ETF Volumes Muted Once Again Ahead of Interest Rate Decision

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Macro Summary

Trading activity was light on Tuesday, with total volume of $208.6B coming in at just 75% of the 30-day average. While the broader market remained quiet, significant rotation occurred within the Fixed Income asset class (88% of average activity), specifically in the “Defined Maturity” category (183% of average volume). This surge was driven by heavy turnover in tickers like IBTJ and IBTF, suggesting year-end duration management or yield curve positioning. Conversely, Digital Assets saw renewed enthusiasm, with Ethereum-focused funds driving the asset class to a 3.79% daily gain.

Asset Class Summary

Asset Class $ Volume 30D Avg. % of 30D Avg.
Equity $139.3B $191.6B 73%
Fixed Income $26.3B $29.8B 88%
Commodity $7.6B $7.9B 96%
Digital Asset $7.2B $7.6B 95%
Currency $79.3M $82.5M 96%
Alternative $712.0M $1.4B 50%
Non-Traditional $27.3B $40.8B 67%
Multi-Asset $156.6M $172.1M 91%

Equity

Equity ETFs saw relatively light trading with $139.3B in volume, operating at 73% of the 30-day average. While no single category met the high-volume breakout criteria, the Utilities sector saw elevated relative activity (122% of average), finishing the day up 0.11%. Activity was also notable in the Financials sector, where VFH saw over 3x its average volume (closing -0.22%), and in the Large Cap Value space, where DIVB traded more than 10x its normal activity (-0.19%).

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
DIVB iShares Core Dividend ETF 1012% $61.5M -0.19%
DFEM Dimensional Emerging Markets Core Equity 2 ETF 431% $81.8M -0.02%
VXF Vanguard Extended Market ETF 405% $352.5M -0.06%
EAGL Eagle Capital Select Equity ETF 387% $16.7M -0.08%
FVAL Fidelity Value Factor ETF 348% $9.7M +0.07%
IDU iShares U.S. Utilities ETF 325% $68.1M -0.07%
VFH Vanguard Financials ETF 315% $230.9M -0.22%
SLVR Sprott Silver Miners & Physical Silver ETF 277% $29.0M +5.75%
DBEU Xtrackers MSCI Europe Hedged Equity ETF 274% $9.9M -0.34%
RSPU Invesco S&P 500 Equal Weight Utilities ETF 268% $7.9M +0.14%

Fixed Income

Fixed Income volumes reached $26.3B, representing 88% of the 30-day average. The asset class was defined by specific areas of intense activity, particularly in the “Defined Maturity” category (down 0.06%), where volumes surged to 183% of normal levels. This was largely driven by heavy turnover in IBTJ (closing -0.05%) and IBTF (closing +0.06%), which traded 11.6x and 6.7x their average daily volume, respectively. High Yield Municipal bonds also saw notable flows (193% activity), further highlighting the targeted nature of the day’s fixed income trading.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Government Intermediate 137% $869.7M -0.11%
Fixed Income: Specialty – Defined Maturity 183% $668.2M -0.06%
Fixed Income: Municipal – High Yield 193% $158.6M +0.09%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
IBTJ iShares iBonds Dec 2029 Term Treasury ETF 1162% $72.2M -0.05%
GIGB Goldman Sachs Access Investment Grade Corporate Bond ETF 675% $27.9M -0.08%
IBTF iShares iBonds Dec 2025 Term Treasury ETF 668% $96.1M +0.06%
CLOI VanEck CLO ETF 625% $67.5M +0.07%
DGCB Dimensional Global Credit ETF 620% $19.6M -0.06%
BSJR Invesco BulletShares 2027 High Yield Corporate Bond ETF 437% $15.4M -0.02%
CLIP Global X 1-3 Month T-Bill ETF 431% $113.5M 0.00%
JSI Janus Henderson Securitized Income ETF 333% $20.4M +0.02%
CLOA iShares AAA CLO Active ETF 303% $52.9M +0.01%
ICSH iShares Ultra Short Duration Bond Active ETF 301% $191.2M -0.02%

Commodity

Commodity volumes totaled $7.6B, representing 96% of the 30-day average. While activity in traditional energy categories was average, the “Industrial Metals” category saw elevated turnover (136% activity). The standout performance, however, came from the Precious Metals space (up 1.51%), where high-activity outliers like SLV (closing +4.55%) and PALL (closing +2.28%) attracted significant attention amidst a broader rally in the complex.

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
PALL abrdn Physical Palladium Shares ETF 237% $86.9M +2.28%
SLV iShares Silver Trust 236% $3.2B +4.55%
PPLT abrdn Physical Platinum Shares ETF 231% $92.9M +2.32%

Digital Asset

Digital Asset funds traded $7.2B, reaching 95% of their 30-day average activity. The session was dominated by the Ethereum category, which surged to 130% of its average volume while posting a strong 5.98% return. This activity was reflected in top tickers like ETH (closing +5.98%) and FETH (closing +5.73%), which both saw trading levels well above their daily norms.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Digital Asset: Cryptocurrency – Ethereum 130% $2.4B +5.98%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
ETH Grayscale Ethereum Mini Trust ETF 165% $356.8M +5.98%
FETH Fidelity Ethereum Fund ETF 152% $238.2M +5.73%

Currency

Currency volumes were quiet at $79.3M, trading at 96% of the 30-day average. The primary driver of activity was the FXE, which saw elevated turnover (169% of average activity) despite a -0.12% decline, marking it as the sole significant outlier in an otherwise calm session for FX markets.

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
FXE Invesco CurrencyShares Euro Trust 169% $16.7M -0.12%

Alternative

Alternative ETF volumes were significantly depressed, totaling just $712.0M—only 50% of the 30-day average. The lack of activity was broad-based, with “Absolute Return” and “Volatility” categories both trading well below normal levels. There were no high-volume category breakouts or significant ticker outliers, reflecting a lack of hedging demand or speculative interest in the alternative space for the day.

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.

Non-Traditional

Non-Traditional volumes came in at $27.3B, or 67% of the average. The standout activity was in the “Leverage | Inverse – Commodity” category, which saw 141% of its normal volume (up 0.23%), driven largely by the AGQ (closing +9.45%). Elsewhere, leveraged single-stock exposures like BMNU (closing +18.70%) and MSTX (closing +5.17%) continued to attract speculative flows.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Commodity 141% $1.4B +0.23%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
AGQ ProShares Ultra Silver 252% $564.5M +9.45%
BMNU T-REX 2X Long BMNR Daily Target ETF 217% $443.9M +18.70%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF 183% $20.7M -0.02%
MSTX Defiance Daily Target 2x Long MSTR ETF 172% $311.1M +5.17%

Multi-Asset

Multi-Asset trading was quiet, with $156.6M in volume (91% of average). The “Target Risk – Moderate” category saw the highest relative activity at 118% of its average, but overall the asset class lacked significant outliers or directional conviction for the session.

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.

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.