Macro Summary
The ETF market saw robust engagement today with total trading volume reaching $354.7B, representing 131% of the 30-day average. The session was defined by a sharp “risk-off” move in digital assets and energy-linked commodities, while U.S. Equities benefited from a steady bid in Large-Cap and Value styles. Fixed Income markets also saw elevated activity, particularly in government ultrashort and emerging market debt, as investors repositioned following the day’s volatility.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $212.6B | $175.7B | 121% |
| Fixed Income | $39.1B | $28.2B | 139% |
| Commodity | $45.4B | $26.2B | 173% |
| Digital Asset | $11.3B | $5.6B | 201% |
| Currency | $201.9M | $93.1M | 217% |
| Alternative | $1.1B | $856.0M | 123% |
| Non-Traditional | $44.9B | $34.1B | 131% |
| Multi-Asset | $332.5M | $211.4M | 157% |
Equity
Equity volume reached $212.6B, or 121% of its 30-day average. Activity was notably concentrated in Materials and Consumer Staples sectors, alongside significant international flows into Indian equities. INDA (+2.93%) and VWO (+0.54%) were primary volume drivers in the Emerging Markets category.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Equity: Sector – Materials | 215% | $1.4B | +0.90% |
| Equity: Sector – Consumer Staples | 170% | $2.3B | +0.93% |
| Equity: Sector – Utilities | 164% | $1.6B | -1.31% |
| Equity: Region – Country Specific | 157% | $10.4B | +0.30% |
| Equity: Emerging Large Cap | 154% | $6.8B | +0.38% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IYH | iShares U.S. Healthcare ETF | 702% | $279.5M | +0.50% |
| INDA | iShares MSCI India ETF | 572% | $1.6B | +2.93% |
| IYM | iShares U.S. Basic Materials ETF | 510% | $124.5M | +0.74% |
| IYT | iShares US Transportation ETF | 478% | $152.2M | +2.95% |
| SPYD | State Street SPDR Portfolio S&P 500 High Dividend ETF | 330% | $218.6M | -0.04% |
| VWO | Vanguard FTSE Emerging Markets ETF | 216% | $1.4B | +0.54% |
| XLB | State Street Materials Select Sector SPDR ETF | 210% | $1.2B | +0.76% |
| URTH | iShares MSCI World ETF | 202% | $146.5M | +0.52% |
| XOP | State Street SPDR S&P Oil & Gas Exploration & Production ETF | 213% | $936.6M | -3.05% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 196% | $276.4M | +0.69% |
Fixed Income
Fixed Income volume surged to $39.1B, or 139% of ADV. The session saw intense focus on government debt at the short end of the curve, with BIL and SGOV trading over $5B combined. Emerging Markets debt was also an outlier as spreads reacted to global macro shifts.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging USD | 237% | $1.7B | -0.36% |
| Fixed Income: Taxable – Emerging | 205% | $234.0M | -0.11% |
| Fixed Income: Taxable – Government Ultrashort | 201% | $6.7B | -0.15% |
| Fixed Income: Taxable – Convertible | 199% | $258.6M | +0.59% |
| Fixed Income: Taxable – Core Enhanced | 195% | $1.1B | -0.24% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SRLN | State Street Blackstone Senior Loan ETF | 303% | $451.0M | -0.17% |
| BIL | State Street SPDR Bloomberg 1-3 Month T-Bill ETF | 275% | $1.9B | -0.29% |
| EMB | iShares JP Morgan USD Emerging Markets Bond ETF | 242% | $1.6B | -0.44% |
| SGOV | iShares 0-3 Month Treasury Bond ETF | 222% | $3.1B | -0.29% |
| EMLC | VanEck J. P. Morgan EM Local Currency Bond ETF | 224% | $188.3M | -0.32% |
| MBB | iShares MBS ETF | 206% | $547.5M | -1.03% |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | 203% | $125.3M | +0.46% |
| VWOB | Vanguard Emerging Markets Government Bond ETF | 195% | $90.0M | -0.54% |
| TIP | iShares TIPS Bond ETF | 193% | $483.6M | -0.26% |
| HYD | VanEck High Yield Muni ETF | 187% | $84.7M | -0.24% |
Commodities
Commodity ETFs experienced massive turnover of $45.4B, representing 173% of ADV. Gold proxies such as GLDM were heavily traded despite a -3.6% pullback, while broad market commodity funds like PDBC saw activity levels nearly 4.6x their normal average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Commodity: Multi-Sector – Broad Market | 298% | $617.2M | -3.65% |
