Market Overview
- Total Volume: $269.7B
- Activity vs. Avg.: 124%
A wave of strong risk-on sentiment swept through the market, characterized by a significant rally in U.S. equities, with small-cap stocks posting exceptional gains that far outpaced their large-cap counterparts. The advance was broad-based, with international and emerging markets also closing in positive territory. Notably, Treasury ETFs across all durations saw gains, suggesting that investors’ appetite for growth-oriented assets was not hindered by immediate inflation concerns. Trading activity was robust, with overall volume finishing well above the daily average.
Equity
U.S. Size & Style
- Total Volume: $127.4B
- Activity vs. Avg.: 123%
Market Action: U.S. equities saw a powerful advance, driven by remarkable strength in smaller companies. Small-cap blend and value categories returned an average of +3.51% and +3.90%, respectively, significantly outperforming large-cap blend (+1.57%) and value (+1.75%) ETFs. The broad participation in the rally pushed trading volume to 123% of the 30-day average for this segment.
High-Activity Outliers
- QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) traded $47.6M (457% of ADV).
- GARP (iShares MSCI USA Quality GARP ETF) traded $26.4M (450% of ADV).
- HDV (iShares Core High Dividend ETF) traded $118.7M (349% of ADV).
- MDY (SPDR S&P Midcap 400 ETF Trust) traded $858.4M (239% of ADV).
- IJT (iShares S&P Small-Cap 600 Growth ETF) traded $32.1M (240% of ADV).
- IJJ (iShares S&P Mid-Cap 400 Value ETF) traded $40.3M (247% of ADV).
- VTWO (Vanguard Russell 2000 ETF) traded $519.6M (280% of ADV).
- FESM (Fidelity Enhanced Small Cap ETF) traded $25.3M (509% of ADV).
- DIA (SPDR Dow Jones Industrial Average ETF Trust) traded $3.7B (200% of ADV).
- GSUS (Goldman Sachs MarketBeta U.S. Equity ETF) traded $20.0M (269% of ADV).
Global Ex-U.S. Size & Style
- Total Volume: $7.5B
- Activity vs. Avg.: 98%
Market Action: International and emerging market equities participated in the global rally, though with more moderate gains compared to the U.S. market. Developed market large-cap blend ETFs returned an average of +1.45%, while emerging large-cap funds posted a +1.55% gain. Overall trading volume was subdued, registering at 98% of the recent average.
High-Activity Outliers
- ESGE (iShares ESG Aware MSCI EM ETF) traded $57.7M (350% of ADV).
- HFXI (NYLI FTSE International Equity Currency Neutral ETF) traded $8.8M (258% of ADV).
- XSOE (WisdomTree Emerging Markets ex-State-Owned Enterprises Fund) traded $8.1M (247% of ADV).
- CGNG (Capital Group New Geography Equity ETF) traded $17.7M (197% of ADV).
- SCHY (Schwab International Dividend Equity ETF) traded $16.6M (153% of ADV).
- FGD (First Trust Dow Jones Global Select Dividend Index Fund) traded $5.9M (153% of ADV).
- PXF (Invesco RAFI Developed Markets ex-U.S. ETF) traded $5.5M (154% of ADV).
Region & Country
- Total Volume: $7.6B
- Activity vs. Avg.: 126%
Market Action: ETFs focused on specific countries and regions gained an average of +1.69% on elevated volume that was 126% of the 30-day average. The bulk of the activity was concentrated in country-specific funds, which saw trading volumes reach 136% of their recent norm.
High-Activity Outliers
- FLIN (Franklin FTSE India ETF) traded $62.5M (408% of ADV).
- ASHR (Xtrackers Harvest CSI 300 China A-Shares ETF) traded $615.3M (300% of ADV).
- EPOL (iShares MSCI Poland ETF) traded $35.7M (282% of ADV).
- EPP (iShares MSCI Pacific ex-Japan ETF) traded $32.3M (186% of ADV).
Sector & Industry
- Total Volume: $26.3B
- Activity vs. Avg.: 107%
Market Action: All equity sectors finished in positive territory, with the category averaging a +1.98% return on volume that was 107% of the daily average. Cyclical sectors led the gains, with Energy (+2.86%), Consumer Discretionary (+2.60%), Financials (+2.48%), and Materials (+2.42%) posting the strongest performances.
High-Activity Outliers
- RSPT (Invesco S&P 500 Equal Weight Technology ETF) traded $51.0M (504% of ADV).
- KBWD (Invesco KBW High Dividend Yield Financial ETF) traded $10.8M (337% of ADV).
- FXO (First Trust Financials AlphaDEX Fund) traded $13.7M (321% of ADV).
- FXU (First Trust Utilities AlphaDEX Fund) traded $32.7M (272% of ADV).
- KBWB (Invesco KBW Bank ETF) traded $394.2M (264% of ADV).
