Macro Summary
The market experienced a distinctly muted session, with aggregate trading volume reaching $231.8B, representing just 67% of the 30-day average. Activity remained broadly subdued across nearly all core asset classes, pointing to a balanced environment devoid of overarching momentum or panic. Exceptions to the low volume trend were mostly concentrated in Non-Traditional and specific thematic silos.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $149.8B | $235.3B | 64% |
| Fixed Income | $27.8B | $41.3B | 67% |
| Commodities | $7.9B | $18.9B | 42% |
| Digital Asset | $3.7B | $5.1B | 72% |
| Currencies | $101.1M | $191.3M | 53% |
| Alternatives | $786.2M | $1.9B | 41% |
| Non-Traditional | $41.5B | $45.2B | 92% |
| Multi-Asset | $209.1M | $247.3M | 85% |
Equity
Equities drove the majority of the day’s nominal volume at $149.8B, though activity remained light relative to historical standards, logging just 64% of the 30-day average. While broad market indices were quiet, sector rotation and thematic areas—specifically FinTech, Sustainability, and Precious Metals—highlighted specific pockets of idiosyncratic action.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – FinTech | 273% | $204.5M | +1.58% |
| Equity: Thematic – Sustainability | 139% | $281.9M | -0.35% |
| Equity: Thematic – Infrastructure | 129% | $630.5M | -0.71% |
| Equity: Sector – Materials | 129% | $1.1B | -1.29% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BDVL | iShares Disciplined Volatility Equity Active ETF Trust Unit | 1369% | $90.0M | -0.12% |
| RING | iShares MSCI Global Gold Miners ETF | 968% | $333.0M | -3.27% |
| BITQ | Bitwise Crypto Industry Innovators ETF | 948% | $25.2M | +1.16% |
| HEZU | iShares Currency Hedged MSCI Eurozone ETF | 876% | $29.0M | -0.63% |
| BLOK | Amplify Blockchain Technology ETF | 744% | $95.7M | +1.46% |
| THD | iShares MSCI Thailand ETF | 539% | $46.6M | -1.55% |
| QUS | State Street SPDR MSCI USA StrategicFactors ETF | 440% | $35.0M | +0.33% |
| PBDC | Putnam BDC Income ETF | 400% | $13.8M | +0.11% |
| PTL | Inspire 500 ETF | 370% | $17.7M | +0.42% |
| ALAI | Alger AI Enablers & Adopters ETF | 360% | $11.2M | +1.31% |
Fixed Income
Fixed Income observed balanced and relatively quiet trading, accumulating $27.8B in volume (67% of average). While core duration and credit flows were muted, distinct pockets of strength were visible within Convertible bonds and Interest Rate Volatility products, drawing notable volume deviations.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Convertible | 361% | $668.8M | +0.18% |
| Fixed Income: Specialty – Interest Rate Volatility | 141% | $109.8M | +0.07% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IBND | SPDR Bloomberg International Corporate Bond ETF | 678% | $25.8M | -0.02% |
| BAB | Invesco Taxable Municipal Bond ETF | 561% | $22.0M | -0.29% |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | 518% | $592.4M | +0.21% |
| DRSK | Aptus Defined Risk ETF | 389% | $13.7M | +0.87% |
| XBB | BondBloxx BB-Rated USD High Yield Corporate Bond ETF | 326% | $20.6M | -0.02% |
| AGGY | WisdomTree Yield Enhanced U.S. Aggregate Bond Fund | 311% | $8.4M | -0.07% |
| FLRT | Pacer Aristotle Pacific Floating Rate High Income ETF | 264% | $12.3M | +0.12% |
| FSEC | Fidelity Investment Grade Securitized ETF | 260% | $18.8M | -0.02% |
| JFLX | JPMorgan Flexible Debt ETF | 251% | $9.1M | +0.05% |
| TAFI | AB Tax-Aware Short Duration Municipal ETF | 235% | $24.3M | -0.02% |
Commodities
Commodity ETFs experienced a sharply muted session with $7.9B in volume, marking only 42% of the trailing average. Activity was largely subdued across both focused and multi-sector strategies, suggesting a complete absence of trend-chasing or short-term repositioning for the day.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 217% | $51.8M | +0.19% |
Digital Asset
Digital Assets maintained a relatively active stance compared to the broader market, logging $3.7B in volume at 72% of average. Altcoin-related products spearheaded the session’s trading momentum, posting elevated volumes and positive returns amidst an otherwise quiet tape.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Altcoin | 135% | $114.1M | +2.56% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| XRP | Bitwise XRP ETF | 227% | $19.4M | +2.17% |
Currencies
Currency markets were exceptionally quiet, with just $101.1M in ETF volume, representing 53% of the class average. Outlying activity was notably sparse as foreign exchange volatility remained contained globally.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 161% | $14.1M | -0.07% |
Alternatives
Alternative ETFs recorded a slow session with $786.2M in volume, operating at merely 41% of their 30-day average. Absolute return and managed futures strategies observed activity significantly below their typical daily levels.
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.
Non-Traditional
Non-Traditional ETFs were notably active relative to the overall market drought, trading $41.5B and reaching 92% of average. Leveraged and Inverse single-stock products were the undisputed drivers of this heightened volume, drawing significant speculative flows.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Single Stock | 137% | $14.2B | +3.71% |
| Non-Traditional: Synthetic Income – Fixed Income | 131% | $102.4M | -0.15% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GDEC | FT Vest U.S. Equity Moderate Buffer ETF – December | 548% | $16.0M | +0.22% |
| MSFU | Direxion Daily MSFT Bull 2X ETF | 287% | $322.6M | +8.80% |
| CAIE | Calamos Autocallable Income ETF | 275% | $21.8M | +0.70% |
| CSHI | NEOS Enhanced Income 1-3 Month T-Bill ETF | 272% | $47.3M | -0.19% |
| TSLL | Direxion Daily TSLA Bull 2X ETF | 222% | $2.2B | +15.55% |
| TSMX | Direxion Daily TSM Bull 2X ETF | 211% | $96.3M | -1.99% |
| ORCX | Defiance Daily Target 2X Long ORCL ETF | 196% | $172.7M | +8.40% |
| FNGU | MicroSectors FANG+ 3 Leveraged ETNs | 192% | $215.7M | +5.25% |
| PLTU | Direxion Daily PLTR Bull 2X ETF | 168% | $158.3M | +8.83% |
| QDVO | Amplify CWP Growth & Income ETF | 158% | $10.0M | +1.14% |
Multi-Asset
Multi-Asset strategies concluded the session with $209.1M in volume, achieving 85% of their typical daily activity. Outlier action was minimal across target risk and specialty allocations, reflecting a lack of major portfolio adjustments.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 160% | $13.8M | -0.34% |
