Macro Summary
Total market volume reached $279.83B during the session, operating at an elevated 114% of the 30-day average. The trading environment was marked by a broad-based, risk-off rotation, as evidenced by significant volume clusters across Alternative volatility strategies and Non-Traditional inverse structures. All primary asset classes experienced aggregate negative returns, spurring defensive positioning into select fixed-income and heavily shorted themes.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $177.58B | $158.68B | 112% |
| Fixed Income | $34.32B | $27.64B | 124% |
| Commodities | $9.64B | $8.96B | 108% |
| Digital Asset | $4.33B | $4.12B | 105% |
| Currencies | $123.91M | $129.80M | 95% |
| Alternatives | $1.74B | $1.08B | 161% |
| Non-Traditional | $51.85B | $44.53B | 116% |
| Multi-Asset | $229.41M | $228.29M | 100% |
Equity
Equities drove $177.58B in trading volume, operating at 112% of the 30-day average. A pronounced risk-off tilt dragged the broad asset class lower, with trading activity tightly clustered around Thematic segments—specifically Disruptive Tech and Precious Metals—as investors recalibrated exposures across underperforming growth and resource sectors.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Disruptive Tech | 154% | $2.80B | -1.61% |
| Equity: Thematic – Precious Metals | 146% | $3.81B | -7.45% |
| Equity: Sector – Information Technology | 144% | $17.47B | -2.32% |
| Equity: Thematic – Natural Resources | 133% | $1.67B | -3.36% |
| Equity: Thematic – Sustainability | 130% | $361.57M | -1.71% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLTW | Franklin FTSE Taiwan ETF | 4516% | $910.26M | -4.99% |
| OPPJ | WisdomTree Japan Opportunities Fund | 488% | $20.02M | -1.01% |
| TRFK | Pacer Data and Digital Revolution ETF | 434% | $37.54M | -2.92% |
| DIV | Global X SuperDividend US ETF | 344% | $14.91M | -0.57% |
| BBEU | JPMorgan BetaBuilders Europe ETF | 312% | $99.26M | -1.87% |
| SPGM | State Street SPDR Portfolio MSCI Global Stock Market ETF | 311% | $28.74M | -1.59% |
| NASA | Tema Space Innovators ETF | 273% | $144.00M | -3.66% |
| JIRE | JPMorgan International Research Enhanced Equity ETF | 272% | $78.75M | -1.82% |
| FLIN | Franklin FTSE India ETF | 255% | $28.97M | -0.96% |
| JGRO | JPMorgan Active Growth ETF | 255% | $121.12M | -1.70% |
Fixed Income
Fixed Income allocations exhibited elevated activity, printing $34.32B in volume at 124% of the 30-day average. The session saw outsized engagement across Long Government and Taxable International portfolios as investors sought specific duration and sovereign characteristics amid broader market turbulence.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International USD | 191% | $531.15M | -0.57% |
| Fixed Income: Taxable – Government Long | 189% | $5.29B | -1.43% |
| Fixed Income: Municipal – Intermediate | 168% | $1.50B | -0.48% |
| Fixed Income: Municipal – Single State | 165% | $155.77M | -0.54% |
| Fixed Income: Taxable – Inflation Protected | 158% | $838.03M | -0.28% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FIIG | First Trust Intermediate Duration Investment Grade Corporate ETF | 1081% | $42.25M | -0.91% |
| STPZ | PIMCO 1-5 Year US TIPS Index Exchange-Traded Fund | 496% | $16.26M | -0.11% |
| EAGG | iShares ESG Aware US Aggregate Bond ETF | 444% | $59.02M | -0.56% |
| DMBS | DoubleLine Mortgage ETF | 358% | $10.04M | -0.81% |
| CLOA | iShares AAA CLO Active ETF | 319% | $72.59M | +0.03% |
| BSCW | Invesco BulletShares 2032 Corporate Bond ETF | 317% | $15.98M | -0.49% |
| BILZ | PIMCO Ultra Short Government Active Exchange-Traded Fund | 285% | $62.75M | +0.02% |
| EDV | Vanguard Extended Duration Treasury ETF | 282% | $191.94M | -2.07% |
| UBND | VictoryShares Core Plus Bond ETF | 252% | $10.83M | -0.67% |
