Heavy Volumes in DBMF and Bitcoin Funds Stand Out in Subdued Market

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Macro Summary

Total ETF market volume reached $231.5B today, trading at 98% of its recent 30-day average. The day’s activity was characterized by a significant surge within the Alternatives space, where managed futures strategies saw exceptional turnover. This was largely driven by heavy volume in the iMGP DBi Managed Futures Strategy ETF (DBMF), which traded at nearly 10 times its average daily volume. Elsewhere, Digital Assets and Non-Traditional ETFs also saw above-average activity, with particular interest in Bitcoin-related products and leveraged commodity funds. In contrast, the broad Equity and Fixed Income markets remained relatively subdued, trading below their recent averages.

Explore the Live Asset Class Dashboard

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $150.0B $163.1B 92%
Fixed Income $23.7B $27.4B 86%
Commodities $11.8B $7.2B 164%
Crypto $8.2B $6.0B 138%
Currencies $78.4M $68.4M 115%
Alternatives $887.0M $891.3M 100%
Non-Traditional $36.6B $30.5B 120%
Multi-Asset $138.1M $127.2M 109%

Equity

Equity ETFs saw $150.0B in volume, trading at a subdued 92% of their 30-day average. Pockets of activity emerged in Thematic Precious Metals Miners and Real Estate, which both saw volumes well above their norms. The heightened trading in precious metals was evident in tickers like GDX and RING, while the real estate sector’s activity was dominated by a significant volume spike in RWR, which traded over 15 times its usual volume.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Equity: Thematic – Precious Metals 202% $4.7B -0.74%
Equity: Sector – Real Estate 139% $1.9B -0.50%
Equity: Sector – Health Care 128% $3.8B +0.21%
Equity: Thematic – Natural Resources 148% $1.0B +0.65%
Equity: Thematic – Disruptive Tech 156% $1.0B +1.03%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
PWRD TCW Transform Systems ETF 2943% $112.9M +0.13%
RWR SPDR Dow Jones REIT ETF 1504% $285.5M -0.59%
FESM Fidelity Enhanced Small Cap ETF 661% $81.4M +0.30%
VTHR Vanguard Russell 3000 ETF 616% $31.7M +0.10%
ECH iShares MSCI Chile ETF 592% $77.4M -0.92%
EUSA iShares MSCI USA Equal Weighted ETF 573% $53.7M +0.28%
IYF iShares U.S. Financials ETF 546% $197.7M -0.19%
KOMP SPDR S&P Kensho New Economies Composite ETF 536% $50.4M +0.89%
FVD First Trust Value Line Dividend Index Fund 476% $112.1M -0.31%
AIA iShares Asia 50 ETF 416% $48.1M +1.37%

Fixed Income

The Fixed Income space was quiet, with total volume of $23.7B representing just 86% of its 30-day average. The only notable area of activity was in Convertible bonds, which traded at twice their average volume. This surge was almost entirely due to heavy turnover in the iShares Convertible Bond ETF (ICVT), which saw activity levels more than three times its recent norm.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Taxable – Convertible 201% $126.6M +0.72%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
JMTG JPMorgan Mortgage-Backed Securities ETF 475% $75.1M +0.21%
IBTG iShares iBonds Dec 2026 Term Treasury ETF 479% $59.4M +0.02%
HYDB iShares High Yield Systematic Bond ETF 394% $38.7M -0.09%
LONZ PIMCO Senior Loan Active Exchange-Traded Fund 388% $10.5M +0.04%
SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF 369% $44.0M -0.01%
EBND SPDR Bloomberg Emerging Markets Local Bond ETF 349% $32.1M -0.12%
XONE BondBloxx Bloomberg One Year Target Duration US Treasury ETF 337% $14.8M -0.01%
ICVT iShares Convertible Bond ETF 324% $86.7M +0.83%
AGGH Simplify Aggregate Bond ETF 327% $9.2M +0.39%
UITB VictoryShares Core Intermediate Bond ETF 298% $25.2M +0.13%

