Macro Summary
Total market volume reached $291.8B for the session, representing an activity level of 111% relative to the 30-day average. The day was defined by a Significant Surge in Commodities and Defensive Rotation, as Precious Metals and Energy categories saw volume spikes exceeding 180% of normal levels. Equity markets remained active but relatively balanced, while Fixed Income saw concentrated interest in Taxable and Emerging USD segments.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $188.2B | $180.0B | 105% |
| Fixed Income | $30.8B | $27.2B | 113% |
| Commodities | $28.6B | $15.5B | 184% |
| Digital Asset | $5.5B | $5.7B | 97% |
| Currencies | $122.3M | $68.2M | 179% |
| Alternatives | $917.8M | $906.7M | 101% |
| Non-Traditional | $37.5B | $32.5B | 116% |
| Multi-Asset | $201.7M | $197.9M | 102% |
Equity
The Equity asset class recorded $188.2B in volume, slightly above its ADV at 105%. Activity was highly concentrated in specific sectors, notably Utilities (242%) and Health Care (164%), while broad U.S. Large Cap Blend remained muted. International markets saw strength in Latin America (269%) and Global Large Cap Growth (201%).
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| Equity: Region – Latin America | 269% | $264.2M | +1.35% |
| Equity: Sector – Utilities | 242% | $2.2B | -0.56% |
| Equity: Global Ex-U.S. Large Cap – Growth | 201% | $476.6M | +0.37% |
| Equity: Thematic – Sustainability | 196% | $275.6M | +0.19% |
| Equity: Sector – Materials | 188% | $1.1B | +0.66% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| FBT | First Trust NYSE Arca Biotechnology Index Fund | 13018% | $1.5B | -1.20% |
| FXU | First Trust Utilities AlphaDEX Fund | 3426% | $824.5M | -0.66% |
| FXO | First Trust Financials AlphaDEX Fund | 1743% | $165.8M | -1.39% |
| FTXL | First Trust Nasdaq Semiconductor ETF | 1494% | $237.7M | -2.47% |
| EFIV | State Street SPDR S&P 500 ESG ETF | 947% | $23.9M | +0.00% |
| VNQI | Vanguard Global ex-U.S. Real Estate ETF | 932% | $116.8M | -0.02% |
| IYJ | iShares U.S. Industrials ETF | 735% | $95.8M | -1.04% |
| IGE | iShares North American Natural Resources ETF | 717% | $45.7M | +0.96% |
| INFL | Horizon Kinetics Inflation Beneficiaries ETF | 610% | $44.2M | +0.42% |
| MISL | First Trust Indxx Aerospace & Defense ETF | 517% | $297.3M | -0.96% |
Fixed Income
Fixed Income volume was $30.8B (113% of ADV). The session saw pronounced activity in Emerging USD (231%) and Inflation Protected (188%) categories. Taxable Government segments also saw elevated trading, particularly in the Long-Term and 10-Year note proxies.
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging USD | 231% | $1.5B | +0.25% |
| Fixed Income: Taxable – Inflation Protected | 188% | $1.1B | +0.16% |
| Fixed Income: Taxable – Bank Loans | 157% | $637.2M | -0.01% |
| Fixed Income: Taxable – International | 155% | $57.9M | +0.51% |
| Fixed Income: Municipal – Long | 148% | $54.3M | +0.06% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| FLBL | Franklin Senior Loan ETF Franklin Liberty Senior Loan Fund | 1810% | $95.5M | +0.53% |
| DFCA | Dimensional California Municipal Bond ETF | 755% | $19.4M | +0.04% |
| TUSI | Touchstone Ultra Short Income ETF | 680% | $17.4M | +0.04% |
| FLHY | Franklin High Yield Corporate ETF | 604% | $21.1M | -0.06% |
| UTEN | US Treasury 10 Year Note ETF | 595% | $17.8M | +0.14% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 566% | $40.8M | +0.21% |
| EVTR | Eaton Vance Total Return Bond ETF | 438% | $107.5M | +0.11% |
| ISTB | iShares Core 1-5 Year USD Bond ETF | 428% | $80.2M | +0.04% |
| NBSD | Neuberger Berman Short Duration Income ETF | 375% | $27.5M | +0.05% |
| IGOV | iShares International Treasury Bond ETF | 350% | $32.0M | +0.63% |
Commodities
The Commodities asset class was a major outlier, with volume of $28.6B (184% of ADV). Precious Metals led the charge with volume nearly double its average (188%), driving heavy participation in silver and gold proxies. Industrial Metals also showed substantial activity at 232%.
