Macro Summary
Markets saw a moderate pace of trading today, with total volume hitting $294.2B and activity levels at 106% of the 30-day average. The day’s defining narrative was the aggressive surge in the commodities space, specifically within precious metals. Investors flocked to the Commodity: Focused – Precious Metals category (finishing the day up 1.50%), which traded 154% of its average daily volume. This rush was largely driven by heavy turnover in SLV (closing +2.75%) and miners like SGDJ (closing +3.26%), signaling a strong “risk-off” or inflation-hedging rotation amidst broadly average activity elsewhere.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $204.9B | $190.7B | 107% |
| Fixed Income | $31.4B | $29.9B | 105% |
| Commodities | $12.2B | $7.7B | 157% |
| Crypto | $6.3B | $7.5B | 83% |
| Currencies | $82.9M | $83.4M | 99% |
| Alternatives | $1.0B | $1.4B | 74% |
| Non-Traditional | $38.2B | $40.1B | 95% |
| Multi-Asset | $185.4M | $168.7M | 110% |
Equity
Equity markets saw $204.9B in total volume, trading at 107% of the 30-day average. Activity was concentrated in thematic and sector plays, with the Equity: Thematic – Precious Metals category (finishing the day up 4.04%) leading the charge among high-volume segments. Notable flows also occurred in the Equity: Sector – Financials category (finishing the day up 1.09%) and Equity: Sector – Real Estate (finishing the day up 0.30%). The session’s idiosyncrasies were highlighted by extreme activity in RSPN (closing +1.12%), which saw over 31x its normal volume, and MISL (closing +1.98%), further emphasizing the rotation into industrial and defense names.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Precious Metals | 157% | $4.1B | +4.04% |
| Equity: U.S. Small Cap – Value | 145% | $571.1M | +0.82% |
| Equity: Thematic – Infrastructure | 140% | $405.6M | +0.79% |
| Equity: Sector – Financials | 129% | $4.8B | +1.09% |
| Equity: Sector – Real Estate | 124% | $2.1B | +0.30% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 3165% | $186.5M | +1.12% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 1523% | $44.6M | +1.98% |
| SGDJ | Sprott Junior Gold Miners ETF | 1472% | $51.3M | +3.26% |
| PTNQ | Pacer Trendpilot 100 ETF | 996% | $28.3M | -0.23% |
| FXR | First Trust Industrials/Producer Durables AlphaDEX Fund | 958% | $126.5M | +1.18% |
| XOVR | ERShares Private-Public Crossover ETF | 569% | $26.1M | -0.42% |
| VTHR | Vanguard Russell 3000 ETF | 417% | $39.3M | +0.28% |
| FLIN | Franklin FTSE India ETF | 414% | $42.7M | +0.03% |
| BALT | Innovator Defined Wealth Shield ETF | 406% | $79.9M | +0.08% |
| SPTM | State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF | 400% | $215.2M | -0.23% |
Fixed Income
Fixed Income trading reached $31.4B, representing 105% of its 30-day average. The session saw outsized interest in the municipal space, with Fixed Income: Municipal – Short (finishing the day up 0.02%) and Fixed Income: Municipal – High Yield (finishing the day up 0.08%) both seeing elevated flows. Notable activity was also seen in international debt, specifically the Fixed Income: Taxable – International USD category (finishing the day up 0.06%). Specific tickers driving this action included IBDX (closing -0.06%) and SEIX (closing -0.06%), highlighting a mix of defined maturity and senior loan positioning.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Short | 175% | $240.4M | +0.02% |
| Fixed Income: Taxable – International USD | 172% | $500.5M | +0.06% |
| Fixed Income: Specialty – Defined Maturity | 168% | $644.1M | -0.01% |
| Fixed Income: Municipal – High Yield | 154% | $133.6M | +0.08% |
| Fixed Income: Taxable – Government Intermediate | 141% | $909.9M | +0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IBDX | iShares iBonds Dec 2032 Term Corporate ETF | 604% | $43.1M | -0.06% |
| SEIX | Virtus Seix Senior Loan ETF | 569% | $21.0M | -0.06% |
| IBDS | iShares iBonds Dec 2027 Term Corporate ETF | 511% | $87.7M | +0.02% |
| NXUS | NuShares ETF Trust Nuveen International Aggregate Bond ETF | 484% | $250.0M | 0.00% |
| BAB | Invesco Taxable Municipal Bond ETF | 343% | $10.3M | -0.06% |
| BSCP | Invesco Bulletshares 2025 Corporate Bond ETF | 341% | $118.1M | +0.05% |
| EVSM | Eaton Vance Short Duration Municipal Income ETF | 318% | $11.3M | +0.01% |
| IGOV | iShares International Treasury Bond ETF | 284% | $22.8M | +0.33% |
| JMST | JPMorgan Ultra-Short Municipal Income ETF | 276% | $120.7M | -0.01% |
| IGIB | iShares 5-10 Year Investment Grade Corporate Bond ETF | 242% | $371.3M | -0.06% |
Commodities
Commodities were the standout asset class of the day, with total volume of $12.2B surging to 157% of the 30-day average. The action was overwhelmingly concentrated in the Commodity: Multi-Sector – Broad Market category (finishing the day up 0.15%) and the Commodity: Focused – Energy category (finishing the day down 1.74%). However, the sheer dollar volume in Commodity: Focused – Precious Metals (finishing the day up 1.50%) underscored the flight to hard assets. This trend was exemplified by massive trading in COMT (closing -0.84%), which saw activity explode to over 24x its average, and sustained heavy buying in SLV (closing +2.75%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Multi-Sector – Broad Market | 201% | $334.3M | +0.15% |
