Macro Summary
The trading session for March 27, 2026, was characterized by balanced activity, with total market volume reaching $342.9B, representing 94% of the 30-day average. Fixed Income and Digital Assets showed resilience with volume slightly exceeding long-term averages, while Equity and Commodities traded at a more muted pace. The overarching theme was one of defensive positioning and thematic rotation, as high-growth equity segments faced pressure while specialty fixed income and commodity broad-market strategies saw significant spikes in trading interest.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $230.5B | $251.3B | 92% |
| Fixed Income | $41.0B | $40.0B | 102% |
| Commodities | $18.6B | $19.8B | 94% |
| Digital Asset | $5.6B | $5.4B | 103% |
| Currencies | $161.7M | $161.7M | 100% |
| Alternatives | $2.4B | $1.9B | 123% |
| Non-Traditional | $44.5B | $44.7B | 99% |
| Multi-Asset | $254.4M | $256.9M | 99% |
Equity
Equity volume totaled $230.5B (92% activity). Despite the broader market’s quiet tone, specific thematic and size-based pockets experienced heavy turnover. Mid-cap growth and value categories saw volume spikes exceeding 150% of ADV, while thematic health innovation and midstream energy categories also drew anomalous attention. High-activity outliers were dominated by large-cap factors and specific country-specific funds like FLJP and EIS.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Mid Cap – Growth | 190% | $527.5M | -1.82% |
| Equity: Thematic – Midstream & MLPs | 161% | $247.2M | -0.29% |
| Equity: U.S. Mid Cap – Value | 151% | $450.0M | -1.19% |
| Equity: Thematic – Health Innovation | 134% | $108.0M | -2.52% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MSLC | Morgan Stanley Pathway Large Cap Equity ETF | 1152% | $44.5M | -1.79% |
| MXI | iShares Global Materials ETF | 976% | $43.5M | +0.34% |
| IXP | iShares Global Comm Services ETF | 829% | $37.1M | -1.48% |
| XTL | State Street SPDR S&P Telecom ETF | 724% | $57.0M | -1.07% |
| OUSM | ALPS O’Shares US Small-Cap Quality Dividend ETF | 606% | $15.6M | -1.33% |
| FQAL | Fidelity Quality Factor ETF | 515% | $26.2M | -1.60% |
| IUS | Invesco RAFI Strategic US ETF | 356% | $9.5M | -1.06% |
| IWS | iShares Russell Mid-Cap Value ETF | 343% | $278.4M | -1.49% |
| EFIV | State Street SPDR S&P 500 ESG ETF | 331% | $10.4M | -1.63% |
| EIS | iShares MSCI Israel ETF | 321% | $71.1M | -3.98% |
Fixed Income
Fixed Income activity was robust at 102% of the average, totaling $41.0B. Defined maturity products and inflation-protected securities led the volume charge, signaling a heightened focus on duration management and real yields. Significant ticker outliers were found in the bullet-shares and target-term corporate space, as well as mortgage-backed securities where PMBS saw over 9x its normal volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Specialty – Defined Maturity | 178% | $551.6M | -0.03% |
| Fixed Income: Taxable – Government Short | 133% | $1.1B | +0.16% |
| Fixed Income: Taxable – Inflation Protected | 133% | $943.4M | -0.03% |
| Fixed Income: Municipal – High Yield | 132% | $184.0M | -0.13% |
| Fixed Income: Municipal – Single State | 129% | $118.7M | +0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BSCY | Invesco BulletShares 2034 Corporate Bond ETF | 1215% | $36.9M | -0.17% |
| PMBS | PIMCO Mortgage-Backed Securities Active ETF | 914% | $37.9M | +0.11% |
| IBDZ | iShares iBonds Dec 2034 Term Corporate ETF | 645% | $42.9M | -0.19% |
| BSCT | Invesco BulletShares 2029 Corporate Bond ETF | 585% | $74.8M | +0.13% |
| DRSK | Aptus Defined Risk ETF | 503% | $16.1M | +0.11% |
| BSJR | Invesco BulletShares 2027 High Yield Corp ETF | 437% | $13.3M | -0.25% |
| FLTR | VanEck IG Floating Rate ETF | 395% | $71.4M | -0.06% |
