Macro Summary
Total market volume for the session reached $412.2B, representing 128% of the 30-day average. The trading day was dominated by a definitive shift toward safe-haven assets and defensive positioning. While Equity volumes surged to 140% of their average amidst a broad-based pullback, significant capital flowed into long-term government debt and defensive sectors like Utilities. The most dramatic activity occurred in the Alternative space, where Volatility-linked products traded at nearly double their usual volume as the market reacted to heightened uncertainty.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $295.9B | $211.5B | 140% |
| Fixed Income | $35.6B | $32.0B | 111% |
| Commodity | $25.7B | $29.3B | 88% |
| Digital Asset | $5.0B | $7.3B | 69% |
| Currency | $97.7M | $113.1M | 86% |
| Alternative | $2.1B | $1.1B | 194% |
| Non-Traditional | $47.5B | $41.6B | 114% |
| Multi-Asset | $312.0M | $234.8M | 133% |
Equity
Equities experienced heavy turnover, with total volume of $295.9B (140% of ADV). A flight from risk was evident as Sector – Real Estate (229% activity) and Financials (180% activity) saw significant volume on weakness, while Utilities (181% activity) provided a rare pocket of strength with a +1.52% return. Large-cap tech-oriented ETFs were hit particularly hard, with the U.S. Large Cap Growth category finishing down -1.91% on high volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Real Estate | 229% | $4.2B | -0.12% |
| Equity: Sector – Utilities | 181% | $2.2B | +1.52% |
| Equity: Sector – Financials | 180% | $8.0B | -1.54% |
| Equity: Sector – Materials | 177% | $1.6B | -2.17% |
| Equity: Global Large Cap – Blend | 168% | $2.7B | -1.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 1024% | $83.4M | -1.86% |
| OAKM | Oakmark U.S. Large Cap ETF | 862% | $89.9M | -1.96% |
| JQUA | JPMorgan U.S. Quality Factor ETF | 374% | $144.6M | -1.36% |
| RWR | State Street SPDR Dow Jones REIT ETF | 324% | $89.2M | -0.34% |
| IYR | iShares U.S. Real Estate ETF | 307% | $2.1B | -0.06% |
| EWW | iShares MSCI Mexico ETF | 301% | $359.3M | -0.81% |
| REET | iShares Global REIT ETF | 298% | $81.6M | -0.22% |
| SPEM | State Street SPDR Portfolio Emerging Markets ETF | 294% | $437.9M | -1.31% |
| AVUS | Avantis U.S. Equity ETF | 293% | $98.5M | -1.53% |
| ACWI | iShares MSCI ACWI ETF | 249% | $1.5B | -1.39% |
Fixed Income
Fixed Income volume totaled $35.6B (111% of ADV) as investors rotated into long-duration government bonds. Taxable – Government Long was a standout category with 132% activity and a positive +1.24% return. Treasury proxies like ZROZ (+2.41%) and IEF (+0.62%) saw robust volume as yields fell. Conversely, Bank Loans and High Yield categories saw elevated trading activity but finished in the red.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 155% | $222.1M | -0.01% |
| Fixed Income: Taxable – Convertible | 155% | $239.6M | -1.05% |
| Fixed Income: Taxable – Bank Loans | 143% | $928.5M | -0.08% |
| Fixed Income: Taxable – Government Long | 132% | $6.2B | +1.24% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PAAA | PGIM AAA CLO ETF | 423% | $372.7M | +0.01% |
| GOVI | Invesco Equal Weight 0-30 Year Treasury ETF | 326% | $31.7M | +0.88% |
| CLOA | iShares AAA CLO Active ETF | 287% | $71.5M | +0.00% |
| IEI | iShares 3-7 Year Treasury Bond ETF | 213% | $391.9M | +0.36% |
| ICVT | iShares Convertible Bond ETF | 203% | $169.6M | -0.54% |
| EMLC | VanEck J. P. Morgan EM Local Currency Bond ETF | 176% | $187.5M | +0.02% |
| BKLN | Invesco Senior Loan ETF | 157% | $545.3M | -0.31% |
| IEF | iShares 7-10 Year Treasury Bond ETF | 152% | $1.3B | +0.62% |
| SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 151% | $98.2M | +0.08% |
| ISTB | iShares Core 1-5 Year USD Bond ETF | 150% | $34.5M | +0.13% |
Commodities
Commodity ETFs saw volume of $25.7B, below their historical average at 88% activity. Precious Metals were under significant pressure, with the category falling -5.23% as investors liquidated broad positions despite the flight-to-safety elsewhere. Gold proxies like IAUM and OUNZ saw the highest activity relative to their averages in this class.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 174% | $852.7M | -3.38% |
| OUNZ | VanEck Merk Gold ETF | 168% | $232.0M | -3.47% |
| DBC | Invesco DB Commodity Index Tracking Fund | 213% | $41.8M | -2.32% |
Digital Asset
Digital Asset volumes were muted compared to recent trends, totaling $5.0B (69% of ADV). The class faced broad selling pressure, with Bitcoin-linked funds averaging a -2.50% return.
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.
Currencies
Currency ETFs traded $97.7M, representing 86% of their 30-day average. The session was largely uneventful for major FX proxies, with the asset class averaging a nearly flat return of -0.10%.
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.
Alternatives
Alternatives were the volatility epicenter, with total volume of $2.1B (194% of ADV). Volatility – Short (213% activity) and Volatility – Long (193% activity) saw massive turnover. Long VIX products surged, with UVIX returning +12.35% on heavy volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 213% | $412.6M | -2.49% |
| Alternative: Volatility – Long | 193% | $1.6B | +6.06% |
| Alternative: Absolute Return – Managed Futures | 161% | $77.2M | -1.98% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVIX | 2x Long VIX Futures ETF | 263% | $523.1M | +12.35% |
| DBMF | iMGP DBi Managed Futures Strategy ETF | 230% | $62.4M | -1.53% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 176% | $510.2M | +9.09% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 158% | $430.6M | +6.27% |
Non-Traditional
Non-Traditional volume reached $47.5B (114% of ADV), largely driven by aggressive positioning in Leverage | Inverse products. As the broad market fell, inverse S&P 500 ETFs like SPXS (+4.55%) and SOXS (+6.55%) saw significant turnover, while leveraged long positions like SPYU (-6.01%) experienced heavy liquidations.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Equity | 131% | $29.0B | -0.71% |
| Non-Traditional: Leverage | Inverse – Fixed Income | 127% | $365.6M | -0.31% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SPYU | MAX S&P 500 4X Leveraged ETN | 194% | $66.1M | -6.01% |
| SPXS | Direxion Daily S&P 500 Bear 3x Shares | 164% | $461.2M | +4.55% |
| UPRO | ProShares UltraPro S&P500 | 159% | $780.8M | -4.42% |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | 154% | $1.5B | +6.55% |
| SDS | ProShares UltraShort S&P 500 | 154% | $312.8M | +3.04% |
| DPST | Direxion Daily Regional Banks Bull 3X Shares | 153% | $88.3M | -4.58% |
Multi-Asset
Multi-Asset ETFs traded $312.0M (133% of ADV). Target Risk categories faced a challenging session, averaging a -1.36% return as both equity and commodity components of balanced portfolios were hit simultaneously.
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 | 389% | $18.4M | -1.43% |
| ALLW | SPDR Bridgewater All Weather ETF | 277% | $43.8M | -0.51% |
| AOR | iShares Core 60/40 Balanced Allocation ETF | 191% | $48.3M | -0.63% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 181% | $12.9M | -0.24% |
