Macro Summary
Total market volume for the session was $483.7B, representing a substantial 186% of the 30-day average. The trading day was defined by widespread volatility and aggressive positioning, particularly within Commodities and Digital Assets, which saw activity levels surge to 415% and 197% of their averages, respectively. While Equity markets remained heavy with $284.0B in volume, the narrative shifted toward safe havens and risk-mitigation strategies as Non-Traditional and Alternative classes saw heightened engagement amidst broader market fluctuations.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $284.0B | $172.6B | 165% |
| Fixed Income | $38.5B | $27.6B | 140% |
| Commodity | $85.3B | $20.5B | 415% |
| Digital Asset | $10.8B | $5.5B | 197% |
| Currency | $136.5M | $85.8M | 159% |
| Alternative | $1.5B | $828.7M | 181% |
| Non-Traditional | $63.3B | $32.3B | 196% |
| Multi-Asset | $295.8M | $205.4M | 144% |
Equity
Equity volume totaled $284.0B (165% of ADV). Heavy turnover was noted in thematic sectors like Precious Metals (317% activity) and Natural Resources (320% activity). Large-cap growth also saw a significant spike, with activity at 178% as investors navigated a -0.12% average return for the class.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific Ex-Japan | 326% | $393.1M | +0.02% |
| Equity: Thematic – Natural Resources | 320% | $4.8B | -0.47% |
| Equity: Global Large Cap – Value | 320% | $117.1M | +0.43% |
| Equity: Thematic – Precious Metals | 317% | $11.5B | -3.98% |
| Equity: U.S. Mid Cap – Growth | 274% | $715.6M | -0.92% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FIDU | Fidelity MSCI Industrial Index ETF | 2286% | $150.4M | +0.74% |
| FCOM | Fidelity MSCI Communication Services Index ETF | 2266% | $162.2M | +2.82% |
| MGC | Vanguard Mega Cap ETF | 1672% | $365.6M | -0.19% |
| SMLF | iShares U.S. SmallCap Equity Factor ETF | 1099% | $197.0M | -0.22% |
| BBCA | JPMorgan BetaBuilders Canada ETF | 841% | $174.7M | +0.42% |
| AIA | iShares Asia 50 ETF | 844% | $293.5M | -0.84% |
| BBRE | JPMorgan BetaBuilders MSCI US REIT ETF | 759% | $23.1M | +1.53% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 733% | $272.4M | +0.22% |
| FLJP | Franklin FTSE Japan ETF | 683% | $156.2M | +1.02% |
| ACWV | iShares MSCI Global Min Vol Factor ETF | 588% | $87.2M | -0.14% |
Fixed Income
Fixed Income volume reached $38.5B (140% of ADV). Activity was highest in Municipal Long (399%) and Bank Loans (296%), as investors adjusted to yields in a flat session for returns (-0.01%).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Municipal – Long | 399% | $178.6M | -0.04% |
| Fixed Income: Taxable – Bank Loans | 296% | $1.3B | -0.06% |
| Fixed Income: Taxable – Convertible | 222% | $276.6M | -1.22% |
| Fixed Income: Taxable – International USD | 185% | $743.7M | +0.16% |
| Fixed Income: Taxable – International | 164% | $80.7M | +0.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VCRB | Vanguard Core Bond ETF | 489% | $172.7M | +0.15% |
| PAAA | PGIM AAA CLO ETF | 482% | $360.5M | 0.00% |
| PZA | Invesco National AMT-Free Municipal Bond ETF | 462% | $168.2M | +0.24% |
| SPTI | State Street SPDR Portfolio Intermediate Term Treasury ETF | 425% | $239.6M | +0.12% |
| JMBS | Janus Henderson Mortgage-Backed Securities ETF | 398% | $190.5M | +0.12% |
| BKLN | Invesco Senior Loan ETF | 387% | $863.3M | -0.26% |
| SPTS | State Street SPDR Portfolio Short Term Treasury ETF | 315% | $170.3M | +0.05% |
| FBND | Fidelity Total Bond ETF | 303% | $324.4M | -0.24% |
| JAAA | Janus Henderson AAA CLO ETF | 257% | $648.1M | +0.01% |
| ICVT | iShares Convertible Bond ETF | 251% | $154.2M | -0.75% |
Commodity