| TIP | iShares TIPS Bond ETF | 251% | $440.06M | -0.36% |
Commodities
Commodities registered $9.64B in aggregate volume, tracking slightly above average at 108%. Anomalous activity was overwhelmingly concentrated within Precious Metals and Agriculture, both absorbing significant downward price action as broader cyclical assets faced stiff headwinds.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 141% | $8.10B | -3.65% |
| Commodity: Focused – Agriculture | 133% | $147.24M | -1.59% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 284% | $76.79M | -4.57% |
| SIVR | abrdn Physical Silver Shares ETF | 199% | $289.93M | -9.01% |
| PDBA | Invesco Agriculture Commodity Strategy No K-1 ETF | 195% | $26.52M | -1.45% |
| SLV | iShares Silver Trust | 189% | $3.12B | -9.06% |
| CMDY | iShares Bloomberg Roll Select Commodity Strategy ETF | 158% | $6.32M | -0.84% |
Digital Asset
Digital Asset strategies handled $4.33B in volume across the session, running tightly in line with historical patterns at 105% of the 30-day average. Consistent with risk-off macro conditions, the asset class suffered considerable negative single-day returns across pure-play Bitcoin and Altcoin expressions.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| EZBC | Franklin Bitcoin ETF | 151% | $9.99M | -2.87% |
Currencies
Currency exposures represented the quietest segment of the market, trading $123.91M or 95% of their typical 30-day volume profile. Broad FX themes experienced modest retractions devoid of any notable volume spikes.
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 vehicles absorbed outsized capital flows, printing $1.74B in volume which represented an anomalous 161% of their 30-day average. Trading was dominated by aggressive positioning in Long Volatility strategies, underscoring severe market hedging behavior.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Long | 172% | $1.49B | +1.15% |
| Alternative: Volatility – Short | 129% | $173.71M | -0.28% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 241% | $683.50M | +1.98% |
Non-Traditional
Non-Traditional structures observed heightened speculative and hedging action, concluding the day with $51.85B in volume (116% of average). Both Equity and Fixed Income Leverage/Inverse tools operated at the vanguard of the session, mirroring explicit bearish positioning across major benchmarks.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Fixed Income | 210% | $328.68M | +0.26% |
| Non-Traditional: Buffer – Equity | 141% | $598.12M | -0.34% |
| Non-Traditional: Synthetic Income – Fixed Income | 128% | $107.63M | -0.74% |
| Non-Traditional: Leverage | Inverse – Equity | 125% | $32.41B | -1.19% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSEP | FT Vest U.S. Equity Moderate Buffer ETF – September | 3659% | $95.35M | -0.22% |
| TBT | ProShares UltraShort 20+ Year Treasury | 291% | $39.99M | +3.13% |
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs due April 21; 2033 | 248% | $17.34M | -3.53% |
| IYRI | NEOS Real Estate High Income ETF | 242% | $7.80M | -1.39% |
| QYLD | Global X NASDAQ 100 Covered Call ETF | 231% | $213.83M | -1.35% |
| TMF | Direxion Daily 20+ Year Treasury Bull 3X ETF | 216% | $232.70M | -4.47% |
| NUGT | Direxion Daily Gold Miners Index Bull 2X ETF | 196% | $182.09M | -14.48% |
| TZA | Direxion Daily Small Cap Bear 3X ETF | 189% | $1.64B | +7.88% |
| MSFU | Direxion Daily MSFT Bull 2X ETF | 186% | $385.31M | +5.31% |
| AGQ | ProShares Ultra Silver | 183% | $736.82M | -18.55% |
Multi-Asset
Multi-Asset allocations logged a muted session strictly tracking 30-day norms, achieving $229.41M in volume or precisely 100% of their historical average, leaving no anomalous footprint amid the day’s structural pullbacks.
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.
