Market Summary
- Total Volume: $175.5B
- Activity vs. Avg: 80%
Trading volumes were notably subdued across the broader market, suggesting a lack of strong conviction among investors. However, this quiet surface masked a significant pocket of highly concentrated activity within single-country equity ETFs. A dramatic surge in volume and performance in the Israel-focused ETF pointed to a market where capital flows were dictated more by specific geopolitical or country-level catalysts than by overarching macroeconomic trends. This divergence was further highlighted by heavy selling pressure in other emerging market funds, indicating a day of sharp rotations rather than a unified market direction.
Equity
U.S. Size & Style
- Total Volume: $80.3B
- Activity vs. Avg: 77%
Market Action: Trading activity in U.S. Size & Style ETFs was below average, with turnover at just 77% of the 30-day norm. The session saw broad, albeit modest, gains across most categories. Small-cap growth funds posted the strongest performance with an average gain of 0.64%, followed by mid-cap growth at 0.53%. Large-cap value was the laggard, registering a nearly flat average return of just 0.03%.
High-Activity Outliers
- VONE (Vanguard Russell 1000 ETF) traded $68.0M (424% of ADV).
- QLTY (GMO U.S. Quality ETF Shs) traded $22.6M (402% of ADV).
- TSPA (T. Rowe Price U.S. Equity Research ETF) traded $18.3M (334% of ADV).
- DIV (Global X SuperDividend US ETF) traded $10.0M (326% of ADV).
- JMOM (JPMorgan U.S. Momentum Factor ETF) traded $12.2M (304% of ADV).
- FESM (Fidelity Enhanced Small Cap ETF) traded $15.4M (266% of ADV).
- VTWG (Vanguard Russell 2000 Growth ETF) traded $8.5M (242% of ADV).
- PSC (Principal U.S. Small-Cap ETF) traded $13.3M (222% of ADV).
- XMMO (Invesco S&P MidCap Momentum ETF) traded $66.8M (218% of ADV).
- FYC (First Trust Small Cap Growth AlphaDEX Fund) traded $4.9M (175% of ADV).
Global Ex-U.S. Size & Style
- Total Volume: $7.2B
- Activity vs. Avg: 94%
Market Action: Volume in the international equity space was close to its recent average. The activity was largely concentrated in Emerging Markets Large Cap funds, which traded at 115% of their 30-day average volume. Performance was generally negative, with large-cap value and emerging market funds seeing the most significant declines, averaging -0.23% and -0.22% respectively. Global ex-U.S. small and mid-cap funds bucked the trend, posting a modest average gain of 0.05%.
High-Activity Outliers
- QEFA (SPDR MSCI EAFE StrategicFactors ETF) traded $19.4M (684% of ADV).
- VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) traded $99.3M (299% of ADV).
- HFXI (NYLI FTSE International Equity Currency Neutral ETF) traded $9.8M (272% of ADV).
- EDIV (SPDR S&P Emerging Markets Dividend ETF) traded $11.8M (263% of ADV).
- PIZ (Invesco Dorsey Wright Developed Markets Momentum ETF) traded $6.3M (252% of ADV).
- ISCF (iShares International SmallCap Equity Factor ETF) traded $9.4M (246% of ADV).
- JIVE (JPMorgan International Value ETF) traded $9.3M (222% of ADV).
- IPKW (Invesco International BuyBack Achievers ETF) traded $6.4M (217% of ADV).
- SCHC (Schwab International Small-Cap Equity ETF) traded $27.8M (176% of ADV).
- IEMG (iShares Core MSCI Emerging Markets ETF) traded $713.0M (157% of ADV).
Region & Country
- Total Volume: $5.1B
- Activity vs. Avg: 82%
Market Action: Trading volume was below average for the Region & Country composite, however, this was misleading as activity was highly concentrated in a few specific markets. The day was defined by sharp divergences driven by country-specific factors. The Israel-focused ETF (EIS) was a standout performer, surging 2.53% on exceptionally high volume. Conversely, heavy selling pressure was seen in the Indonesia ETF (EIDO), which fell 1.26%, and the Greece ETF (GREK), which declined 1.18%, both on well-above-average turnover.