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| Commodity: Focused – Industrial Metals | 232% | $103.6M | +2.39% |
| Commodity: Focused – Precious Metals | 188% | $27.5B | +2.99% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 254% | $91.4M | +2.44% |
| IAU | iShares Gold Trust | 215% | $1.8B | +1.35% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 207% | $71.9M | +4.64% |
| DJP | iPath Bloomberg Commodity Index Total Return ETN | 204% | $6.1M | +2.12% |
| SLV | iShares Silver Trust | 204% | $12.9B | +6.83% |
| DBC | Invesco DB Commodity Index Tracking Fund | 185% | $21.5M | +1.87% |
| CMDT | PIMCO Commodity Strategy Active ETF | 166% | $8.2M | +1.26% |
Digital Asset
Digital Asset volume was $5.5B (97% of ADV). Trading was balanced across major cryptocurrency types, with Bitcoin and Ethereum proxies tracking near their 30-day averages. Multicoin strategies saw a small activity uptick at 130%.
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| No items met the inclusion criteria for this session. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| BITW | Bitwise 10 Crypto Index ETF | 157% | $11.1M | +0.08% |
Currencies
Currency ETFs saw volume of $122.3M (179% of ADV). Activity was concentrated in major currency trusts, particularly the Japanese Yen (313%) and Swiss Franc (226%), reflecting safe-haven flows and FX volatility.
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| Currency | 179% | $122.3M | +0.36% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 313% | $30.6M | +1.73% |
| FXF | Invesco CurrencyShares Swiss Franc Trust | 226% | $17.5M | +1.08% |
| FXE | Invesco CurrencyShares Euro Trust | 189% | $17.9M | +0.64% |
Alternatives
Alternatives volume reached $917.8M (101% of ADV). The asset class saw balanced activity with minor outliers in Absolute Return Event Driven (132%) and Managed Futures (115%). Long Volatility strategies also maintained steady participation levels.
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| Alternative: Absolute Return – Event Driven | 132% | $3.4M | -0.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| No items met the inclusion criteria for this session. | ||||
Non-Traditional
Non-Traditional volume totaled $37.5B (116% of ADV). Leverage and Inverse strategies for Commodities (167%) and Fixed Income (159%) saw the highest activity percentages, while Buffer strategies for Fixed Income (390%) saw localized volume spikes.
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 167% | $4.2B | +1.23% |
| Non-Traditional: Leverage | Inverse – Fixed Income | 159% | $383.0M | -0.01% |
| Non-Traditional: Synthetic Income – Commodity | 128% | $63.3M | +1.75% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| WTPI | WisdomTree Equity Premium Income Fund | 472% | $18.2M | +0.03% |
| FTHI | First Trust BuyWrite Income ETF | 429% | $57.9M | +0.06% |
| IRE | Defiance Daily Target 2X Long IREN ETF | 286% | $369.1M | +16.87% |
| MSFU | Direxion Daily MSFT Bull 2X Shares | 272% | $89.8M | +6.38% |
| AMDL | GraniteShares 2x Long AMD Daily ETF | 241% | $322.6M | +4.39% |
| BOIL | ProShares Ultra Bloomberg Natural Gas | 211% | $580.9M | +8.69% |
| ETHT | ProShares Ultra Ether ETF | 209% | $102.2M | +0.64% |
| IWMI | NEOS Russell 2000 High Income ETF | 203% | $27.7M | -0.85% |
| AGQ | ProShares Ultra Silver | 177% | $2.3B | +14.22% |
| TMF | Direxion Daily 20+ Year Treasury Bull 3X Shares | 155% | $289.4M | +0.62% |
Multi-Asset
Multi-Asset volume was $201.7M (102% of ADV). Activity was largely centered in Target Risk Global Macro (114%) and Specialty Real Assets (112%). Broad Conservative and Aggressive target risk sleeves remained quiet.
High-Volume Categories
| Category | Activity | $ Volume | 1D Return |
|---|---|---|---|
| No items met the inclusion criteria for this session. | |||
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| No items met the inclusion criteria for this session. | ||||
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.
