Argentine ETF Plummets on Election Reaction, Highlighting a Day of Divergent Themes

Total ETF market volume was $221.2B, trading at 102% of its recent 30-day average. The session was dominated by a sharp, negative reaction to yesterday’s election results in Argentina, which saw the country’s primary ETF (ARGT) plummet -10.62% on more than six times its average volume. This geopolitical-driven volatility stood in contrast to other corners of the market, where a “risk-off” sentiment fueled a surge in Precious Metals ETFs, which traded at 172% of their average. Simultaneously, strength in domestic sectors like Information Technology pointed to a highly fragmented and story-driven trading day.

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Equity

The Equity asset class recorded a total volume of $152.3B, representing 104% of its 30-day average. Performance was broadly positive, with Thematic Precious Metals ETFs leading the gains (+1.93%), while the Utilities sector was the day’s notable laggard, falling -1.14%.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Equity: Thematic – Precious Metals	148%	$2.4B	+1.93%
Equity: Sector – Consumer Discretionary	146%	$2.8B	+0.43%
Equity: Sector – Communication Services	140%	$960.6M	+0.13%
Equity: Sector – Energy	132%	$2.5B	-0.49%
Equity: Sector – Utilities	129%	$1.3B	-1.14%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
XSW	SPDR S&P Software & Services ETF	1044%	$28.5M	+1.46%
IXN	iShares Global Tech ETF	927%	$119.8M	+0.97%
GUNR	FlexShares Morningstar Global Upstream Natural Resources Index Fund	976%	$136.3M	+0.70%
PBUS	Invesco MSCI USA ETF	813%	$53.4M	+0.21%
ARGT	Global X MSCI Argentina ETF	623%	$118.9M	-10.62%
VIOO	Vanguard S&P Small-Cap 600 ETF	580%	$46.7M	-0.35%
EXI	iShares Global Industrials ETF	522%	$18.4M	+0.69%
VIOV	Vanguard S&P Small-Cap 600 Value ETF	501%	$21.8M	-0.34%
EWQ	iShares MSCI France ETF	463%	$47.0M	+1.07%
IAT	iShares U.S. Regional Banks ETF	443%	$56.8M	-0.04%

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Fixed Income

Fixed Income ETFs traded $27.8B in total volume, representing 105% of the 30-day average. The session was broadly positive, with Government Long-Term bonds as the top performer (+1.06%), while Convertible bonds were the only category to post a decline (-0.05%).

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Fixed Income: Municipal – Short	153%	$223.7M	+0.07%
Fixed Income: Taxable – Inflation Protected	152%	$826.1M	+0.17%
Fixed Income: Municipal – Intermediate	146%	$1.5B	+0.55%
Fixed Income: Taxable – Government Long	141%	$6.1B	+1.06%
Fixed Income: Specialty – Defined Maturity	128%	$349.8M	+0.15%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
BAB	Invesco Taxable Municipal Bond ETF	732%	$20.0M	+1.13%
PMBS	PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund	586%	$31.6M	+0.41%
IBTM	iShares iBonds Dec 2032 Term Treasury ETF	521%	$25.1M	+0.19%
BKAG	BNY Mellon Core Bond ETF	414%	$18.1M	+0.32%
IBDW	iShares iBonds Dec 2031 Term Corporate ETF	315%	$22.2M	+0.07%
PTRB	PGIM Total Return Bond ETF	319%	$8.5M	+0.37%
MINO	PIMCO Municipal Income Opportunities Active Exchange-Traded Fund	307%	$8.3M	+0.42%
AVIG	Avantis Core Fixed Income ETF	295%	$21.0M	+0.30%
SHYG	iShares 0-5 Year High Yield Corporate Bond ETF	275%	$175.6M	+0.09%
IBDY	iShares iBonds Dec 2033 Term Corporate ETF	261%	$8.6M	+0.23%

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Commodities

The Commodities complex was the center of attention, with trading volume hitting an exceptional $9.0B, or 172% of its 30-day average. The gains were led by Precious Metals, which advanced +0.96% on the day amid the flurry of activity.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Commodity: Focused – Precious Metals	184%	$8.4B	+0.96%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
PALL	abrdn Physical Palladium Shares ETF	217%	$56.3M	+1.73%
GLD	SPDR Gold Shares	210%	$6.2B	+1.11%
GLDM	SPDR Gold Minishares Trust of beneficial interest	155%	$312.1M	+1.13%

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Crypto

Digital Asset ETFs saw volume of $4.7B, or 76% of their recent average. Solana-focused products were the clear winners, surging +5.18%, while Ethereum-linked funds were the laggards, down -0.87% on the day.

