Macro Summary
The ETF market processed a massive $362.0B in total volume today, representing 144% of its 30-day average. The session was defined by an aggressive Rotation into Safe Havens and Defensive Tacticals. Commodities and Volatility products saw explosive activity, while Equities displayed a bifurcated tone as investors exited high-growth tech in favor of Consumer Staples and value-oriented sectors. Digital Assets remained a significant focal point, maintaining elevated activity levels as Bitcoin and Ethereum ETFs continued to draw substantial trading interest.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $244.8B | $173.8B | 141% |
| Fixed Income | $33.0B | $26.6B | 124% |
| Commodities | $28.1B | $12.0B | 233% |
| Digital Asset | $9.8B | $5.7B | 172% |
| Currencies | $64.7M | $72.9M | 89% |
| Alternatives | $1.9B | $811.5M | 231% |
| Non-Traditional | $44.2B | $31.5B | 140% |
| Multi-Asset | $205.3M | $193.1M | 106% |
Equity
Equity ETFs traded $244.8B, or 141% of ADV. Activity was heavily skewed toward Large Cap Growth ($53.9B, 164% ADV) and Consumer Staples ($2.8B, 244% ADV). While broad markets were mixed, defensive sectors like Consumer Staples (XLP: +1.36%) outperformed as high-activity outliers like NULG and TGRT saw massive volume spikes despite negative returns.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: U.S. Large Cap – Growth | 164% | $53.9B | -1.00% |
| Equity: Emerging Large Cap | 187% | $6.5B | +0.43% |
| Equity: Sector – Energy | 270% | $6.1B | +1.70% |
| Equity: Sector – Health Care | 129% | $4.2B | +0.88% |
| Equity: Thematic – Precious Metals | 126% | $3.6B | +0.58% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| NULG | Nuveen ESG Large-Cap Growth ETF | 4103% | $295.3M | -1.37% |
| NUSC | Nuveen ESG Small-Cap ETF | 2969% | $107.7M | +0.27% |
| TGRT | T. Rowe Price Growth ETF | 2732% | $81.1M | -1.48% |
| MOO | VanEck Agribusiness ETF | 999% | $68.6M | +2.12% |
| IUSG | iShares Core S&P U.S. Growth ETF | 995% | $905.0M | -1.11% |
| VLUE | iShares MSCI USA Value Factor ETF | 858% | $595.4M | -0.03% |
| EWJV | iShares MSCI Japan Value ETF | 805% | $31.7M | +0.91% |
| ESGD | iShares ESG Aware MSCI EAFE ETF | 458% | $138.4M | +0.45% |
| ESGE | iShares ESG Aware MSCI EM ETF | 445% | $119.9M | +0.38% |
| IXJ | iShares Global Healthcare ETF | 425% | $76.5M | +0.37% |
Fixed Income
Fixed Income ETFs traded $33.0B, 124% of ADV. Treasury and Municipal segments drove activity, with Intermediate Munis ($1.2B, 134% ADV) and Corporate bonds ($5.1B, 127% ADV) showing notable strength. TAGG was the session’s most significant outlier with activity reaching 4865% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Corporate | 127% | $5.1B | +0.16% |
| Fixed Income: Taxable – Core | 125% | $2.4B | +0.11% |
| Fixed Income: Taxable – Short-Term | 158% | $1.6B | +0.03% |
| Fixed Income: Municipal – Intermediate | 134% | $1.2B | +0.01% |
| Fixed Income: Taxable – Securitized | 226% | $1.0B | +0.12% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| TAGG | T. Rowe Price QM U.S. Bond ETF | 4865% | $211.7M | +0.21% |
| HYBB | iShares BB Rated Corporate Bond ETF | 1829% | $50.7M | +0.04% |
| INMU | iShares Intermediate Muni Income Active ETF | 1240% | $36.7M | +0.12% |
| EAGG | iShares ESG Aware US Aggregate Bond ETF | 757% | $118.2M | +0.16% |
| USIG | iShares Broad USD Investment Grade Corporate Bond ETF | 561% | $419.1M | +0.18% |
| ICSH | iShares Ultra Short Duration Bond Active ETF | 527% | $349.4M | +0.03% |
| HYMB | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 506% | $131.4M | +0.62% |
| EVMO | Eaton Vance Mortgage Opportunities ETF | 494% | $16.0M | -0.18% |
| GOVT | iShares U.S. Treasury Bond ETF | 452% | $726.8M | +0.15% |
| JMTG | JPMorgan Mortgage-Backed Securities ETF | 436% | $85.3M | +0.19% |
Commodities
Commodity ETFs were the session’s major highlight, trading $28.1B—an exhaustive 233% of ADV. Precious Metals saw staggering volume ($25.9B, 231% ADV), led by silver ETFs like SLV (+7.14%) and SIVR (+7.10%). Energy also witnessed heavy trading in USO as volatility in oil prices intensified.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 231% | $25.9B | +2.28% |
| Commodity: Focused – Energy | 296% | $1.7B | -1.79% |
