Macro Summary
The market experienced a muted session with total volume reaching $194.02B, trading at 58% of the 30-day average. Across the board, most asset classes saw suppressed activity, notably within Commodities (48%) and Fixed Income (54%). The only asset class to punch above its historical weight was Multi-Asset, which posted $254.7M in volume to register at 105% of its ADV.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $123.44B | $224.40B | 55% |
| Fixed Income | $21.48B | $40.00B | 54% |
| Commodity | $8.71B | $18.18B | 48% |
| Digital Asset | $3.97B | $4.93B | 81% |
| Currency | $100.7M | $185.6M | 54% |
| Alternative | $1.11B | $1.77B | 63% |
| Non-Traditional | $34.93B | $44.50B | 79% |
| Multi-Asset | $254.7M | $243.7M | 105% |
Equity
Equity trading remained relatively muted throughout the session, totaling $123.44B in volume, which accounts for 55% of the asset class’s 30-day average. Outlier activity was highly concentrated in thematic pockets, notably FinTech and Cannabis strategies.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – FinTech | 191% | $150.5M | +0.47% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IWX | iShares Russell Top 200 Value ETF | 979% | $185.47M | -0.15% |
| IUS | Invesco RAFI Strategic US ETF | 960% | $30.95M | -0.03% |
| BBMC | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 580% | $20.05M | +0.43% |
| DAPP | VanEck Digital Transformation ETF | 577% | $79.01M | +0.85% |
| XSW | State Street SPDR S&P Software & Services ETF | 566% | $80.36M | +1.45% |
| IWLG | NYLI Winslow Large Cap Growth ETF | 443% | $16.21M | -0.34% |
| GVAL | Cambria Global Value ETF | 411% | $26.40M | -0.39% |
| MSOS | AdvisorShares Pure US Cannabis ETF | 393% | $83.87M | +9.50% |
| DBJP | Xtrackers MSCI Japan Hedged Equity ETF | 347% | $10.09M | -1.17% |
| IWC | iShares Micro-Cap ETF | 336% | $44.03M | +0.26% |
Fixed Income
Fixed Income trading was soft across the board, pulling in $21.48B—just 54% of its 30-day average. Individual outliers were driven by select active and ultrashort taxable funds capturing anomalous localized flow spikes.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XEMD | BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 557% | $26.94M | -0.02% |
| SYSB | iShares Systematic Bond ETF | 556% | $73.54M | -0.12% |
| VRIG | Invesco Variable Rate Investment Grade ETF | 336% | $39.37M | -0.34% |
| ILTB | iShares Core 10+ Year USD Bond ETF | 312% | $9.43M | -0.07% |
| GSY | Invesco Ultra Short Duration ETF | 286% | $142.77M | -0.29% |
| UBND | VictoryShares Core Plus Bond ETF | 281% | $13.23M | -0.07% |
| IBHF | iShares iBonds 2026 Term High Yield and Income ETF | 273% | $14.80M | -0.04% |
| JCPB | JPMorgan Core Plus Bond ETF | 219% | $151.68M | +0.02% |
| IBHI | iShares iBonds 2029 Term High Yield and Income ETF | 209% | $5.32M | -0.08% |
| ICVT | iShares Convertible Bond ETF | 185% | $149.18M | +0.29% |
Commodity
Commodities marked the most muted segment of the market today relative to historical norms, generating just $8.71B in volume at 48% of its 30-day average. Tactical and broad market strategies registered the only notable volume spikes.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 220% | $55.95M | +0.72% |
Digital Asset
Digital Assets registered $3.97B in volume, hitting 81% of its 30-day average. The session saw broad negative returns across major underlying holdings, driving uniformly balanced volume relative to recent history without major individual product outliers.
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.
Currency
Currency ETFs traded lightly, posting $100.7M across the session for 54% of historical average trading. The Swiss Franc generated minor isolated trading interest.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 228% | $22.13M | +0.41% |
Alternative
Alternative ETFs generated $1.11B in aggregate volume, tracking 63% below the 30-day moving average. Trading within absolute return and volatility sleeves operated within historical ranges.
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 products recorded $34.93B in volume at 79% of the 30D average. Highly leveraged single-stock funds and synthetic income strategies anchored localized trading bursts, particularly related to crypto-adjacent and space/tech securities.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GAPR | FT Vest U.S. Equity Moderate Buffer Fund – Apr | 318% | $8.51M | -0.20% |
| ASTX | Tradr 2X Long ASTS Daily ETF | 318% | $293.97M | -9.99% |
| USOI | UBS AG ETRACS Crude Oil Shares Covered Call ETNs due April 24; 2037 | 303% | $16.30M | +5.06% |
| IONX | Defiance Daily Target 2X Long IONQ ETF | 293% | $200.21M | +8.96% |
| ROM | ProShares Ultra Technology | 223% | $8.28M | +0.32% |
| ISPY | ProShares S&P 500 High Income ETF | 208% | $10.09M | -0.08% |
| MSTU | T-Rex 2X Long MSTR Daily Target ETF | 194% | $338.74M | +5.85% |
| BTCI | NEOS Bitcoin High Income ETF | 190% | $34.60M | -0.56% |
| WTPI | WisdomTree Equity Premium Income Fund | 186% | $5.62M | +0.30% |
| RKLX | Defiance Daily Target 2X Long RKLB ETF | 175% | $159.00M | +10.65% |
Multi-Asset
Multi-Asset ETFs were the lone bright spot for anomalous trading intensity across the broader market, registering $254.7M in volume to achieve 105% of its 30-day average. The trading delta was driven predominantly by specialized real return allocations.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 228% | $22.27M | +0.19% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 211% | $17.95M | -1.16% |
| RAAX | VanEck Real Assets ETF | 164% | $19.80M | +0.19% |
