Macro Summary
The ETF market closed the session with a total trading volume of approximately $388.1B, representing a significant activity level at 149% of the 30-day average. The day’s narrative was dominated by a sharp “Risk-Off Deleveraging” theme. Investors flocked to defensive havens, evidenced by heavy activity in Commodities (Precious Metals) and Alternative Volatility products, while Digital Assets and Equity sectors suffered broad-based selling pressure.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $267.3B | $179.4B | 149% |
| Fixed Income | $38.9B | $27.3B | 143% |
| Commodities | $23.6B | $13.9B | 171% |
| Digital Asset | $8.1B | $5.8B | 140% |
| Currencies | $134.7M | $70.0M | 192% |
| Alternatives | $2.6B | $855.0M | 306% |
| Non-Traditional | $47.0B | $32.2B | 146% |
| Multi-Asset | $344.1M | $191.3M | 180% |
Equity
Equity volume reached $267.3B (149% of ADV) as broad selling hit nearly every sub-category. Large Cap Growth was particularly active (170% activity) with significant outflows, while Precious Metals miners saw a massive speculative bid, surging over 6% on the day.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – FinTech | 287% | $267.8M | -4.38% |
| Equity: Thematic – Industrial Revolution | 228% | $553.7M | -1.67% |
| Equity: Thematic – Natural Resources | 205% | $2.2B | +0.32% |
| Equity: Thematic – Precious Metals | 200% | $6.0B | +6.14% |
| Equity: Thematic – Sustainability | 178% | $235.7M | -1.31% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| BKIE | BNY Mellon International Equity ETF | 810% | $34.1M | -1.66% |
| SPGM | SPDR Portfolio MSCI Global Stock Market ETF | 790% | $59.3M | -1.84% |
| GVAL | Cambria Global Value ETF | 780% | $30.3M | +0.29% |
| EUAD | Select STOXX Europe Aerospace & Defense ETF | 647% | $134.0M | +0.09% |
| SPYX | State Street SPDR S&P 500 Fossil Fuel Reserves Free ETF | 534% | $24.0M | -2.11% |
| SMIN | iShares MSCI India Small Cap ETF | 458% | $29.6M | -2.34% |
| EDIV | SPDR S&P Emerging Markets Dividend ETF | 422% | $20.7M | +0.11% |
| IVW | iShares S&P 500 Growth ETF | 420% | $1.1B | -2.21% |
| IYF | iShares U.S. Financials ETF | 418% | $170.8M | -2.22% |
| IDEQ | Lazard International Dynamic Equity ETF | 410% | $15.6M | -0.80% |
Fixed Income
Fixed Income volume was robust at $38.9B. Long-duration Treasuries (TLT) saw massive activity as yields softened, while Municipal High Yield emerged as a significant outlier with over 240% relative activity.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 340% | $277.2M | -0.24% |
| Fixed Income: Municipal – High Yield | 242% | $298.7M | -0.46% |
| Fixed Income: Taxable – Government Long | 190% | $7.8B | -1.20% |
| Fixed Income: Taxable – Preferred Stock | 185% | $493.0M | -0.55% |
| Fixed Income: Taxable – Core Enhanced | 177% | $931.3M | -0.35% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| HTRB | Hartford Total Return Bond ETF | 3561% | $234.6M | -0.19% |
| SYSB | iShares Systematic Bond ETF | 943% | $66.0M | -0.40% |
| CGHM | Capital Group Municipal High-Income ETF | 789% | $70.5M | -0.29% |
| BKAG | BNY Mellon Core Bond ETF | 543% | $41.7M | -0.35% |
| EBND | SPDR Bloomberg Emerging Markets Local Bond ETF | 522% | $32.8M | -0.54% |
| JSCP | JPMorgan Short Duration Core Plus ETF | 489% | $45.1M | -0.03% |
| BILZ | PIMCO Ultra Short Government Active ETF | 432% | $78.8M | +0.01% |
| EMLC | VanEck J. P. Morgan EM Local Currency Bond ETF | 410% | $228.3M | +0.13% |
| NEAR | iShares Short Duration Bond Active ETF | 366% | $88.2M | -0.02% |
| PGX | Invesco Preferred ETF | 347% | $176.9M | -0.87% |
Commodities
Commodities witnessed extreme activity (171% of ADV) as the primary beneficiary of risk aversion. Precious Metals volume was massive at $22.1B with Gold products up nearly 4%. Natural Gas (UNG) saw an explosive 20% gain amid high turnover.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Energy | 192% | $1.2B | +3.39% |
| Commodity: Focused – Precious Metals | 170% | $22.1B | +4.60% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| DBB | Invesco DB Base Metals Fund | 272% | $23.8M | -0.04% |
| HGER | Harbor Commodity All-Weather Strategy ETF | 269% | $47.3M | +1.36% |
| UNG | United States Natural Gas Fund LP | 262% | $621.9M | +20.17% |
| GLTR | abrdn Physical Precious Metals Basket Shares ETF | 255% | $78.4M | +3.86% |
| OUNZ | VanEck Merk Gold ETF | 225% | $94.4M | +3.82% |
| IAU | iShares Gold Trust | 217% | $1.6B | +3.88% |
| CPER | United States Copper Index Fund | 175% | $57.8M | -0.51% |
Digital Asset