- IYT (iShares US Transportation ETF) traded $94.2M (261% of ADV).
- XRT (SPDR S&P Retail ETF) traded $701.0M (153% of ADV).
- JETS (U.S. Global Jets ETF) traded $127.4M (150% of ADV).
- QTEC (First Trust NASDAQ-100 Technology Sector Index Fund) traded $37.5M (159% of ADV).
- IXN (iShares Global Tech ETF) traded $22.5M (157% of ADV).
Thematic
- Total Volume: $6.6B
- Activity vs. Avg.: 126%
Market Action: Thematic ETFs saw strong investor interest, posting an average gain of +2.30% with trading volume reaching 126% of the 30-day average. Funds focused on Natural Resources (+2.64%) and the Evolving Consumer (+2.00%) were notable areas of strength and high activity.
High-Activity Outliers
- RING (iShares MSCI Global Gold Miners ETF) traded $35.0M (300% of ADV).
- TAN (Invesco Solar ETF) traded $63.6M (245% of ADV).
- AIRR (First Trust RBA American Industrial Renaissance ETF) traded $116.6M (206% of ADV).
- ESPO (VanEck Video Gaming and eSports ETF) traded $5.8M (207% of ADV).
- ITB (iShares U.S. Home Construction ETF) traded $653.9M (196% of ADV).
- XHB (SPDR S&P Homebuilders ETF) traded $564.6M (181% of ADV).
- MAGS (Roundhill Magnificent Seven ETF) traded $211.3M (186% of ADV).
- URNJ (Sprott Junior Uranium Miners ETF) traded $9.5M (175% of ADV).
- COPX (Global X Copper Miners ETF) traded $97.1M (174% of ADV).
- IVES (Dan IVES Wedbush AI Revolution ETF) traded $29.5M (165% of ADV).
Global Size & Style
- Total Volume: $1.0B
- Activity vs. Avg.: 103%
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Fixed Income
Taxable Bonds
- Total Volume: $30.0B
- Activity vs. Avg.: 126%
Market Action: Taxable bond ETFs saw positive returns and elevated trading activity. Treasury ETFs posted gains across the curve, with long-duration funds (+0.76%) outperforming intermediate (+0.46%) and short-duration (+0.23%) funds, indicating investor comfort with interest rate risk. Credit-sensitive categories also performed well, with High Yield and Corporate bond ETFs trading at 162% and 138% of their average daily volumes, respectively.
High-Activity Outliers
- HYDB (iShares High Yield Systematic Bond ETF) traded $43.1M (520% of ADV).
- SPIP (SPDR Portfolio TIPS ETF) traded $14.5M (420% of ADV).
- ULST (SPDR SSgA Ultra Short Term Bond ETF) traded $29.1M (389% of ADV).
- TFLR (T. Rowe Price Floating Rate ETF) traded $8.4M (279% of ADV).
- SCHQ (Schwab Long-Term U.S. Treasury ETF) traded $53.7M (242% of ADV).
- EDV (Vanguard Extended Duration Treasury ETF) traded $137.7M (232% of ADV).
- VGSH (Vanguard Short-Term Treasury ETF) traded $275.7M (211% of ADV).
- EBND (SPDR Bloomberg Emerging Markets Local Bond ETF) traded $12.3M (201% of ADV).
- BKLN (Invesco Senior Loan ETF) traded $274.6M (202% of ADV).
- HYG (iShares iBoxx $ High Yield Corporate Bond ETF) traded $4.7B (186% of ADV).
Municipal Bonds
- Total Volume: $1.7B
- Activity vs. Avg.: 107%
Market Action: The municipal bond market saw a quiet day of gains, with the category averaging a +0.29% return. Trading volume was slightly above average at 107%, with notable activity concentrated in intermediate-term funds.
High-Activity Outliers
- VTEI (Vanguard Intermediate-Term Tax-Exempt Bond ETF) traded $116.1M (1308% of ADV).
- MMIT (NYLI MacKay Muni Intermediate ETF) traded $32.8M (557% of ADV).
- MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) traded $6.7M (243% of ADV).
- SMMU (PIMCO Short Term Municipal Bond Active ETF) traded $11.6M (268% of ADV).
- PZA (Invesco National AMT-Free Municipal Bond ETF) traded $79.2M (200% of ADV).
- HYMB (SPDR Nuveen ICE High Yield Municipal Bond ETF) traded $39.9M (160% of ADV).
- JMST (JPMorgan Ultra-Short Municipal Income ETF) traded $50.9M (157% of ADV).
- TAFI (AB Tax-Aware Short Duration Municipal ETF) traded $7.9M (155% of ADV).
