Macro Summary
Trading activity was light on Tuesday, with total volume of $208.6B coming in at just 75% of the 30-day average. While the broader market remained quiet, significant rotation occurred within the Fixed Income asset class (88% of average activity), specifically in the “Defined Maturity” category (183% of average volume). This surge was driven by heavy turnover in tickers like IBTJ and IBTF, suggesting year-end duration management or yield curve positioning. Conversely, Digital Assets saw renewed enthusiasm, with Ethereum-focused funds driving the asset class to a 3.79% daily gain.
Asset Class Summary
| Asset Class | $ Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $139.3B | $191.6B | 73% |
| Fixed Income | $26.3B | $29.8B | 88% |
| Commodity | $7.6B | $7.9B | 96% |
| Digital Asset | $7.2B | $7.6B | 95% |
| Currency | $79.3M | $82.5M | 96% |
| Alternative | $712.0M | $1.4B | 50% |
| Non-Traditional | $27.3B | $40.8B | 67% |
| Multi-Asset | $156.6M | $172.1M | 91% |
Equity
Equity ETFs saw relatively light trading with $139.3B in volume, operating at 73% of the 30-day average. While no single category met the high-volume breakout criteria, the Utilities sector saw elevated relative activity (122% of average), finishing the day up 0.11%. Activity was also notable in the Financials sector, where VFH saw over 3x its average volume (closing -0.22%), and in the Large Cap Value space, where DIVB traded more than 10x its normal activity (-0.19%).
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 |
|---|---|---|---|---|
| DIVB | iShares Core Dividend ETF | 1012% | $61.5M | -0.19% |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 431% | $81.8M | -0.02% |
| VXF | Vanguard Extended Market ETF | 405% | $352.5M | -0.06% |
| EAGL | Eagle Capital Select Equity ETF | 387% | $16.7M | -0.08% |
| FVAL | Fidelity Value Factor ETF | 348% | $9.7M | +0.07% |
| IDU | iShares U.S. Utilities ETF | 325% | $68.1M | -0.07% |
| VFH | Vanguard Financials ETF | 315% | $230.9M | -0.22% |
| SLVR | Sprott Silver Miners & Physical Silver ETF | 277% | $29.0M | +5.75% |
| DBEU | Xtrackers MSCI Europe Hedged Equity ETF | 274% | $9.9M | -0.34% |
| RSPU | Invesco S&P 500 Equal Weight Utilities ETF | 268% | $7.9M | +0.14% |
Fixed Income
Fixed Income volumes reached $26.3B, representing 88% of the 30-day average. The asset class was defined by specific areas of intense activity, particularly in the “Defined Maturity” category (down 0.06%), where volumes surged to 183% of normal levels. This was largely driven by heavy turnover in IBTJ (closing -0.05%) and IBTF (closing +0.06%), which traded 11.6x and 6.7x their average daily volume, respectively. High Yield Municipal bonds also saw notable flows (193% activity), further highlighting the targeted nature of the day’s fixed income trading.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Government Intermediate | 137% | $869.7M | -0.11% |
| Fixed Income: Specialty – Defined Maturity | 183% | $668.2M | -0.06% |
| Fixed Income: Municipal – High Yield | 193% | $158.6M | +0.09% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IBTJ | iShares iBonds Dec 2029 Term Treasury ETF | 1162% | $72.2M | -0.05% |
| GIGB | Goldman Sachs Access Investment Grade Corporate Bond ETF | 675% | $27.9M | -0.08% |
| IBTF | iShares iBonds Dec 2025 Term Treasury ETF | 668% | $96.1M | +0.06% |
| CLOI | VanEck CLO ETF | 625% | $67.5M | +0.07% |
| DGCB | Dimensional Global Credit ETF | 620% | $19.6M | -0.06% |
| BSJR | Invesco BulletShares 2027 High Yield Corporate Bond ETF | 437% | $15.4M | -0.02% |
| CLIP | Global X 1-3 Month T-Bill ETF | 431% | $113.5M | 0.00% |
| JSI | Janus Henderson Securitized Income ETF | 333% | $20.4M | +0.02% |
| CLOA | iShares AAA CLO Active ETF | 303% | $52.9M | +0.01% |
| ICSH | iShares Ultra Short Duration Bond Active ETF | 301% | $191.2M | -0.02% |
Commodity
Commodity volumes totaled $7.6B, representing 96% of the 30-day average. While activity in traditional energy categories was average, the “Industrial Metals” category saw elevated turnover (136% activity). The standout performance, however, came from the Precious Metals space (up 1.51%), where high-activity outliers like SLV (closing +4.55%) and PALL (closing +2.28%) attracted significant attention amidst a broader rally in the complex.
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 |
|---|---|---|---|---|
| PALL | abrdn Physical Palladium Shares ETF | 237% | $86.9M | +2.28% |
| SLV | iShares Silver Trust | 236% | $3.2B | +4.55% |
| PPLT | abrdn Physical Platinum Shares ETF | 231% | $92.9M | +2.32% |
Digital Asset
Digital Asset funds traded $7.2B, reaching 95% of their 30-day average activity. The session was dominated by the Ethereum category, which surged to 130% of its average volume while posting a strong 5.98% return. This activity was reflected in top tickers like ETH (closing +5.98%) and FETH (closing +5.73%), which both saw trading levels well above their daily norms.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Ethereum | 130% | $2.4B | +5.98% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ETH | Grayscale Ethereum Mini Trust ETF | 165% | $356.8M | +5.98% |
| FETH | Fidelity Ethereum Fund ETF | 152% | $238.2M | +5.73% |
Currency
Currency volumes were quiet at $79.3M, trading at 96% of the 30-day average. The primary driver of activity was the FXE, which saw elevated turnover (169% of average activity) despite a -0.12% decline, marking it as the sole significant outlier in an otherwise calm session for FX markets.
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 |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 169% | $16.7M | -0.12% |
Alternative
Alternative ETF volumes were significantly depressed, totaling just $712.0M—only 50% of the 30-day average. The lack of activity was broad-based, with “Absolute Return” and “Volatility” categories both trading well below normal levels. There were no high-volume category breakouts or significant ticker outliers, reflecting a lack of hedging demand or speculative interest in the alternative space for the day.
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 volumes came in at $27.3B, or 67% of the average. The standout activity was in the “Leverage | Inverse – Commodity” category, which saw 141% of its normal volume (up 0.23%), driven largely by the AGQ (closing +9.45%). Elsewhere, leveraged single-stock exposures like BMNU (closing +18.70%) and MSTX (closing +5.17%) continued to attract speculative flows.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 141% | $1.4B | +0.23% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AGQ | ProShares Ultra Silver | 252% | $564.5M | +9.45% |
| BMNU | T-REX 2X Long BMNR Daily Target ETF | 217% | $443.9M | +18.70% |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | 183% | $20.7M | -0.02% |
| MSTX | Defiance Daily Target 2x Long MSTR ETF | 172% | $311.1M | +5.17% |
Multi-Asset
Multi-Asset trading was quiet, with $156.6M in volume (91% of average). The “Target Risk – Moderate” category saw the highest relative activity at 118% of its average, but overall the asset class lacked significant outliers or directional conviction for the session.
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. | ||||
