- Total Volume: $238.6B
- Activity vs. Avg: 110%
A significant risk-off sentiment swept through the markets, characterized by a distinct rotation out of growth-oriented assets and into traditional safe havens. Heavy selling pressure was observed in the Information Technology sector and Digital Assets, both of which saw elevated trading volumes and sharp declines. Conversely, capital flowed decisively into Precious Metals and related mining ETFs, which experienced well-above-average turnover and strong positive performance. The session was also notable for exceptionally high volume in Buffer ETFs, indicating a day of significant positioning in those defined-outcome strategies.
Equity
U.S. Size & Style
- Total Volume: $114.0B
- Activity vs. Avg: 111%
Market Action: Trading activity was elevated, running at 111% of the 30-day average. The session’s risk-averse tone was evident as U.S. Large Cap Growth stocks saw the highest turnover, trading at 121% of their average volume while posting an average loss of -1.10%. In contrast, U.S. Large Cap Value stocks saw more subdued activity (93% of average) and finished nearly flat. Small and Mid-Cap segments generally saw lower-than-average volume alongside negative returns.
High-Activity Outliers
- USPX (Franklin U.S. Equity Index ETF) traded $28.0M (696% of ADV).
- JAVA (JPMorgan Active Value ETF) traded $84.9M (479% of ADV).
- VIOV (Vanguard S&P Small-Cap 600 Value ETF) traded $18.2M (404% of ADV).
- OUSM (ALPS O’Shares US Small-Cap Quality Dividend ETF) traded $15.0M (385% of ADV).
- FLQL (Franklin U.S. Large Cap Multifactor Index ETF) traded $16.6M (376% of ADV).
- DSTL (Distillate US Fundamental Stability & Value ETF) traded $14.6M (346% of ADV).
- JGRO (JPMorgan Active Growth ETF) traded $98.8M (263% of ADV).
- XSVM (Invesco S&P SmallCap Value with Momentum ETF) traded $5.9M (231% of ADV).
- WTV (WisdomTree US Value Fund of Benef Interest) traded $17.0M (202% of ADV).
- DIV (Global X SuperDividend US ETF) traded $6.7M (203% of ADV).
Global Ex-U.S. Size & Style
- Total Volume: $8.5B
- Activity vs. Avg: 112%
Market Action: Turnover in international equities was robust at 112% of the recent average, with broad-based selling across most categories. The activity was primarily concentrated in Global Ex-U.S. Large Cap Blend and Emerging Large Cap funds, which traded at 116% and 112% of their respective averages. Both categories experienced notable declines, with Emerging Large Cap ETFs being the weakest performers, falling -0.67% on average.
High-Activity Outliers
- BBIN (JPMorgan BetaBuilders International Equity ETF) traded $61.1M (367% of ADV).
- DFAX (Dimensional World ex U.S. Core Equity 2 ETF) traded $57.3M (346% of ADV).
- JIRE (JPMorgan International Research Enhanced Equity ETF) traded $78.9M (280% of ADV).
- FNDE (Schwab Fundamental Emerging Markets Equity ETF) traded $67.5M (208% of ADV).
- ESGE (iShares ESG Aware MSCI EM ETF) traded $33.8M (176% of ADV).
- FNDF (Schwab Fundamental International Equity ETF) traded $92.1M (169% of ADV).
- CGNG (Capital Group New Geography Equity ETF) traded $15.7M (155% of ADV).
Region & Country
- Total Volume: $6.8B
- Activity vs. Avg: 112%
Market Action: Trading volume was heightened at 112% of average, driven almost entirely by activity in country-specific ETFs, which traded at 119% of their norm. Performance was mixed among the most active funds, reflecting divergent regional sentiment. The Canada-focused ETF (BBCA) was a notable outperformer, climbing 0.75%. In contrast, significant weakness was observed in the Greece-focused ETF (GREK), which dropped -1.33% on heavy volume.
High-Activity Outliers
- BBCA (JPMorgan BetaBuilders Canada ETF) traded $76.9M (403% of ADV).
- GREK (Global X MSCI Greece ETF) traded $17.3M (290% of ADV).
- BBAX (JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF) traded $21.1M (204% of ADV).
- CQQQ (Invesco China Technology ETF) traded $57.6M (184% of ADV).