High-Activity Outliers
- EIS (iShares MSCI Israel ETF) traded $27.4M (628% of ADV).
- GREK (Global X MSCI Greece ETF) traded $13.0M (289% of ADV).
- EIDO (iShares MSCI Indonesia ETF) traded $38.8M (270% of ADV).
- IEUR (iShares Core MSCI Europe ETF) traded $124.1M (164% of ADV).
Sector & Industry
- Total Volume: $19.3B
- Activity vs. Avg: 78%
Market Action: Sector trading was muted, running at 78% of its recent average. The primary driver of activity was the Consumer Staples category, which traded at 109% of its average volume, though this was accompanied by negative performance, with the group falling an average of 0.72%. On the positive side, the Industrial sector led all groups with an average gain of 0.99%, followed closely by Health Care, which rose 0.71%. The Energy sector was the weakest performer, declining by an average of 0.37%.
High-Activity Outliers
- IYH (iShares U.S. Healthcare ETF) traded $87.4M (237% of ADV).
- IYC (iShares U.S. Consumer Discretionary ETF) traded $25.2M (217% of ADV).
- KXI (iShares Global Consumer Staples ETF) traded $5.7M (168% of ADV).
- IXJ (iShares Global Healthcare ETF) traded $23.7M (169% of ADV).
- RSPU (Invesco S&P 500 Equal Weight Utilities ETF) traded $4.3M (157% of ADV).
Thematic
- Total Volume: $4.3B
- Activity vs. Avg: 80%
Market Action: Thematic ETF volume was below its 30-day average. The most significant activity was seen in Alternative Equity and Sustainability-focused ETFs, which traded at 198% and 170% of their respective averages. Performance was led by Precious Metals miners, which surged an average of 1.92%. FinTech and Industrial Revolution themes also performed well, gaining 1.24% and 0.86% respectively. In contrast, Sustainability-themed funds saw modest losses, declining by an average of 0.37%.
High-Activity Outliers
- TAN (Invesco Solar ETF) traded $71.5M (254% of ADV).
- IGE (iShares North American Natural Resources ETF) traded $10.8M (254% of ADV).
- BIZD (VanEck BDC Income ETF) traded $40.4M (249% of ADV).
- URNJ (Sprott Junior Uranium Miners ETF) traded $10.4M (212% of ADV).
- NFRA (FlexShares STOXX Global Broad Infrastructure Index Fund) traded $11.0M (195% of ADV).
- URNM (Sprott Uranium Miners ETF) traded $56.1M (194% of ADV).
- ROBT (First Trust Nasdaq Artificial Intelligence & Robotics ETF) traded $5.0M (165% of ADV).
- IGF (iShares Global Infrastructure ETF) traded $58.3M (156% of ADV).
Global Size & Style
- Total Volume: $796.5M
- Activity vs. Avg: 79%
High-Activity Outliers
- SPGM (SPDR Portfolio MSCI Global Stock Market ETF) traded $42.2M (816% of ADV).
- ACWV (iShares MSCI Global Min Vol Factor ETF) traded $26.0M (189% of ADV).
Fixed Income
Taxable Bonds
- Total Volume: $22.3B
- Activity vs. Avg: 92%
Market Action: Trading in taxable bond ETFs was just shy of the 30-day average. The session was marked by exceptionally high turnover in Multisector bond funds, which traded at 218% of their average, largely driven by a single high-volume fund. Inflation-Protected and Short-Term bond categories also saw elevated activity. In terms of performance, there was a clear duration-based divergence in government bonds; intermediate-term government bond ETFs posted an average gain of 0.17%, while long-duration government bond ETFs fell by an average of 0.11%.
High-Activity Outliers
- BINC (iShares Flexible Income Active ETF) traded $371.8M (481% of ADV).
- SPSB (SPDR Portfolio Short Term Corporate Bond ETF) traded $187.6M (291% of ADV).
- GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) traded $14.2M (268% of ADV).
- CGSD (Capital Group Short Duration Income ETF) traded $21.4M (246% of ADV).
- FLRN (SPDR Bloomberg Investment Grade Floating Rate ETF) traded $51.5M (242% of ADV).
- ULST (SPDR SSgA Ultra Short Term Bond ETF) traded $20.1M (239% of ADV).
