Macro Summary
Trading activity was largely in line with recent trends on Monday, with total volume of $289.8B clocking in at 103% of the 30-day average. However, a significant divergence occurred in international equities, where the Equity: Region – Asia-Pacific category saw volume surge to 561% of its daily mean. This activity was heavily concentrated in the iShares Core MSCI Pacific ETF (IPAC), which traded more than 50x its average daily volume while closing down 3.76%, signaling a potential localized liquidation or reallocation event.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $208.8B | $195.3B | 107% |
| Fixed Income | $28.7B | $29.1B | 99% |
| Commodity | $8.0B | $8.2B | 97% |
| Digital Asset | $6.1B | $7.5B | 81% |
| Currency | $93.7M | $81.8M | 115% |
| Alternative | $1.4B | $1.4B | 96% |
| Non-Traditional | $36.5B | $40.2B | 91% |
| Multi-Asset | $199.2M | $171.0M | 116% |
Equity
Equity markets saw robust activity with $208.8B in total volume, representing 107% of the 30-day average. The session was defined by substantial flows in international segments, most notably the Equity: Emerging Large Cap category (finishing the day down 1.08%), which traded 184% of its average volume. This move was underscored by iShares MSCI Emerging Markets ex China ETF (EMXC), which saw activity surge to nearly 9x its daily norm while falling 1.99%. Additionally, the extreme outlier activity in the Equity: Region – Asia-Pacific category was driven by iShares Core MSCI Pacific ETF (IPAC), which plummeted 3.76% on massive volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Large Cap – Blend | 149% | $8.0B | -0.76% |
| Equity: Region – Country Specific | 134% | $8.0B | -1.44% |
| Equity: Emerging Large Cap | 184% | $6.0B | -1.08% |
| Equity: Sector – Energy | 175% | $3.6B | -3.21% |
| Equity: Global Ex-U.S. Large Cap – Value | 148% | $891.8M | -0.68% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IPAC | iShares Core MSCI Pacific ETF | 5049% | $264.7M | -3.76% |
| FLIN | Franklin FTSE India ETF | 1174% | $150.3M | -0.33% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 895% | $845.2M | -1.99% |
| AIA | iShares Asia 50 ETF | 757% | $148.4M | -2.62% |
| IWX | iShares Russell Top 200 Value ETF | 741% | $158.3M | -1.25% |
| XOVR | ERShares Private-Public Crossover ETF | 726% | $53.7M | +0.50% |
| MSLC | Morgan Stanley Pathway Large Cap Equity ETF | 587% | $25.7M | -0.20% |
| VTWG | Vanguard Russell 2000 Growth ETF | 573% | $20.1M | -0.25% |
| DAPP | VanEck Digital Transformation ETF | 552% | $80.6M | +3.03% |
| MOO | VanEck Agribusiness ETF | 515% | $18.5M | -0.80% |
Fixed Income
Fixed Income trading was slightly lighter than usual, with total volume of $28.7B (99% of average). While the broader market was quiet, pockets of high activity were visible in the Fixed Income: Taxable – Convertible category (closing down 0.48%), where turnover hit 166% of the 30-day mean. Activity was also concentrated in the Fixed Income: Municipal – Short category, largely driven by heavy turnover in iShares Short-Term National Muni Bond ETF (SUB) (closing +0.01%), which traded 388% of its average volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Inflation Protected | 135% | $873.2M | -0.04% |
| Fixed Income: Taxable – Long-Term | 136% | $752.8M | +0.25% |
| Fixed Income: Taxable – International USD | 157% | $455.7M | -0.14% |
| Fixed Income: Specialty – Defined Maturity | 148% | $454.5M | +0.09% |
| Fixed Income: Municipal – Short | 184% | $256.5M | +0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XTEN | BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 1602% | $101.8M | +0.37% |
| HYBB | iShares BB Rated Corporate Bond ETF | 897% | $25.9M | +0.02% |
| IBDX | iShares iBonds Dec 2032 Term Corporate ETF | 871% | $72.9M | +0.16% |
| IBDS | iShares iBonds Dec 2027 Term Corporate ETF | 538% | $104.7M | +0.06% |
| NXUS | NuShares ETF Trust Nuveen International Aggregate Bond ETF | 417% | $250.2M | +0.08% |
| SMBS | Schwab Mortgage-Backed Securities ETF | 411% | $42.4M | +0.18% |
| SUB | iShares Short-Term National Muni Bond ETF | 388% | $160.1M | +0.01% |
