Macro Summary
Total market volume for the session reached $432.0B, representing an elevated 147% of the 30-day average. The trading day was characterized by intense volatility, particularly within the Digital Asset and Non-Traditional segments, which saw activity levels spike to 266% and 158% of average, respectively. While Fixed Income remained relatively stable with a slight positive tilt (+0.14%), Equity and Commodities faced significant headwinds, declining -1.32% and -2.42% as investors navigated a risk-off environment marked by a rotation into volatility-linked strategies.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $291.3B | $189.6B | 154% |
| Fixed Income | $38.3B | $29.6B | 129% |
| Commodity | $24.2B | $28.8B | 84% |
| Digital Asset | $16.8B | $6.3B | 266% |
| Currency | $133.9M | $100.2M | 134% |
| Alternative | $2.5B | $957.5M | 258% |
| Non-Traditional | $58.7B | $37.3B | 158% |
| Multi-Asset | $225.1M | $220.1M | 102% |
Equity
The Equity asset class recorded a heavy $291.3B in volume (154% of ADV), ending the day down -1.32%. Volume was heavily concentrated in U.S. Large Cap Growth and Information Technology sectors, while thematic exposures in Crypto and FinTech faced outsized selling pressure. QTOP (-1.29%) and IGV (-4.81%) stood out as primary drivers of session activity.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Communication Services | 247% | $1.9B | -0.66% |
| Equity: Sector – Health Innovation | 229% | $206.9M | -2.90% |
| Equity: Sector – Consumer Staples | 227% | $3.5B | +0.17% |
| Equity: Sector – Information Technology | 223% | $18.6B | -1.13% |
| Equity: Thematic – Multi-Sector | 206% | $1.2B | -2.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| WTAI | WisdomTree Artificial Intelligence and Innovation Fund | 606% | $21.4M | -1.83% |
| QEFA | State Street SPDR MSCI EAFE StrategicFactors ETF | 538% | $17.2M | -0.98% |
| QTOP | iShares Nasdaq Top 30 Stocks ETF | 456% | $20.4M | -1.29% |
| DFIV | Dimensional International Value ETF | 445% | $295.2M | -1.80% |
| IGV | iShares Expanded Tech-Software Sector ETF | 408% | $3.2B | -4.81% |
| IGM | iShares Expanded Tech Sector ETF | 392% | $276.6M | -1.52% |
| KXI | iShares Global Consumer Staples ETF | 386% | $21.6M | +0.05% |
| OEF | iShares S&P 100 ETF | 375% | $652.7M | -1.43% |
| SOXQ | Invesco PHLX Semiconductor ETF | 347% | $157.6M | +0.10% |
| ITOT | iShares Core S&P Total U.S. Stock Market ETF | 321% | $1.8B | -1.33% |
Fixed Income
Fixed Income volume was steady at $38.3B (129% of ADV), providing a stabilizing force with a +0.14% average return. Municipal bonds and short-duration taxable categories led the activity, as investors sought safety amid broader equity volatility. ICSH and BILZ saw significant institutional-sized flow.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – High Yield | 195% | $7.3B | -0.11% |
| Fixed Income: Taxable – Bank Loans | 184% | $1.0B | -0.15% |
| Fixed Income: Taxable – Convertible | 165% | $228.8M | -2.09% |
| Fixed Income: Taxable – Ultrashort | 163% | $2.6B | +0.00% |
| Fixed Income: Taxable – Emerging USD | 151% | $1.2B | +0.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ICSH | iShares Ultra Short Duration Bond Active ETF | 1016% | $815.1M | +0.01% |
| BILZ | PIMCO Ultra Short Government Active ETF | 474% | $102.3M | +0.01% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 276% | $16.1M | +1.80% |
| VTC | Vanguard Total Corporate Bond ETF | 259% | $23.1M | +0.41% |
| IBDR | iShares iBonds Dec 2026 Term Corporate ETF | 256% | $48.1M | +0.02% |
| IBDS | iShares iBonds Dec 2027 Term Corporate ETF | 242% | $40.4M | +0.14% |
| IBDW | iShares iBonds Dec 2031 Term Corporate ETF | 236% | $24.7M | +0.40% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index ETF | 235% | $67.7M | +1.64% |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | 227% | $5.6B | -0.12% |
| EVTR | Eaton Vance Total Return Bond ETF | 222% | $60.5M | +0.47% |
Commodities
The Commodity asset class saw a pullback in activity, trading at 84% of ADV ($24.2B). Focused Precious Metals was the primary drag, returning -5.94% as a class. Conversely, Agriculture was a bright spot with a +0.50% return, led by DBA.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Agriculture | 154% | $20.2M | +0.50% |
