Macro Summary
The market experienced a distinctly muted trading session with total volume reaching $276.7B, representing 72% of the trailing 30-day average. Overall activity levels lagged significantly across Equity and Digital Asset classes, while Currencies and Non-Traditional strategies sustained near-normal volume throughput. Broad directional returns were mostly constrained, heavily impacted by the notable downturn in Digital Assets.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $171.7B | $265.1B | 65% |
| Fixed Income | $33.8B | $43.3B | 78% |
| Commodity | $19.2B | $21.0B | 91% |
| Digital Asset | $4.2B | $5.6B | 75% |
| Currency | $180.6M | $175.1M | 103% |
| Alternative | $1.7B | $2.1B | 83% |
| Non-Traditional | $45.8B | $47.2B | 97% |
| Multi-Asset | $229.0M | $269.3M | 85% |
Equity
Equity trading remained subdued, registering $171.7B in volume or roughly 65% of normal activity levels. The aggregate session return dipped slightly to -0.04%. Select pockets of rotation were visible, specifically within U.S. Small Cap Value and Global Ex-U.S. segments, which managed to attract elevated relative activity.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Small Cap – Value | 163% | $986.1M | +0.30% |
| Equity: Global Ex-U.S. Small | Mid Cap | 126% | $550.3M | -0.79% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IHE | iShares U.S. Pharmaceuticals ETF | 1,061% | $61.3M | -0.78% |
| IYT | iShares US Transportation ETF | 1,013% | $640.2M | 0.00% |
| AVLC | Avantis U.S. Large Cap Equity ETF | 511% | $18.3M | -0.21% |
| IUS | Invesco RAFI Strategic US ETF | 407% | $12.3M | +0.23% |
| IWN | iShares Russell 2000 Value ETF | 397% | $556.3M | +0.27% |
| FXL | First Trust Technology AlphaDEX Fund | 379% | $9.7M | +0.85% |
| FDEM | Fidelity Emerging Markets Multifactor ETF | 370% | $14.3M | -1.02% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 339% | $22.7M | -0.93% |
| FLQM | Franklin U.S. Mid Cap Multifactor Index ETF | 336% | $23.6M | +0.30% |
| IMCV | iShares Morningstar Mid-Cap Value ETF | 324% | $8.6M | +0.29% |
Fixed Income
The Fixed Income complex logged $33.8B in daily turnover, securing 78% of its trailing average. The asset class generated a steady average return of +0.12%. Defined Maturity strategies and Government Intermediate bonds emerged as clear focal points, attracting notable relative volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Intermediate | 137% | $1.6B | +0.15% |
| Fixed Income: Specialty – Defined Maturity | 136% | $452.8M | +0.16% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| MMIT | NYLI MacKay Muni Intermediate ETF | 551% | $41.5M | +0.14% |
| PMBS | PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund | 463% | $36.0M | +0.19% |
| IBTI | iShares iBonds Dec 2028 Term Treasury ETF | 397% | $31.3M | 0.00% |
| VGIT | Vanguard Intermediate-Term Treasury ETF | 384% | $787.0M | +0.11% |
| VBIL | Vanguard 0-3 Month Treasury Bill ETF | 346% | $682.2M | +0.03% |
| IBTG | iShares iBonds Dec 2026 Term Treasury ETF | 332% | $33.9M | +0.04% |
| JMUB | JPMorgan Municipal ETF | 329% | $155.2M | +0.23% |
| PHYL | PGIM Active High Yield Bond ETF | 328% | $19.2M | +0.22% |
| BBAG | JPMorgan BetaBuilders U.S. Aggregate Bond ETF | 319% | $13.9M | +0.22% |
| SYFI | AB Short Duration High Yield ETF | 314% | $17.8M | +0.06% |
Commodity
Commodities exhibited the strongest relative upside performance, generating an average return of +1.02% on robust volume of $19.2B (91% of normal activity). This action was overwhelmingly dominated by Energy portfolios, which rallied sharply amidst heavy trading interest.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 151% | $9.5B | +4.07% |
| Commodity: Focused – Agriculture | 142% | $148.8M | -0.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BCD | abrdn Bloomberg All Commodity Longer Dated Strategy K-1 Free ETF | 393% | $9.9M | +0.20% |
| DBA | Invesco DB Agriculture Fund | 186% | $79.7M | +0.39% |
| CPER | United States Copper Index Fund | 176% | $55.5M | -0.19% |
| BNO | United States Brent Oil Fund LP | 160% | $577.3M | +7.82% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 156% | $58.3M | +0.55% |
| DJP | iPath Bloomberg Commodity Index Total Return ETN | 155% | $8.8M | +2.72% |
| USO | United States Oil Fund LP | 153% | $8.7B | +11.50% |
Digital Asset
Digital Assets recorded $4.2B in volume, operating at 75% of their typical daily velocity. The group sustained significant pressure, finishing with a sharp average pullback of -3.12%.
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 effectively in-line with historical norms, capturing $180.6M in turnover (103% of ADV) as the aggregate category trended lower by -0.27%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | 218% | $44.8M | +0.23% |
Alternative
Alternative strategies recorded $1.7B in volume against a $2.1B average (83%), putting up a solid average session return of +0.66%. Managed Futures strategies accounted for highly isolated areas of outperformance.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CTA | Simplify Managed Futures Strategy ETF | 321% | $80.0M | +4.31% |
Non-Traditional
The Non-Traditional suite traded $45.8B in notional volume, holding close to normal conditions at 97% of ADV. Action was concentrated largely in single-stock leveraged funds reflecting magnified intraday swings across mega-cap equities.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | 756% | $42.3M | +0.06% |
| DDM | ProShares Ultra Dow30 | 451% | $85.2M | -0.18% |
| ULTY | YieldMax Ultra Option Income Strategy ETF | 298% | $67.3M | +0.54% |
| LITX | Tradr 2X Long LITE Daily ETF | 219% | $272.4M | +16.49% |
| GJAN | FT Vest U.S. Equity Moderate Buffer ETF – Jan | 202% | $7.7M | +0.19% |
| PAPR | Innovator U.S. Equity Power Buffer ETF – April | 182% | $10.5M | +0.08% |
| TSLL | Direxion Daily TSLA Bull 2X ETF | 168% | $1.5B | -10.85% |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | 168% | $35.4M | -0.55% |
| BUFZ | FT Vest Laddered Moderate Buffer ETF | 161% | $5.3M | +0.25% |
| SCO | ProShares UltraShort Bloomberg Crude Oil | 159% | $463.4M | -6.88% |
Multi-Asset
Multi-Asset products saw muted participation with only $229.0M changing hands (85% of normal activity). The session’s average return was slightly negative at -0.23%.
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.
