Macro Summary
The ETF market closed the day with a total trading volume of $213.6B, representing 84% of its 30-day average activity. The session was defined by an aggressive surge in the Commodity asset class, which finished the day down 1.28% on heavy turnover that reached 150% of typical levels. This activity stood in contrast to more subdued trading in Equities (down 0.67% on 82% activity) and Fixed Income (down 0.16% on 93% activity). The primary narrative was driven by high-conviction selling in precious metals, most notably the SLV (down 6.60%), as investors rebalanced portfolios on the final trading day of the year.
Asset Class Summary
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $145.6B | $177.1B | 82% |
| Fixed Income | $24.6B | $26.3B | 93% |
| Commodity | $14.4B | $9.6B | 150% |
| Digital Asset | $4.2B | $6.4B | 67% |
| Multi-Asset | $214.0M | $171.3M | 125% |
| Non-Traditional | $23.9B | $33.2B | 72% |
| Currency | $47.7M | $77.0M | 62% |
| Alternative | $635.0M | $1.1B | 57% |
Equity
Equity ETFs recorded a total volume of $145.6B, trading at 82% of the 30-day average. Activity was concentrated in the Global Ex-U.S. Large Cap – Blend category (finishing the day down 0.41%) and Global Large Cap – Blend (down 0.67%), which both traded at 143% or more of their typical volumes. Ticker-level turnover was remarkably high in JIRE (closing -0.59%) and BBMC (closing -1.02%), which combined with heavy activity in XVV (down 0.87%), pushed these specific categories to the top of the volume charts despite the broader market’s lighter holiday-period trading.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Global Ex-U.S. Large Cap – Blend | 144% | $8.1B | -0.41% |
| Equity: Global Large Cap – Blend | 143% | $1.6B | -0.67% |
| Equity: Thematic – Sustainability | 164% | $173.8M | -0.83% |
| Equity: Thematic – Natural Resources | 129% | $1.0B | -0.71% |
| Equity: Thematic – Infrastructure | 178% | $483.0M | -0.66% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BBMC | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | 4658% | $167.3M | -1.02% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 4275% | $123.5M | -0.54% |
| JGLO | JPMorgan Global Select Equity ETF | 2743% | $372.7M | -0.57% |
| XVV | iShares ESG Select Screened S&P 500 ETF | 2082% | $89.3M | -0.87% |
| JIRE | JPMorgan International Research Enhanced Equity ETF | 1623% | $593.7M | -0.59% |
Fixed Income
Fixed Income ETFs saw $24.6B in total volume, representing 93% of typical activity. The asset class was led by the Inflation Protected category (finishing the day down 0.31%) and Municipal – High Yield (down 0.03%), which both saw trading activity over 156% of ADV. Ticker-level activity was notably concentrated in TIPX (closing -0.18%) and JSCP (closing -0.45%), providing significant upward pressure on the aggregate activity of the Taxable – Core and Inflation Protected categories.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Core | 143% | $2.6B | -0.26% |
| Fixed Income: Taxable – Inflation Protected | 157% | $914.8M | -0.31% |
| Fixed Income: Municipal – High Yield | 157% | $157.5M | -0.03% |
| Fixed Income: Municipal – Short | 125% | $215.8M | -0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| TIPX | State Street SPDR Bloomberg 1-10 Year TIPS ETF | 1456% | $59.3M | -0.18% |
| JSCP | JPMorgan Short Duration Core Plus ETF | 659% | $38.5M | -0.45% |
| TUA | Simplify Short Term Treasury Futures Strategy ETF | 487% | $21.5M | -0.23% |
Commodities
Commodity ETFs dominated the day’s activity with $14.4B in volume, or 150% of the 30-day average. This surge was primarily driven by the Multi-Sector – Broad Market category (finishing the day down 1.19%) and Agriculture (down 0.28%), which traded at 207% and 190% of ADV, respectively. Massive turnover in SLV (closing -6.60%) and BCI (closing -1.56%) underpinned the category-level results, as investors reacted to volatility in precious metals and agricultural products.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 153% | $13.6B | -2.45% |
| Commodity: Multi-Sector – Broad Market | 207% | $334.9M | -1.19% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| BCI | abrdn Bloomberg All Commodity Strategy K-1 Free ETF | 437% | $78.9M | -1.56% |
| DBA | Invesco DB Agriculture Fund | 330% | $17.3M | -0.20% |
| FTGC | First Trust Global Tactical Commodity Strategy Fund | 280% | $39.2M | -1.24% |
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 251% | $6.9M | -1.58% |
| SLV | iShares Silver Trust | 238% | $7.3B | -6.60% |
Crypto
Digital Asset ETFs finished the day with $4.2B in volume, trading at 67% of their 30-day average. The Multicoin category (finishing the day down 0.14%) was the only one to exceed average volumes, reaching 124% of typical activity. Significant ticker-level activity in BRRR (closing -0.28%) and BTCO (closing -0.28%) provided evidence of specific interest in Bitcoin-related products, even as the broader asset class saw lighter turnover.
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 | 1D Return |
|---|---|---|---|---|
| BRRR | Coinshares Bitcoin ETF | 363% | $27.4M | -0.28% |
| BTCO | Invesco Galaxy Bitcoin ETF | 299% | $33.2M | -0.28% |
| EZBC | Franklin Bitcoin ETF | 261% | $32.1M | -0.39% |
Multi-Asset
Multi-Asset ETFs traded $214.0M, or 125% of their 30-day average. The high activity was driven by the Target Risk – Global Macro category (finishing the day down 0.76%) and Target Date (down 0.58%), which both saw trading turnover well above 175% of ADV. Ticker-level turnover was exceptionally high in ALLW (closing -0.81%) and AOK (closing -0.41%), which together fueled the elevated activity levels across the 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 | 1D Return |
|---|---|---|---|---|
| ALLW | SPDR Bridgewater All Weather ETF | 250% | $20.0M | -0.81% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 171% | $12.1M | -0.41% |
Non-Traditional
Non-Traditional ETFs saw a total volume of $23.9B, or 72% of average turnover. The asset class saw outlier activity in the Leverage | Inverse – Commodity category (finishing the day up 0.21%) and Buffer – Equity (down 0.23%), which traded at 189% and 158% of their 30-day averages. Ticker activity was extremely concentrated in PJAN (closing +0.03%), which traded at 3598% of its typical volume, and ZSL (closing +13.69%), mirroring the volatility seen in the underlying commodity markets.
High-Volume Categories (>$100M Traded)
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 189% | $2.7B | +0.21% |
| Non-Traditional: Buffer – Equity | 158% | $444.1M | -0.23% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PJAN | Innovator U.S. Equity Power Buffer ETF – January | 3598% | $112.1M | +0.03% |
| ZSL | ProShares UltraShort Silver | 417% | $425.9M | +13.69% |
| PNOV | Innovator U.S. Equity Power Buffer ETF – November | 325% | $13.6M | -0.41% |
Alternatives
Alternative ETFs traded $635.0M on the day, reaching 57% of average levels. Turnover was led by the Absolute Return – Managed Futures category (finishing the day down 0.38%), which traded at 189% of its 30-day average. Outlier activity in DBMF (closing -0.30%) and CTA (closing +0.57%) provided the primary evidence for the category turnover, as macro positioning remained a focal point for the remaining active traders.
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 | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 241% | $39.8M | -0.30% |
| CTA | Simplify Managed Futures Strategy ETF | 172% | $15.8M | +0.57% |
