap Equity ETF | 160% | $8.6M | +3.75% |
| SSO | ProShares Ultra S&P 500 | 156% | $355.6M | +2.99% |
Multi-Asset
The Multi-Asset category posted an active day, with $304.1 million in volume representing 114% of its 30-day average. The heightened activity was driven by specific funds rather than a category-wide theme. Notable standouts included WisdomTree U.S. Efficient Core Fund (NTSX), which traded 562% of its average volume, and Amplify CEF High Income ETF (YYY) at 345% of its norm.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NTSX | WisdomTree U.S. Efficient Core Fund | 562% | $15.2M | +0.97% |
| YYY | Amplify CEF High Income ETF | 345% | $16.6M | -0.17% |
| RSST | Return Stacked U.S. Stocks & Managed Futures ETF | 336% | $11.0M | +1.43% |
Single-Stock Volume
Single-stock activity was marked by several extreme outliers. Universe Pharmaceuticals Incorporation Class A (UPC) saw astonishing volume, trading over 26,700% of its 30-day average. Honeywell Aerospace Inc (HONA) also experienced a massive surge in interest, trading 1,641% of its norm. Several widely-held stocks were also exceptionally active, including Iridium Communications Inc. (IRDM) at 556% of ADV and held by 161 ETFs, Charter Communications, Inc. Class A (CHTR) at 401% of ADV and held by 225 ETFs, and Comcast Corporation Class A (CMCSA) at 394% of ADV and held across 401 ETFs.
High-Activity Single Stocks (vs 30-Day ADV)
| Stock | Name | Activity vs ADV | $ Volume | 1D Return | ETFs Holding |
|---|---|---|---|---|---|
| UPC | Universe Pharmaceuticals Incorporation Class A | 26,732% | $654.6M | +315.88% | — |
| HONA | Honeywell Aerospace Inc | 1,641% | $1.31B | — | 3 |
| OC | Owens Corning | 596% | $765.4M | +15.24% | 153 |
| IRDM | Iridium Communications Inc. | 556% | $651.5M | +25.65% | 161 |
| CHTR | Charter Communications, Inc. Class A | 401% | $1.74B | +9.99% | 225 |
| CMCSA | Comcast Corporation Class A | 394% | $2.97B | +4.59% | 401 |
| FRSH | Freshworks, Inc. Class A | 352% | $531.9M | +3.60% | 78 |
| TECH | Bio-Techne Corporation | 320% | $899.8M | -0.17% | 171 |
| OUST | Ouster, Inc. | 268% | $520.5M | +27.57% | 72 |
| FCEL | FuelCell Energy, Inc. | 243% | $596.8M | +24.16% | 37 |
| MLM | Martin Marietta Materials, Inc. | 219% | $690.4M | -4.29% | 230 |
| GLW | Corning Inc | 205% | $5.60B | +16.29% | 347 |
| VZ | Verizon Communications Inc. | 195% | $2.11B | -5.28% | 424 |
| RVMD | Revolution Medicines, Inc. | 194% | $947.5M | +6.03% | 138 |
| Q | Qnity Electronics, Inc. | 189% | $546.8M | -0.58% | 227 |