Commodity volume exploded to $85.3B (415% of ADV). The Focused Industrial Metals category led all activity with a massive 674% spike, while Focused Precious Metals saw over $82B change hands. The asset class delivered a positive +0.98% return.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Industrial Metals | 674% | $378.1M | +2.39% |
| Commodity: Focused – Precious Metals | 423% | $82.9B | -0.50% |
| Commodity: Focused – Energy | 227% | $1.5B | +2.27% |
| Commodity: Multi-Sector – Broad Market | 203% | $373.6M | +1.23% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BAR | GraniteShares Gold Shares | 1756% | $805.4M | +0.25% |
| IAUM | iShares Gold Trust Micro ETF | 1424% | $2.8B | +0.21% |
| AAAU | Goldman Sachs Physical Gold ETF | 1313% | $1.8B | +0.13% |
| USO | United States Oil Fund LP | 297% | $1.0B | +2.97% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy ETF | 287% | $171.0M | +0.84% |
Digital Asset
Digital Assets saw a significant volume of $10.8B (197% of ADV). Spot Bitcoin products drove the bulk of activity (208%), though the class was hit hard by a sharp -5.86% average return.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 208% | $8.4B | -4.46% |
| Digital Asset: Cryptocurrency – Altcoin | 193% | $180.5M | -6.95% |
| Digital Asset: Cryptocurrency – Ethereum | 164% | $2.1B | -6.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ARKB | ARK 21Shares Bitcoin ETF | 231% | $260.2M | -5.43% |
| IBIT | iShares Bitcoin Trust ETF | 227% | $5.4B | -5.48% |
| BITB | Bitwise Bitcoin ETF Trust | 199% | $243.0M | -5.52% |
| FETH | Fidelity Ethereum Fund ETF | 192% | $212.0M | -6.81% |
| ETHE | Grayscale Ethereum Staking ETF | 176% | $259.9M | -6.63% |
Currency
Currency volume was muted compared to larger asset classes but showed a high activity level relative to its average at 159% ($136.5M). Swiss Franc trust was a highlight for activity as the class returned +0.07%.
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.
Alternatives
Alternative assets saw a notable turnover of $1.5B (181% of ADV). Long Volatility continues to be the focus (173% activity) as hedging demand remains high. The asset class averaged a +0.34% return.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Long | 173% | $1.1B | +1.37% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVIX | 2x Long VIX Futures ETF | 231% | $302.8M | +2.46% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 174% | $390.4M | +1.43% |
Non-Traditional
Non-Traditional volume was massive at $63.3B (196% of ADV), largely driven by leveraged and inverse commodity positioning which saw 395% activity. Volatility in single-stock long/short products also spiked. Average returns for the session were -1.34%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 395% | $13.7B | +1.74% |
| Non-Traditional: Synthetic Income – Crypto | 198% | $91.8M | -6.78% |
| Non-Traditional: Leverage | Inverse – Equity | 179% | $30.3B | -0.22% |
| Non-Traditional: Leverage | Inverse – Single Stock | 171% | $13.9B | -3.93% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UGL | ProShares Ultra Gold | 1062% | $3.1B | +0.12% |
| JEPQ | JPMorgan NASDAQ Equity Premium Income ETF | 224% | $619.3M | -0.15% |
| TECL | Direxion Daily Technology Bull 3x Shares | 367% | $351.3M | -4.68% |
| TMF | Direxion Daily 20+ Year Treasury Bull 3X Shares | 169% | $322.2M | +0.17% |
Multi-Asset
Multi-Asset volume was $295.8M (144% of ADV). Real asset allocation and gold-miner hybrid strategies were the primary drivers. Average returns for the class were -0.32%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Specialty – Real Assets | 262% | $26.2M | +0.49% |
| Asset Allocation: Specialty – Alternative Asset Sleeve | 219% | $83.4M | -1.60% |
High-Activity Ticker Outliers
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.
