Macro Summary
The ETF market saw a total of $235.2B in trading volume, representing 86% of the recent 30-day average. The day’s activity was dominated by an exceptional surge in the Commodities asset class, which traded at 168% of its average volume. This spike was almost entirely concentrated in Precious Metals, suggesting a significant flight-to-safety or inflation-hedging sentiment among traders. While most other asset classes saw subdued activity, specific pockets of interest emerged in Fixed Income, particularly within International USD bonds, and in thematic equities related to Health Innovation.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $148.9B | $185.5B | 80% |
| Fixed Income | $26.7B | $29.1B | 92% |
| Commodities | $19.2B | $11.4B | 168% |
| Crypto | $7.5B | $7.6B | 99% |
| Currencies | $61.8M | $75.0M | 82% |
| Alternatives | $1.4B | $1.3B | 109% |
| Non-Traditional | $31.2B | $37.0B | 84% |
| Multi-Asset | $185.1M | $156.2M | 118% |
Equity
The Equity asset class recorded $148.9B in volume, a quiet session at 80% of its 30-day average. Pockets of elevated activity were observed in the Health Innovation and Precious Metals thematic categories. This was largely driven by heavy turnover in specific funds such as ARKG in the genomics space and URTH for broad global exposure. Sector-level trading was generally subdued, with Industrials showing notable interest in transportation via IYT.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Health Innovation | 237% | $228.4M | +2.34% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLIN | Franklin FTSE India ETF | 1160% | $123.4M | +0.72% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 668% | $23.9M | +1.30% |
| AVSD | Avantis Responsible International Equity ETF | 539% | $24.5M | +0.95% |
| IYT | iShares US Transportation ETF | 513% | $165.8M | +1.41% |
| URTH | iShares MSCI World ETF | 459% | $287.1M | +0.88% |
| ABFL | Abacus FCF Leaders ETF | 408% | $20.0M | +0.97% |
| MSLC | Morgan Stanley Pathway Large Cap Equity ETF | 403% | $17.9M | +1.07% |
| SMIN | iShares MSCI India Small Cap ETF | 358% | $43.3M | +0.55% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 351% | $125.8M | +0.53% |
| IXJ | iShares Global Healthcare ETF | 334% | $63.8M | +0.74% |
Fixed Income
Fixed Income markets traded $26.7B, or 92% of their 30-day average volume. The most significant activity was concentrated in the International USD category, which traded at over 200% of its normal volume, largely driven by exceptionally heavy trading in IAGG. Other areas showing above-average interest included Emerging Markets Local Currency bonds and Convertible bonds, while trading in municipal and core taxable categories remained relatively subdued.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International USD | 207% | $527.7M | +0.05% |
| Fixed Income: Taxable – Emerging | 138% | $126.2M | +0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLCO | Franklin Investment Grade Corporate ETF | 804% | $23.5M | +0.23% |
| IAGG | iShares Core International Aggregate Bond ETF | 671% | $377.2M | +0.01% |
| BKAG | BNY Mellon Core Bond ETF | 507% | $26.8M | +0.10% |
| FLHY | Franklin High Yield Corporate ETF | 430% | $23.6M | +0.21% |
| PSK | SPDR ICE Preferred Securities ETF | 296% | $8.8M | -0.73% |
| PMBS | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 287% | $15.1M | +0.07% |
| HTRB | Hartford Total Return Bond ETF | 282% | $16.6M | +0.17% |
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 239% | $14.8M | -0.18% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 246% | $15.4M | +0.16% |
| LTPZ | PIMCO 15+ Year US TIPS Index Exchange-Traded Fund | 196% | $7.2M | +0.41% |
Commodities
The Commodity space was the clear center of market activity, with a massive $19.2B in volume, representing 168% of its 30-day average. This surge was almost entirely driven by the Precious Metals category, which saw exceptionally high turnover. The activity was spearheaded by enormous volume in the primary gold bullion ETF, GLD, alongside notable interest in natural gas via UNG.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 171% | $18.3B | +2.63% |
| Commodity: Focused – Energy | 128% | $692.5M | +0.66% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 261% | $38.9M | +1.63% |
| UNG | United States Natural Gas Fund LP | 204% | $267.3M | +8.97% |
| GLD | SPDR Gold Shares | 201% | $13.5B | +3.10% |
| GLDM | SPDR Gold Minishares Trust of beneficial interest | 159% | $881.1M | +3.05% |
| OUNZ | VanEck Merk Gold ETF | 152% | $56.9M | +2.89% |
Crypto
The Digital Asset class experienced an average trading day with $7.5B in volume, or 99% of its 30-day average. Activity was concentrated in the spot Bitcoin category, which traded slightly above its recent average. Within this group, BTCO was a notable outlier with significantly elevated turnover compared to its peers. Other segments, including Ethereum and Altcoins, saw trading volumes that were in line with or slightly below their recent norms.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BTCO | Invesco Galaxy Bitcoin ETF | 179% | $38.9M | +4.15% |
Currencies
The Currency asset class saw light trading, with total volume of $61.8M representing 82% of the 30-day average. Among the currency trusts, the Swiss Franc, via FXF, was the only instrument to register above-average trading activity.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 178% | $10.4M | +0.03% |
Alternatives
The Alternatives asset class saw elevated volume, trading $1.4B, or 109% of its 30-day average. This activity was primarily driven by the Volatility category, specifically Short Volatility products, which traded at 156% of their average volume. Absolute Return strategies, in contrast, saw a relatively quiet session.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 156% | $238.4M | +3.51% |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Non-Traditional
The Non-Traditional asset class traded $31.2B, a somewhat quiet session at 84% of its 30-day average. Within this diverse group, Leveraged & Inverse Commodity products were a standout, trading at 160% of their average volume. This was fueled by significant activity in gold and natural gas products like UGL and BOIL. Synthetic Income strategies also saw some isolated interest, particularly in WTPI.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 160% | $1.5B | +0.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| WTPI | WisdomTree Equity Premium Income Fund | 447% | $15.6M | +0.68% |
| UGL | ProShares Ultra Gold | 274% | $401.3M | +6.20% |
| WPAY | Roundhill WeeklyPay Universe ETF | 241% | $55.6M | +2.36% |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | 231% | $12.3M | +1.24% |
| SSO | ProShares Ultra S&P 500 | 226% | $536.9M | +2.21% |
| TBT | ProShares UltraShort 20+ Year Treasury | 183% | $32.5M | -0.83% |
| AMZY | YieldMax AMZN Option Income Strategy ETF | 165% | $11.8M | +1.38% |
| FOCT | FT Vest U.S. Equity Buffer ETF – October | 163% | $8.1M | +0.35% |
| BOIL | ProShares Ultra Bloomberg Natural Gas | 163% | $313.6M | +12.71% |
| DPST | Direxion Daily Regional Banks Bull 3X Shares | 151% | $162.6M | +7.28% |
Multi-Asset
The Multi-Asset class saw above-average turnover, with $185.1M in volume, or 118% of its 30-day average. The heightened activity was noticeable in the Alternative Asset Sleeve category, where funds like GDE, which blends gold and equity exposure, traded well above normal volumes. Target Risk strategies also saw pockets of activity, particularly within moderate allocation funds like AOM.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
