Macro Summary
Total market volume for the session reached $448.2B, representing 159% of the 30-day average. The trading day was defined by a sharp spike in activity across nearly all segments, led by significant rotations within the Equity and Digital Asset classes. Heightened volatility was a core driver, as evidenced by a 233% activity level in Alternative strategies and extreme volume in leveraged technology products.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $309.7B | $181.8B | 170% |
| Fixed Income | $34.6B | $28.9B | 120% |
| Commodity | $29.9B | $28.1B | 106% |
| Digital Asset | $10.1B | $6.1B | 166% |
| Currency | $109.3M | $97.9M | 112% |
| Alternative | $2.0B | $899.3M | 226% |
| Non-Traditional | $61.6B | $35.7B | 173% |
| Multi-Asset | $215.7M | $216.8M | 99% |
Equity
The Equity class dominated the session with $309.7B in volume (170% ADV). Information Technology and Industrial sectors saw heavy turnover, while Value-oriented global funds showed pockets of strength against a backdrop of broader sector volatility.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Information Technology | 311% | $23.7B | -2.31% |
| Equity: Sector – Materials | 264% | $1.9B | +1.89% |
| Equity: Global Ex-U.S. Large Cap – Value | 237% | $1.6B | +0.81% |
| Equity: Thematic – Multi-Sector | 231% | $1.3B | -2.04% |
| Equity: Thematic – Evolving Consumer | 227% | $1.6B | -0.63% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IDEQ | Lazard International Dynamic Equity ETF | 1,360% | $79.8M | -0.39% |
| XT | iShares Future Exponential Technologies ETF | 986% | $57.3M | -0.60% |
| FDMO | Fidelity Momentum Factor ETF | 849% | $21.4M | -2.52% |
| FSMD | Fidelity Small-Mid Multifactor ETF | 711% | $39.6M | +0.41% |
| IGV | iShares Expanded Tech-Software Sector ETF | 572% | $3.8B | -2.01% |
| SOXQ | Invesco PHLX Semiconductor ETF | 545% | $211.4M | -4.19% |
| DEM | WisdomTree Emerging Markets High Dividend Fund | 503% | $67.3M | -0.31% |
| EFIV | State Street SPDR S&P 500 ESG ETF | 481% | $12.7M | -0.07% |
| SPHD | Invesco S&P 500 High Dividend Low Volatility ETF | 451% | $165.7M | +1.98% |
| IGE | iShares North American Natural Resources ETF | 446% | $51.7M | +1.23% |
Fixed Income
Fixed Income volume reached $34.6B (120% ADV). Bank Loans and Convertible bonds led activity percentages, reflecting a shift in credit preference as market volatility increased.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Bank Loans | 262% | $1.4B | -0.14% |
| Fixed Income: Taxable – Convertible | 173% | $230.4M | -1.19% |
| Fixed Income: Taxable – Emerging USD | 160% | $1.2B | +0.01% |
| Fixed Income: Taxable – High Yield | 144% | $5.2B | -0.12% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XBB | BondBloxx BB-Rated USD High Yield Corporate Bond ETF | 1,211% | $52.8M | -0.38% |
| JPLD | JPMorgan Limited Duration Bond ETF | 979% | $234.1M | +0.00% |
| XCCC | BondBloxx CCC-Rated USD High Yield Corporate Bond ETF | 614% | $64.0M | -0.48% |
| EVLN | Eaton Vance Floating-Rate ETF | 344% | $13.4M | -0.20% |
| BKLN | Invesco Senior Loan ETF | 304% | $827.0M | -0.29% |
| FLCB | Franklin U.S Core Bond ETF | 301% | $23.0M | -0.07% |
| PFXF | VanEck Preferred Securities ex Financials ETF | 300% | $29.0M | +0.30% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 296% | $50.0M | +0.02% |
| JBBB | Janus Henderson B-BBB CLO ETF | 277% | $51.0M | -0.38% |
| ICVT | iShares Convertible Bond ETF | 269% | $183.4M | -1.45% |
Commodities
Commodity products saw $29.9B in total volume (106% ADV). Focused Energy categories were the primary outlier, with heavy trading in crude oil tracking products.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 204% | $1.6B | +0.73% |
| Commodity: Multi-Sector – Broad Market | 154% | $357.2M | +0.08% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | 920% | $54.1M | +0.09% |
