Macro Summary
The trading session on February 3, 2026, was characterized by high-intensity activity, with total market volume reaching $426.1B, representing 155% of the 30-day average. The session narrative was dominated by a aggressive rotation into safe-haven assets and value-oriented sectors. Commodity ETFs, particularly those focused on precious metals, saw massive inflows and price appreciation, while Digital Assets and high-growth Equity segments experienced heightened volatility and significant sell-offs.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $284.9B | $177.1B | 161% |
| Fixed Income | $34.7B | $28.6B | 121% |
| Commodity | $36.9B | $27.4B | 135% |
| Digital Asset | $12.8B | $5.8B | 220% |
| Currency | $94.6M | $96.8M | 98% |
| Alternative | $1.7B | $861.8M | 195% |
| Non-Traditional | $54.8B | $34.7B | 158% |
| Multi-Asset | $252.7M | $214.6M | 118% |
Equity
Equity ETFs saw a massive $284.9B in volume (161% of ADV). Materials and Energy sectors led the charge in activity, while Information Technology saw heavy volume on the downside (-2.45% avg return). Significant outliers included CXSE (2733% activity) and FHLC (867% activity).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Materials | 267% | $1.8B | +27.55% |
| Equity: Sector – Energy | 218% | $6.6B | +80.23% |
| Equity: Sector – Information Technology | 217% | $15.7B | -80.80% |
| Equity: Sector – Consumer Staples | 209% | $2.9B | +17.51% |
| Equity: Thematic – Evolving Consumer | 201% | $1.4B | -68.47% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 2733% | $87.7M | -0.02% |
| FHLC | Fidelity MSCI Health Care Index ETF | 867% | $104.2M | -0.92% |
| SUSL | iShares ESG MSCI USA Leaders ETF | 805% | $27.2M | -1.37% |
| IWL | iShares Russell Top 200 ETF | 654% | $74.4M | -1.00% |
| EWD | iShares MSCI Sweden ETF | 601% | $27.2M | +0.68% |
| IYT | iShares US Transportation ETF | 575% | $206.8M | +1.31% |
| EMGF | iShares Emerging Markets Equity Factor ETF | 630% | $34.0M | +0.53% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 596% | $26.5M | +0.50% |
| QGRO | American Century U.S. Quality Growth ETF | 496% | $60.9M | -2.41% |
| BITQ | Bitwise Crypto Industry Innovators ETF | 486% | $25.5M | -1.41% |
Fixed Income
Fixed Income volume was $34.7B (121% of ADV). High Yield and Bank Loan categories were the primary drivers of session volume, with SHYG showing extreme outlier activity at 1344% of ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – High Yield | 194% | $6.8B | -5.00% |
| Fixed Income: Taxable – Bank Loans | 186% | $926.1M | -7.01% |
| Fixed Income: Taxable – International | 171% | $97.9M | +0.17% |
| Fixed Income: Taxable – Emerging | 151% | $178.8M | +0.42% |
| Fixed Income: Taxable – Inflation Protected | 149% | $1.0B | +1.69% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SHYG | iShares 0-5 Year High Yield Corporate Bond ETF | 1344% | $628.0M | -0.20% |
| STIP | iShares 0-5 Year TIPS Bond ETF | 536% | $615.5M | +0.05% |
| SJNK | SPDR Bloomberg Short Term High Yield Bond ETF | 388% | $276.7M | -0.06% |
| IGOV | iShares International Treasury Bond ETF | 294% | $33.9M | +0.38% |
| BILS | SPDR Bloomberg 3-12 Month T-Bill ETF | 271% | $113.5M | +0.01% |
| MUNY | Vanguard New York Tax-Exempt Bond ETF | 269% | $13.8M | +0.07% |
| HYS | PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 268% | $36.9M | -0.10% |
| SRLN | Blackstone Senior Loan ETF | 228% | $365.1M | -0.26% |
| SCHQ | Schwab Long-Term U.S. Treasury ETF | 227% | $45.3M | +0.19% |
| FTSL | First Trust Senior Loan Fund | 225% | $26.6M | -0.19% |
Commodities
Commodities experienced a massive 135% activity session, totaling $36.9B in volume. Precious Metals was the clear standout, delivering nearly 6% average returns across the category. Broad market commodity ETFs like GSG saw explosive activity (1106% of ADV).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Multi-Sector – Broad Market | 259% | $570.7M | +62.74% |
| Commodity: Focused – Energy | 141% | $1.1B | +28.35% |
| Commodity: Focused – Precious Metals | 134% | $35.1B | +92.93% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 1106% | $192.8M | +2.43% |
| IAUM | iShares Gold Trust Micro ETF | 243% | $986.2M | +6.32% |
| IAU | iShares Gold Trust | 214% | $3.4B | +6.43% |
| USO | United States Oil Fund LP | 206% | $833.4M | +2.92% |
| BAR | GraniteShares Gold Shares | 179% | $170.8M | +6.23% |