| Commodity: Focused – Energy | 189% | $953.8M | -1.74% |
| Commodity: Focused – Precious Metals | 154% | $10.8B | +1.50% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| COMT | iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF | 2414% | $96.1M | -0.84% |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 308% | $24.9M | -0.72% |
| SLV | iShares Silver Trust | 255% | $3.8B | +2.75% |
| SIVR | abrdn Physical Silver Shares ETF | 252% | $250.1M | +2.79% |
| USO | United States Oil Fund LP | 193% | $584.8M | -1.72% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 191% | $23.5M | +0.85% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 190% | $23.3M | +1.75% |
| UNG | United States Natural Gas Fund LP | 186% | $338.7M | -8.33% |
| CPER | United States Copper Index Fund | 180% | $26.1M | +1.59% |
Crypto
Digital assets remained relatively muted, with total volume coming in at $6.3B, or just 83% of the 30-day average. While broad interest was subdued, the Digital Asset: Cryptocurrency – Multicoin category (finishing the day down 2.03%) saw pockets of activity, though overall volumes remained low. The lack of major catalysts was reflected in the outliers, with BITW (closing -0.65%) and BITO (closing +0.04%) seeing the most notable relative engagement in an otherwise quiet session for the space.
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 |
|---|---|---|---|---|
| BITW | Bitwise 10 Crypto Index ETF | 196% | $9.3M | -0.65% |
| BITO | ProShares Bitcoin ETF | 180% | $831.2M | +0.04% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 151% | $157.4M | -0.12% |
Currencies
Currency volumes were steady at $82.9M, tracking perfectly at 99% of the 30-day average. While no single category met the high-volume threshold, traders focused their attention on specific fiat exposures within the Currency category (finishing the day up 0.12%). The day’s standout activity was concentrated in the Japanese Yen and Swiss Franc, largely driven by heavy turnover in FXY (closing +0.14%) and FXF (closing +0.60%).
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 |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 184% | $16.1M | +0.14% |
| FXF | Invesco CurrencyShares Swiss Franc Trust | 157% | $8.5M | +0.60% |
Alternatives
Alternative strategies were notably quiet, with $1.0B in volume trading at just 74% of the 30-day average. While overall interest was thin, the Alternative: Absolute Return – Event Driven category (finishing the day up 0.07%) saw some relative strength compared to peers. With no significant outliers breaking out, the session was characterized by a lack of conviction in volatility or hedging strategies, leaving no specific high-activity tickers to highlight.
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. | ||||
Non-Traditional
Non-Traditional ETFs saw $38.2B in volume, operating at 95% of the 30-day average. The day’s most aggressive trading was focused on the Non-Traditional: Leverage | Inverse – Commodity category (finishing the day up 0.15%), which saw volumes spike to 170% of normal levels. This thematic intensity was largely driven by heavy turnover in BALT (closing +0.08%), which saw over 4x its typical volume, and the continued speculative fervor in AGQ (closing +5.45%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 170% | $1.7B | +0.15% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BALT | Innovator Defined Wealth Shield ETF | 406% | $79.9M | +0.08% |
| AGQ | ProShares Ultra Silver | 292% | $725.2M | +5.45% |
| DPST | Direxion Daily Regional Banks Bull 3X Shares | 236% | $135.2M | +1.48% |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X Shares | 216% | $102.6M | +8.16% |
| DDM | ProShares Ultra Dow30 | 216% | $57.3M | +2.94% |
| RSPA | Invesco S&P 500 Equal Weight Income Advantage ETF | 204% | $6.9M | +0.34% |
| ROBN | T-Rex 2X Long HOOD Daily Target ETF | 190% | $139.2M | -17.71% |
| MSTY | YieldMax MSTR Option Income Strategy ETF | 188% | $178.8M | -1.58% |
| UCO | ProShares Ultra Bloomberg Crude Oil | 185% | $79.0M | -3.03% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 185% | $5.8M | -1.34% |
Multi-Asset
Multi-Asset strategies saw $185.4M in volume, trading at 110% of the 30-day average. Activity was driven by yield-seeking behavior, with the Asset Allocation: Specialty – Multi-Asset Income category (finishing the day down 0.02%) seeing significant relative flows. While broader allocation volume was moderate, the day’s activity was highlighted by specific interest in AOM (closing +0.18%), which saw distinct buying pressure.
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 |
|---|---|---|---|---|
| AOM | iShares Core 40/60 Moderate Allocation ETF | 158% | $14.5M | +0.18% |
