Alternative and Non-Traditional ETF Volumes Surge as Market Volatility Peaks

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Macro Summary

Total market volume for the session reached $448.2B, representing 159% of the 30-day average. The trading day was defined by a sharp spike in activity across nearly all segments, led by significant rotations within the Equity and Digital Asset classes. Heightened volatility was a core driver, as evidenced by a 233% activity level in Alternative strategies and extreme volume in leveraged technology products.

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $309.7B $181.8B 170%
Fixed Income $34.6B $28.9B 120%
Commodity $29.9B $28.1B 106%
Digital Asset $10.1B $6.1B 166%
Currency $109.3M $97.9M 112%
Alternative $2.0B $899.3M 226%
Non-Traditional $61.6B $35.7B 173%
Multi-Asset $215.7M $216.8M 99%

Equity

The Equity class dominated the session with $309.7B in volume (170% ADV). Information Technology and Industrial sectors saw heavy turnover, while Value-oriented global funds showed pockets of strength against a backdrop of broader sector volatility.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Equity: Sector – Information Technology 311% $23.7B -2.31%
Equity: Sector – Materials 264% $1.9B +1.89%
Equity: Global Ex-U.S. Large Cap – Value 237% $1.6B +0.81%
Equity: Thematic – Multi-Sector 231% $1.3B -2.04%
Equity: Thematic – Evolving Consumer 227% $1.6B -0.63%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
IDEQ Lazard International Dynamic Equity ETF 1,360% $79.8M -0.39%
XT iShares Future Exponential Technologies ETF 986% $57.3M -0.60%
FDMO Fidelity Momentum Factor ETF 849% $21.4M -2.52%
FSMD Fidelity Small-Mid Multifactor ETF 711% $39.6M +0.41%
IGV iShares Expanded Tech-Software Sector ETF 572% $3.8B -2.01%
SOXQ Invesco PHLX Semiconductor ETF 545% $211.4M -4.19%
DEM WisdomTree Emerging Markets High Dividend Fund 503% $67.3M -0.31%
EFIV State Street SPDR S&P 500 ESG ETF 481% $12.7M -0.07%
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 451% $165.7M +1.98%
IGE iShares North American Natural Resources ETF 446% $51.7M +1.23%

Fixed Income

Fixed Income volume reached $34.6B (120% ADV). Bank Loans and Convertible bonds led activity percentages, reflecting a shift in credit preference as market volatility increased.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Fixed Income: Taxable – Bank Loans 262% $1.4B -0.14%
Fixed Income: Taxable – Convertible 173% $230.4M -1.19%
Fixed Income: Taxable – Emerging USD 160% $1.2B +0.01%
Fixed Income: Taxable – High Yield 144% $5.2B -0.12%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
XBB BondBloxx BB-Rated USD High Yield Corporate Bond ETF 1,211% $52.8M -0.38%
JPLD JPMorgan Limited Duration Bond ETF 979% $234.1M +0.00%
XCCC BondBloxx CCC-Rated USD High Yield Corporate Bond ETF 614% $64.0M -0.48%
EVLN Eaton Vance Floating-Rate ETF 344% $13.4M -0.20%
BKLN Invesco Senior Loan ETF 304% $827.0M -0.29%
FLCB Franklin U.S Core Bond ETF 301% $23.0M -0.07%
PFXF VanEck Preferred Securities ex Financials ETF 300% $29.0M +0.30%
GVI iShares Intermediate Government/Credit Bond ETF 296% $50.0M +0.02%
JBBB Janus Henderson B-BBB CLO ETF 277% $51.0M -0.38%
ICVT iShares Convertible Bond ETF 269% $183.4M -1.45%

Commodities

Commodity products saw $29.9B in total volume (106% ADV). Focused Energy categories were the primary outlier, with heavy trading in crude oil tracking products.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Commodity: Focused – Energy 204% $1.6B +0.73%
Commodity: Multi-Sector – Broad Market 154% $357.2M +0.08%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
COMT iShares GSCI Commodity Dynamic Roll Strategy ETF 920% $54.1M +0.09%
USO United States Oil Fund LP 321% $1.4B +0.66%
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF 183% $150.2M +0.17%
DBC Invesco DB Commodity Index Tracking Fund 178% $31.7M +0.14%
SGOL abrdn Physical Gold Shares ETF 150% $636.4M +0.11%