Sector & Industry
- Total Volume: $24.4B
- Activity vs. Avg: 101%
Market Action: Overall sector volume was in line with its 30-day average, but this masked a significant rotation under the surface. The Information Technology sector was the epicenter of activity, trading at a heavy 149% of its average volume as the category sold off by -1.91%. This weakness was concentrated in semiconductors. In contrast, defensive sectors like Consumer Staples (97% of average volume) and Health Care (66% of average volume) saw lighter trading and posted modest gains.
High-Activity Outliers
- IDU (iShares U.S. Utilities ETF) traded $111.5M (633% of ADV).
- RWR (SPDR Dow Jones REIT ETF) traded $62.6M (255% of ADV).
- IXP (iShares Global Comm Services ETF) traded $5.5M (205% of ADV).
- IYW (iShares U.S. Technology ETF) traded $223.5M (182% of ADV).
- SMH (VanEck Semiconductor ETF) traded $3.9B (181% of ADV).
Thematic
- Total Volume: $5.6B
- Activity vs. Avg: 107%
Market Action: Thematic ETFs saw elevated trading at 107% of their recent average, dominated by a flight into precious metals. Precious Metals mining ETFs were the clear standout, with volume surging to 141% of average as the category rallied an impressive 3.22%. Natural Resources funds also saw strong interest, trading at 118% of their norm with positive returns. Conversely, themes tied to economic growth, such as Disruptive Tech and Industrial Revolution, saw below-average volume and negative performance.
High-Activity Outliers
- FDN (First Trust Dow Jones Internet Index Fund) traded $426.5M (362% of ADV).
- COPX (Global X Copper Miners ETF) traded $149.5M (244% of ADV).
- PBW (Invesco WilderHill Clean Energy ETF) traded $21.9M (241% of ADV).
- URNJ (Sprott Junior Uranium Miners ETF) traded $9.3M (189% of ADV).
- MSOS (AdvisorShares Pure US Cannabis ETF) traded $116.5M (186% of ADV).
- GDXJ (VanEck Junior Gold Miners ETF) traded $601.5M (185% of ADV).
- URNM (Sprott Uranium Miners ETF) traded $55.1M (182% of ADV).
- SIL (Global X Silver Miners ETF) traded $130.6M (174% of ADV).
- AIRR (First Trust RBA American Industrial Renaissance ETF) traded $100.3M (168% of ADV).
Global Size & Style
- Total Volume: $1.0B
- Activity vs. Avg: 105%
High-Activity Outliers
- JGLO (JPMorgan Global Select Equity ETF Global Select Equity ETF) traded $25.1M (207% of ADV).
- VT (Vanguard Total World Stock ETF) traded $536.8M (154% of ADV).
Fixed Income
Taxable Bonds
- Total Volume: $28.1B
- Activity vs. Avg: 117%
Market Action: Trading in the taxable bond market was heavy, reaching 117% of its 30-day average as investors repositioned for risk. The most significant activity was in Government Ultrashort ETFs, where volume surged to 151% of average, reflecting a strong demand for cash-like instruments. In contrast, long-duration government bonds saw selling pressure, with the category declining -0.57% on elevated volume (120% of average). High Yield and Corporate bond ETFs also saw well-above-average turnover as both categories ended the day with negative returns.
High-Activity Outliers
- AGGY (WisdomTree Yield Enhanced U.S. Aggregate Bond Fund) traded $22.7M (608% of ADV).
- BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) traded $10.5M (414% of ADV).
- BILZ (PIMCO Ultra Short Government Active Exchange-Traded Fund) traded $61.8M (321% of ADV).
- SCHI (Schwab 5-10 Year Corporate Bond ETF) traded $86.7M (319% of ADV).
- SCHQ (Schwab Long-Term U.S. Treasury ETF) traded $86.5M (310% of ADV).
- FLCB (Franklin U.S Core Bond ETF) traded $20.3M (298% of ADV).
- HYLB (Xtrackers USD High Yield Corporate Bond ETF) traded $84.7M (274% of ADV).
- VGLT (Vanguard Long-Term Treasury ETF) traded $258.0M (249% of ADV).
- VGIT (Vanguard Intermediate-Term Treasury ETF) traded $274.7M (241% of ADV).
- SPIP (SPDR Portfolio TIPS ETF) traded $11.0M (238% of ADV).
Municipal Bonds
- Total Volume: $0.9B
- Activity vs. Avg: 62%
Market Action: The municipal bond market was quiet, with overall volume trading at just 62% of its recent average. Activity was subdued across all major categories, including Intermediate, Short, and High Yield munis, none of which surpassed their average daily turnover. Performance was muted and slightly positive across the complex.