| USO | United States Oil Fund LP | 321% | $1.4B | +0.66% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 183% | $150.2M | +0.17% |
| DBC | Invesco DB Commodity Index Tracking Fund | 178% | $31.7M | +0.14% |
| SGOL | abrdn Physical Gold Shares ETF | 150% | $636.4M | +0.11% |
Digital Asset
Digital Assets traded $10.1B (166% ADV) during a broad sell-off. Bitcoin and Ethereum categories saw highly elevated activity as spot ETFs experienced intense turnover amid negative returns.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 169% | $7.7B | -3.15% |
| Digital Asset: Cryptocurrency – Ethereum | 159% | $2.3B | -5.34% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ETH | Grayscale Ethereum Staking Mini ETF | 246% | $566.8M | -6.19% |
| ARKB | ARK 21Shares Bitcoin ETF | 236% | $350.2M | -4.02% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | 222% | $919.7M | -4.00% |
| GBTC | Grayscale Bitcoin Trust ETF | 217% | $672.2M | -4.02% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 198% | $243.0M | -3.98% |
| IBIT | iShares Bitcoin Trust ETF | 171% | $4.5B | -3.93% |
| FETH | Fidelity Ethereum Fund ETF | 165% | $205.3M | -5.98% |
| ETHE | Grayscale Ethereum Staking ETF | 155% | $248.2M | -6.05% |
Currencies
Currency ETF volume was muted at $109.3M (112% ADV). No specific categories or qualifying tickers met the inclusion criteria for high activity outliers during this session.
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 massive activity with $2.0B in volume (226% ADV). Volatility products dominated the narrative as investors rushed to hedge against market moves, with short-term VIX futures seeing extreme turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 297% | $449.0M | -0.87% |
| Alternative: Volatility – Long | 219% | $1.5B | +1.00% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVIX | 2x Long VIX Futures ETF | 248% | $361.1M | +1.72% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 236% | $563.6M | +1.16% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 183% | $431.0M | +0.66% |
Non-Traditional
The Non-Traditional segment saw heavy turnover of $61.6B (173% ADV). Leveraged and Inverse equity products drove the majority of this volume, specifically those targeting technology and single-stock semiconductor exposure.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Equity | 199% | $36.8B | -0.35% |
| Non-Traditional: Synthetic Income – Equity | 178% | $3.1B | -0.96% |
| Non-Traditional: Leverage | Inverse – Single Stock | 162% | $13.9B | -5.15% |
| Non-Traditional: Leverage | Inverse – Crypto | 140% | $1.5B | -5.72% |
| Non-Traditional: Synthetic Income – Single Stock | 135% | $449.8M | -2.21% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SH | ProShares Short S&P500 | 324% | $628.1M | +0.25% |
| TECL | Direxion Daily Technology Bull 3x Shares | 306% | $344.8M | -7.55% |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | 301% | $2.3B | +9.90% |
| UDOW | ProShares UltraPro Dow30 | 298% | $626.9M | +1.61% |
| AMDL | GraniteShares 2x Long AMD Daily ETF | 294% | $494.9M | -33.60% |
| FBL | GraniteShares 2x Long META Daily ETF | 281% | $129.6M | -5.91% |
| QQQI | NEOS Nasdaq 100 High Income ETF | 277% | $622.8M | -1.30% |
| GGLL | Direxion Daily GOOGL Bull 2X Shares | 276% | $377.9M | -3.67% |
| PLTU | Direxion Daily PLTR Bull 2X Shares | 249% | $231.4M | -23.40% |
| SPXU | ProShares UltraPro Short S&P500 | 248% | $541.9M | +1.10% |
Multi-Asset
Multi-Asset turnover was stable at $215.7M (99% ADV). Activity was largely concentrated in global macro and risk-managed strategies as investors sought a balance between asset classes during the risk-off session.
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.
Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.
Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
