Macro Summary
The market saw overall ETF trading volume registering at $268.9B, indicating slightly muted activity at 89% of the 30-day average. Despite the lower aggregate figure, trading displayed highly targeted focus in specific segments, suggesting investors concentrated turnover in niche exposures. The most anomalous volume surge occurred in the Equity: Thematic – Midstream & MLPs category, which traded at an elevated 189% of its average daily volume, finishing down -0.48%. This was paralleled by increased focus in the Fixed Income: Specialty – Defined Maturity products, which saw volumes 152% higher than average (closing down -0.02%), indicating a distinct focus on both high-yielding equity-income segments and defined duration debt strategies.
Asset Class Summary
| Asset Class | $ Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $185.6B | $204.9B | 91% |
| Fixed Income | $28.1B | $31.4B | 89% |
| Non-Traditional | $39.0B | $44.7B | 87% |
| Digital Asset | $7.5B | $8.7B | 86% |
| Commodity | $7.0B | $12.1B | 58% |
| Alternative | $1.5B | $1.7B | 86% |
| Multi-Asset | $162.2M | $184.0M | 88% |
| Currency | $57.0M | $74.9M | 76% |
Equity
Equity trading totaled $185.6B, representing 91% of the 30-day average, with attention concentrated in select domestic and thematic categories. High-volume activity was observed in Equity: Sector – Health Care (trading at 128% of ADV and returning +1.21%) and Equity: Thematic – Midstream & MLPs (at 189% of ADV, closing -0.48%). The Health Care activity was partially driven by the outsized volume of the IHE (iShares U.S. Pharmaceuticals ETF), which saw 1551% of its average volume (closing +1.42%), while activity in Real Estate was heavily influenced by the USRT (iShares Core U.S. REIT ETF) (trading at 663% of ADV, down -0.10%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Health Care | 128% | $5.0B | +1.21% |
| Equity: U.S. Mid Cap – Value | 150% | $382.5M | +0.50% |
| Equity: Thematic – Midstream & MLPs | 189% | $250.2M | -0.48% |
| Equity: Region – Asia-Pacific | 166% | $108.2M | +0.87% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IHE | iShares U.S. Pharmaceuticals ETF | 1551% | $67.5M | +1.42% |
| RSPT | Invesco S&P 500 Equal Weight Technology ETF | 789% | $146.4M | +1.87% |
| USRT | iShares Core U.S. REIT ETF | 663% | $95.6M | -0.10% |
| RWL | Invesco S&P 500 Revenue ETF | 617% | $134.5M | +0.59% |
| JSMD | Janus Henderson Small/Mid Cap Growth Alpha ETF | 403% | $14.8M | +2.08% |
| SPYV | State Street SPDR Portfolio S&P 500 Value ETF | 401% | $752.6M | +0.48% |
| MLPA | Global X MLP ETF | 361% | $46.6M | -0.56% |
| SPMD | State Street SPDR Portfolio S&P 400 Mid Cap ETF | 346% | $480.6M | +1.06% |
| GSEW | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 346% | $17.0M | +0.68% |
| MLPX | Global X MLP & Energy Infrastructure ETF | 307% | $72.0M | -0.58% |
Fixed Income
Fixed Income volume came in at $28.1B, or 89% of the 30-day average, characterized by focused trading in specific duration and maturity segments. The primary volume driver meeting high-activity criteria was Fixed Income: Specialty – Defined Maturity, which saw activity spike to 152% of ADV (closing down -0.02%). This segment’s movement was concentrated in products like the IBDV (iShares iBonds Dec 2030 Term Corporate ETF), trading at 515% of its average volume (up +0.02%). Separately, taxable ultrashort bonds saw heavy turnover, led by the Simplify Government Money Market ETF (SBIL) (with 818% activity, up +0.00%).
