Macro Summary
US Markets were relatively quiet today with total volume of $297.0B (101% of 30-day average). While broad market activity was flat, we saw a distinct surge in specific corners of the market, most notably in Equity: Specialty – Hedged (164% of average activity) and Equity: Global Ex-U.S. Large Cap – Value (which fell 0.43% on the day). This targeted rotation into hedged and international value strategies suggests investors may be positioning for potential volatility or seeking relative value outside of traditional domestic growth.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $205.3B | $197.1B | 104% |
| Fixed Income | $29.5B | $31.2B | 94% |
| Commodities | $8.1B | $13.1B | 62% |
| Digital Asset | $9.6B | $8.5B | 112% |
| Currency | $102.5M | $75.1M | 136% |
| Alternative | $1.7B | $1.7B | 100% |
| Non-Traditional | $42.6B | $43.4B | 98% |
| Multi-Asset | $146.2M | $186.3M | 79% |
Equity
Equity markets saw healthy engagement with total volume of $205.3B (104% of the 30-day average). The session was heavily influenced by the Equity: U.S. Small Cap – Blend category (finishing the day down 0.08%) and Equity: Global Ex-U.S. Large Cap – Value (closing down 0.43%). Activity was largely driven by heavy turnover in BDYN (closing -0.06%) and GARP (closing +0.76%), indicating a focus on both active management and quality growth factors.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Small Cap – Blend | 125% | $14.4B | -0.08% |
| Equity: Global Ex-U.S. Large Cap – Value | 147% | $779.2M | -0.43% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BDYN | iShares Dynamic Equity Active ETF | 1274% | $124.3M | -0.06% |
| GARP | iShares MSCI USA Quality GARP ETF | 1075% | $210.8M | +0.76% |
| FFSM | Fidelity Fundamental Small-Mid Cap ETF | 400% | $11.6M | +0.41% |
| EIS | iShares MSCI Israel ETF | 351% | $19.9M | -0.26% |
| WTV | WisdomTree US Value Fund of Benef Interest | 312% | $37.6M | -0.32% |
| WCMI | First Trust WCM International Equity ETF | 308% | $21.4M | -0.28% |
| BKDV | BNY Mellon Dynamic Value ETF | 293% | $15.8M | -0.02% |
| VV | Vanguard Large-Cap ETF | 291% | $229.8M | +0.36% |
| HELO | JPMorgan Hedged Equity Laddered Overlay ETF | 276% | $57.2M | +0.25% |
| BDVL | iShares Disciplined Volatility Equity Active ETF Trust Unit | 261% | $13.9M | -0.29% |
Fixed Income
Fixed Income volume came in at $29.5B, representing 94% of the 30-day average. The session saw elevated flows in the Fixed Income: Taxable – Securitized category (down 0.11%). Turnover was largely driven by heavy turnover in XHLF (closing -0.01%) and SCHQ (closing -0.09%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Securitized | 130% | $824.5M | -0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XHLF | BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 1180% | $335.8M | -0.01% |
| SCHQ | Schwab Long-Term U.S. Treasury ETF | 943% | $171.5M | -0.09% |
| HYDB | iShares High Yield Systematic Bond ETF | 660% | $95.0M | +0.03% |
| SYFI | AB Short Duration High Yield ETF | 564% | $23.8M | +0.15% |
| DGCB | Dimensional Global Credit ETF | 423% | $12.3M | -0.04% |
| CLOZ | Eldridge BBB-B CLO ETF | 372% | $45.1M | -0.04% |
| IBTF | iShares iBonds Dec 2025 Term Treasury ETF | 311% | $32.5M | +0.06% |
| LGOV | First Trust Long Duration Opportunities ETF | 307% | $10.5M | -0.20% |
| XTEN | BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 279% | $15.6M | -0.11% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 277% | $34.2M | -0.03% |
Commodities
Commodities trading was lighter than usual, with volume of $8.1B reaching just 62% of the average. While broader activity was muted, the Commodity: Multi-Sector – Broad Market category saw relative strength. Specific interest was seen in DBC (closing -0.99%).
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 |
|---|---|---|---|---|
| DBC | Invesco DB Commodity Index Tracking Fund | 235% | $22.1M | -0.99% |
Crypto
Digital Asset markets saw volume of $9.6B (112% of average), despite a broad pullback. Activity was centered in Digital Asset: Cryptocurrency – Bitcoin (down 2.91%) and Digital Asset: Cryptocurrency – Ethereum (down 5.27%), with investors remaining active amidst the price weakness.
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. | ||||
Currencies
Currency markets saw a surge in activity, with volume reaching 136% of the average ($102.5M). This was driven entirely by the Currency category (down 0.21%), with significant action in UUP (closing +0.62%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 136% | $102.5M | -0.21% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UUP | Invesco DB US Dollar Index Bullish Fund | 169% | $53.7M | +0.62% |
Alternatives
Alternatives volume matched its average exactly (100%) at $1.67B. Activity was distributed across volatility and absolute return strategies, with no single category or ticker dominating the session’s flows.
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 volume was $42.6B (98% of average). While no specific categories met the high-volume threshold, trading was active in Leverage and Synthetic Income themes. Outliers included FOCT (closing +0.19%) and GGLL (closing +6.01%).
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 |
|---|---|---|---|---|
| FOCT | FT Vest U.S. Equity Buffer ETF – October | 445% | $18.8M | +0.19% |
| GGLL | Direxion Daily GOOGL Bull 2X Shares | 286% | $427.0M | +6.01% |
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 218% | $7.5M | +0.04% |
| BUCK | Simplify Treasury Option Income ETF | 207% | $6.3M | +0.04% |
| UDOW | ProShares UltraPro Dow30 | 184% | $664.1M | +0.04% |
| MSTX | Defiance Daily Target 2x Long MSTR ETF | 183% | $267.2M | -18.40% |
| MUU | Direxion Daily MU Bull 2X Shares | 161% | $134.6M | -2.33% |
| BUFR | FT Vest Laddered Buffer ETF | 158% | $55.7M | +0.21% |
| XDTE | Roundhill S&P 500 0DTE Covered Call Strategy ETF | 158% | $20.5M | +0.86% |
| SPXS | Direxion Daily S&P 500 Bear 3x Shares | 155% | $386.6M | -1.09% |
Multi-Asset
Multi-Asset volume was quiet at $146.2M (79% of average). No specific categories or tickers stood out as significant volume 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. | ||||
