Macro Summary
The overall ETF market experienced a muted session, transacting $240.7B in total volume, which represents just 73% of the 30-day average. Activity remained broadly subdued across the major asset classes, with most groups seeing noticeably lighter-than-usual trading. Non-Traditional ETFs were the relative bright spot in terms of consistency, nearly matching their historical pace, while commodities and alternatives saw the steepest drop-offs in relative flow.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $155.2B | $219.7B | 71% |
| Fixed Income | $25.8B | $39.5B | 65% |
| Commodities | $11.4B | $17.7B | 65% |
| Digital Asset | $3.7B | $4.9B | 75% |
| Currencies | $137.6M | $182.1M | 76% |
| Alternatives | $1.1B | $1.7B | 63% |
| Non-Traditional | $43.2B | $43.9B | 98% |
| Multi-Asset | $200.1M | $240.6M | 83% |
Equity
Equity ETF trading was light relative to the historical average, securing $155.2B in volume (71% of ADV). Despite the broader lull, certain thematic groups experienced elevated action, particularly within the Evolving Consumer and Health Innovation categories. Factor-based products, value isolates, and mid-cap segments featured prominently among individual ticker anomalies.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Evolving Consumer | 166% | $950.9M | -1.63% |
| Equity: Thematic – Health Innovation | 133% | $100.6M | -1.49% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLQM | Franklin U.S. Mid Cap Multifactor Index ETF | 1445% | $108.4M | -0.41% |
| IWX | iShares Russell Top 200 Value ETF | 1322% | $347.7M | -0.62% |
| WCMI | First Trust WCM International Equity ETF | 900% | $76.2M | -2.18% |
| FDV | Federated Hermes U.S. Strategic Dividend ETF | 460% | $16.3M | -0.77% |
| XOVR | ERShares Private-Public Crossover ETF | 404% | $96.5M | -0.87% |
| TMSL | T. Rowe Price Small-Mid Cap ETF | 347% | $43.4M | -0.81% |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | 343% | $12.4M | +0.73% |
| TSPA | T. Rowe Price U.S. Equity Research ETF | 330% | $40.6M | -0.71% |
| WTV | WisdomTree US Value Fund of Benef Interest | 325% | $72.5M | +0.21% |
| PRN | Invesco Dorsey Wright Industrials Momentum ETF | 317% | $12.3M | -0.57% |
Fixed Income
Fixed Income experienced subdued trading overall, capturing $25.8B in total turnover (65% of its 30-day average). Taxable Multisector and Defined Maturity core segments saw scattered pockets of individual high-activity ETF trading, but no category collectively passed outsized inclusion thresholds.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CARY | Angel Oak Income ETF | 670% | $40.6M | -0.19% |
| IBHI | iShares iBonds 2029 Term High Yield and Income ETF | 615% | $16.4M | -0.32% |
| TAGG | T. Rowe Price QM U.S. Bond ETF | 550% | $28.2M | -0.26% |
| GTO | Invesco Total Return Bond ETF | 520% | $60.9M | -0.31% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 457% | $79.5M | -0.22% |
| XCCC | BondBloxx CCC-Rated USD High Yield Corporate Bond ETF | 318% | $17.1M | -0.36% |
| STOT | State Street DoubleLine Short Duration Total Return Tactical ETF | 304% | $12.5M | -0.08% |
| SMTH | ALPS/SMITH Core Plus Bond ETF | 276% | $18.5M | -0.21% |
| XBB | BondBloxx BB-Rated USD High Yield Corporate Bond ETF | 256% | $12.5M | -0.18% |
| FSEC | Fidelity Investment Grade Securitized ETF | 249% | $19.6M | -0.48% |
Commodities
Commodities traded softly throughout the session, bringing in $11.4B total volume. Despite positive returns on average across the asset class, trading volume lacked conviction with only one broad market outlier breaking above its volume trend.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 178% | $7.4M | +1.31% |
Digital Asset
Digital Asset ETFs recorded $3.7B in session volume, operating comfortably below their historical averages. The space traded broadly lower, with minimal turnover spikes preventing any individual or category-level volume anomalies from forming.
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.
Currencies
Currency ETF volumes remained light, generating just $137.6M in turnover across the entire class. The Euro trust constituted the sole outlier to pull any concentrated attention during trading.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 206% | $56.6M | -0.43% |
Alternatives
Alternative ETFs witnessed a quiet day with only $1.1B exchanging hands, representing 63% of their trailing 30-day pace. The session concluded with no significant volume outliers in both the category and ticker levels.
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.
Non-Traditional
Non-Traditional ETFs were the most consistently traded asset class relative to their average, closing at 98% of their 30-day baseline ($43.2B). The elevated action was driven heavily by Equity Buffer products and various leveraged single-stock funds capitalizing on distinct market movements.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 151% | $577.9M | -0.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ZALT | Innovator U.S. Equity 10 Buffer ETF – Quarterly | 822% | $73.9M | -0.09% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 263% | $14.7M | +2.11% |
| DFEN | Direxion Daily Aerospace & Defense Bull 3X ETF | 251% | $43.4M | -10.45% |
| FJAN | FT Vest US Equity Buffer ETF – January | 223% | $9.1M | -0.26% |
| BALT | Innovator Defined Wealth Shield ETF | 218% | $38.9M | -0.09% |
| MSFU | Direxion Daily MSFT Bull 2X ETF | 214% | $290.4M | +3.64% |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | 213% | $46.1M | +0.51% |
| AMZU | Direxion Daily AMZN Bull 2X ETF | 212% | $155.7M | +2.64% |
| GAPR | FT Vest U.S. Equity Moderate Buffer Fund – Apr | 208% | $5.6M | -0.39% |
| IONX | Defiance Daily Target 2X Long IONQ ETF | 200% | $147.5M | -6.51% |
Multi-Asset
Multi-Asset funds concluded the session with $200.1M in volume, translating to 83% of their trailing average. Although showing relative stability compared to standard equities or fixed income segments, no sub-categories or individual ETFs broke the anomaly threshold for extreme activity.
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.
