Macro Summary
Today’s trading session saw total ETF volume of $338.9B, clocking in at 122% of the trailing 30-day average. The day’s defining narrative emerged from the Commodities asset class, which traded at a robust 185% of its daily average. This surge was primarily fueled by exceptional turnover in the Commodity: Focused – Precious Metals category (finishing the day up 0.30%), where volumes reached $13.6B (192% of average), largely driven by heavy turnover in SLV (closing -2.46%).
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $238.4B | $191.9B | 124% |
| Non-Traditional | $46.9B | $40.0B | 117% |
| Fixed Income | $31.2B | $29.8B | 105% |
| Commodity | $14.5B | $7.8B | 185% |
| Digital Asset | $5.8B | $7.5B | 78% |
| Alternative | $1.8B | $1.4B | 131% |
| Multi-Asset | $199.0M | $168.6M | 118% |
| Currency | $61.3M | $83.2M | 74% |
Equity
Equity ETFs generated $238.4B in total volume, trading at 124% of their 30-day average. Activity was concentrated in the Equity: Specialty – Hedged category (finishing the day down -1.21%) and Equity: Sector – Industrial (closing -0.66%), which saw elevated flows. This action was largely driven by heavy turnover in MISL (closing -0.60%) and MSOS (closing +54.60%), contributing significantly to the sector’s volume outlier status.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Industrial | 206% | $4.4B | -0.66% |
| Equity: Thematic – Evolving Consumer | 188% | $1.2B | +5.34% |
| Equity: Global Large Cap – Blend | 158% | $2.0B | -1.02% |
| Equity: Sector – Financials | 144% | $5.5B | -0.35% |
| Equity: Sector – Information Technology | 142% | $12.5B | -3.53% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MISL | First Trust Indxx Aerospace & Defense ETF | 30118% | $1.3B | -0.60% |
| FXR | First Trust Industrials/Producer Durables AlphaDEX Fund | 4446% | $769.7M | -1.14% |
| FHEQ | Fidelity Hedged Equity ETF | 2985% | $101.8M | -1.29% |
| GLOV | Activebeta World Low Vol Plus Equity ETF | 2004% | $67.7M | -0.37% |
| MSOS | AdvisorShares Pure US Cannabis ETF | 1888% | $509.0M | +54.60% |
| FXO | First Trust Financials AlphaDEX Fund | 1794% | $170.6M | -0.94% |
| BINV | Brandes International ETF | 1333% | $33.4M | +0.03% |
| DBEF | Xtrackers MSCI EAFE Hedged Equity ETF | 1219% | $257.5M | -0.48% |
| FLCG | Federated Hermes MDT Large Cap Growth ETF | 801% | $21.1M | -1.45% |
| FXU | First Trust Utilities AlphaDEX Fund | 780% | $168.2M | -0.82% |
Fixed Income
Fixed Income ETFs saw $31.2B in volume, trading at 105% of average. The Fixed Income: Specialty – Interest Rate Volatility category stood out (finishing the day down -0.20%) alongside Fixed Income: Taxable – Bank Loans (closing -0.03%), both posting high relative activity. This was largely driven by heavy turnover in IVOL (closing -0.58%) and SRLN (closing -0.08%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Specialty – Interest Rate Volatility | 350% | $147.4M | -0.20% |
| Fixed Income: Taxable – Bank Loans | 196% | $859.6M | -0.03% |
| Fixed Income: Municipal – Single State | 153% | $88.1M | -0.13% |
| Fixed Income: Taxable – Emerging | 135% | $94.4M | -0.21% |
| Fixed Income: Specialty – Defined Maturity | 129% | $507.0M | -0.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IVOL | KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF | 1300% | $110.5M | -0.58% |
| SRLN | State Street Blackstone Senior Loan ETF | 396% | $622.0M | -0.08% |
| JBND | JPMorgan Active Bond ETF | 388% | $121.3M | -0.23% |
| BSCU | Invesco BulletShares 2030 Corporate Bond ETF | 326% | $42.4M | -0.24% |
| DRSK | Aptus Defined Risk ETF | 319% | $13.2M | -0.84% |
| IBDQ | iShares iBonds Dec 2025 Term Corporate ETF | 308% | $75.8M | 0.00% |
| BSCW | Invesco BulletShares 2032 Corporate Bond ETF | 302% | $15.3M | -0.26% |