| Commodity: Focused – Industrial Metals | 125% | $100.0M | -3.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBA | Invesco DB Agriculture Fund | 154% | $9.8M | +0.25% |
Digital Asset
Digital Assets experienced explosive volume of $16.8B, a staggering 266% of the 30-day average. The heavy activity coincided with a sharp sell-off across the board, as Bitcoin and Ethereum ETFs plunged over -10%. Retail and institutional heavyweights IBIT and FBTC dominated the flow.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 300% | $14.2B | -10.49% |
| Digital Asset: Cryptocurrency – Multicoin | 279% | $25.7M | -12.43% |
| Digital Asset: Cryptocurrency – Altcoin | 222% | $220.7M | -17.30% |
| Digital Asset: Cryptocurrency – Ethereum | 159% | $2.3B | -12.29% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BTC | Grayscale Bitcoin Mini Trust ETF | 360% | $465.8M | -13.34% |
| IBIT | iShares Bitcoin Trust ETF | 349% | $9.6B | -13.31% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | 325% | $1.4B | -13.50% |
| BITW | Bitwise 10 Crypto Index ETF | 297% | $20.8M | -14.06% |
| ETHW | Bitwise Ethereum ETF | 266% | $80.3M | -13.18% |
| ETHA | iShares Ethereum Trust ETF | 173% | $1.5B | -13.34% |
Currencies
Currency ETFs traded $133.9M in volume (134% of ADV). The session return for the class was -0.21%. Activity was concentrated in the Japanese Yen Trust, FXY, which traded 189% of its 30-day average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 134% | $133.9M | -0.21% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 189% | $24.8M | -0.15% |
Alternatives
Alternatives saw a major surge in activity, reaching 258% of average volume ($2.5B). The session was dominated by Long Volatility strategies as market-wide fear indices spiked. UVIX and UVXY were the focus of significant hedging activity.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 303% | $498.6M | -2.63% |
| Alternative: Volatility – Long | 260% | $1.9B | +6.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVIX | 2x Long VIX Futures ETF | 427% | $667.3M | +11.18% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 232% | $593.7M | +8.71% |
| SVOL | Simplify Volatility Premium ETF | 221% | $17.6M | -2.35% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 198% | $489.6M | +6.40% |
Non-Traditional
Non-Traditional products traded $58.7B (158% of ADV), ending down -2.96% on average. Inverse equity and levered crypto funds were hyper-active. SDS (+2.60%) and SPXL (-3.88%) reflected the day’s high-beta turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 242% | $2.6B | -17.67% |
| Non-Traditional: Leverage | Inverse – Equity | 178% | $34.7B | -0.89% |
| Non-Traditional: Synthetic Income – Equity | 161% | $2.9B | -1.28% |
| Non-Traditional: Leverage | Inverse – Single Stock | 142% | $12.7B | -7.48% |
| Non-Traditional: Synthetic Income – Single Stock | 137% | $469.4M | -4.42% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ACIO | Aptus Collared Investment Opportunity ETF | 365% | $24.3M | -0.68% |
| SDS | ProShares UltraShort S&P 500 | 295% | $468.5M | +2.60% |
| SPXL | Direxion Daily S&P 500 Bull 3x Shares | 290% | $1.4B | -3.88% |
| SPXU | ProShares UltraPro Short S&P500 | 276% | $646.8M | +3.96% |
| QYLD | Global X NASDAQ 100 Covered Call ETF | 266% | $303.0M | -0.92% |
| RDVI | FT Vest Rising Dividend Achievers Target Income ETF | 261% | $39.2M | -0.46% |
| TBT | ProShares UltraShort 20+ Year Treasury | 259% | $29.0M | -2.28% |
| BITX | 2x Bitcoin Strategy ETF | 211% | $522.0M | -26.82% |
| BTCI | NEOS Bitcoin High Income ETF | 199% | $60.3M | -12.71% |
| TLTW | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 190% | $57.8M | +1.00% |
Multi-Asset
Multi-Asset volume was in-line with ADV at $225.1M (102%). The class average return of -1.78% was pulled lower by Specialty Real Asset and Alternative Asset Sleeve exposures. RLY and RAAX were the most active names in the group.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Specialty – Real Assets | 180% | $23.8M | -1.53% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 224% | $8.2M | -1.33% |
| RAAX | VanEck Real Assets ETF | 193% | $13.3M | -1.83% |
Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.
Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
