Macro Summary
Overall ETF market activity finished the day at 107% of its 30-day average, with a total of $308.0B traded. The day’s most significant story was a dramatic surge in the Fixed Income: Municipal – High Yield category, which traded at an exceptional 250% of its normal volume and finished the day up +0.09%. This move, along with elevated activity in Equity (111% of average) and Digital Assets (127% of average), defined a day of targeted, high-conviction trading.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $211.4B | $191.0B | 111% |
| Fixed Income | $28.5B | $30.8B | 93% |
| Commodities | $9.4B | $13.3B | 71% |
| Crypto | $11.0B | $8.6B | 127% |
| Currencies | $63.0M | $76.2M | 83% |
| Alternatives | $1.8B | $1.6B | 114% |
| Non-Traditional | $45.7B | $42.6B | 107% |
| Multi-Asset | $181.4M | $184.3M | 98% |
Equity
Equity markets saw $211.4B in total volume, trading at 111% of the 30-day average. Activity was concentrated in several key areas, including U.S. Mid Cap – Growth, which traded at 235% of its average (and closed down -1.59%), driven by heavy turnover in IWP (which fell -1.88%). Global Large Cap – Blend (finishing -1.11%) and Consumer Discretionary (closing -1.26%) also saw elevated volumes, led by funds like JGLO (-1.11%) and XLY (-0.77%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Health Care | 147% | $5.2B | +0.13% |
| Equity: Sector – Financials | 130% | $5.5B | -2.26% |
| Equity: U.S. Mid Cap – Blend | 136% | $2.8B | -1.71% |
| Equity: Sector – Consumer Discretionary | 154% | $2.9B | -1.26% |
| Equity: Sector – Energy | 130% | $2.6B | -1.58% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JGLO | JPMorgan Global Select Equity ETF Global Select Equity ETF | 1381% | $254.5M | -1.11% |
| JIRE | JPMorgan International Research Enhanced Equity ETF | 689% | $213.1M | -1.29% |
| DNL | WisdomTree Global ex-U.S. Quality Growth Fund | 622% | $15.7M | -1.64% |
| IGM | iShares Expanded Tech Sector ETF | 584% | $518.6M | -1.00% |
| LGLV | State Street SPDR US Large Cap Low Volatility Index ETF | 485% | $16.4M | -0.63% |
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 484% | $17.9M | +0.04% |
| FDL | First Trust Morningstar Dividend Leaders Index Fund | 415% | $141.2M | -0.97% |
| QEFA | SPDR MSCI EAFE StrategicFactors ETF | 353% | $9.3M | -1.18% |
| DIV | Global X SuperDividend US ETF | 346% | $16.5M | -0.89% |
| IWP | iShares Russell Mid-Cap Growth ETF | 336% | $451.1M | -1.88% |
Fixed Income
The Fixed Income asset class traded $28.5B, or 93% of its 30-day average. The day’s standout activity was a massive surge in Municipal – High Yield, which traded at 250% of its average (finishing +0.09%), driven by exceptional volume in HYD (up +0.23%). Municipal – Long (closing +0.12%) and Taxable – International USD (closing +0.11%) also saw heavy interest, with funds like MLN (flat at 0.00%) and NXUS (down -0.12%) seeing activity well above average.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Ultrashort | 107% | $1.5B | -0.01% |
| Fixed Income: Taxable – Bank Loans | 136% | $659.1M | -0.12% |
| Fixed Income: Taxable – Emerging USD | 129% | $944.5M | +0.03% |
| Fixed Income: Taxable – Preferred Stock | 120% | $265.6M | -0.41% |
| Fixed Income: Taxable – International USD | 143% | $402.1M | +0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SBIL | Simplify Government Money Market ETF | 1110% | $281.6M | +0.02% |
| NXUS | NuShares ETF Trust Nuveen International Aggregate Bond ETF | 886% | $199.8M | -0.12% |
| MLN | VanEck Long Muni ETF | 575% | $22.0M | 0.00% |
| HYD | VanEck High Yield Muni ETF | 569% | $125.9M | +0.23% |
| LONZ | PIMCO Senior Loan Active Exchange-Traded Fund | 416% | $45.4M | +0.02% |
| NHYB | Nuveen High Yield Corporate Bond ETF | 352% | $149.7M | -0.22% |
| FALN | iShares Fallen Angels USD Bond ETF | 327% | $74.0M | -0.35% |
| HFSI | Hartford Strategic Income ETF | 314% | $12.1M | -0.03% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 273% | $16.3M | +0.06% |
| FLBL | Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund | 245% | $30.6M | -0.06% |
Commodities
Commodities traded $9.4B in total volume, a quiet session at 71% of the 30-day average. The only notable activity was in the small Shipping Freight category, which traded at 150% of its average (finishing down -0.18%). No other high-volume categories or significant ticker outliers were observed in the asset class.
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 |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 173% | $27.9M | +0.41% |
Crypto
The Digital Asset class saw significant turnover, trading $11.0B in volume, or 127% of its 30-day average. The activity was heavily concentrated in Bitcoin products, which traded at 131% of average (but fell -2.14% on the day), and Multicoin ETFs (finishing -2.41%) which saw volume at 182% of average. This was largely driven by heavy trading in spot Bitcoin ETFs like ARKB (down -2.51%) and BITB (down -2.35%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 131% | $8.1B | -2.14% |
High-Activity Ticker Outliers
Currencies
The Currencies asset class saw a quiet day, with $63.0M in total volume, trading at 83% of its 30-day average. There were no high-volume categories or significant ticker outliers for this asset class.
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 |
|---|---|---|---|---|
| No high-activity ticker outliers for this asset class. | ||||
Alternatives
The Alternatives asset class saw $1.8B in volume, trading at 114% of its 30-day average. The activity was led by the Managed Futures category, which traded at 176% of its average (and finished down -0.50%), with notable volume in DBMF (which closed -0.23%). Volatility – Short products also saw elevated interest (122% of average, closing -1.99%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 122% | $260.8M | -1.99% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 283% | $52.7M | -0.23% |
Non-Traditional
Non-Traditional products saw $45.7B in volume, trading at 107% of the 30-day average. The activity was concentrated in Leverage | Inverse – Equity, which traded at 125% of its average (and finished down -0.56%). This was driven by significant turnover in inverse S&P 500 products like SPXS (which gained +2.67%) and leveraged products like SSO (which fell -1.73%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Equity | 125% | $29.0B | -0.56% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SPXS | Direxion Daily S&P 500 Bear 3x Shares | 271% | $594.7M | +2.67% |
| SSO | ProShares Ultra S&P 500 | 224% | $784.6M | -1.73% |
| GGLL | Direxion Daily GOOGL Bull 2X Shares | 204% | $280.4M | +6.37% |
| IDVO | Amplify CWP International Enhanced Dividend Income ETF | 203% | $12.2M | -0.78% |
| TECL | Direxion Daily Technology Bull 3x Shares | 197% | $364.2M | -4.44% |
| IWMI | NEOS Russell 2000 High Income ETF | 195% | $16.1M | -1.06% |
| OMAH | VistaShares Target 15 Berkshire Select Income ETF | 184% | $22.3M | -1.23% |
Multi-Asset
Multi-Asset funds saw $181.4M in total volume, trading at 98% of the 30-day average. Activity was subdued across the asset class, with no high-volume categories or significant ticker outliers to report.
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 |
|---|---|---|---|---|
| No high-activity ticker outliers for this asset class. | ||||