| FTSM | First Trust Enhanced Short Maturity ETF | 289% | $128.5M | +0.01% |
| UCON | First Trust Smith Unconstrained Bond ETF | 272% | $33.9M | -0.60% |
| IGLB | iShares 10+ Year Investment Grade Corporate Bond ETF | 264% | $210.8M | -0.92% |
Commodities
Commodities saw a massive surge in interest, with $14.5B in total volume (185% of average). The primary catalyst was the Commodity: Focused – Precious Metals category (finishing the day up +0.30%), which saw intense trading. This was largely driven by heavy turnover in SLV (closing -2.46%) and PPLT (closing +2.77%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 192% | $13.6B | +0.30% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 308% | $26.6M | -1.16% |
| SLV | iShares Silver Trust | 275% | $4.4B | -2.46% |
| PPLT | abrdn Physical Platinum Shares ETF | 200% | $87.8M | +2.77% |
| SIVR | abrdn Physical Silver Shares ETF | 185% | $192.9M | -2.43% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 170% | $21.9M | -6.38% |
| CPER | United States Copper Index Fund | 165% | $24.0M | -2.34% |
Crypto
Crypto assets had a quieter session with $5.8B in volume (78% of average). No specific categories met the high-volume outlier criteria, and activity remained generally muted across the board.
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 volumes were light, reaching just $61.3M (74% of average). Trading was subdued with no categories showing anomalous volume spikes.
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
Alternatives logged $1.8B in volume (131% of average). The Alternative: Absolute Return – Managed Futures category was a standout, trading at 447% of its average volume (finishing the day down -0.47%). This activity was largely driven by heavy turnover in CTA (closing -0.60%) and DBMF (closing -0.22%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 447% | $153.6M | -0.47% |
| Alternative: Volatility – Short | 141% | $279.7M | -0.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 189% | $17.3M | -0.60% |
| DBMF | iMGP DBi Managed Futures Strategy ETF | 171% | $30.8M | -0.22% |
Non-Traditional
Non-Traditional strategies saw robust activity with $46.9B in volume (117% of average). The Non-Traditional: Leverage | Inverse – Commodity category was active (finishing the day down -0.62%), driven by volatility in underlying assets. This action was largely driven by heavy turnover in PJUL (closing -0.30%) and AGQ (closing -5.76%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 194% | $2.0B | -0.62% |
| Non-Traditional: Buffer – Equity | 132% | $500.0M | -0.34% |
| Non-Traditional: Leverage | Inverse – Equity | 129% | $30.2B | -0.00% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 724% | $31.2M | -0.30% |
| PDEC | Innovator U.S. Equity Power Buffer ETF – December | 416% | $34.7M | -0.45% |
| AGQ | ProShares Ultra Silver | 393% | $1.0B | -5.76% |
| BALT | Innovator Defined Wealth Shield ETF | 352% | $77.3M | -0.26% |
| BULZ | MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 258% | $189.0M | -9.56% |
| RYLD | Global X Russell 2000 Covered Call ETF | 251% | $22.2M | +0.10% |
| UGL | ProShares Ultra Gold | 238% | $341.6M | +1.18% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 216% | $257.6M | -1.28% |
| ORCX | Defiance Daily Target 2X Long ORCL ETF | 200% | $148.0M | -9.41% |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X Shares | 190% | $93.4M | -0.76% |
Multi-Asset
Multi-Asset ETFs traded $199.0M, or 118% of their 30-day average. The Asset Allocation: Target Risk – Target Date category saw elevated interest (finishing the day down -0.81%), alongside Asset Allocation: Specialty – Multi-Asset Income (closing -0.43%). This action was largely driven by heavy turnover in specific allocation strategies.
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. | ||||
