Macro Summary
The trading session on January 27, 2026, was characterized by an elevated market turnover of $280.5B, representing 107% of the 30-day average. The narrative of the day was defined by a massive surge in Precious Metals and Currency activity, as investors reacted to global macro shifts. Commodity ETFs saw volume swell to 241% of their average, while Currency products traded at 281% of typical levels. Conversely, the core Equity and Alternative classes saw slightly muted participation, indicating a concentrated rotation into specific tactical and safe-haven exposures.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $165.3B | $176.9B | 93% |
| Fixed Income | $29.0B | $27.2B | 107% |
| Commodity | $43.0B | $17.8B | 241% |
| Digital Asset | $6.0B | $5.6B | 106% |
| Currency | $211.4M | $75.2M | 281% |
| Alternative | $657.5M | $862.4M | 76% |
| Non-Traditional | $36.1B | $32.3B | 112% |
| Multi-Asset | $209.9M | $200.5M | 105% |
Equity
Equity volume reached $165.3B (93% of ADV). Despite lower-than-average broad activity, specific pockets like Thematic – Precious Metals (183% activity) and Emerging Large Cap (168% activity) saw heavy flows. Notable individual movers included EEM (+1.99%) and SHLD (+2.32%).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Precious Metals | 183% | $6.2B | +1.42% |
| Equity: Thematic – Natural Resources | 188% | $2.5B | +1.52% |
| Equity: Emerging Large Cap | 168% | $6.8B | +1.67% |
| Equity: Region – Country Specific | 165% | $9.9B | +1.24% |
| Equity: Sector – Utilities | 156% | $1.4B | +1.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| REGL | ProShares S&P MidCap 400 Dividend Aristocrats ETF | 1380% | $49.5M | -0.02% |
| EWN | iShares MSCI Netherlands ETF | 1227% | $66.0M | +1.39% |
| MDYG | State Street SPDR S&P 400 Mid Cap Growth ETF | 861% | $54.8M | +0.27% |
| IAI | iShares U.S. Broker-Dealers & Securities Exchanges ETF | 690% | $128.9M | -0.42% |
| ESGE | iShares ESG Aware MSCI EM ETF | 559% | $196.0M | +1.59% |
| EWM | iShares MSCI Malaysia ETF | 541% | $38.9M | +1.92% |
| XTN | State Street SPDR S&P Transportation ETF | 534% | $22.9M | -0.71% |
| MOO | VanEck Agribusiness ETF | 454% | $63.9M | +1.34% |
| XPH | State Street SPDR S&P Pharmaceuticals ETF | 456% | $26.3M | +0.60% |
| IHF | iShares U.S. Healthcare Providers ETF | 390% | $57.7M | -9.68% |
Fixed Income
Fixed Income volume was $29.0B (107% of ADV). Significant activity was observed in International Taxable debt, which traded at an astonishing 938% of average volume. Bank Loans also remained in focus, trading at 271% of typical levels. Outlier activity was led by BWX (+0.75%) and UITB (-0.12%).
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – International | 938% | $366.8M | +0.95% |
| Fixed Income: Taxable – Emerging | 326% | $293.3M | +0.21% |
| Fixed Income: Taxable – Bank Loans | 271% | $1.1B | -0.19% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BWX | SPDR Bloomberg International Treasury Bond ETF | 2537% | $302.3M | +0.75% |
| UITB | VictoryShares Core Intermediate Bond ETF | 1954% | $121.1M | -0.12% |
| IBTL | iShares iBonds Dec 2031 Term Treasury ETF | 1062% | $32.9M | -0.00% |
| FLBL | Franklin Senior Loan ETF | 653% | $59.0M | -0.17% |
| SRLN | State Street Blackstone Senior Loan ETF | 482% | $597.9M | -0.01% |
| XHLF | BondBloxx Six Month Target Duration US Treasury ETF | 407% | $88.4M | +0.03% |
| EMLC | VanEck EM Local Currency Bond ETF | 402% | $249.3M | +0.82% |
| HYBB | iShares BB Rated Corporate Bond ETF | 398% | $20.0M | -0.01% |
| PSK | State Street SPDR ICE Preferred Securities ETF | 330% | $14.3M | -0.20% |
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 326% | $27.7M | -0.35% |
Commodity
The Commodity asset class stole the spotlight today with volume reaching $43.0B (241% of ADV). This was almost entirely driven by Precious Metals, which saw nearly 247% of its normal activity. IAUM (+2.36%) and BAR (+2.45%) were primary drivers of this outlier move.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 247% | $41.7B | +1.37% |
| Commodity: Multi-Sector – Broad Market | 127% | $230.8M | +1.28% |
| Commodity: Focused – Energy | 143% | $944.0M | +2.00% |
High-Activity Ticker Outliers
Digital Asset
Digital Assets recorded $6.0B in volume (106% of ADV). Returns were broadly positive across the class, led by Ethereum products which saw a one-day return of +3.89%. Activity remained balanced with no individual tickers crossing our high-activity outlier threshold for this session.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Currency
Currency ETFs experienced a massive spike in activity, trading at 281% of their 30-day average. The primary focus was on major foreign exchange trusts, with FXE (+1.27%) and FXF (+1.88%) leading the session turnover.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 281% | $211.4M | +0.52% |
High-Activity Ticker Outliers
Alternative
Alternative ETFs traded on light volume today, reaching just $657.5M (76% of ADV). Despite the broad quiet, Managed Futures saw a surge in interest, trading at 232% of its average. DBMF was the standout performer, gaining +1.93% on significantly elevated volume.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 340% | $66.2M | +1.93% |
Non-Traditional
The Non-Traditional segment saw $36.1B in volume (112% of ADV). Activity was concentrated in Leverage | Inverse – Commodity products, which traded at nearly 3x their normal volume as silver and gold volatility increased. AGQ saw a notable +6.13% gain on 340% activity.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 294% | $8.7B | -0.21% |
| Non-Traditional: Synthetic Income – Commodity | 219% | $117.6M | +1.86% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| QDPL | Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF | 588% | $33.8M | +0.35% |
| ROM | ProShares Ultra Technology | 350% | $9.2M | +2.53% |
| AGQ | ProShares Ultra Silver | 340% | $5.6B | +6.13% |
| ZALT | Innovator U.S. Equity 10 Buffer ETF | 258% | $9.5M | +0.09% |
| USOI | UBS ETRACS Crude Oil Covered Call ETNs | 245% | $41.3M | +1.52% |
| KORU | Direxion MSCI Daily South Korea Bull 3X Shares | 216% | $57.6M | +14.08% |
| IRE | Defiance Daily Target 2X Long IREN ETF | 209% | $288.1M | +27.88% |
| NUGT | Direxion Daily Gold Miners Index Bull 2x Shares | 195% | $267.8M | +3.57% |
Multi-Asset
Multi-Asset volume was $209.9M (105% of ADV). Activity was largely concentrated in Global Macro strategies, which saw 188% of their normal turnover. ALLW (+0.60%) was the primary outlier for the session.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Global Macro | 188% | $42.9M | +0.69% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| ALLW | SPDR Bridgewater All Weather ETF | 206% | $23.1M | +0.60% |
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.