- BWZ (SPDR Bloomberg Short Term International Treasury Bond ETF) traded $15.2M (233% of ADV).
- SYFI (AB Short Duration High Yield ETF) traded $7.1M (225% of ADV).
- TIP (iShares TIPS Bond ETF) traded $593.1M (214% of ADV).
- GIGB (Goldman Sachs Access Investment Grade Corporate Bond ETF) traded $5.6M (211% of ADV).
Municipal Bonds
- Total Volume: $1.2B
- Activity vs. Avg: 75%
Market Action: The municipal bond market was quiet, with volume at 75% of its recent average. The only area of notable activity was in short-duration muni ETFs, which traded at 111% of their average volume. Performance was mixed and muted across the board, with high-yield munis posting the best results, gaining an average of 0.09%, while intermediate-term funds saw slight declines.
High-Activity Outliers
- TAXF (American Century Diversified Municipal Bond ETF) traded $10.4M (331% of ADV).
- JMST (JPMorgan Ultra-Short Municipal Income ETF) traded $62.8M (190% of ADV).
- SHYM (iShares Short Duration High Yield Muni Active ETF) traded $6.8M (176% of ADV).
- EVSM (Eaton Vance Short Duration Municipal Income ETF) traded $7.4M (164% of ADV).
Commodities
- Total Volume: $4.6B
- Activity vs. Avg: 89%
Market Action: Trading in the commodities complex was below average, running at 89% of the 30-day norm. The vast majority of activity was centered on Precious Metals ETFs, which traded at 93% of their average volume and saw prices rise by an average of 0.60%. In stark contrast, Energy-focused commodity ETFs experienced a significant sell-off, with an average loss of 1.42% on subdued volume.
High-Activity Outliers
- BCI (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) traded $30.4M (367% of ADV).
Digital Asset
- Total Volume: $6.4B
- Activity vs. Avg: 96%
Market Action: The digital asset space saw robust trading, with volume nearing its 30-day average. The session was overwhelmingly positive, driven by a powerful rally in Ethereum-linked products, which surged by an average of 4.06% on volume that was 109% of its recent norm. Bitcoin-related ETFs also posted gains, though more modest, rising by an average of 0.27%.
High-Activity Outliers
- BRRR (Coinshares Bitcoin ETF) traded $14.0M (184% of ADV).
Alternative
- Total Volume: $499.2M
- Activity vs. Avg: 44%
Market Action: Trading in alternative strategy ETFs was extremely light, at less than half the 30-day average volume. The most notable activity occurred in Event-Driven funds, which traded at 141% of their average, though performance was nearly flat. Managed Futures strategies saw the most significant price movement, falling by an average of 0.34% on the day.
High-Activity Outliers
- CTA (Simplify Managed Futures Strategy ETF) traded $15.7M (169% of ADV).
Non-Traditional
Leverage | Inverse
- Total Volume: $20.8B
- Activity vs. Avg: 73%
High-Activity Outliers
- DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) traded $25.0M (157% of ADV).
Synthetic Income
- Total Volume: $1.9B
- Activity vs. Avg: 74%
High-Activity Outliers
- CSHI (NEOS Enhanced Income 1-3 Month T-Bill ETF) traded $13.2M (175% of ADV).
- BUCK (Simplify Treasury Option Income ETF) traded $5.0M (172% of ADV).
- TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) traded $32.7M (165% of ADV).
Buffer
- Total Volume: $239.8M
- Activity vs. Avg: 75%
High-Activity Outliers
- FAUG (FT Vest U.S. Equity Buffer ETF – August) traded $5.6M (203% of ADV).
- BUFZ (FT Vest Laddered Moderate Buffer ETF) traded $8.9M (164% of ADV).
Multi-Asset
- Total Volume: $106.0M
- Activity vs. Avg: 87%
High-Activity Outliers
- NTSX (WisdomTree U.S. Efficient Core Fund) traded $8.1M (215% of ADV).
- RLY (SPDR SSgA Multi-Asset Real Return ETF) traded $3.9M (155% of ADV).
Currency
- Total Volume: $52.8M
- Activity vs. Avg: 48%
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.