Digital Asset

Digital Assets traded $10.1B (166% ADV) during a broad sell-off. Bitcoin and Ethereum categories saw highly elevated activity as spot ETFs experienced intense turnover amid negative returns.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Digital Asset: Cryptocurrency – Bitcoin 169% $7.7B -3.15%
Digital Asset: Cryptocurrency – Ethereum 159% $2.3B -5.34%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
ETH Grayscale Ethereum Staking Mini ETF 246% $566.8M -6.19%
ARKB ARK 21Shares Bitcoin ETF 236% $350.2M -4.02%
FBTC Fidelity Wise Origin Bitcoin Fund 222% $919.7M -4.00%
GBTC Grayscale Bitcoin Trust ETF 217% $672.2M -4.02%
BTC Grayscale Bitcoin Mini Trust ETF 198% $243.0M -3.98%
IBIT iShares Bitcoin Trust ETF 171% $4.5B -3.93%
FETH Fidelity Ethereum Fund ETF 165% $205.3M -5.98%
ETHE Grayscale Ethereum Staking ETF 155% $248.2M -6.05%

Currencies

Currency ETF volume was muted at $109.3M (112% ADV). No specific categories or qualifying tickers met the inclusion criteria for high activity outliers during 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.

Alternatives

Alternatives saw massive activity with $2.0B in volume (226% ADV). Volatility products dominated the narrative as investors rushed to hedge against market moves, with short-term VIX futures seeing extreme turnover.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Alternative: Volatility – Short 297% $449.0M -0.87%
Alternative: Volatility – Long 219% $1.5B +1.00%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
UVIX 2x Long VIX Futures ETF 248% $361.1M +1.72%
UVXY ProShares Ultra VIX Short-Term Futures ETF 236% $563.6M +1.16%
VXX iPath Series B S&P 500 VIX Short-Term Futures ETN 183% $431.0M +0.66%

Non-Traditional

The Non-Traditional segment saw heavy turnover of $61.6B (173% ADV). Leveraged and Inverse equity products drove the majority of this volume, specifically those targeting technology and single-stock semiconductor exposure.

High-Volume Categories

Category Activity vs ADV $ Volume 1-Day Return
Non-Traditional: Leverage | Inverse – Equity 199% $36.8B -0.35%
Non-Traditional: Synthetic Income – Equity 178% $3.1B -0.96%
Non-Traditional: Leverage | Inverse – Single Stock 162% $13.9B -5.15%
Non-Traditional: Leverage | Inverse – Crypto 140% $1.5B -5.72%
Non-Traditional: Synthetic Income – Single Stock 135% $449.8M -2.21%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
SH ProShares Short S&P500 324% $628.1M +0.25%
TECL Direxion Daily Technology Bull 3x Shares 306% $344.8M -7.55%
SOXS Direxion Daily Semiconductor Bear 3x Shares 301% $2.3B +9.90%
UDOW ProShares UltraPro Dow30 298% $626.9M +1.61%
AMDL GraniteShares 2x Long AMD Daily ETF 294% $494.9M -33.60%
FBL GraniteShares 2x Long META Daily ETF 281% $129.6M -5.91%
QQQI NEOS Nasdaq 100 High Income ETF 277% $622.8M -1.30%
GGLL Direxion Daily GOOGL Bull 2X Shares 276% $377.9M -3.67%
PLTU Direxion Daily PLTR Bull 2X Shares 249% $231.4M -23.40%
SPXU ProShares UltraPro Short S&P500 248% $541.9M +1.10%

Multi-Asset

Multi-Asset turnover was stable at $215.7M (99% ADV). Activity was largely concentrated in global macro and risk-managed strategies as investors sought a balance between asset classes during the risk-off 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.

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.