Macro Summary
The ETF market registered a total volume of $214.4B, reflecting activity at 76% of its 30-day average, indicating subdued overall trading interest. However, beneath the surface of lower aggregate volume, certain highly specialized segments experienced anomalous activity. The most compelling trading signal of the day was concentrated in the Commodity space, specifically within the Industrial Metals category, which saw volume surge to 294% of its 30-day average. This hyper-activity, despite resulting in a modest negative return for the category (which fell -0.17% on the day), suggests focused positioning in industrial inputs. Additionally, Fixed Income high-yield municipal bonds also saw heavy turnover, trading at 244% of their average daily volume, finishing the day down -0.07%, pointing to tactical rotation within the debt market.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $144.2B | $192.0B | 75% |
| Fixed Income | $28.6B | $29.7B | 96% |
| Commodities | $5.7B | $8.2B | 70% |
| Digital Asset | $5.0B | $7.6B | 65% |
| Currency | $81.0M | $81.8M | 99% |
| Alternative | $932.5M | $1.4B | 66% |
| Non-Traditional | $29.6B | $41.0B | 72% |
| Multi-Asset | $191.9M | $172.8M | 111% |
Equity
Equity trading volume totaled $144.2B, registering at 75% of the 30-day average, signaling muted participation in the space which saw an average 1-day return of -0.32%. Volume anomalies were observed in the highly active Specialty – Long | Short category, which traded at 170% of its average daily volume (closing +0.51%), and the Region – Latin America category, which traded at 167% of its average (closing +0.14%). The trading was largely driven by heavy turnover in DFAX (closing -0.15%), which saw 630% of its average activity, and FDLO (closing -0.49%) at 534% of its average, illustrating targeted volume spikes despite the lower aggregate activity.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Latin America | 167% | $132.4M | +0.14% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DFAX | Dimensional World ex U.S. Core Equity 2 ETF | 630% | $119.6M | -0.15% |
| FDLO | Fidelity Low Volatility Factor ETF | 534% | $32.5M | -0.49% |
| EWP | iShares MSCI Spain ETF | 485% | $154.6M | +0.05% |
| XOVR | ERShares Private-Public Crossover ETF | 477% | $16.6M | +0.20% |
| DBEU | Xtrackers MSCI Europe Hedged Equity ETF | 472% | $15.1M | +0.05% |
| BTAL | AGF U.S. Market Neutral Anti-Beta Fund | 289% | $38.2M | -0.72% |
| VDE | Vanguard Energy ETF | 232% | $122.6M | -1.11% |
| RSPU | Invesco S&P 500 Equal Weight Utilities ETF | 228% | $6.6M | -1.10% |
| FESM | Fidelity Enhanced Small Cap ETF | 228% | $29.7M | -0.12% |
| FUTY | Fidelity MSCI Utilities Index ETF | 225% | $25.6M | -1.14% |
Fixed Income
Fixed Income saw a total volume of $28.6B, representing 96% of the 30-day average, signaling near-average engagement as the asset class finished the day with an average return of -0.11%. The trading flow was heavily skewed toward credit and specialty segments, specifically in the Municipal – High Yield category, which traded at 244% of its average daily volume (closing -0.07%), and the Taxable – International USD category, trading at 164% of its average (closing -0.12%). This activity was substantially driven by outsized turnover in NXUS (closing -0.22%) with 535% activity versus its average, and HYD (closing +0.01%), which saw 411% activity, both contributing to the elevated activity in their respective categories.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International USD | 164% | $467.9M | -0.12% |
| Fixed Income: Specialty – Defined Maturity | 125% | $450.0M | -0.10% |
| Fixed Income: Taxable – Ultrashort | 119% | $1.5B | +0.01% |
| Fixed Income: Taxable – Government Long | 108% | $4.7B | -0.32% |
| Fixed Income: Taxable – High Yield | 106% | $5.1B | -0.23% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NXUS | NuShares ETF Trust Nuveen International Aggregate Bond ETF | 535% | $249.9M | -0.22% |
| BWZ | SPDR Bloomberg Short Term International Treasury Bond ETF | 490% | $14.5M | -0.11% |
| HYD | VanEck High Yield Muni ETF | 411% | $126.2M | +0.01% |
