SEI and VictoryShares ETFs See Spike in Volume

September 9, 2025

The ETF market saw total volume of $222.8B, trading at 102% of its 30-day average. The day’s activity was defined by a broad surge in the commodities sector, which traded at 191% of its average volume, overwhelmingly concentrated in precious metals ETFs. Alongside this trend, several individual ETFs from issuers SEI and VictoryShares registered extraordinary turnover. Specific funds from these issuers saw volumes spike to between 15 and 40 times their daily averages, making them the most significant outliers in the equity and fixed income asset classes, respectively.

Equity

The Equity asset class experienced slightly above-average turnover, with total volume hitting $154.4B, or 104% of its 30-day average. Thematic ETFs tracking Precious Metals and Infrastructure saw the most significant spikes in activity. On the performance side, FinTech-related themes were the day’s clear winners with an average gain of +4.16%, while Materials sector ETFs saw the largest decline, averaging a loss of -1.62%.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Equity: Emerging Large Cap	145%	$3.6B	+0.35%
Equity: Thematic – Precious Metals	146%	$2.5B	-1.17%
Equity: U.S. Large Cap – Value	128%	$6.6B	-0.02%
Equity: Thematic – Infrastructure	187%	$436.3M	-0.17%
Equity: Global Ex-U.S. Large Cap – Blend	116%	$4.8B	-0.14%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
SEIV	SEI Enhanced U.S. Large Cap Value Factor ETF	3891%	$104.4M	+0.24%
SEIM	SEI Enhanced U.S. Large Cap Momentum Factor ETF	3821%	$108.6M	+0.57%
CWI	SPDR MSCI ACWI ex-US ETF	1401%	$81.8M	-0.19%
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index	759%	$226.0M	-0.24%
IXC	iShares Global Energy ETF	655%	$68.9M	+0.39%
SMMD	iShares Russell 2500 ETF	405%	$25.0M	-0.77%
CGIC	Capital Group International Core Equity ETF	367%	$20.9M	+0.08%
IVV	iShares Core S&P 500 ETF	339%	$8.9B	+0.31%
KSA	iShares MSCI Saudi Arabia ETF	296%	$49.0M	+0.18%
FLGB	Franklin FTSE United Kingdom ETF	296%	$11.1M	+0.22%

Fixed Income

The Fixed Income space saw elevated trading volumes, closing the day at $28.2B, which is 106% of its recent average. Activity was particularly strong in Short-Term, Inflation Protected, and Core Enhanced taxable bond categories. The top-performing segment was Fixed Income: Municipal – High Yield, with a gain of +0.08%, while Fixed Income: Taxable – Government Long experienced the largest drop, averaging -0.51%.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Fixed Income: Taxable – Short-Term	175%	$1.8B	-0.09%
Fixed Income: Taxable – Core Enhanced	167%	$662.1M	-0.14%
Fixed Income: Taxable – Multisector	156%	$423.9M	-0.13%
Fixed Income: Taxable – Inflation Protected	146%	$814.5M	-0.15%
Fixed Income: Specialty – Defined Maturity	145%	$401.6M	-0.09%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
USTB	VictoryShares Short-Term Bond ETF	2228%	$118.7M	-0.09%
UBND	VictoryShares Core Plus Intermediate Bond ETF	1534%	$112.4M	-0.14%
JPLD	JPMorgan Limited Duration Bond ETF	1516%	$324.4M	+0.08%
KORP	American Century Diversified Corporate Bond ETF	840%	$22.3M	-0.04%
DFCF	Dimensional Core Fixed Income ETF	393%	$93.8M	-0.17%
SPSB	SPDR Portfolio Short Term Corporate Bond ETF	398%	$368.9M	-0.10%
GOVZ	iShares 25+ Year Treasury STRIPS Bond ETF	338%	$19.6M	-0.97%
LQDH	iShares Interest Rate Hedged Corporate Bond ETF	339%	$10.0M	-0.02%
EBND	SPDR Bloomberg Emerging Markets Local Bond ETF	321%	$22.5M	-0.12%
LEMB	iShares J.P. Morgan EM Local Currency Bond ETF	323%	$8.4M	-0.04%