| EMHY | iShares J.P. Morgan EM High Yield Bond ETF | 394% | $24.5M | -0.95% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 367% | $53.9M | +0.94% |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | 364% | $22.7M | +0.18% |
Commodities
Commodities saw volume of $18.6B, operating at 94% activity levels. Broad market strategies were the focal point, driven by massive turnover in HGER and COMT, which saw activity reaching 27x and 14x their respective averages. Agriculture also showed elevated interest despite broader energy and metals segments remaining relatively balanced.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Multi-Sector – Broad Market | 291% | $1.1B | +1.86% |
| Commodity: Focused – Agriculture | 187% | $158.1M | -0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HGER | Harbor Commodity All-Weather Strategy ETF | 2709% | $598.3M | +1.99% |
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | 1487% | $236.4M | +2.85% |
| SDCI | USCF SummerHaven Dynamic Commodity Fund | 243% | $11.0M | +1.96% |
| BNO | United States Brent Oil Fund LP | 190% | $572.4M | +4.16% |
| DBA | Invesco DB Agriculture Fund | 161% | $57.8M | +0.22% |
Digital Asset
Digital Asset volume was $5.6B, with activity slightly above average at 103%. Bitcoin-focused products remained the primary driver, while Ethereum products traded slightly above 115% activity. Overall sentiment was negative, as major crypto categories registered one-day declines between 2% and 3%.
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 | 157% | $10.6M | -3.76% |
Currencies
Currency turnover was perfectly balanced at $161.7M (100% activity). The Euro remained the primary focal point of trading activity, though no single category met the high-volume thresholds for this session.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 196% | $50.9M | +0.01% |
Alternatives
Alternatives saw a significant activity bump to 123% of normal levels, totaling $2.4B. Short volatility strategies were the primary driver, reflecting defensive adjustments as equity markets declined. SVOL and CTA led the outliers list by activity percentage.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 130% | $421.3M | -2.92% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SVOL | Simplify Volatility Premium ETF | 207% | $15.7M | +1.14% |
| CTA | Simplify Managed Futures Strategy ETF | 157% | $33.9M | +2.52% |
| SVIX | -1x Short VIX Futures ETF | 154% | $231.6M | -7.19% |
Non-Traditional
Non-Traditional ETFs operated at 99% of normal activity ($44.5B). While broad activity was balanced, specific buffer products and synthetic income strategies like QFLR and USDX saw concentrated turnover. Leveraged and inverse equity funds also saw high activity as traders played the downside volatility.
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 | 247% | $6.6M | -1.50% |
| USDX | SGI Enhanced Core ETF | 236% | $6.3M | -0.19% |
| DGP | DB Gold Double Long ETN | 221% | $39.5M | +9.04% |
| QQA | Invesco QQQ Income Advantage ETF | 214% | $11.2M | -1.78% |
| TECL | Direxion Daily Technology Bull 3X ETF | 190% | $277.9M | -5.86% |
| METU | Direxion Daily META Bull 2X ETF | 189% | $131.0M | -7.93% |
| TBT | ProShares UltraShort 20+ Year Treasury | 187% | $30.8M | +1.49% |
| ERX | Direxion Daily Energy Bull 2X ETF | 183% | $101.0M | +3.37% |
| GFEB | FT Vest US Equity Moderate Buffer ETF Feb | 184% | $5.1M | -0.90% |
| ROM | ProShares Ultra Technology | 177% | $5.3M | -3.94% |
Multi-Asset
Multi-Asset ETFs saw volume of $254.4M (99% activity). While broad categories traded near long-term averages, real assets and efficient core strategies showed relative turnover strength compared to standard target-risk 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 | 163% | $16.3M | +1.56% |
| NTSX | WisdomTree U.S. Efficient Core Fund | 163% | $4.2M | -1.74% |