Digital Assets faced severe pressure, dropping over 8% as a class. Bitcoin and Ethereum ETFs saw significant activity (140% of ADV) but with heavy downside price action, as Ethereum (ETHA) led the decliners with an 8.9% sell-off.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Ethereum | 154% | $2.2B | -8.90% |
| Digital Asset: Cryptocurrency – Multicoin | 147% | $14.1M | -7.20% |
| Digital Asset: Cryptocurrency – Bitcoin | 136% | $5.8B | -5.79% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| EZBC | Franklin Bitcoin ETF | 193% | $29.7M | -6.23% |
| ETHA | iShares Ethereum Trust ETF | 171% | $1.5B | -8.93% |
| BITW | Bitwise 10 Crypto Index ETF | 160% | $10.9M | -6.85% |
| IBIT | iShares Bitcoin Trust ETF | 152% | $3.8B | -6.27% |
Currencies
Currencies saw a spike in activity as investors repositioned into safe-haven FX. The Swiss Franc (FXF) was the standout, trading at nearly 5.5x its average volume with a 1.6% gain.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 192% | $134.7M | +0.25% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 547% | $33.8M | +1.63% |
| FXE | Invesco CurrencyShares Euro Trust | 398% | $34.4M | +1.08% |
Alternatives
Alternatives saw the highest relative activity of any asset class (306% of ADV), driven almost entirely by extreme hedging activity in VIX-linked products. Leveraged Volatility ETFs (UVIX) surged 21% on massive turnover.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Alternative: Volatility – Short | 326% | $400.6M | -4.61% |
| Alternative: Volatility – Long | 316% | $2.2B | +10.42% |
| Alternative: Absolute Return – Managed Futures | 132% | $53.3M | -0.36% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| UVIX | 2x Long VIX Futures ETF | 388% | $504.7M | +20.91% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 330% | $705.9M | +10.93% |
| SVOL | Simplify Volatility Premium ETF | 307% | $20.1M | -3.72% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 257% | $696.3M | +15.98% |
Non-Traditional
Non-Traditional volume reached $47.0B. Leverage & Inverse products saw high turnover as traders bet on further downside or hedged current positions. Commodity-linked leverage (BOIL) surged over 37% during the session.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Crypto | 247% | $113.0M | -7.10% |
| Non-Traditional: Synthetic Income – Commodity | 234% | $98.7M | +2.86% |
| Non-Traditional: Leverage | Inverse – Fixed Income | 232% | $558.2M | +0.24% |
| Non-Traditional: Synthetic Income – Equity | 196% | $3.1B | -1.25% |
| Non-Traditional: Leverage | Inverse – Commodity | 162% | $3.7B | -0.15% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| SLVO | UBS AG ETRACS Silver Shares Covered Call ETNs | 502% | $26.2M | +1.22% |
| TBT | ProShares UltraShort 20+ Year Treasury | 373% | $36.5M | +2.55% |
| BOIL | ProShares Ultra Bloomberg Natural Gas | 314% | $746.1M | +37.21% |
| GPIX | Goldman Sachs S&P 500 Premium Income ETF | 294% | $102.8M | -1.73% |
| SPYI | NEOS S&P 500 High Income ETF | 279% | $369.5M | -1.53% |
| MUU | Direxion Daily MU Bull 2X Shares | 272% | $382.9M | +1.71% |
| BTCI | NEOS Bitcoin High Income ETF | 268% | $71.4M | -4.58% |
| QQQI | NEOS Nasdaq 100 High Income ETF | 259% | $552.3M | -1.71% |
| AMZY | YieldMax AMZN Option Income Strategy ETF | 254% | $15.1M | -2.97% |
| SSO | ProShares Ultra S&P 500 | 242% | $429.3M | -3.94% |
Multi-Asset
Multi-Asset products saw elevated activity (180% of ADV) as investors rotated toward more conservative allocations. The Target Date category was especially active with over 250% relative turnover, reflecting strategic rebalancing.
High-Volume Categories (>125% Activity)
| Category | Activity | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Target Date | 254% | $13.4M | -1.40% |
| Asset Allocation: Specialty – Alternative Asset Sleeve | 245% | $79.3M | -0.96% |
| Asset Allocation: Target Risk – Conservative | 207% | $18.3M | -0.56% |
| Asset Allocation: Target Risk – Aggressive | 197% | $20.2M | -1.57% |
| Asset Allocation: Target Risk – Global Macro | 189% | $38.1M | -0.68% |
High-Activity Ticker Outliers
| Ticker | Name | Activity | $ Volume | 1D Return |
|---|---|---|---|---|
| RAAX | VanEck Real Assets ETF | 284% | $9.7M | +0.75% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 213% | $16.9M | -0.71% |
| AOR | iShares Core 60/40 Balanced Allocation ETF | 203% | $54.2M | -1.23% |
| AOA | iShares Core 80/20 Aggressive Allocation ETF | 199% | $20.2M | -1.43% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 191% | $14.8M | +1.22% |
| CGBL | Capital Group Core Balanced ETF | 161% | $55.3M | -1.14% |
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.
