Macro Summary
Overall market volume was subdued, finishing the day at 91% of its 30-day average with $249.8B in total activity. This quiet surface, however, concealed significant pockets of concentrated trading. The most compelling story was a surge of interest in Global Ex-U.S. Small & Mid Cap equities, which saw trading volumes spike to 275% of their daily average, driven by exceptionally high turnover in funds like AVDV and SCZ. This rotational theme was also evident in U.S. Small Cap Value (197% of average), Asset Allocation – Moderate (202% of average), and Managed Futures (166% of average), indicating targeted, high-conviction moves rather than broad-based market participation.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $168.1B | $184.7B | 91% |
| Fixed Income | $26.4B | $29.1B | 91% |
| Commodity | $11.4B | $13.5B | 84% |
| Digital Asset | $6.0B | $8.0B | 75% |
| Currency | $82.0M | $75.3M | 109% |
| Alternative | $891.4M | $1.4B | 65% |
| Non-Traditional | $36.6B | $38.3B | 95% |
| Multi-Asset | $209.9M | $165.1M | 127% |
Equity
The Equity asset class saw $168.1B in total volume, trading at 91% of its 30-day average. Activity was primarily driven by high turnover in the Equity: Global Ex-U.S. Small | Mid Cap, Equity: U.S. Small Cap – Value, Equity: Sector – Real Estate, and Equity: Global Large Cap – Growth categories. This was exemplified by heavy trading in specific tickers such as ESML, ESGD, and FLJP.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Real Estate | 179% | $2.7B | -1.68% |
| Equity: U.S. Small Cap – Value | 197% | $769.6M | -0.59% |
| Equity: Global Ex-U.S. Small | Mid Cap | 275% | $688.5M | -0.64% |
| Equity: Thematic – Infrastructure | 137% | $356.7M | -0.40% |
| Equity: Region – Asia-Pacific Ex-Japan | 237% | $209.7M | +0.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ESML | iShares ESG Aware MSCI USA Small-Cap ETF | 1162% | $55.2M | -0.69% |
| FLJP | Franklin FTSE Japan ETF | 801% | $85.6M | +0.13% |
| FXO | First Trust Financials AlphaDEX Fund | 765% | $34.3M | -0.83% |
| ESGD | iShares ESG Aware MSCI EAFE ETF | 730% | $173.6M | -0.04% |
| SLYG | SPDR S&P 600 Small Cap Growth ETF | 694% | $69.3M | -0.50% |
| FGD | First Trust Dow Jones Global Select Dividend Index Fund | 663% | $23.9M | +0.03% |
| XSOE | WisdomTree Emerging Markets ex-State-Owned Enterprises Fund | 597% | $45.5M | +0.04% |
| AIA | iShares Asia 50 ETF | 520% | $86.9M | -0.17% |
| XLSR | SPDR SSGA U.S. Sector Rotation ETF | 502% | $13.3M | +0.30% |
| PSI | Invesco Semiconductors ETF | 465% | $23.3M | -0.07% |
Fixed Income
The Fixed Income asset class saw $26.4B in total volume, trading at 91% of its 30-day average. Activity was primarily driven by high turnover in the Fixed Income: Taxable – Government Short category. This was exemplified by heavy trading in specific tickers such as SBIL, DFNM, and DFGP.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Short | 131% | $792.9M | +0.01% |
| Fixed Income: Specialty – Maturing Ladder | 141% | $1.3M | +0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SBIL | Simplify Government Money Market ETF | 1304% | $303.1M | -0.32% |
| DFNM | Dimensional National Municipal Bond ETF | 580% | $47.1M | +0.07% |
| IBTJ | iShares iBonds Dec 2029 Term Treasury ETF | 314% | $16.3M | +0.05% |
| CMBS | iShares CMBS ETF | 312% | $12.1M | -0.29% |
| DFGP | Dimensional Global Core Plus Fixed Income ETF | 282% | $34.0M | +0.01% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 265% | $17.9M | -0.07% |
| BWZ | SPDR Bloomberg Short Term International Treasury Bond ETF | 258% | $6.7M | +0.31% |
| IBND | SPDR Bloomberg International Corporate Bond ETF | 254% | $12.5M | -0.03% |
| MEAR | iShares Short Maturity Municipal Bond Active ETF | 248% | $17.2M | +0.03% |
| FLMI | Franklin Dynamic Municipal Bond ETF | 200% | $18.0M | +0.08% |
Commodities
The Commodity asset class saw $11.4B in total volume, trading at 84% of its 30-day average. Activity was primarily driven by high turnover in the Commodity: Focused – Industrial Metals and Commodity: Focused – Agriculture categories. This was exemplified by heavy trading in specific tickers such as GSG.
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 | 228% | $28.3M | -1.29% |
Crypto
The Digital Asset asset class saw $6.0B in total volume, trading at 75% of its 30-day average. No categories met the high-volume criteria, and there were no high-activity ticker outliers to report.
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 asset class saw $82.0M in total volume, trading at 109% of its 30-day average. No categories met the high-volume criteria, and there were no high-activity ticker outliers to report.
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
The Alternative asset class saw $891.4M in total volume, trading at 65% of its 30-day average. Activity was primarily driven by high turnover in the Alternative: Absolute Return – Managed Futures category. This was exemplified by heavy trading in specific tickers such as DBMF.
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 |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 203% | $43.6M | -0.30% |
Non-Traditional
The Non-Traditional asset class saw $36.6B in total volume, trading at 95% of its 30-day average. Activity was primarily driven by high turnover in the Non-Traditional: Synthetic Income – Fixed Income category. This was exemplified by heavy trading in specific tickers such as UNHG, PJUL, and NVDU.
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 |
|---|---|---|---|---|
| UNHG | Leverage Shares 2X Long UNH Daily ETF | 380% | $256.5M | +1.38% |
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 298% | $9.2M | -0.09% |
| NVDU | Direxion Daily NVDA Bull 2X Shares | 219% | $161.5M | +10.00% |
| NVDL | GraniteShares 2x Long NVDA Daily ETF | 203% | $2.4B | +10.00% |
| GPIX | Goldman Sachs S&P 500 Premium Income ETF | 190% | $54.9M | +0.20% |
| USD | ProShares Ultra Semiconductors | 187% | $85.8M | +6.13% |
| NVDY | YieldMax NVDA Option Income Strategy ETF | 164% | $195.1M | +3.57% |
| TLTW | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 156% | $39.0M | +0.15% |
Multi-Asset
The Multi-Asset asset class saw $209.9M in total volume, trading at 127% of its 30-day average. Activity was primarily driven by high turnover in the Asset Allocation: Target Risk – Moderate, Asset Allocation: Target Risk – Growth, Asset Allocation: Target Risk – Conservative, and Asset Allocation: Specialty – Multi-Asset Income categories. This was exemplified by heavy trading in specific tickers such as AOM, CGBL, and AOK.
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 |
|---|---|---|---|---|
| AOM | iShares Core 40/60 Moderate Allocation ETF | 314% | $14.3M | +0.07% |
| CGBL | Capital Group Core Balanced ETF | 185% | $50.0M | +0.03% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 151% | $6.0M | +0.06% |