High-Activity Outliers
- FMHI (First Trust Municipal High Income ETF) traded $9.2M (220% of ADV).
- MEAR (iShares Short Maturity Municipal Bond Active ETF) traded $13.2M (201% of ADV).
- TAFI (AB Tax-Aware Short Duration Municipal ETF) traded $9.2M (169% of ADV).
Commodities
- Total Volume: $7.5B
- Activity vs. Avg: 149%
Market Action: Trading in commodities was extremely heavy, running at nearly 150% of the 30-day average. The overwhelming driver of this activity was a surge into Precious Metals, where volume exploded to 159% of its norm. This influx of capital sent the category higher by an average of 1.05%, reflecting a classic flight to safety. All other commodity segments, including Energy and Agriculture, saw much lighter, more subdued trading.
High-Activity Outliers
- GLD (SPDR Gold Shares) traded $5.0B (179% of ADV).
- SLV (iShares Silver Trust) traded $1.0B (179% of ADV).
Cryptocurrency
- Total Volume: $7.4B
- Activity vs. Avg: 114%
Market Action: Digital assets experienced a volatile session with elevated turnover at 114% of the 30-day average. The selling was led by Bitcoin-focused products, which traded at 118% of their average volume and fell -3.02%. Ethereum-focused funds also saw above-average activity (106%) as they declined by -2.29%, confirming the broad-based risk-off sentiment in the asset class.
High-Activity Outliers
- ARKB (ARK 21Shares Bitcoin ETF) traded $152.3M (177% of ADV).
- BRRR (Coinshares Bitcoin ETF) traded $12.1M (166% of ADV).
- BTCO (Invesco Galaxy Bitcoin ETF) traded $13.1M (160% of ADV).
Alternative
- Total Volume: $1.1B
- Activity vs. Avg: 98%
Market Action: Trading in alternatives was roughly in line with the daily average. Within the complex, Volatility-linked products saw the majority of the turnover, trading at 98% of average, while Absolute Return strategies were quieter at 94%. Performance was mixed, with long volatility strategies gaining an average of 2.10% while managed futures strategies posted modest losses.
High-Activity Outliers
(No outliers with significant activity were found in the provided data.)
Non-Traditional
Leverage | Inverse
- Total Volume: $28.2B
- Activity vs. Avg: 101%
High-Activity Outliers
- BULZ (MicroSectors Solactive FANG & Innovation 3X Leveraged ETN) traded $189.2M (478% of ADV).
- AGQ (ProShares Ultra Silver) traded $159.8M (203% of ADV).
- SOLT (2x Solana ETF) traded $233.2M (195% of ADV).
- UGL (ProShares Ultra Gold) traded $78.9M (177% of ADV).
- NUGT (Direxion Daily Gold Miners Index Bull 2x Shares) traded $126.6M (167% of ADV).
- CWEB (Direxion Daily CSI China Internet Index Bull 2x Shares) traded $21.2M (164% of ADV).
- NVDL (GraniteShares 2x Long NVDA Daily ETF) traded $1.7B (152% of ADV).
Synthetic Income
- Total Volume: $2.5B
- Activity vs. Avg: 102%
High-Activity Outliers
- YBTC (Roundhill Bitcoin Covered Call Strategy ETF) traded $33.7M (307% of ADV).
- TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) traded $53.8M (242% of ADV).
- JEPQ (JPMorgan NASDAQ Equity Premium Income ETF) traded $500.8M (157% of ADV).
Buffer
- Total Volume: $1.9B
- Activity vs. Avg: 513%
High-Activity Outliers
- SIXJ (AllianzIM U.S. Large Cap 6 Month Buffer10 Jan/Jul ETF) traded $267.4M (2713% of ADV).
- JANW (AllianzIM U.S. Large Cap Buffer20 Jan ETF) traded $204.8M (2633% of ADV).
- PSEP (Innovator U.S. Equity Power Buffer ETF – September) traded $105.0M (1808% of ADV).
Multi-Asset
- Total Volume: $109.3M
- Activity vs. Avg: 90%
High-Activity Outliers
- YYY (Amplify High Income ETF) traded $4.6M (156% of ADV).
Currency
- Total Volume: $43.3M
- Activity vs. Avg: 49%
High-Activity Outliers
(No outliers with significant activity were found in the provided data.)
Disclosures
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.
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.