High-Volume Categories (>$100M Traded)

No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
BTCO	Invesco Galaxy Bitcoin ETF	210%	$16.9M	+0.48%
BRRR	Coinshares Bitcoin ETF	173%	$11.8M	+0.56%

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Currencies

Currency ETFs saw $69.2M in trading, representing 84% of the 30-day average. There were no significant winning or losing categories to report.

High-Volume Categories (>$100M Traded)

No categories met the high-volume criteria.

High-Activity Ticker Outliers

No high-activity ticker outliers for this asset class.

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Alternatives

The Alternatives space recorded $685.8M in volume, trading at just 61% of its 30-day average. Performance diverged, with Managed Futures strategies gaining +0.53%, while Long Volatility strategies fell -1.92%.

High-Volume Categories (>$100M Traded)

No categories met the high-volume criteria.

High-Activity Ticker Outliers

No high-activity ticker outliers for this asset class.

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Non-Traditional: Leverage | Inverse

Leverage & Inverse ETFs traded $23.8B, representing 86% of their recent average. The category saw wide performance dispersion, with Crypto-focused funds leading gains (+2.49%), while Fixed Income-focused funds were the primary laggards (-0.26%).

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Non-Traditional: Leverage | Inverse – Fixed Income	163%	$590.8M	-0.26%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
SOLT	2x Solana ETF	229%	$252.4M	+10.23%
AGQ	ProShares Ultra Silver	199%	$167.2M	+2.11%
UGL	ProShares Ultra Gold	198%	$94.3M	+1.63%
NUGT	Direxion Daily Gold Miners Index Bull 2x Shares	189%	$158.2M	+2.78%
JNUG	Direxion Daily Junior Gold Miners Index Bull 2X Shares	181%	$61.3M	+3.55%
TBT	ProShares UltraShort 20+ Year Treasury	174%	$26.0M	-2.04%
TMF	Direxion Daily 20+ Year Treasury Bull 3X Shares	158%	$464.4M	+3.69%

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Non-Traditional: Buffer

Buffer ETFs saw subdued activity, trading $240.5M in volume, or 63% of their 30-day average. Fixed Income Buffer products were the day’s top performers with a +1.06% gain, while Synthetic Income Buffer funds were the laggards, albeit still positive at +0.04%.

High-Volume Categories (>$100M Traded)

No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
PSEP	Innovator U.S. Equity Power Buffer ETF – September	228%	$19.8M	+0.12%
PJAN	Innovator U.S. Equity Power Buffer ETF – January	151%	$4.4M	+0.14%

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Non-Traditional: Synthetic Income

Synthetic Income products traded $2.4B in total volume, right in line with their recent average at 102%. Crypto-focused strategies led the way with a +0.98% gain, while Fixed Income strategies lagged but still finished positive, up +0.28%.

High-Volume Categories (>$100M Traded)

No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
FTQI	First Trust Nasdaq BuyWrite Income ETF	1204%	$35.9M	+0.25%
RDVI	FT Vest Rising Dividend Achievers Target Income ETF	482%	$53.0M	-0.02%
FTHI	First Trust BuyWrite Income ETF	480%	$43.6M	+0.21%

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Multi-Asset

Multi-Asset strategies saw $177.5M in volume, trading at a brisk 147% of the 30-day average. The top performer was the Alternative Asset Sleeve category (+0.98%), while the Multi-Asset Income category saw a modest gain of +0.04%.

High-Volume Categories (>$100M Traded)

No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
AOM	iShares Core 40/60 Moderate Allocation ETF	470%	$21.5M	+0.32%
AOK	iShares Core 30/70 Conservative Allocation ETF	236%	$7.2M	+0.37%
AOR	iShares Core 60/40 Balanced Allocation ETF	230%	$27.1M	+0.37%
ALLW	SPDR Bridgewater All Weather ETF	177%	$10.1M	+0.99%
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	177%	$7.1M	+1.10%

“High-Volume Categories” are defined as those trading over $100 million. “High-Activity Outliers” are defined as ETFs with over $250M in AUM and a 30-day average volume exceeding $2.5M; tables are limited to the top 10 outliers per asset class, sorted by activity.

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.