| VTC | Vanguard Total Corporate Bond ETF | 346% | $27.0M | +0.17% |
| UBND | VictoryShares Core Plus Intermediate Bond ETF | 343% | $16.3M | +0.16% |
| TIPX | State Street SPDR Bloomberg 1-10 Year TIPS ETF | 285% | $11.2M | -0.03% |
Commodities
Commodities trading was steady with $8.0B in volume (97% of average). The session was marked by significant weakness in the Commodity: Focused – Energy category (finishing the day down 1.80%), which traded 131% of its usual volume. While energy faced headwinds, idiosyncratic action was visible in abrdn Physical Platinum Shares ETF (PPLT) (closing +2.94%), which saw activity rise to 232% of its average.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 131% | $682.5M | -1.80% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 263% | $27.8M | -14.68% |
| PPLT | abrdn Physical Platinum Shares ETF | 232% | $108.3M | +2.94% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 215% | $5.4M | -1.11% |
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | 189% | $10.9M | -8.45% |
| PALL | abrdn Physical Palladium Shares ETF | 159% | $69.2M | +1.90% |
Digital Asset
Digital Assets saw subdued volume of $6.1B (81% of average). The most notable activity occurred in the Digital Asset: Cryptocurrency – Multicoin category (finishing the day up 1.65%), which maintained activity levels near 109% of its average. Specific interest was evident in VanEck Bitcoin ETF (HODL) (closing +2.20%), largely driven by heavy turnover that reached 226% of its daily norm.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 226% | $136.2M | +2.20% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 179% | $189.2M | +2.16% |
Currency
Currency ETFs saw slightly elevated interest with $93.7M in volume (115% of average). The session was led by the Currency category (finishing the day up 0.08%), where volume reached 115% of its average. This was largely driven by heavy turnover in Invesco Currencyshares Japanese Yen Trust (FXY) (closing +0.32%), which traded 178% of its normal volume.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 178% | $15.8M | +0.32% |
Alternatives
Alternatives were relatively quiet with $1.4B in total volume (96% of average). However, a spike in activity was observed in the Alternative: Absolute Return – Event Driven category (finishing the day down 1.21%), which traded 212% of its 30-day average volume.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| No high-activity ticker outliers for this asset class. |
Non-Traditional
Non-Traditional assets traded lighter volume of $36.5B (91% of average). Despite the lull, the Non-Traditional: Synthetic Income – Commodity category saw elevated interest (finishing the day down 0.29%), trading 165% of its average. This was largely driven by heavy turnover in UBS AG ETRACS Silver Shares Covered Call ETN (SLVO) (closing -0.23%), which saw activity reach 302% of its daily norm.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETN | 302% | $10.6M | -0.23% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 181% | $6.8M | +0.05% |
| KNG | FT Vest S&P 500 Dividend Aristocrats Target Income ETF | 172% | $32.7M | -0.84% |
| ACIO | Aptus Collared Investment Opportunity ETF | 152% | $8.9M | -0.07% |
| YINN | Direxion Daily FTSE China Bull 3X Shares | 151% | $115.3M | -3.08% |
Multi-Asset
Multi-Asset funds saw solid activity with $199.2M in volume (116% of average). Activity was notably concentrated in the Asset Allocation: Specialty – Alternative Asset Sleeve category (finishing the day down 1.13%), which traded 147% of its average volume. This was underscored by anomalous turnover in WisdomTree Efficient Gold Plus Equity Strategy Fund (GDE) (closing -0.33%), which saw volume spike to 482% of its daily mean.
High-Volume Categories (>$100M Traded)
| No categories met the high-volume criteria. |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 482% | $24.9M | -0.33% |
| CGBL | Capital Group Core Balanced ETF | 158% | $45.1M | -0.11% |
| INCM | Franklin Income Focus ETF Income Focus ETF | 155% | $11.9M | -0.32% |