| IBTG | iShares iBonds Dec 2026 Term Treasury ETF | 391% | $43.6M | +0.07% |
| LTPZ | PIMCO 15+ Year US TIPS Index Exchange-Traded Fund | 270% | $7.9M | -0.35% |
| BBHY | JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 245% | $10.8M | -0.21% |
| FALN | iShares Fallen Angels USD Bond ETF | 239% | $55.8M | -0.25% |
| BUXX | Strive Enhanced Income Short Maturity ETF | 234% | $12.8M | +0.02% |
| CLOA | iShares AAA CLO Active ETF | 227% | $39.1M | +0.04% |
| CORP | PIMCO Investment Grade Corporate Bond Index ETF | 225% | $10.6M | -0.16% |
Commodities
The Commodities asset class recorded $5.7B in total volume, a substantial drop to 70% of its 30-day average. The sector finished lower, with an average 1-day return of -0.80%. Despite the overall softness, tactical engagement was extremely high in the Focused – Industrial Metals category, which traded at 294% of its average volume (closing -0.17%), and the Focused – Agriculture category, trading at 134% of its average (closing -0.14%). The elevated activity in these focused areas was driven by significant turnover in tickers like FTGC (closing -1.35%), which traded at 387% of its ADV, and DBC (closing -1.22%) with 183% activity, indicating sharp price action and focused hedging in specific materials.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
Digital Asset
Digital Asset (Crypto) volume came in at $5.0B, representing 65% of the 30-day average, indicative of reduced speculative activity. The asset class saw strong price appreciation, with an average 1-day return of +2.33%. While no individual categories broke the 125% ADV threshold, the sector saw its highest activity in Cryptocurrency – Ethereum (71% of ADV, closing +3.76%) and Cryptocurrency – Bitcoin (63% of ADV, closing +1.35%). Given the average activity levels, no tickers in this asset class qualified as high-activity outliers.
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. |
Currencies
Currency ETFs saw volume settle at $81.0M, almost exactly matching the 30-day average at 99%. The asset class posted an average 1-day return of -0.08%. Activity was steady across the board, with no specific categories meeting the threshold for high-volume or high-activity outlier status.
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
Alternative products saw total volume of $932.5M, down significantly to 66% of the 30-day average, with an average 1-day return of -0.12%. The Absolute Return composite generated the most activity, specifically the Managed Futures category, which traded at 157% of its average volume (closing -0.21%). This increased activity was largely concentrated in DBMF (closing -0.05%), which saw trading activity spike to 243% of its 30-day average, dominating the outlier list for 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 |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 243% | $42.5M | -0.05% |
Non-Traditional
Non-Traditional ETFs reported a total volume of $29.6B, trading at 72% of the 30-day average, with an average 1-day return of +0.12%. Volume leadership came from the Leverage | Inverse – Fixed Income category, which traded at 124% of its average daily volume (closing +0.12%). High-activity outliers included IGLD (closing -0.22%) with 403% activity, originating from the Synthetic Income – Commodity category, and IQQQ (closing -0.06%), which saw 166% activity within the Synthetic Income – Equity space.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
Multi-Asset
Multi-Asset trading volume was $191.9M, exhibiting a slight increase to 111% of the 30-day average. The composite experienced an average 1-day return of -0.26%. The increased trading was concentrated in the Target Risk – Conservative category, which traded at 157% of its average volume (closing -0.29%), and Specialty – Multi-Asset Income, trading at 127% (closing -0.31%). The most active outliers were XOVR (closing +0.20%) in the Specialty – Multi-Sector category with 477% activity, and AOK (closing -0.32%) in the Target Risk – Conservative category with 169% activity.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
