Factor Rotation? Value ETFs See Massive Activity Spike

Posted on by ETF Action
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Macro Summary

Trading activity was elevated today, with total volume reaching $390.9B (134% of the 30-day average). The day’s defining narrative was a massive surge in activity within Value strategies across the globe. This trend was headlined by the Equity: Global Ex-U.S. Large Cap – Value category (finishing the day down 0.80%), which traded at 475% of its daily average, and was further supported by significant turnover in Equity: U.S. Large Cap – Value (closing +0.08%), which saw volume hit 226% of its norm.

Asset Class Summary

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $283.5B $193.2B 147%
Fixed Income $33.5B $31.0B 108%
Commodities $6.5B $13.3B 49%
Digital Asset $8.0B $8.7B 92%
Currency $71.4M $75.3M 95%
Alternative $2.7B $1.6B 168%
Non-Traditional $56.4B $42.8B 132%
Multi-Asset $238.8M $184.5M 129%

Equity

The Equity asset class saw $283.5B in total volume, trading at 147% of its 30-day average. Activity was heavily concentrated in the Equity: U.S. Large Cap – Value category (finishing the day up 0.08%) and Equity: U.S. Large Cap – Blend (closing -0.46%). This elevated activity was highlighted by outsized turnover in IVE (closing -0.56%) and QUAL (closing -0.63%), underscoring that specific factor exposures were heavily in play.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Equity: U.S. Large Cap – Blend 146% $107.6B -0.46%
Equity: U.S. Large Cap – Growth 142% $59.8B -0.90%
Equity: U.S. Large Cap – Value 226% $17.6B +0.08%
Equity: Sector – Information Technology 159% $14.9B -1.51%
Equity: Emerging Large Cap 211% $7.0B -0.53%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
IVE iShares S&P 500 Value ETF 3014% $4.5B -0.56%
QUAL iShares MSCI USA Quality Factor ETF 1938% $5.4B -0.63%
EFV iShares MSCI EAFE Value ETF 1339% $1.8B -1.09%
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1102% $119.1M -0.46%
MTUM iShares MSCI USA Momentum Factor ETF 998% $1.8B -0.53%
SKYY First Trust Cloud Computing ETF 672% $147.7M -1.06%
XLG Invesco S&P 500 Top 50 ETF 669% $963.3M -1.27%
ESGE iShares ESG Aware MSCI EM ETF 643% $139.7M -0.15%
EFG iShares MSCI EAFE Growth ETF 639% $707.2M -1.51%
BAI iShares A.I. Innovation and Tech Active ETF 613% $402.1M -2.28%

Fixed Income

The Fixed Income asset class saw $33.5B in total volume, trading at 108% of its 30-day average. Activity was heavily concentrated in the Fixed Income: Taxable – Core Enhanced category (finishing the day up 0.06%) and Fixed Income: Taxable – Convertible (closing -0.15%). Notable outliers included XTEN (closing +0.03%) and JSCP (closing +0.14%), highlighting interest in duration targeting and short-duration yield.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Taxable – Core Enhanced 365% $2.0B +0.06%
Fixed Income: Taxable – Inflation Protected 250% $1.5B -0.03%
Fixed Income: Taxable – Convertible 199% $245.9M -0.15%
Fixed Income: Taxable – Short-Term 156% $1.7B +0.04%
Fixed Income: Taxable – Preferred Stock 133% $297.0M -0.03%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
XTEN BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF 1514% $57.7M +0.03%
JSCP JPMorgan Short Duration Core Plus ETF 1267% $91.1M +0.14%
STIP iShares 0-5 Year TIPS Bond ETF 1091% $757.6M +0.07%
HYDB iShares High Yield Systematic Bond ETF 858% $97.5M -0.09%
SPIP State Street SPDR Portfolio TIPS ETF 851% $42.4M +0.06%
IUSB iShares Core Total USD Bond Market ETF 624% $978.4M +0.05%
SLQD iShares 0-5 Year Investment Grade Corporate Bond ETF 543% $50.7M +0.06%
LGOV First Trust Long Duration Opportunities ETF 445% $17.2M +0.34%
TLH iShares 10-20 Year Treasury Bond ETF 425% $543.2M -0.01%
MLN VanEck Long Muni ETF 406% $17.8M +0.09%

