Trading activity was muted on the shortened session Friday, with total volume registering just $147.4B—a mere 49% of the 30-day average—consistent with a holiday-shortened or post-holiday trading environment. While volumes were depressed across the board, Fixed Income showed relative resilience, trading at 73% of its average compared to just 46% for Equities. This divergence was largely defined by idiosyncratic institutional flows in corporate credit, most notably a massive surge in the GIGB ETF, which traded nearly 18x its daily average while finishing the day down -0.14%.
Asset Class Summary
Asset Class
Volume
30D Avg.
% of 30D Avg.
Equity
$94.1B
$203.4B
46%
Fixed Income
$23.0B
$31.4B
73%
Commodity
$6.7B
$11.6B
57%
Digital Asset
$4.7B
$8.4B
56%
Currency
$77.9M
$76.2M
102%
Alternative
$577.0M
$1.7B
34%
Non-Traditional
$18.2B
$44.0B
41%
Multi-Asset
$114.3M
$179.3M
64%
Equity
Equity markets were extraordinarily quiet, trading just $94.1B in total volume (46% of the 30-day average). While no major category cleared the high-volume threshold, pockets of activity were visible in specific strategies, largely driven by heavy turnover in PBUS (closing +0.53%) and the QQEW (closing +0.88%).
Fixed Income was the most active major asset class, trading $23.0B (73% of its 30-day average). The Bank Loans category saw notable relative interest (trading 122% of average volume, finishing down -0.04%). However, the day’s defining story was the outlier activity in GIGB (closing -0.14%), which saw a massive volume spike to nearly 1800% of its normal daily turnover.
Commodities traded $6.7B (57% of avg), with activity concentrated in the Precious Metals category (57% of average volume, closing +2.43%). While the asset class was generally quiet, GLTR attracted elevated interest, trading nearly double its average volume and finishing +2.74%.
Digital Assets recorded $4.7B in volume (56% of the 30-day average). Activity was anchored by the Bitcoin category, which traded 57% of its average volume while closing +0.81%. With no significant outliers, the session reflected the broader market’s subdued holiday tone.
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
Currency strategies were a statistical anomaly, being the only asset class to trade above its 30-day average (102% of avg, $77.9M volume). This unusual relative activity was spread broadly across the Currency category (closing +0.22%), though volume was insufficient to generate specific ticker outliers.
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
Alternatives were the quietest corner of the market, trading just $577M (34% of the 30-day average). Activity was primarily situated in Volatility – Long strategies (35% of average volume, closing -2.26%), with no significant ticker-level divergences 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.
Non-Traditional
Non-Traditional strategies traded $18.2B (41% of avg), reflecting the broader market lull. While the Buffer – Equity category was quiet overall (37% of average volume, closing +0.18%), it saw notable idiosyncratic flows in PDEC (closing +0.13%), which traded nearly 6x its daily average.
Multi-Asset funds traded $114.3M (64% of the 30-day average). The Target Risk – Moderate category saw elevated relative activity (151% of average volume, closing +0.28%), largely driven by heavy turnover in AOM (closing +0.19%).
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