Utilities and Long Treasuries Outperform as Risk Assets Retreat

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Macro Summary

Total market volume for the session reached $412.2B, representing 128% of the 30-day average. The trading day was dominated by a definitive shift toward safe-haven assets and defensive positioning. While Equity volumes surged to 140% of their average amidst a broad-based pullback, significant capital flowed into long-term government debt and defensive sectors like Utilities. The most dramatic activity occurred in the Alternative space, where Volatility-linked products traded at nearly double their usual volume as the market reacted to heightened uncertainty.

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $295.9B $211.5B 140%
Fixed Income $35.6B $32.0B 111%
Commodity $25.7B $29.3B 88%
Digital Asset $5.0B $7.3B 69%
Currency $97.7M $113.1M 86%
Alternative $2.1B $1.1B 194%
Non-Traditional $47.5B $41.6B 114%
Multi-Asset $312.0M $234.8M 133%

Equity

Equities experienced heavy turnover, with total volume of $295.9B (140% of ADV). A flight from risk was evident as Sector – Real Estate (229% activity) and Financials (180% activity) saw significant volume on weakness, while Utilities (181% activity) provided a rare pocket of strength with a +1.52% return. Large-cap tech-oriented ETFs were hit particularly hard, with the U.S. Large Cap Growth category finishing down -1.91% on high volume.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Equity: Sector – Real Estate 229% $4.2B -0.12%
Equity: Sector – Utilities 181% $2.2B +1.52%
Equity: Sector – Financials 180% $8.0B -1.54%
Equity: Sector – Materials 177% $1.6B -2.17%
Equity: Global Large Cap – Blend 168% $2.7B -1.38%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
RSPN Invesco S&P 500 Equal Weight Industrials ETF 1024% $83.4M -1.86%
OAKM Oakmark U.S. Large Cap ETF 862% $89.9M -1.96%
JQUA JPMorgan U.S. Quality Factor ETF 374% $144.6M -1.36%
RWR State Street SPDR Dow Jones REIT ETF 324% $89.2M -0.34%
IYR iShares U.S. Real Estate ETF 307% $2.1B -0.06%
EWW iShares MSCI Mexico ETF 301% $359.3M -0.81%
REET iShares Global REIT ETF 298% $81.6M -0.22%
SPEM State Street SPDR Portfolio Emerging Markets ETF 294% $437.9M -1.31%
AVUS Avantis U.S. Equity ETF 293% $98.5M -1.53%
ACWI iShares MSCI ACWI ETF 249% $1.5B -1.39%

Fixed Income

Fixed Income volume totaled $35.6B (111% of ADV) as investors rotated into long-duration government bonds. Taxable – Government Long was a standout category with 132% activity and a positive +1.24% return. Treasury proxies like ZROZ (+2.41%) and IEF (+0.62%) saw robust volume as yields fell. Conversely, Bank Loans and High Yield categories saw elevated trading activity but finished in the red.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Taxable – Emerging 155% $222.1M -0.01%
Fixed Income: Taxable – Convertible 155% $239.6M -1.05%
Fixed Income: Taxable – Bank Loans 143% $928.5M -0.08%
Fixed Income: Taxable – Government Long 132% $6.2B +1.24%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
PAAA PGIM AAA CLO ETF 423% $372.7M +0.01%
GOVI Invesco Equal Weight 0-30 Year Treasury ETF 326% $31.7M +0.88%
CLOA iShares AAA CLO Active ETF 287% $71.5M +0.00%
IEI iShares 3-7 Year Treasury Bond ETF 213% $391.9M +0.36%
ICVT iShares Convertible Bond ETF 203% $169.6M -0.54%
EMLC VanEck J. P. Morgan EM Local Currency Bond ETF 176% $187.5M +0.02%
BKLN Invesco Senior Loan ETF 157% $545.3M -0.31%
IEF iShares 7-10 Year Treasury Bond ETF 152% $1.3B +0.62%
SPSB State Street SPDR Portfolio Short Term Corporate Bond ETF 151% $98.2M +0.08%
ISTB iShares Core 1-5 Year USD Bond ETF 150% $34.5M +0.13%

Commodities

Commodity ETFs saw volume of $25.7B, below their historical average at 88% activity. Precious Metals were under significant pressure, with the category falling -5.23% as investors liquidated broad positions despite the flight-to-safety elsewhere. Gold proxies like IAUM and OUNZ saw the highest activity relative to their averages in this class.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
IAUM iShares Gold Trust Micro ETF of Benef Interest 174% $852.7M -3.38%
OUNZ VanEck Merk Gold ETF 168% $232.0M -3.47%
DBC Invesco DB Commodity Index Tracking Fund 213% $41.8M -2.32%

Digital Asset

Digital Asset volumes were muted compared to recent trends, totaling $5.0B (69% of ADV). The class faced broad selling pressure, with Bitcoin-linked funds averaging a -2.50% return.

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.

Currencies

Currency ETFs traded $97.7M, representing 86% of their 30-day average. The session was largely uneventful for major FX proxies, with the asset class averaging a nearly flat return of -0.10%.

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.

Alternatives

Alternatives were the volatility epicenter, with total volume of $2.1B (194% of ADV). Volatility – Short (213% activity) and Volatility – Long (193% activity) saw massive turnover. Long VIX products surged, with UVIX returning +12.35% on heavy volume.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Alternative: Volatility – Short 213% $412.6M -2.49%
Alternative: Volatility – Long 193% $1.6B +6.06%
Alternative: Absolute Return – Managed Futures 161% $77.2M -1.98%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
UVIX 2x Long VIX Futures ETF 263% $523.1M +12.35%
DBMF iMGP DBi Managed Futures Strategy ETF 230% $62.4M -1.53%
UVXY ProShares Ultra VIX Short-Term Futures ETF 176% $510.2M +9.09%
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN 158% $430.6M +6.27%

Non-Traditional

Non-Traditional volume reached $47.5B (114% of ADV), largely driven by aggressive positioning in Leverage | Inverse products. As the broad market fell, inverse S&P 500 ETFs like SPXS (+4.55%) and SOXS (+6.55%) saw significant turnover, while leveraged long positions like SPYU (-6.01%) experienced heavy liquidations.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Equity 131% $29.0B -0.71%
Non-Traditional: Leverage | Inverse – Fixed Income 127% $365.6M -0.31%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
SPYU MAX S&P 500 4X Leveraged ETN 194% $66.1M -6.01%
SPXS Direxion Daily S&P 500 Bear 3x Shares 164% $461.2M +4.55%
UPRO ProShares UltraPro S&P500 159% $780.8M -4.42%
SOXS Direxion Daily Semiconductor Bear 3x Shares 154% $1.5B +6.55%
SDS ProShares UltraShort S&P 500 154% $312.8M +3.04%
DPST Direxion Daily Regional Banks Bull 3X Shares 153% $88.3M -4.58%

Multi-Asset

Multi-Asset ETFs traded $312.0M (133% of ADV). Target Risk categories faced a challenging session, averaging a -1.36% return as both equity and commodity components of balanced portfolios were hit simultaneously.

High-Volume Categories

No items met the inclusion criteria for this session.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
RLY State Street Multi-Asset Real Return ETF 389% $18.4M -1.43%
ALLW SPDR Bridgewater All Weather ETF 277% $43.8M -0.51%
AOR iShares Core 60/40 Balanced Allocation ETF 191% $48.3M -0.63%
AOK iShares Core 30/70 Conservative Allocation ETF 181% $12.9M -0.24%

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.