| Commodity: Multi-Sector – Broad Market | 178% | $316.0M | +0.22% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 1255% | $38.6M | +0.50% |
| USO | United States Oil Fund LP | 379% | $1.2B | -1.19% |
| SLV | iShares Silver Trust | 302% | $14.2B | +7.14% |
| DBC | Invesco DB Commodity Index Tracking Fund | 284% | $30.7M | +0.11% |
| SIVR | abrdn Physical Silver Shares ETF | 271% | $698.7M | +7.10% |
| OUNZ | VanEck Merk Gold ETF | 252% | $88.9M | +0.89% |
| CPER | United States Copper Index Fund | 236% | $67.9M | +1.60% |
| GSG | iShares S&P GSCI Commodity Indexed Trust | 206% | $28.3M | -0.23% |
| DBA | Invesco DB Agriculture Fund | 159% | $9.3M | -0.25% |
| UNG | United States Natural Gas Fund LP | 158% | $373.1M | -9.58% |
Digital Asset
Digital Asset ETFs processed $9.8B in volume, representing 172% of ADV. Interest was concentrated in Bitcoin ($7.1B, 171% ADV) and Ethereum ($2.5B, 175% ADV) products, with IBIT and ETHA leading the volume charge as both asset types posted strong gains for the session.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 171% | $7.1B | +3.21% |
| Digital Asset: Cryptocurrency – Ethereum | 175% | $2.5B | +5.41% |
| Digital Asset: Cryptocurrency – Altcoin | 143% | $142.4M | +1.94% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IBIT | iShares Bitcoin Trust ETF | 191% | $4.7B | +3.37% |
| ETH | Grayscale Ethereum Staking Mini ETF | 204% | $459.7M | +5.28% |
| FETH | Fidelity Ethereum Fund ETF | 183% | $222.0M | +5.20% |
| ETHA | iShares Ethereum Trust ETF | 170% | $1.5B | +5.29% |
| BITO | ProShares Bitcoin ETF | 160% | $897.2M | +3.28% |
| BITW | Bitwise 10 Crypto Index ETF | 155% | $10.3M | +3.44% |
Currencies
Currency ETFs traded a muted $64.7M, just 89% of ADV. Activity was centered on the Yen (FXY) and Swiss Franc (FXF), which saw elevated relative activity compared to other majors.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 198% | $20.5M | +0.38% |
| FXF | Invesco CurrencyShares Swiss Franc Trust | 166% | $9.2M | +0.06% |
Alternatives
Alternatives traded $1.9B, a massive 231% of ADV. The surge was almost entirely driven by Volatility Long products ($1.6B, 245% ADV), specifically VXX and UVXY, which saw frantic activity as equity market volatility spiked.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Long | 245% | $1.6B | +2.70% |
| Alternative: Volatility – Short | 219% | $252.6M | -1.14% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 390% | $729.0M | +2.09% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 172% | $462.7M | +3.60% |
Non-Traditional
Non-Traditional ETFs saw $44.2B in volume, 140% of ADV. Leverage and Inverse products dominated, particularly in Single Stock ($10.2B, 124% ADV) and Commodity ($4.8B, 244% ADV) themes. High-activity tickers like MSTU and UCO saw extreme volume levels as traders sought aggressive exposure to crypto and energy volatility.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Equity | 139% | $24.2B | +0.13% |
| Non-Traditional: Leverage | Inverse – Single Stock | 124% | $10.2B | -0.22% |
| Non-Traditional: Leverage | Inverse – Commodity | 244% | $4.8B | +0.43% |
| Non-Traditional: Synthetic Income – Equity | 134% | $2.0B | -0.21% |
| Non-Traditional: Leverage | Inverse – Crypto | 148% | $1.7B | +1.62% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UWM | ProShares Ultra Russell2000 | 406% | $95.0M | +1.26% |
| UCO | ProShares Ultra Bloomberg Crude Oil | 359% | $177.8M | -1.64% |
| AGQ | ProShares Ultra Silver | 324% | $3.1B | +14.80% |
| USOI | UBS AG ETRACS Crude Oil Covered Call ETN | 320% | $33.2M | -0.51% |
| MSTU | T-Rex 2X Long MSTR Daily Target ETF | 319% | $390.3M | +7.01% |
| ZSL | ProShares UltraShort Silver | 290% | $750.7M | -13.96% |
| PJUL | Innovator U.S. Equity Power Buffer ETF – July | 277% | $11.5M | -0.19% |
| YMAG | YieldMax Magnificent 7 Fund | 266% | $26.9M | -1.45% |
| DFEN | Direxion Daily Aerospace & Defense Bull 3X | 224% | $37.8M | +1.83% |
| MSTX | Defiance Daily Target 2x Long MSTR ETF | 221% | $423.4M | +6.80% |
Multi-Asset
Multi-Asset ETFs saw balanced activity at $205.3M (106% ADV). Specialty Real Assets ($20.6M, 268% ADV) were the primary driver of anomalous volume within the class, highlighted by activity in RAAX.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 488% | $13.6M | +0.60% |
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.