Commodities
- Total Volume: $5.7B
- Activity vs. Avg.: 109%
Market Action: The commodities complex posted an average gain of +0.69%, with trading volume at 109% of its 30-day average. The majority of the day’s activity and performance was driven by precious metals, which returned +1.09% on volume that was 110% of its norm.
High-Activity Outliers
- SIVR (abrdn Physical Silver Shares ETF) traded $97.5M (258% of ADV).
- IAU (iShares Gold Trust) traded $795.3M (209% of ADV).
- BCI (abrdn Bloomberg All Commodity Strategy K-1 Free ETF) traded $16.8M (213% of ADV).
Cryptocurrency
- Total Volume: $13.3B
- Activity vs. Avg.: 204%
Market Action: Digital asset ETFs experienced an explosive session, with the category surging +7.99% on more than double its average trading volume. The rally was led by a dramatic move in Ethereum-linked products, which soared an average of +14.52% on volume that was 321% of the norm. Bitcoin ETFs also posted strong gains, returning +3.79% on elevated activity.
High-Activity Outliers
- ETHV (VanEck Ethereum ETF) traded $73.2M (543% of ADV).
- ETHW (Bitwise Ethereum ETF) traded $172.9M (478% of ADV).
- FETH (Fidelity Ethereum Fund ETF) traded $521.6M (379% of ADV).
- BTCO (Invesco Galaxy Bitcoin ETF) traded $16.9M (217% of ADV).
- FBTC (Fidelity Wise Origin Bitcoin Fund) traded $672.8M (177% of ADV).
- ARKB (ARK 21Shares Bitcoin ETF) traded $145.8M (173% of ADV).
Alternative
- Total Volume: $1.9B
- Activity vs. Avg.: 171%
Market Action: Alternative strategy ETFs returned an average of -0.43% on significantly heightened volume. The negative performance was driven by losses in volatility-linked products, which declined as equity markets rallied. Short-volatility funds gained +4.25%, while long-volatility funds fell -8.96%.
High-Activity Outliers
- DBMF (iMGP DBi Managed Futures Strategy ETF) traded $128.4M (1235% of ADV).
- VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) traded $528.4M (213% of ADV).
- VIXY (ProShares VIX Short-Term Futures ETF) traded $109.4M (165% of ADV).
- UVIX (2x Long VIX Futures ETF) traded $458.9M (157% of ADV).
Non-Traditional
Leverage | Inverse
- Total Volume: $37.1B
- Activity vs. Avg.: 132%
High-Activity Outliers
- UWM (ProShares Ultra Russell2000) traded $62.5M (510% of ADV).
- NAIL (Direxion Daily Homebuilders & Supplies Bull 3X Shares) traded $288.5M (340% of ADV).
- ETHU (2x Ether ETF) traded $2.8B (346% of ADV).
- ETHT (ProShares Ultra Ether ETF) traded $321.4M (333% of ADV).
- URTY (ProShares UltraPro Russell2000) traded $135.7M (287% of ADV).
- SOLT (2x Solana ETF) traded $187.7M (212% of ADV).
- PTIR (GraniteShares 2x Long PLTR Daily ETF) traded $229.5M (198% of ADV).
- TBT (ProShares UltraShort 20+ Year Treasury) traded $26.5M (190% of ADV).
- PLTU (Direxion Daily PLTR Bull 2X Shares) traded $422.3M (175% of ADV).
- AGQ (ProShares Ultra Silver) traded $148.0M (180% of ADV).
Synthetic Income
- Total Volume: $2.7B
- Activity vs. Avg.: 106%
High-Activity Outliers
- QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) traded $90.5M (247% of ADV).
- TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) traded $44.3M (241% of ADV).
- XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) traded $19.1M (177% of ADV).
- DIVO (Amplify CWP Enhanced Dividend Income ETF) traded $40.7M (165% of ADV).
Buffer
- Total Volume: $256.3M
- Activity vs. Avg.: 71%
High-Activity Outliers
- BUFF (Innovator Laddered Allocation Power Buffer ETF) traded $19.6M (745% of ADV).
- POCT (Innovator U.S. Equity Power Buffer ETF – October) traded $11.1M (443% of ADV).
- GAUG (FT Vest U.S. Equity Moderate Buffer ETF – August) traded $11.3M (228% of ADV).
Multi-Asset
- Total Volume: $161.7M
- Activity vs. Avg.: 135%
High-Activity Outliers
- NTSX (WisdomTree U.S. Efficient Core Fund) traded $29.9M (1000% of ADV).
- AOR (iShares Core 60/40 Balanced Allocation ETF) traded $19.4M (179% of ADV).
Currency
- Total Volume: $126.7M
- Activity vs. Avg.: 116%
High-Activity Outliers
- FXY (Invesco Currencyshares Japanese Yen Trust) traded $31.6M (154% of ADV).
Disclaimer: This market commentary was prepared with the assistance of artificial intelligence. 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.