Commodities

Commodities were the focal point of the market, with trading volume exploding to $10.2B, a remarkable 191% of the 30-day average. This intense activity was almost entirely concentrated in Precious Metals, which alone traded over 200% of its norm. The best returns were found in Energy-focused products, which rose by +0.64% on average, whereas Precious Metals were the worst performers, declining by -0.34%.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Commodity: Focused – Precious Metals	206%	$9.7B	-0.34%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
GLD	SPDR Gold Shares	235%	$7.2B	-0.20%
GLDM	SPDR Gold Minishares Trust of beneficial interest	226%	$465.4M	-0.18%
PALL	abrdn Physical Palladium Shares ETF	163%	$43.1M	+0.00%
HGER	Harbor Commodity All-Weather Strategy ETF	162%	$7.6M	+0.28%
COMT	iShares U.S. ETF Trust iShares GSCI Commodity Dynamic Roll Strategy ETF	159%	$6.8M	+0.08%

Crypto

Digital Asset ETFs saw a quiet day with trading volume at $4.5B, just 72% of the recent average. All categories within the space posted negative returns, with Bitcoin-focused funds seeing the largest average decline of -0.59%.

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 Traded	1-Day Return
No high-activity ticker outliers for this asset class.

Currencies

Currency ETFs experienced a subdued session, with total volume of $60.0M representing 75% of the 30-day average. There were no standout performers or laggards in this asset class.

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 Traded	1-Day Return
FXY	Invesco Currencyshares Japanese Yen Trust	155%	$19.2M	+0.02%

Alternatives

The Alternatives category saw significantly below-average trading, with $706.9M in volume, or 63% of its 30-day norm. Performance was negative across the board, with Long Volatility strategies posting the largest average loss of -0.61%.

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 Traded	1-Day Return
No high-activity ticker outliers for this asset class.

Non-Traditional

Non-Traditional ETFs, which include leveraged and inverse products, recorded $24.6B in volume, trading at 81% of their 30-day average. The top-performing category was Leverage | Inverse – Single Stock with an average gain of +2.28%, while Leverage | Inverse – Crypto saw the largest decline, averaging -0.48%.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Non-Traditional: Synthetic Income – Crypto	125%	$73.9M	+0.10%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded	1-Day Return
SDVD	FT Vest SMID Rising Dividend Achievers Target Income ETF	378%	$10.5M	-1.03%
FTQI	First Trust Nasdaq BuyWrite Income ETF	332%	$13.3M	+0.40%
QDPL	Pacer Metaurus US Large Cap Dividend Multiplier 400 ETF	308%	$20.2M	+0.12%
PSEP	Innovator U.S. Equity Power Buffer ETF – September	244%	$22.6M	+0.05%
IGLD	FT Vest Gold Strategy Target Income ETF	237%	$7.5M	+0.22%
BUFQ	FT Vest Laddered Nasdaq Buffer ETF	234%	$9.7M	+0.06%
CWEB	Direxion Daily CSI China Internet Index Bull 2x Shares	218%	$26.1M	+4.11%
NAIL	Direxion Daily Homebuilders & Supplies Bull 3X Shares	226%	$208.7M	-9.06%
UGL	ProShares Ultra Gold	201%	$99.5M	-0.38%
GDXU	MicroSectors Gold Miners 3X Leveraged ETN	170%	$107.1M	-2.08%

Multi-Asset

Multi-Asset allocation ETFs traded $125.3M in total volume, right in line with their daily average. Alternative Asset Sleeve strategies were the best performers, gaining +0.30% on average, while Conservative Target Risk funds were the laggards with a modest decline of -0.10%.

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 Traded	1-Day Return
No high-activity ticker outliers for this asset class.

For a category to be included in the “High-Volume Categories” table, it must have traded over $100 million in total on the report date. 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.

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.