Macro Summary
Total market volume settled at $163.7B, representing just 58% of the 30-day average, signaling a generally quiet session for most asset classes. However, this calm was dramatically disrupted by the Commodity asset class, which traded at 203% of its average volume. This surge was primarily driven by frenetic activity in Precious Metals (closing up 3.94%) and Industrial Metals (+2.54%), where traders aggressively bid up hard assets while Equities and Fixed Income remained dormant.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $101.7B | $197.5B | 51% |
| Fixed Income | $17.1B | $28.3B | 60% |
| Commodity | $18.1B | $8.9B | 203% |
| Digital Asset | $4.2B | $7.2B | 58% |
| Currency | $47.9M | $79.5M | 60% |
| Alternative | $489.0M | $1.3B | 37% |
| Non-Traditional | $21.9B | $37.6B | 58% |
| Multi-Asset | $150.3M | $170.8M | 88% |
Equity
Equity trading was light, with $101.7B in volume representing just 51% of the 30-day average. Despite the low aggregate figures, significant rotation occurred in the Equity: Thematic – Precious Metals category (finishing the day up 2.88%) and Equity: Region – Asia-Pacific category (closing up 0.23%). This activity was notably fueled by IAI (closing +0.04%), which saw turnover more than 8x its average, and heavy volumes in COPX (+3.14%) as investors chased the rally in underlying metals.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific | 149% | $115.7M | +0.23% |
| Equity: Thematic – Precious Metals | 129% | $3.5B | +2.88% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 833% | $147.2M | +0.04% |
| FIDU | Fidelity MSCI Industrial Index ETF | 412% | $18.6M | -0.32% |
| IDMO | Invesco S&P International Developed Momentum ETF | 357% | $63.2M | -0.14% |
| EPP | iShares MSCI Pacific ex-Japan ETF | 355% | $55.8M | +0.40% |
| FDIS | Fidelity MSCI Consumer Discretionary Index ETF | 306% | $24.5M | -0.30% |
| EWS | iShares MSCI Singapore ETF | 239% | $57.1M | +0.05% |
| AVRE | Avantis Real Estate ETF | 225% | $5.9M | +0.05% |
| BBIN | JPMorgan BetaBuilders International Equity ETF | 225% | $23.5M | +0.14% |
| FCOM | Fidelity MSCI Communication Services Index ETF | 223% | $19.6M | -0.37% |
| SLVP | iShares MSCI Global Silver Miners ETF | 219% | $33.6M | +3.27% |
Fixed Income
Fixed Income flows were subdued, recording $17.1B in total volume (60% of the 30-day average). With no categories meeting the high-volume threshold, activity was idiosyncratic rather than broad-based. Outliers like AVIG (closing up 0.10%) and CLIP (+0.02%) saw significantly elevated turnover relative to their norms, highlighting pockets of reallocation within an otherwise quiet bond market.
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 |
|---|---|---|---|---|
| AVIG | Avantis Core Fixed Income ETF | 458% | $34.8M | +0.10% |
| CLIP | Global X 1-3 Month T-Bill ETF | 303% | $89.8M | +0.02% |
| ZROZ | PIMCO 25+ Year Zero Coupon US Treasury Index Exchange-Traded Fund | 214% | $53.2M | -0.69% |
| CGHM | Capital Group Municipal High-Income ETF | 202% | $14.8M | -0.02% |
| YLD | Principal Active High Yield ETF | 178% | $5.1M | -0.03% |
| NYF | iShares New York Muni Bond ETF | 177% | $11.0M | -0.06% |
| SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 173% | $15.7M | -0.06% |
| TAFI | AB Tax-Aware Short Duration Municipal ETF | 171% | $10.1M | -0.08% |
| IBTH | iShares iBonds Dec 2027 Term Treasury ETF | 169% | $22.3M | +0.04% |
| TBUX | T. Rowe Price Ultra Short-Term Bond ETF | 166% | $11.9M | +0.07% |
Commodities
Commodities were the undisputed epicenter of market action, trading at a staggering 203% of their average volume. The frenzy was concentrated in the Commodity: Focused – Industrial Metals category (up 2.54%) and the Commodity: Focused – Precious Metals category (+3.94%), the latter seeing over $17.3B in turnover. This exceptional activity was driven by massive inflows into PPLT (closing +7.81%) and CPER (+4.91%), both of which traded at multiples of their average daily volume.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Industrial Metals | 572% | $112.1M | +2.54% |
| Commodity: Focused – Precious Metals | 212% | $17.3B | +3.94% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PPLT | abrdn Physical Platinum Shares ETF | 731% | $838.0M | +7.81% |
| CPER | United States Copper Index Fund | 523% | $79.6M | +4.91% |
| SLV | iShares Silver Trust | 420% | $9.6B | +9.10% |
| SIVR | abrdn Physical Silver Shares ETF | 383% | $523.2M | +8.91% |
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 165% | $29.7M | +1.11% |
| DBC | Invesco DB Commodity Index Tracking Fund | 155% | $15.6M | +0.29% |
| DBA | Invesco DB Agriculture Fund | 153% | $8.1M | +0.06% |
Digital Asset
Digital Assets mirrored the broader market’s lethargy, with $4.2B in volume reaching just 58% of the average. While major categories like Bitcoin were quiet, selective interest persisted, evidenced by activity in BRRR (closing up 0.32%).
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 |
|---|---|---|---|---|
| BRRR | Coinshares Bitcoin ETF | 156% | $12.5M | +0.32% |
Currency
Currency volumes were thin, totaling just $47.9M (60% of the 30-day average). There were no notable high-volume categories or specific ticker outliers, reflecting a lack of conviction in FX markets 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. | ||||
Alternative
Alternative strategies saw very light engagement, with volume of $489.0M coming in at just 37% of the average. The lack of volatility suppression or enhancement activity resulted in no high-volume categories or significant ticker outliers.
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 assets traded $21.9B, or 58% of their 30-day average. However, the Non-Traditional: Leverage | Inverse – Commodity category bucked the trend, surging to 259% of its average volume (closing up 0.45%). This was largely driven by heavy turnover in AGQ (+19.27%) and USOI (-1.87%), as traders utilized leveraged tools to amplify the day’s significant commodity moves.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 259% | $3.2B | +0.45% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AGQ | ProShares Ultra Silver | 497% | $2.1B | +19.27% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 239% | $10.9M | -1.87% |
| UGL | ProShares Ultra Gold | 176% | $323.7M | +2.40% |
| AIPI | REX AI Equity Premium Income ETF | 160% | $11.4M | +0.99% |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | 159% | $18.7M | -0.01% |
| FEPI | REX FANG & Innovation Equity Premium Income ETF | 151% | $10.3M | -0.10% |
| TSYY | GraniteShares YieldBOOST TSLA ETF | 151% | $22.3M | -4.34% |
Multi-Asset
Multi-Asset trading was relatively healthy compared to other classes, with $150.3M in volume reaching 88% of the average. Despite this stability, no specific categories met the high-volume thresholds, and no individual tickers stood out as significant outliers.
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. | ||||