| SGOL | abrdn Physical Gold Shares ETF | 164% | $673.0M | +6.40% |
| GLDM | SPDR Gold Minishares Trust | 155% | $2.1B | +6.52% |
| AAAU | Goldman Sachs Physical Gold ETF | 155% | $401.4M | +6.31% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy ETF | 198% | $156.3M | +2.61% |
Digital Asset
Digital Asset ETFs were hyperactive with 220% ADV session volume ($12.8B). Bitcoin-related products saw the highest activity (224% of ADV) and significant price pressure, while Ethereum ETFs saw elevated turnover (212% of ADV).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 224% | $9.7B | -23.01% |
| Digital Asset: Cryptocurrency – Ethereum | 212% | $2.9B | -3.05% |
| Digital Asset: Cryptocurrency – Multicoin | 161% | $14.3M | -1.26% |
| Digital Asset: Cryptocurrency – Altcoin | 153% | $143.7M | -16.43% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ARKB | ARK 21Shares Bitcoin ETF | 411% | $547.0M | -1.75% |
| HODL | VanEck Bitcoin ETF | 345% | $178.7M | -1.63% |
| BITB | Bitwise Bitcoin ETF Trust | 321% | $426.2M | -1.43% |
| ETHW | Bitwise Ethereum ETF | 315% | $85.0M | +0.30% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 273% | $315.1M | -1.48% |
| GBTC | Grayscale Bitcoin Trust ETF | 268% | $787.3M | -1.56% |
| ETHE | Grayscale Ethereum Staking ETF | 227% | $346.4M | +0.22% |
| FETH | Fidelity Ethereum Fund ETF | 227% | $268.8M | -0.28% |
| FBTC | Fidelity Wise Origin Bitcoin Fund | 225% | $886.8M | -1.45% |
| ETHA | iShares Ethereum Trust ETF | 221% | $1.8B | -0.06% |
Currencies
Currency ETF volume was $94.6M, which was essentially in line with historical averages (98% of ADV). Returns for the asset class were modest at +0.23%.
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
Alternative ETFs saw nearly double their usual activity (195% of ADV), driven by a surge in Volatility instruments. Short Volatility categories saw massive volume at 260% of ADV but sharp price declines (-10% return), while Long Volatility ETFs saw heavy trading as market participants hedged downside risk.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 260% | $368.0M | -10.06% |
| Alternative: Volatility – Long | 188% | $1.3B | +26.06% |
| Alternative: Absolute Return – Event Driven | 168% | $4.1M | -0.17% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 215% | $490.4M | +6.12% |
| UVIX | 2x Long VIX Futures ETF | 195% | $271.7M | +8.44% |
Non-Traditional
Non-Traditional ETFs (Leveraged/Inverse) saw $54.8B in volume (158% of ADV). Significant volatility was noted in single-stock leveraged funds, particularly PTIR (474% activity) and PLTU (384% activity), which rallied double digits.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Crypto | 184% | $1.9B | -13.65% |
| Non-Traditional: Leverage | Inverse – Equity | 170% | $30.3B | +27.77% |
| Non-Traditional: Synthetic Income – Crypto | 169% | $84.9M | -1.46% |
| Non-Traditional: Leverage | Inverse – Single Stock | 156% | $13.1B | -456.83% |
| Non-Traditional: Synthetic Income – Equity | 152% | $2.6B | -71.53% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PTIR | GraniteShares 2x Long PLTR Daily ETF | 474% | $318.3M | +12.55% |
| PLTU | Direxion Daily PLTR Bull 2X Shares | 384% | $322.6M | +13.41% |
| BUFQ | FT Vest Laddered Nasdaq Buffer ETF | 355% | $16.6M | -0.77% |
| ERX | Direxion Daily Energy Bull 2x Shares | 339% | $69.5M | +6.37% |
| PFEB | Innovator U.S. Equity Power Buffer ETF – Feb | 305% | $14.0M | -0.44% |
| KJAN | Innovator U.S. Small Cap Power Buffer ETF – Jan | 294% | $12.2M | +0.14% |
| AMZU | Direxion Daily AMZN Bull 2X Shares | 280% | $187.0M | -3.60% |
| DPST | Direxion Daily Regional Banks Bull 3X Shares | 275% | $115.3M | +5.06% |
| MULL | GraniteShares 2x Long MU Daily ETF | 272% | $127.6M | -8.03% |
| CHPY | YieldMax Semiconductor Portfolio Option Income ETF | 266% | $32.0M | -2.41% |
Multi-Asset
Multi-Asset ETFs saw a total volume of $252.7M (118% of ADV). Real Asset strategies and Global Macro themes were the primary focus areas for investors during the session.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Specialty – Real Assets | 238% | $29.0M | +2.01% |
| Asset Allocation: Target Risk – Global Macro | 175% | $46.1M | +0.24% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 342% | $21.0M | +3.30% |
| ALLW | SPDR Bridgewater All Weather ETF | 223% | $30.2M | +1.07% |
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.
