ETF Trading Focuses Sharply on International Equity, Real Assets Amidst Elevated Volume

Macro Summary

Total market volume settled at $306.3B, trading at 112% of its 30-day average. The day’s activity was defined by highly concentrated and anomalous trading in specific, niche strategies. The “Asset Allocation: Specialty – Real Assets” category saw exceptional turnover, trading at 413% of its average volume. Similarly, “Equity: Global Ex-U.S. Small | Mid Cap” posted 368% of its average, and “Equity: Global Large Cap – Value” saw 343% of its average. This points to a decisive and data-driven rotation into international and real asset categories, while broader market segments remained closer to their norms.

Asset Class Summary

Equity

Equity markets traded $198.7B, seeing elevated activity at 108% of the 30-day average. Turnover was heavily concentrated in international strategies, with “Equity: Global Ex-U.S. Small | Mid Cap” (368% vs. avg), “Equity: Global Large Cap – Value” (343% vs. avg), and “Equity: Global Small | Mid Cap” (329% vs. avg) leading the high-volume categories. This was driven by massive, outlier activity in tickers like DFIS (2060% vs. avg) and INFL (819% vs. avg). The “Equity: Sector – Industrial” category (134% vs. avg) also stood out, largely due to an exceptional 6144% activity surge in EXI.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Fixed Income

Fixed Income activity was elevated at $31.6B, or 109% of its 30-day average. The primary drivers were “Fixed Income: Specialty – Defined Maturity” (170% vs. avg), “Fixed Income: Taxable – Convertible” (163% vs. avg), and “Fixed Income: Taxable – Bank Loans” (161% vs. avg). These categories saw significant ticker-level activity, including massive turnover in IBTH (1700% vs. avg), BSCW (693% vs. avg), and ICVT (243% vs. avg).

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Commodities

Commodities saw exceptionally high turnover, trading $19.8B, a full 158% of its 30-day average. This surge was almost entirely driven by the “Commodity: Focused – Energy” (207% vs. avg) and “Commodity: Focused – Precious Metals” (157% vs. avg) categories. In the energy space, USO traded 241% of its average. Precious metals activity was led by high-turnover in BAR (423% vs. avg), OUNZ (355% vs. avg), and AAAU (304% vs. avg).

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Crypto

The Digital Asset space saw $9.6B in volume, trading at 121% of its 30-day average. Activity was concentrated in the “Digital Asset: Cryptocurrency – Bitcoin” category, which traded 127% of its average. This was supported by broad, above-average turnover in the largest funds, including BRRR (212% vs. avg) and GBTC (198% vs. avg), as the asset class saw negative returns across the board.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Currencies

The Currencies asset class traded $97.7M, representing 130% of its 30-day average. The “Currency” category, which captures the entire class, was the sole driver. Activity was most notable in FXF, which traded at 207% of its average volume.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Alternatives

The Alternatives space saw high activity, with $2.1B in volume, or 165% of its 30-day average. This was almost entirely a function of volatility trading, with the “Alternative: Volatility – Short” (202% vs. avg) and “Alternative: Volatility – Long” (165% vs. avg) categories driving all the high-volume activity. Ticker-level data confirms this, with UVIX (192% vs. avg) and UVXY (177% vs. avg) seeing the highest turnover.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Non-Traditional

Non-Traditional funds traded $44.1B, or 118% of their 30-day average. Activity was led by synthetic income strategies, specifically “Non-Traditional: Synthetic Income – Commodity” (169% vs. avg) and “Non-Traditional: Synthetic Income – Equity” (156% vs. avg). This was underscored by high-activity tickers IGLD (345% vs. avg) in the commodity income space, and ULTY (259% vs. avg) in the equity income space. “Non-Traditional: Leverage | Inverse – Equity” (133% vs. avg) also saw heavy volume, with SDS trading 237% of its average.

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers

Multi-Asset

Multi-Asset funds traded $210.4M, or 132% of their 30-day average. This asset class was home to the day’s most anomalous activity, with the “Asset Allocation: Specialty – Real Assets” category trading at 413% of its average. The “Asset Allocation: Specialty – Alternative Asset Sleeve” (158% vs. avg) and “Asset Allocation: Target Risk – Moderate” (156% vs. avg) categories also saw high volume. Ticker activity was led by GDE (178% vs. avg) and CGBL (151% vs. avg).

High-Volume Categories (>$100M Traded)

High-Activity Ticker Outliers