Commodities

Commodities were a hotbed of activity, trading $11.8B in volume, or 164% of the 30-day average. The primary driver was the Broad Market Multi-Sector category, where funds saw over four times their typical volume, led by exceptional turnover in HGER and FTGC. Additionally, Precious Metals funds saw elevated interest, trading 161% of their average, with significant volume flowing through major gold and silver ETFs like GLD, SLV, and GLDM.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Commodity: Focused – Precious Metals 161% $10.6B -0.23%
Commodity: Multi-Sector – Broad Market 428% $534.6M -0.57%
Commodity: Focused – Energy 139% $658.0M -1.38%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
HGER Harbor All-Weather Inflation Focus ETF 2900% $269.0M -0.31%
FTGC First Trust Global Tactical Commodity Strategy Fund 1623% $149.2M -0.71%
SIVR abrdn Physical Silver Shares ETF 335% $163.3M -0.89%
GLDM SPDR Gold Minishares Trust of beneficial interest 259% $766.8M -0.28%
SLV iShares Silver Trust 244% $2.5B -0.72%
UNG United States Natural Gas Fund LP 158% $171.0M -1.28%

Crypto

Digital Asset ETFs continued to attract strong interest, trading $8.2B and clocking in at 138% of their 30-day average volume. The focus was squarely on Bitcoin ETFs, which traded at nearly 160% of their typical volume. This was a broad-based surge, with tickers like GBTC, HODL, and BRRR all experiencing significantly higher-than-average turnover.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Digital Asset: Cryptocurrency – Bitcoin 159% $5.9B +2.68%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
BRRR Coinshares Bitcoin ETF 254% $22.0M +3.00%
GBTC Grayscale Bitcoin Trust ETF 196% $358.7M +2.87%
HODL VanEck Bitcoin ETF 193% $64.5M +2.97%
ETHV VanEck Ethereum ETF 151% $30.4M +3.57%

Currencies

Currency ETFs registered $78.4M in total volume, trading at 115% of their 30-day average. No specific categories or tickers stood out with exceptionally high activity.

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 ETFs traded a total of $887.0M, right at 100% of their 30-day average. This seemingly normal figure masks a major underlying shift: the Managed Futures category exploded with activity, trading over 5.7 times its usual volume. The surge was almost entirely concentrated in the iMGP DBi Managed Futures Strategy ETF (DBMF), which saw volume nearly 10 times higher than its daily average, single-handedly driving the activity in this corner of the market.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Alternative: Absolute Return – Managed Futures 572% $157.9M -0.30%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
DBMF iMGP DBi Managed Futures Strategy ETF 978% $134.1M +0.16%
CTA Simplify Managed Futures Strategy ETF 199% $18.8M -1.13%
SVOL Simplify Volatility Premium ETF 181% $11.6M -0.44%

Non-Traditional

Non-Traditional ETFs saw elevated volume of $36.6B, trading at 120% of their 30-day average. The primary drivers of this activity were Leveraged/Inverse Commodity and Single Stock categories, which both traded significantly above their norms. This was reflected in tickers like AGQ and BOIL in the commodity space, and CONL for single stocks, all of which posted activity levels more than double their recent averages.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Commodity 206% $1.3B +0.50%
Non-Traditional: Leverage | Inverse – Single Stock 153% $13.8B +3.26%
Non-Traditional: Synthetic Income – Single Stock 138% $1.0B +0.35%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
SFLR Innovator Equity Managed Floor ETF 1017% $68.1M +0.11%
ROM ProShares Ultra Technology 353% $9.5M +0.43%
ISPY ProShares S&P 500 High Income ETF 333% $17.3M +0.03%
TSYY GraniteShares YieldBOOST TSLA ETF 282% $45.1M -1.44%
BUCK Simplify Treasury Option Income ETF 274% $8.3M +0.21%
GDXU MicroSectors Gold Miners 3X Leveraged ETN 274% $270.2M -0.50%
CONL GraniteShares 2x Long COIN Daily ETF 262% $445.0M +14.63%
AGQ ProShares Ultra Silver 260% $372.4M -2.62%
POCT Innovator U.S. Equity Power Buffer ETF – October 229% $24.2M -0.01%
SH ProShares Short S&P500 228% $352.5M -0.05%

Multi-Asset

Multi-Asset ETFs saw modestly above-average activity, trading $138.1M, which is 109% of their 30-day average. There were no standout high-volume categories, and individual ticker activity was generally aligned with recent trends, with no significant outliers 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
ALLW SPDR Bridgewater All Weather ETF 151% $10.9M +0.05%

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 volume. 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.

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