| Commodity: Focused – Precious Metals | 172% | $43.3B | -2.92% |
| Commodity: Focused – Energy | 168% | $1.3B | -7.85% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBC | Invesco DB Commodity Index Tracking Fund | 468% | $71.7M | -3.66% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 459% | $320.3M | -3.75% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 406% | $64.2M | -4.02% |
| DBB | Invesco DB Base Metals Fund | 367% | $37.8M | -1.94% |
| GLDM | SPDR Gold Minishares Trust | 252% | $3.2B | -3.64% |
| UNG | United States Natural Gas Fund LP | 167% | $551.8M | -24.86% |
Digital Asset
Digital Asset volume was an extreme outlier at $11.3B (201% of ADV). Sharp declines across the crypto spectrum led to massive liquidations and rebalancing. Ethereum-linked funds saw activity surges over 2x their norm, while Bitcoin ETFs maintained their status as the primary liquidity vehicles for the asset class.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Ethereum | 204% | $2.7B | -11.76% |
| Digital Asset: Cryptocurrency – Bitcoin | 202% | $8.5B | -5.41% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 703% | $300.3M | -6.64% |
| ARKB | ARK 21Shares Bitcoin ETF | 370% | $448.1M | -6.69% |
| FETH | Fidelity Ethereum Fund ETF | 233% | $261.9M | -12.65% |
| ETHA | iShares Ethereum Trust ETF | 224% | $1.7B | -12.57% |
Currencies
Currency ETFs traded $201.9M, which is 217% of the 30-day average. The Swiss Franc emerged as a key defensive play during today’s session volatility.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Currency | 217% | $201.9M | -0.14% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Alternatives
Alternatives saw a total volume of $1.1B, approximately 123% of ADV. Managed Futures strategies were the standout category as trend-following models captured moves in energy and crypto markets.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Alternative: Absolute Return – Managed Futures | 253% | $105.7M | +0.34% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 302% | $71.8M | -0.33% |
Non-Traditional
Non-Traditional ETFs traded $44.9B, or 131% of ADV. The session saw significant use of Buffer ETFs and Synthetic Income strategies to navigate the day’s volatility. Leverage/Inverse commodity products were extreme outliers as traders bet on natural gas and crude oil reversals.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 181% | $7.8B | -1.80% |
| Non-Traditional: Buffer – Equity | 169% | $611.2M | +0.25% |
| Non-Traditional: Leverage | Inverse – Crypto | 169% | $1.7B | -8.63% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| KOLD | ProShares UltraShort Bloomberg Natural Gas | 330% | $862.6M | +48.16% |
| UGL | ProShares Ultra Gold | 283% | $1.3B | -6.89% |
| UCO | ProShares Ultra Bloomberg Crude Oil | 260% | $158.8M | -9.69% |
| SPYI | NEOS S&P 500 High Income ETF | 163% | $260.3M | +0.49% |
Multi-Asset
Multi-Asset volume traded $332.5M, or 157% of ADV. Real Assets were the primary driver within this class, seeing over 4.5x normal trading activity as investors sought inflation-sensitive hedges.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Asset Allocation: Specialty – Real Assets | 454% | $49.2M | -1.14% |
| Asset Allocation: Target Risk – Conservative | 171% | $14.4M | -0.17% |
| Asset Allocation: Specialty – Multi-Asset Income | 167% | $42.8M | -0.07% |
| Asset Allocation: Target Risk – Global Macro | 161% | $41.7M | -0.03% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 883% | $42.5M | -2.35% |
Disclaimer: This AI-assisted commentary is for informational purposes only. The “High-Volume Categories” table includes categories with over $100M in volume and activity at least 125% of their 30-day average, limited to the top 5 by activity percentage. The “High-Activity Ticker Outliers” table shows the top 10 ETFs from each asset class, sorted by the highest trading activity versus their 30-day average. All reported ETFs have AUM over $250M and an ADV greater than $2.5M.
Disclosures: This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
