Low Volume Day Masked by Surge in Natural Resources and Multi-Asset Flow

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Macro Summary

Overall total volume for the market settled at $227.0B, representing just 80% of the 30-day average. Despite the overall softness, targeted risk-on activity was compelling, particularly within the metals and mining segment, as evidenced by a surge in the Equity: Thematic – Natural Resources category. This high-conviction segment traded at 133% of its average daily volume and finished the session up +1.32%.

Asset Class Summary

Asset Class $ Volume 30D Avg. % of 30D Avg.
Equity $152.9B $192.4B 79%
Fixed Income $26.2B $29.9B 88%
Commodity $6.8B $8.8B 77%
Digital Asset $6.4B $7.7B 83%
Currency $104.7M $77.6M 135%
Alternative $782.1M $1.5B 53%
Non-Traditional $33.7B $41.6B 81%
Multi-Asset $252.5M $171.0M 148%

Equity

The Equity segment posted a total volume of $152.9B, translating to 79% of its 30-day average. Activity was notably elevated in categories like Thematic – Natural Resources (finishing the day up +1.32%). This concentrated turnover was largely driven by heavy turnover in EPS (WisdomTree U.S. LargeCap Fund, closing up +0.36%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Thematic – Natural Resources 133% $1.3B +1.32%
Sector – Utilities 119% $1.2B -0.18%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
EPS WisdomTree U.S. LargeCap Fund 927% $31.1M +0.36%
IDU iShares U.S. Utilities ETF 809% $137.5M -0.30%
JAVA JPMorgan Active Value ETF 650% $157.8M +1.12%
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 535% $188.1M +0.53%
EWD iShares MSCI Sweden ETF 513% $19.2M +0.33%
USMC Principal U.S. Mega-Cap ETF 477% $23.3M +0.32%
LGLV State Street SPDR US Large Cap Low Volatility Index ETF 468% $17.7M +0.39%
COPX Global X Copper Miners ETF 348% $423.9M +4.78%
SMIN iShares MSCI India Small Cap ETF 324% $29.6M -1.21%
IHE iShares U.S. Pharmaceuticals ETF 364% $28.0M +0.52%

Fixed Income

The Fixed Income segment recorded a total volume of $26.2B, translating to 88% of its 30-day average. Activity was notably elevated in categories like Taxable – Core Enhanced (finishing the day up +0.15%). This concentrated turnover was largely driven by heavy turnover in PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund, closing up +0.22%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Taxable – Core Enhanced 126% $712.4M +0.15%
Specialty – Defined Maturity 144% $504.8M +0.12%
Taxable – Preferred Stock 134% $301.4M +0.11%
Taxable – Emerging 165% $111.6M +0.18%
Municipal – High Yield 145% $102.8M +0.12%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
PMBS PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund 1103% $34.2M +0.22%
VRIG Invesco Variable Rate Investment Grade ETF 950% $79.1M +0.06%
GTO Invesco Total Return Bond ETF 878% $91.7M +0.14%
XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF 354% $21.1M +0.12%
IBDZ iShares iBonds Dec 2034 Term Corporate ETF 389% $15.2M +0.26%
IBDV iShares iBonds Dec 2030 Term Corporate ETF 349% $44.3M +0.16%
IBHE iShares iBonds 2025 Term High Yield & Income ETF 349% $10.6M +0.04%
CLOI VanEck CLO ETF 320% $31.5M -0.01%
CLOZ Eldridge BBB-B CLO ETF 313% $36.7M +0.14%
SPIB State Street SPDR Portfolio Intermediate Term Corporate Bond ETF 313% $435.7M +0.12%

Commodity

The Commodity segment recorded a total volume of $6.8B, translating to 77% of its 30-day average. Activity was notably elevated in categories like Focused – Industrial Metals (finishing the day up +1.70%). This concentrated turnover was largely driven by heavy turnover in CPER (United States Copper Index Fund, closing up +2.80%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Focused – Industrial Metals 243% $38.5M +1.70%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
CPER United States Copper Index Fund 260% $36.4M +2.80%
SIVR abrdn Physical Silver Shares ETF 155% $133.5M -0.18%

Digital Asset

The Digital Asset segment recorded a total volume of $6.4B, translating to 83% of its 30-day average. No individual category demonstrated volume spikes significantly exceeding 125% of its 30-day average, indicating subdued activity across the board.

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
No high-activity ticker outliers for this asset class.

Currency

The Currency segment recorded a total volume of $104.7M, translating to 135% of its 30-day average. Activity was notably elevated in categories like Currency (finishing the day up +0.22%). This concentrated turnover was largely driven by heavy turnover in FXF (Invesco CurrencyShares Swiss Franc Trust, closing up +0.42%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Currency 135% $104.7M +0.22%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
FXF Invesco CurrencyShares Swiss Franc Trust 162% $8.9M +0.42%
UUP Invesco DB US Dollar Index Bullish Fund 158% $55.0M -0.50%

Alternative

The Alternative segment recorded a total volume of $782.1M, translating to 53% of its 30-day average. No individual category demonstrated volume spikes significantly exceeding 125% of its 30-day average, indicating subdued activity across the board.

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
No high-activity ticker outliers for this asset class.

Non-Traditional

The Non-Traditional segment recorded a total volume of $33.7B, translating to 81% of its 30-day average. Activity was notably elevated in categories like Buffer – Crypto (finishing the day up +0.78%). This concentrated turnover was largely driven by heavy turnover in MSTX (Defiance Daily Target 2x Long MSTR ETF, closing up +7.73%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Leverage | Inverse – Commodity 124% $1.2B -0.27%
Buffer – Crypto 343% $9.6M +0.78%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
MSTX Defiance Daily Target 2x Long MSTR ETF 192% $317.8M +7.73%
BMNU T-REX 2X Long BMNR Daily Target ETF 180% $332.2M +10.08%
AGQ ProShares Ultra Silver 203% $418.4M -1.03%
QQA Invesco QQQ Income Advantage ETF 227% $12.4M +0.20%
SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF 203% $6.0M +0.91%
GNOV FT Vest U.S. Equity Moderate Buffer ETF -November 276% $7.0M +0.12%

Multi-Asset

The Multi-Asset segment recorded a total volume of $252.5M, translating to 148% of its 30-day average. Activity was notably elevated in categories like Target Risk – Conservative (finishing the day up +0.21%). This concentrated turnover was largely driven by heavy turnover in AOK (iShares Core 30/70 Conservative Allocation ETF, closing up +0.14%).

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Target Risk – Conservative 367% $23.8M +0.21%
Target Risk – Aggressive 304% $24.6M +0.19%
Target Risk – Growth 194% $100.8M +0.33%
Specialty – Multi-Asset Income 128% $31.6M +0.33%
Specialty – Real Assets 173% $11.3M +0.54%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
AOK iShares Core 30/70 Conservative Allocation ETF 386% $20.9M +0.14%
AOR iShares Core 60/40 Balanced Allocation ETF 315% $64.5M +0.26%
AOA iShares Core 80/20 Aggressive Allocation ETF 310% $24.4M +0.25%

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.