ETF Market Summary
- Total Volume: $179.5B
- Activity vs. Avg.: 82%
Trading activity across the ETF market was broadly subdued, with total volume reaching just 82% of the 30-day average. However, specific market segments saw significant turnover. Digital Asset ETFs were a clear outlier, trading at 121% of their average volume. Within fixed income, Securitized Debt funds were exceptionally active at 151% of their norm. The defensive Consumer Staples equity sector also saw above-average interest, trading at 125% of its typical volume.
Equity
U.S. Size & Style
- Total Volume: $83.6B
- Activity vs. Avg.: 80%
Market Action: Trading in U.S. Size & Style ETFs was below average, at 80% of the 30-day norm. Activity was most concentrated in Mid-Cap Growth (129% of ADV) and Small-Cap Growth (109% of ADV) funds. These categories saw average declines of -0.75% and -0.93%, respectively. In contrast, the much larger Large-Cap Blend category traded at a more subdued 79% of its average volume, posting a loss of -0.44%.
High-Activity Outliers
- VFMO (Vanguard U.S. Momentum Factor ETF) traded $44.6M (1296% of ADV).
- XSMO (Invesco S&P SmallCap Momentum ETF) traded $74.9M (522% of ADV).
- HDV (iShares Core High Dividend ETF) traded $116.8M (325% of ADV).
- FCTE (SMI 3Fourteen Full-Cycle Trend ETF) traded $7.6M (300% of ADV).
- SLYV (SPDR S&P 600 Small Cap Value ETF) traded $61.8M (270% of ADV).
- ESGU (iShares ESG Aware MSCI USA ETF) traded $152.6M (261% of ADV).
- QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) traded $29.9M (253% of ADV).
- USMC (Principal U.S. Mega-Cap ETF) traded $12.2M (235% of ADV).
- IWP (iShares Russell Mid-Cap Growth ETF) traded $198.7M (192% of ADV).
- SMLF (iShares U.S. SmallCap Equity Factor ETF) traded $12.8M (186% of ADV).
Global Ex-U.S. Size & Style
- Total Volume: $6.7B
- Activity vs. Avg.: 88%
Market Action: International and emerging market ETFs saw turnover at 88% of their recent average. The Global Ex-U.S. Large-Cap Value category was the only one to see above-average activity, trading at 104% of its norm while posting the steepest average decline of -1.20%. Emerging Large-Cap funds were relatively quiet at 97% of average volume, finishing with an average loss of -0.38%.
High-Activity Outliers
- SCHY (Schwab International Dividend Equity ETF) traded $33.3M (297% of ADV).
- IPKW (Invesco International BuyBack Achievers ETF) traded $6.6M (230% of ADV).
- FNDF (Schwab Fundamental International Equity ETF) traded $98.4M (200% of ADV).
- DVYE (iShares Emerging Markets Dividend ETF) traded $7.4M (186% of ADV).
- VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) traded $61.2M (183% of ADV).
- FNDE (Schwab Fundamental Emerging Markets Equity ETF) traded $49.7M (175% of ADV).
- VSGX (Vanguard ESG International Stock ETF) traded $15.3M (175% of ADV).
- FGD (First Trust Dow Jones Global Select Dividend Index Fund) traded $6.7M (170% of ADV).
- HFXI (NYLI FTSE International Equity Currency Neutral ETF) traded $5.8M (163% of ADV).
Region & Country
- Total Volume: $5.5B
- Activity vs. Avg.: 90%
Market Action: Geographically focused ETFs saw turnover at 90% of their 30-day average. No single region saw above-average volume, though Africa-Middle East funds were most active relative to their size, trading at 149% of their norm. Country-specific funds dominated the composite’s activity, trading at 94% of their average, with the most active funds providing exposure to China, Greece, and India. Eurozone-focused funds were quiet at 55% of average volume and saw the largest decline of -1.22%.
High-Activity Outliers
- CQQQ (Invesco China Technology ETF) traded $76.3M (249% of ADV).
- GREK (Global X MSCI Greece ETF) traded $8.8M (199% of ADV).
- FLIN (Franklin FTSE India ETF) traded $31.7M (188% of ADV).
Sector & Industry
- Total Volume: $19.4B
- Activity vs. Avg.: 78%
Market Action: Sector and industry ETFs traded at a subdued 78% of their daily average. The Consumer Staples sector was a notable outlier, trading at 125% of its average volume while posting a significant average loss of -1.45%. In contrast, the Information Technology sector, despite being the largest by volume, traded at just 70% of its average and saw a smaller decline of -0.28%.
High-Activity Outliers
- IYC (iShares U.S. Consumer Discretionary ETF) traded $43.6M (420% of ADV).
- FCOM (Fidelity MSCI Communication Services Index ETF) traded $20.5M (276% of ADV).
- FXO (First Trust Financials AlphaDEX Fund) traded $7.3M (159% of ADV).
- FNCL (Fidelity MSCI Financials Index ETF) traded $9.8M (156% of ADV).
Thematic
- Total Volume: $3.9B
- Activity vs. Avg.: 73%
Market Action: Thematic ETFs saw modest activity at 73% of the 30-day average. Turnover was below average across all major themes, with the most active relative group being Sustainability funds at 109% of their norm; this group posted an average loss of -0.94%. The Evolving Consumer theme was the only category to finish with a positive return (+0.11%), driven by above-average activity in cannabis-related funds.
High-Activity Outliers
- MSOS (AdvisorShares Pure US Cannabis ETF) traded $94.3M (189% of ADV).
- TAN (Invesco Solar ETF) traded $43.1M (156% of ADV).
