Macro Summary
Total exchange volume surged to $458.1B, representing 154% of the 30-day average, as a sharp spike in volatility defined the trading session. The standout story was the aggressive rush into protection within the Alternative asset class, where turnover hit an extreme 242% of normal levels. This activity was concentrated in the Volatility – Long category, which jumped +7.29% on the day, signaling acute investor anxiety amidst broader market selling.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Non-Traditional | $62.1B | $43.7B | 142% |
| Equity | $336.4B | $199.2B | 169% |
| Fixed Income | $35.4B | $31.4B | 113% |
| Commodity | $7.8B | $12.9B | 61% |
| Digital Asset | $12.0B | $8.6B | 140% |
| Currency | $95.8M | $76.0M | 126% |
| Alternative | $4.1B | $1.7B | 242% |
| Multi-Asset | $168.4M | $185.2M | 91% |
Equity
Equity markets traded with heavy intensity, recording $336.4B in volume (169% of the 30-day average). Selling pressure was broad, with significant turnover in the Equity: U.S. Mid Cap – Value category (finishing the day down -1.13%) and Equity: U.S. Small Cap – Blend (-1.27%). High activity was largely driven by heavy turnover in BBUS (closing -1.58%) and XLG (-1.60%), reflecting a risk-off rotation across size and style factors.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Large Cap – Blend | 180% | $136.5B | -1.44% |
| Equity: U.S. Large Cap – Growth | 173% | $75.0B | -2.22% |
| Equity: U.S. Small Cap – Blend | 200% | $23.5B | -1.27% |
| Equity: Sector – Information Technology | 194% | $18.5B | -3.54% |
| Equity: U.S. Large Cap – Value | 175% | $14.3B | -1.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IAK | iShares U.S. Insurance ETF | 999% | $93.0M | +0.54% |
| VIOV | Vanguard S&P Small-Cap 600 Value ETF | 532% | $16.4M | -2.20% |
| BBUS | JPMorgan BetaBuilders U.S. Equity ETF | 516% | $158.9M | -1.58% |
| XLG | Invesco S&P 500 Top 50 ETF | 490% | $901.6M | -1.60% |
| RPV | Invesco S&P 500 Pure Value ETF | 468% | $61.1M | -1.22% |
| FENI | Fidelity Enhanced International ETF | 459% | $181.1M | -1.25% |
| IWS | iShares Russell Mid-Cap Value ETF | 422% | $297.2M | -1.24% |
| GSLC | TR Activebeta US Large Cap Equity ETF | 390% | $138.6M | -1.43% |
| TRFK | Pacer Data and Digital Revolution ETF | 379% | $40.6M | -4.09% |
| RSPT | Invesco S&P 500 Equal Weight Technology ETF | 379% | $53.3M | -3.27% |
Fixed Income
Fixed Income volume totaled $35.4B, reaching 113% of the 30-day average. Interest was notably high in the Fixed Income: Taxable – Emerging USD category (finishing the day down -0.14%) and Fixed Income: Taxable – International USD (+0.03%). Specific outliers included massive relative activity in NXUS (closing 0.00%) and high-yield exposure via XBB (+0.05%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging USD | 203% | $1.5B | -0.14% |
| Fixed Income: Taxable – International USD | 174% | $513.7M | +0.03% |
| Fixed Income: Taxable – Convertible | 166% | $211.7M | -1.76% |
| Fixed Income: Taxable – Preferred Stock | 141% | $324.9M | -0.41% |
| Fixed Income: Taxable – High Yield | 128% | $7.0B | -0.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NXUS | NuShares ETF Trust Nuveen International Aggregate Bond ETF | 705% | $200.0M | 0.00% |
| XBB | BondBloxx BB-Rated USD High Yield Corporate Bond ETF | 578% | $57.2M | +0.05% |
| JFLX | JPMorgan Flexible Debt ETF | 493% | $16.2M | -0.12% |
| CMBS | iShares CMBS ETF | 489% | $15.8M | +0.12% |
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 417% | $25.4M | -0.08% |
| RAVI | FlexShares Ultra-Short Income Fund | 360% | $14.9M | +0.01% |
| BSCV | Invesco BulletShares 2031 Corporate Bond ETF | 299% | $17.6M | +0.12% |
| EMHY | iShares J.P. Morgan EM High Yield Bond ETF | 267% | $11.6M | -0.44% |
| BSJQ | Invesco BulletShares 2026 High Yield Corp Bond ETF | 264% | $13.3M | -0.02% |
| FTSL | First Trust Senior Loan Fund | 231% | $26.8M | -0.05% |
Commodities