Commodities

The Commodity asset class saw $6.5B in total volume, trading at 49% of its 30-day average. Activity was heavily concentrated in the Commodity: Multi-Sector – Broad Market category (finishing the day up 0.79%), with significant activity seen in PDBC (closing +0.15%) and GSG (closing +0.97%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Commodity: Multi-Sector – Broad Market 167% $303.0M +0.79%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF 260% $217.0M +0.15%
GSG iShares S&P GSCI Commodity Indexed Trust 193% $32.4M +0.97%
FTGC First Trust Global Tactical Commodity Strategy Fund 190% $14.8M +0.87%

Crypto

The Digital Asset asset class saw $8.0B in total volume, trading at 92% of its 30-day average. Activity was highlighted by heavy turnover in BTCO (closing +1.06%) and ARKB (closing +1.26%), reflecting a relatively quiet but positive day for cryptocurrency exposure.

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
BTCO Invesco Galaxy Bitcoin ETF 270% $61.4M +1.06%
ARKB ARK 21Shares Bitcoin ETF 152% $264.7M +1.26%

Currencies

The Currency asset class saw $71.4M in total volume, trading at 95% of its 30-day average. Activity was highlighted by outsized trading in FXF (closing -0.39%), which saw significant volume relative to its average.

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
FXF Invesco CurrencyShares Swiss Franc Trust 194% $11.4M -0.39%

Alternatives

The Alternative asset class saw $2.7B in total volume, trading at 168% of its 30-day average. Activity was heavily concentrated in the Alternative: Volatility – Short category (finishing the day down 1.86%) and Alternative: Volatility – Long (closing +4.45%). This heightened volatility focus was exemplified by UVXY (closing +6.65%) and VXX (closing +4.22%), pointing to heightened hedging demand.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Alternative: Volatility – Short 202% $443.2M -1.86%
Alternative: Volatility – Long 166% $2.2B +4.45%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
UVXY ProShares Ultra VIX Short-Term Futures ETF 185% $858.4M +6.65%
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN 173% $644.4M +4.22%
VIXY ProShares VIX Short-Term Futures ETF 172% $214.0M +4.60%

Non-Traditional

The Non-Traditional asset class saw $56.4B in total volume, trading at 132% of its 30-day average. Activity was heavily concentrated in the Non-Traditional: Leverage | Inverse – Equity category (finishing the day down 0.18%) and Non-Traditional: Buffer – Equity (closing -0.26%). Key outliers included BALT (closing -0.12%) and UDOW (closing -3.51%), indicating active tactical positioning.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Equity 168% $39.7B -0.18%
Non-Traditional: Buffer – Equity 151% $578.4M -0.26%
Non-Traditional: Leverage | Inverse – Fixed Income 135% $373.8M +0.04%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
BALT Innovator Defined Wealth Shield ETF 2392% $272.5M -0.12%
UDOW ProShares UltraPro Dow30 374% $1.2B -3.51%
FOCT FT Vest U.S. Equity Buffer ETF – October 289% $12.5M -0.53%
SPXS Direxion Daily S&P 500 Bear 3x Shares 242% $570.3M +2.82%
UPRO ProShares UltraPro S&P500 241% $1.5B -2.73%
FTQI First Trust Nasdaq BuyWrite Income ETF 215% $7.8M -0.75%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF 176% $59.0M -1.03%
BUFQ FT Vest Laddered Nasdaq Buffer ETF 167% $9.1M -0.37%
GGLL Direxion Daily GOOGL Bull 2X Shares 155% $222.8M -0.58%
QDPL Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF 155% $9.2M -0.93%

Multi-Asset

The Multi-Asset asset class saw $238.8M in total volume, trading at 129% of its 30-day average. Activity was heavily concentrated in the Asset Allocation: Target Risk – Growth category (finishing the day down 0.48%) and Asset Allocation: Target Risk – Moderate (closing -0.25%). Activity was highlighted by AOR (closing -0.47%) and AOM (closing -0.27%) seeing significant volume relative to their averages, suggesting portfolio rebalancing activity.

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
AOR iShares Core 60/40 Balanced Allocation ETF 331% $60.0M -0.47%
AOM iShares Core 40/60 Moderate Allocation ETF 184% $13.0M -0.27%
YYY Amplify CEF High Income ETF 172% $7.3M -0.56%

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.

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