Macro Summary
Total market volume for the session reached $350.6B, representing 104% of the 30-day average. The trading day was characterized by a distinct surge in Equity activity (114% of ADV), contrasted sharply by a significant pullback in Commodity and Digital Asset engagement. While Equities drove the bulk of market turnover, safe-haven narratives within Fixed Income were nuanced, with specific high-activity in long-dated Treasuries and emerging market debt despite overall class volume trailing its average.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $251.4B | $221.5B | 114% |
| Fixed Income | $31.8B | $33.2B | 96% |
| Commodity | $14.4B | $30.1B | 48% |
| Digital Asset | $5.5B | $7.4B | 74% |
| Currency | $94.8M | $116.3M | 81% |
| Alternative | $2.3B | $1.2B | 193% |
| Non-Traditional | $44.9B | $43.2B | 104% |
| Multi-Asset | $209.9M | $245.2M | 86% |
Equity
The Equity asset class saw robust participation with total volume of $251.4B (114% of ADV). Growth names and specific sectors like Utilities led the charge. Notable outliers included FTC (+1.43%) which traded over 10x its normal volume, and a sharp rotation into XLU (+2.82%) as investors sought yield and stability.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific Ex-Japan | 169% | $279.0M | +0.24% |
| Equity: Sector – Utilities | 168% | $2.2B | +2.56% |
| Equity: Thematic – Multi-Sector | 164% | $1.2B | +0.94% |
| Equity: Global Large Cap – Blend | 160% | $2.7B | +0.29% |
| Equity: Thematic – Infrastructure | 153% | $742.9M | +1.12% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PSI | Invesco Semiconductors ETF | 1097% | $112.1M | +0.84% |
| FTC | First Trust Large Cap Growth AlphaDEX Fund | 1079% | $33.1M | +1.43% |
| IYZ | iShares U.S. Telecommunications ETF | 725% | $311.3M | +0.93% |
| LRGF | iShares U.S. Equity Factor ETF | 330% | $60.7M | +0.17% |
| JQUA | JPMorgan U.S. Quality Factor ETF | 327% | $142.1M | +0.66% |
| EXI | iShares Global Industrials ETF | 324% | $31.1M | +0.70% |
| RWR | State Street SPDR Dow Jones REIT ETF | 315% | $96.0M | +1.25% |
| DGT | State Street SPDR Global Dow ETF | 310% | $12.2M | +0.39% |
| FXO | First Trust Financials AlphaDEX Fund | 296% | $29.4M | +0.26% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 282% | $200.8M | +0.30% |
Fixed Income
Fixed Income volume was slightly below average at $31.8B (96% of ADV). However, pockets of extreme activity were observed in Long-Term Government debt (136% activity) and Inflation Protected securities. DFIP was a massive standout, trading at 1139% of its ADV, signaling significant institutional positioning in TIPS.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 202% | $304.4M | +0.13% |
| Fixed Income: Taxable – Government Long | 136% | $6.6B | +0.54% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| TIP | iShares TIPS Bond ETF | 177% | $519.4M | +0.12% |
| EDV | Vanguard Extended Duration Treasury ETF | 164% | $124.0M | +0.67% |
Commodities
Commodities turnover was notably light, totaling $14.4B, which is just 48% of the 30-day average. Precious metals categories saw volume cuts of over 50%, though they managed a positive return session of 2.78%. Broad market multi-sector commodities provided the only real pocket of relative activity.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 184% | $60.7M | +0.26% |
Digital Asset
Digital assets saw a pullback in trading activity to $5.5B (74% of ADV), even as prices broadly climbed (average 1-day return of +5.99%). Bitcoin-focused funds remained the primary liquidity hub, while Ethereum and Altcoin categories trailed in volume versus their respective averages.
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 volume was muted at $94.8M, representing 81% of the class’s 30-day average. The session saw flat returns across the major currency pairs represented in ETF wrappers.
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
Alternatives experienced a surge in turnover to $2.3B (193% of ADV), driven almost exclusively by heightened volatility. The Volatility – Short and Volatility – Long categories both traded at roughly 2x their normal pace as the VIX saw significant movement.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 214% | $442.7M | -0.61% |
| Alternative: Volatility – Long | 196% | $1.8B | +1.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 190% | $545.1M | +1.25% |
Non-Traditional
Non-Traditional products, including leveraged and inverse ETFs, saw turnover of $44.9B (104% of ADV). Leveraged Equity remained the primary driver, though activity in Leverage | Inverse – Fixed Income spiked to 140% of normal levels. CONL saw massive volume and a staggering +33.5% return, reflecting extreme sentiment in individual crypto-related equities.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Fixed Income | 140% | $417.9M | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SPXS | Direxion Daily S&P 500 Bear 3x Shares | 195% | $579.8M | -0.05% |
| SH | ProShares Short S&P500 | 190% | $487.9M | +0.00% |
| SQQQ | ProShares UltraPro Short QQQ | 177% | $5.6B | -0.40% |
Multi-Asset
Multi-Asset ETFs recorded $209.9M in volume, about 86% of the 30-day average. Global Macro and Growth target risk categories saw the most significant relative engagement, with Global Macro actually exceeding its average volume by 14%.
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.