Commodity activity was subdued, with total volume of $7.8B coming in at just 61% of the 30-day average. While overall action was quiet, the Commodity: Focused – Agriculture category showed relative strength (finishing the day down -0.67%). There were no significant high-volume category breakouts, and individual ticker outliers were notably absent, reflecting a lackluster session 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 |
|---|---|---|---|---|
| No high-activity ticker outliers for this asset class. | ||||
Crypto
Digital Asset ETFs saw robust trading with $12.0B in volume, representing 140% of the 30-day average. The flow was dominated by the Digital Asset: Cryptocurrency – Bitcoin category (finishing the day down -2.57%), largely driven by heavy turnover in ETHE (closing -3.27%) and FBTC (-2.98%), as investors navigated increased volatility in the crypto space.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 149% | $9.2B | -2.57% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ETHE | Grayscale Ethereum Trust ETF | 197% | $427.7M | -3.27% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | 194% | $1.2B | -2.98% |
| GBTC | Grayscale Bitcoin Trust ETF | 165% | $808.4M | -3.00% |
Currencies
Currency ETFs traded $95.8M, reaching 126% of the 30-day average. While volume was elevated, activity was broad-based with no specific categories meeting the threshold for high-volume breakouts.
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 experienced a massive surge in activity, with $4.1B in volume representing 242% of the 30-day average. The session was defined by the Alternative: Volatility – Long category (finishing the day down +7.29%) and Alternative: Volatility – Short (-2.93%). This explosion in volume was largely driven by heavy turnover in VXX (closing +6.84%) and VIXY (+6.51%), indicating aggressive hedging and speculation.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 269% | $637.1M | -2.93% |
| Alternative: Volatility – Long | 242% | $3.5B | +7.29% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 323% | $1.3B | +6.84% |
| VIXY | ProShares VIX Short-Term Futures ETF | 245% | $327.0M | +6.51% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 209% | $1.0B | +10.88% |
| SVOL | Simplify Volatility Premium ETF | 193% | $15.1M | -1.16% |
Non-Traditional
Non-Traditional funds saw heightened engagement with $62.1B in volume (142% of the 30-day average). Traders focused heavily on the Non-Traditional: Leverage | Inverse – Equity category (finishing the day down -1.05%) and Non-Traditional: Synthetic Income – Equity (-1.48%). This activity was largely driven by heavy turnover in SPXS (closing +4.71%) and QDVO (-1.72%), underscoring demand for tactical and income-focused exposures.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Equity | 157% | $38.8B | -1.05% |
| Non-Traditional: Synthetic Income – Equity | 142% | $2.8B | -1.48% |
| Non-Traditional: Leverage | Inverse – Single Stock | 130% | $15.2B | -6.13% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SPXS | Direxion Daily S&P 500 Bear 3x Shares | 362% | $937.8M | +4.71% |
| QDVO | Amplify CWP Growth & Income ETF | 323% | $37.2M | -1.72% |
| UDOW | ProShares UltraPro Dow30 | 301% | $1.1B | -2.39% |
| TECL | Direxion Daily Technology Bull 3x Shares | 278% | $568.8M | -9.39% |
| GGLL | Direxion Daily GOOGL Bull 2X Shares | 270% | $439.8M | -2.74% |
| NVDX | T-Rex 2X Long NVIDIA Daily Target ETF | 248% | $552.6M | -6.11% |
| MUU | Direxion Daily MU Bull 2X Shares | 239% | $201.3M | -20.82% |
| IDVO | Amplify CWP International Enhanced Dividend Income ETF | 229% | $14.2M | -2.47% |
| PDEC | Innovator U.S. Equity Power Buffer ETF – December | 220% | $8.3M | -1.04% |
| AIPI | REX AI Equity Premium Income ETF | 204% | $12.1M | -2.86% |
Multi-Asset
Multi-Asset ETFs traded $168.4M, representing 91% of the 30-day average. Activity was relatively muted, though the Asset Allocation: Target Risk – Aggressive category saw isolated interest (finishing the day down -1.15%). High activity was largely driven by heavy turnover in AOA (closing -1.05%), standing out in an otherwise quiet session 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 |
|---|---|---|---|---|
| AOA | iShares Core 80/20 Aggressive Allocation ETF | 151% | $11.6M | -1.05% |
