Macro Summary
Overall market volume reached $331.0B, registering a muted session at 91% of the 30-day average. The session tone leaned defensive and slightly sluggish across most major asset classes, with Alternatives standing out as the singular category to edge past its typical 30-day trading levels (102%). Fixed Income and Non-Traditional products saw solid engagement near 97% of normal levels, while Equities registered light overall activity at 90% amidst broad declines.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $226.3B | $251.2B | 90% |
| Fixed Income | $39.0B | $40.4B | 97% |
| Commodities | $15.6B | $20.0B | 78% |
| Digital Asset | $4.2B | $5.4B | 77% |
| Currencies | $140.4M | $164.2M | 86% |
| Alternatives | $2.0B | $1.9B | 102% |
| Non-Traditional | $43.6B | $44.7B | 97% |
| Multi-Asset | $217.0M | $258.4M | 84% |
Equity
Equities logged $226.3B in traded volume, trailing their 30-day average (90%) and sliding -0.51% overall. Small Cap Value names drove an isolated pocket of action, hitting 125% of their typical daily volume against the broader slowdown. Outsized single-ticker activity was dominated by targeted factor and growth products, notably ABFL which traded at nearly 27 times its normal volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Small Cap – Value | 125% | $705.2M | -0.42% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ABFL | Abacus FCF Leaders ETF | 2669% | $205.7M | -1.88% |
| AFLG | First Trust Active Factor Large Cap ETF | 1647% | $45.9M | -0.46% |
| BKIE | BNY Mellon International Equity ETF | 1384% | $112.5M | 0.00% |
| FEM | First Trust Emerging Markets AlphaDEX Fund | 920% | $33.8M | +1.20% |
| QUS | State Street SPDR MSCI USA StrategicFactors ETF | 802% | $33.8M | +0.06% |
| FQAL | Fidelity Quality Factor ETF | 658% | $38.9M | -0.11% |
| IYG | iShares US Financial Services ETF | 625% | $60.9M | +0.87% |
| PTF | Invesco Dorsey Wright Technology Momentum ETF | 502% | $14.7M | -5.15% |
| JAVA | JPMorgan Active Value ETF | 496% | $135.7M | -0.03% |
| MGC | Vanguard Mega Cap ETF | 495% | $203.9M | -0.36% |
Fixed Income
The Fixed Income complex saw robust trading with $39.0B in volume (97% of average) and positive aggregate returns (+0.21%). Securitized and Convertible debt categories led the session, logging activity metrics well north of 140%. Ticker-level action was defined by explosive volume in targeted active strategy, mortgage-backed, and high yield ETFs.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Securitized | 145% | $716.1M | +0.33% |
| Fixed Income: Taxable – Convertible | 141% | $255.3M | -1.60% |
| Fixed Income: Municipal – High Yield | 141% | $201.5M | +0.22% |
| Fixed Income: Taxable – Short-Term | 136% | $1.7B | +0.11% |
| Fixed Income: Municipal – Short | 128% | $238.7M | +0.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| JMTG | JPMorgan Mortgage-Backed Securities ETF | 1576% | $318.6M | +0.65% |
| HYLS | First Trust Tactical High Yield ETF | 1569% | $125.8M | -0.56% |
| BRTR | iShares Total Return Active ETF | 1486% | $49.6M | +0.54% |
| INMU | iShares Intermediate Muni Income Active ETF | 1063% | $42.6M | 0.00% |
| SCIO | First Trust Structured Credit Income Opportunities ETF | 1002% | $46.5M | +0.38% |
| UBND | VictoryShares Core Plus Bond ETF | 902% | $36.2M | +0.37% |
| FDHY | Fidelity Enhanced High Yield ETF | 768% | $26.1M | -0.78% |
| FTSL | First Trust Senior Loan Fund | 762% | $116.6M | -0.21% |
| USTB | VictoryShares Short-Term Bond ETF | 613% | $56.6M | +0.01% |
| LGOV | First Trust Long Duration Opportunities ETF | 584% | $23.1M | +0.85% |
Commodities
Commodity ETFs traded $15.6B, finishing a relatively quiet session at just 78% of their 30-day average despite catching a +0.61% bid. Agriculture represented the sole pocket of elevated institutional activity, registering 152% of its average volume against pricing headwinds.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 152% | $135.4M | -0.34% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 187% | $36.0M | +0.50% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 177% | $57.9M | +0.49% |
Digital Asset
Cryptocurrency products traded $4.2B, logging a quiet day at 77% of their average volume but catching a +0.57% advance across the complex. Single-ticker outlier activity was concentrated strictly in Bitcoin exposures.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BTCO | Invesco Galaxy Bitcoin ETF | 334% | $22.5M | +0.81% |
Currencies
The currency space remained extremely subdued, clearing just $140.4M in volume (86% of average) and drifting slightly lower by -0.08%.
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
Alternative ETFs pushed past their typical volume metrics (102%) with $2.0B traded, generating a marginal +0.09% positive return for the session. While broad category metrics fell beneath threshold floors, systematic and multi-strategy products drove individual flow anomalies.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLSP | Franklin Systematic Style Premia ETF | 634% | $26.9M | -0.31% |
Non-Traditional
Leveraged, inverse, and structured outcome products traded a substantial $43.6B, representing 97% of their average volume alongside aggressive overall markdowns (-1.12%). Buffer and synthetic income funds populated the outlier activity boards as investors sought structured downside protection profiles.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| QFLR | Innovator Nasdaq-100 Managed Floor ETF | 424% | $11.8M | -0.55% |
| GJAN | FT Vest U.S. Equity Moderate Buffer ETF – Jan | 297% | $8.9M | -0.21% |
| FAUG | FT Vest U.S. Equity Buffer ETF – August | 293% | $10.2M | -0.17% |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | 248% | $36.4M | +0.09% |
| DGP | DB Gold Double Long Exchange Traded Notes | 245% | $46.1M | +0.32% |
| QQA | Invesco QQQ Income Advantage ETF | 202% | $10.9M | -0.71% |
| BALT | Innovator Defined Wealth Shield ETF | 192% | $20.2M | -0.03% |
| FTQI | First Trust Nasdaq BuyWrite Income ETF | 182% | $8.8M | -0.97% |
| NVDY | YieldMax NVDA Option Income Strategy ETF | 180% | $143.6M | -1.06% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 170% | $6.8M | +0.41% |
Multi-Asset
Multi-Asset products saw muted action overall, absorbing $217.0M in volume and pacing at just 84% of their 30-day norm. Elevated relative volume was contained almost entirely to Real Asset allocations.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 190% | $19.3M | -0.07% |