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Specialty – Defined Maturity | 152% | $517.2M | -0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SBIL | Simplify Government Money Market ETF | 818% | $279.6M | +0.00% |
| NXUS | NuShares ETF Trust Nuveen International Aggregate Bond ETF | 572% | $200.3M | +0.12% |
| IBDV | iShares iBonds Dec 2030 Term Corporate ETF | 515% | $56.7M | +0.02% |
| IBDQ | iShares iBonds Dec 2025 Term Corporate ETF | 457% | $71.0M | +0.02% |
| BUXX | Strive Enhanced Income Short Maturity ETF | 335% | $15.1M | +0.02% |
| IGOV | iShares International Treasury Bond ETF | 263% | $20.7M | +0.07% |
| BSCU | Invesco BulletShares 2030 Corporate Bond ETF | 244% | $24.4M | -0.38% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 239% | $16.8M | +0.02% |
| HIMU | iShares High Yield Muni Active ETF | 210% | $20.8M | +0.15% |
| ULST | State Street Ultra Short Term Bond ETF | 205% | $6.6M | +0.05% |
Commodity
Commodity volume saw a significant contraction, totaling $7.0B, equating to only 58% of the 30-day average trading activity. While overall volumes were low, the Commodity: Multi-Sector – Broad Market category saw slightly elevated activity at 105% of ADV (closing the day up +0.59%). The most prominent ticker activity in the asset class came from the iShares S&P GSCI Commodity Indexed Trust (GSG), which traded at 187% of its average daily volume (up +0.48%).
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 |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 187% | $36.0M | +0.48% |
Crypto (Digital Asset)
Digital Asset funds generated $7.5B in volume, amounting to 86% of the 30-day average. The sector finished strongly, averaging a +6.65% return. Trading activity was fairly consistent across major cryptocurrency categories, with no individual segment crossing the $100M/125% ADV threshold. The Digital Asset: Cryptocurrency – Multicoin category, however, showed the highest relative activity at 202% of ADV, albeit on low absolute volume (closing up +5.33%).
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
The Currency segment experienced low volume, recording $57.0M in total trading, or 76% of the 30-day average. The average 1-day return was negligible at +0.03%, with no substantial volume or activity spikes recorded for any categories or individual tickers meeting the filtering criteria.
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. | ||||
Alternatives
Alternative products saw $1.5B in turnover, slightly below the average at 86% of ADV. Trading volume was concentrated in the Alt: Volatility composite, which was the largest segment. However, the highest relative activity was seen in Alternative: Absolute Return – Managed Futures, trading at 174% of ADV (up +0.39%), largely driven by the Simplify Managed Futures Strategy ETF (CTA), which generated 326% of its average daily volume (closing down -0.19%).
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 |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 326% | $30.7M | -0.19% |
Non-Traditional
Non-Traditional products recorded $39.0B in volume, hitting 87% of the 30-day average, with high relative activity focused on single-stock leveraged/inverse and buffer strategies. No categories met the high-volume criteria ($100M/125% ADV). The most significant outlier was the Direxion Daily GOOGL Bull 2X Shares (GGLL), which traded at 292% of its average volume (and generated a high return of +13.33%). Other prominent activity included the Innovator U.S. Equity Power Buffer ETF – January (PJAN) (at 279% of ADV, up +0.80%).
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 |
|---|---|---|---|---|
| GGLL | Direxion Daily GOOGL Bull 2X Shares | 292% | $541.7M | +13.33% |
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | 279% | $7.7M | +0.80% |
| BUFD | FT Vest Laddered Deep Buffer ETF | 233% | $13.6M | +0.47% |
| DDM | ProShares Ultra Dow30 | 213% | $63.1M | +0.74% |
| BUFF | Innovator Laddered Allocation Power Buffer ETF | 188% | $6.0M | +0.72% |
| AIPI | REX AI Equity Premium Income ETF | 164% | $10.4M | +2.60% |
| SQQQ | ProShares UltraPro Short QQQ | 157% | $4.1B | -7.88% |
| BUYW | Main BuyWrite ETF | 151% | $6.8M | +0.42% |
Multi-Asset
Multi-Asset trading totaled $162.2M, representing 88% of its 30-day average. The asset class saw an average return of +1.28%. While the overall segment was quiet, the Asset Allocation: Target Risk – Moderate category recorded 144% of its average activity, albeit on volume below the $100M threshold (closing up +0.85%). No individual tickers or categories met the strict high-volume/high-activity criteria.
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. | ||||