- ARTY (iShares Future AI & Tech ETF) traded $34.3M (155% of ADV).
Global Size & Style
- Total Volume: $725.3M
- Activity vs. Avg.: 72%
High-Activity Outliers
- ACWV (iShares MSCI Global Min Vol Factor ETF) traded $23.8M (176% of ADV).
Fixed Income
Taxable Bonds
- Total Volume: $21.2B
- Activity vs. Avg.: 88%
Market Action: Taxable bond ETFs recorded volume at 88% of their daily average. The Securitized debt category was a significant outlier, with turnover reaching 151% of its 30-day average as the category posted a slight loss of -0.10%. Inflation Protected (129% of ADV) and Short-Term (125% of ADV) bond ETFs also saw elevated activity, with average returns of -0.10% and -0.05%, respectively.
High-Activity Outliers
- JMBS (Janus Henderson Mortgage-Backed Securities ETF) traded $248.2M (665% of ADV).
- DFGX (Dimensional Global ex US Core Fixed Income ETF) traded $29.6M (524% of ADV).
- PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) traded $16.7M (527% of ADV).
- IGSB (iShares 1-5 Year Investment Grade Corporate Bond ETF) traded $526.1M (421% of ADV).
- IVOL (KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF) traded $17.2M (363% of ADV).
- NBSD (Neuberger Berman Short Duration Income ETF) traded $9.7M (324% of ADV).
- TBIL (US Treasury 3 Month Bill ETF) traded $231.0M (257% of ADV).
- BILS (SPDR Bloomberg 3-12 Month T-Bill ETF) traded $78.2M (196% of ADV).
- SCHQ (Schwab Long-Term U.S. Treasury ETF) traded $45.6M (192% of ADV).
- YEAR (AB Ultra Short Income ETF) traded $15.7M (190% of ADV).
Municipal Bonds
- Total Volume: $1.6B
- Activity vs. Avg.: 99%
Market Action: The municipal bond ETF market saw trading volume nearly in line with its 30-day average at 99%. Single-State municipal bond funds were the most active group at 121% of their norm, posting an average loss of -0.04%. Intermediate-term muni ETFs also saw above-average turnover at 104% of their average, ending the day nearly flat with a -0.01% return.
High-Activity Outliers
- VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) traded $58.6M (468% of ADV).
- MMIT (NYLI MacKay Muni Intermediate ETF) traded $12.9M (191% of ADV).
- PWZ (Invesco California AMT-Free Municipal Bond ETF) traded $41.7M (186% of ADV).
Commodities
- Total Volume: $2.6B
- Activity vs. Avg.: 50%
Market Action: Trading in commodity ETFs was exceptionally light, with total volume reaching only 50% of the 30-day average. Activity was below average across all categories. Energy-focused funds were the day’s best performers with an average gain of +0.98%, though they traded at just 69% of their typical volume.
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Cryptocurrency
- Total Volume: $8.1B
- Activity vs. Avg.: 121%
Market Action: Digital asset ETFs saw heavy trading, with volume reaching 121% of the 30-day average amid a sharp sell-off. The heightened activity was led by Ethereum-focused funds, which traded at 144% of their average daily volume and fell -8.87%. Solana funds were also exceptionally active at 173% of their norm, declining -4.08%.
High-Activity Outliers
- ETHW (Bitwise Ethereum ETF) traded $103.1M (251% of ADV).
- ETHV (VanEck Ethereum ETF) traded $27.6M (178% of ADV).
- BTCO (Invesco Galaxy Bitcoin ETF) traded $14.0M (173% of ADV).
- ETH (Grayscale Ethereum Mini Trust ETF) traded $357.0M (158% of ADV).
Alternative
- Total Volume: $645.0M
- Activity vs. Avg.: 57%
Market Action: Alternative strategy ETFs saw subdued turnover at just 57% of their 30-day average volume. Trading was below average across all sub-categories, with the most active being Event Driven funds at 67% of their norm; this group posted a -0.11% average return.
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Non-Traditional
Leverage | Inverse
- Total Volume: $22.6B
- Activity vs. Avg.: 79%
High-Activity Outliers
- YINN (Direxion Daily FTSE China Bull 3X Shares) traded $219.3M (160% of ADV).
- ETHT (ProShares Ultra Ether ETF) traded $168.6M (159% of ADV).
- SOLT (2x Solana ETF) traded $143.3M (153% of ADV).
Synthetic Income
- Total Volume: $2.1B
- Activity vs. Avg.: 84%
High-Activity Outliers
- QDPL (Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF) traded $15.7M (244% of ADV).
- BTCI (NEOS Bitcoin High Income ETF) traded $52.2M (210% of ADV).
- TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) traded $40.1M (209% of ADV).
- YBTC (Roundhill Bitcoin Covered Call Strategy ETF) traded $16.0M (157% of ADV).
Buffer
- Total Volume: $255.6M
- Activity vs. Avg.: 71%
High-Activity Outliers
- GAUG (FT Vest U.S. Equity Moderate Buffer ETF – August) traded $28.0M (530% of ADV).
Multi-Asset
- Total Volume: $99.8M
- Activity vs. Avg.: 82%
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Currency
- Total Volume: $59.0M
- Activity vs. Avg.: 53%
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Disclaimer: This market commentary was prepared with the assistance of artificial intelligence. For the purposes of this report, “High-Activity Outliers” are defined as ETFs with over $250 million in Assets Under Management (AUM) and a 30-day average daily volume (ADV) exceeding $2.5 million. The outliers listed for each section are aggregated from all underlying categories, sorted by the highest percentage of average daily volume, and limited to a maximum of the top 10.
