Below-Average ETF Volume Masked by High-Conviction Activity in Specialty Categories

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Macro Summary

The ETF market registered a quiet session, posting an overall volume of $230.0B, representing 76% of its 30-day average. This low overall activity was sharply contrasted by an extreme, focused surge in niche trading, most notably within the Commodity asset class. Trading activity in the Specialty – Carbon Credits category soared to 737% of its average daily volume on $11.0M in trade, although it finished the day -1.37%. This highly focused, anomalous volume spike suggests specific thematic or regulatory positioning by market participants in an otherwise broadly subdued environment.

Asset Class Summary

Asset Class $ Volume 30D Avg. % of 30D Avg.
Equity $155.6B $204.8B 76%
Fixed Income $25.5B $31.7B 81%
Commodities $7.4B $11.8B 62%
Crypto $6.3B $8.4B 75%
Currencies $93.4M $75.5M 124%
Alternative $1.2B $1.7B 73%
Non-Traditional $33.7B $44.4B 76%
Multi-Asset $201.0M $184.2M 109%

Equity

The Equity asset class recorded a total volume of $155.6B on the day, with activity registering at 76% of its 30-day average. Trading across the class was uniformly soft, resulting in a session without any categories meeting the high-volume or high-activity criteria. However, pockets of interest emerged, highlighted by the volume in GFLW (closing +0.61%), which saw an activity level of 489%.

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
GFLW VictoryShares Free Cash Flow Growth ETF 489% $17.6M +0.61%
FIDU Fidelity MSCI Industrial Index ETF 441% $22.0M +0.62%
AVLC Avantis U.S. Large Cap Equity ETF 433% $14.3M +0.70%
PRN Invesco Dorsey Wright Industrials Momentum ETF 331% $10.5M +1.00%
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 353% $138.7M +0.48%
PEY Invesco High Yield Equity Dividend Achievers ETF 317% $28.3M +0.74%
KCE State Street SPDR S&P Capital Markets ETF 299% $18.0M +1.06%
FVAL Fidelity Value Factor ETF 293% $7.9M +0.45%
FDT First Trust Developed Markets ex-US AlphaDEX Fund 717% $25.9M +1.61%
FDLO Fidelity Low Volatility Factor ETF 267% $16.1M +0.44%

Fixed Income

The Fixed Income asset class registered a total volume of $25.5B on the day, with activity registering at 81% of its 30-day average. The largest drivers of this activity were high-volume trading in the Municipal – Intermediate category (finishing the day +0.05%). This volume spike was largely driven by heavy turnover in VTEB (closing +0.19%), providing concrete evidence for the category-level observations.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Municipal – Intermediate 111% $1.0B +0.05%
Taxable – Multisector 105% $349.6M +0.11%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
KORP American Century Diversified Corporate Bond ETF 367% $14.9M -0.29%
IBTF iShares iBonds Dec 2025 Term Treasury ETF 338% $42.5M +0.06%
IBTK iShares iBonds Dec 2030 Term Treasury ETF 287% $8.1M +0.00%
CLOI VanEck CLO ETF 250% $25.2M +0.05%
ULST State Street Ultra Short Term Bond ETF 237% $7.9M +0.01%
SCHQ Schwab Long-Term U.S. Treasury ETF 214% $59.7M +0.31%
BSCQ Invesco BulletShares 2026 Corporate Bond ETF 210% $27.8M +0.00%
JCPB JPMorgan Core Plus Bond ETF 204% $100.8M +0.14%
FLRN State Street SPDR Bloomberg Investment Grade Floating Rate ETF 198% $56.3M +0.00%
HYLB Xtrackers USD High Yield Corporate Bond ETF 195% $107.2M +0.11%

Commodities

The Commodities asset class registered a total volume of $7.4B on the day, with activity registering at 62% of its 30-day average. The largest drivers of this activity were high-volume trading in the Multi-Sector – Broad Market category (finishing the day +1.19%). This volume spike was largely driven by heavy turnover in DBC (closing +1.09%), providing concrete evidence for the category-level observations.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Multi-Sector – Broad Market 132% $240.8M +1.19%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
DBC Invesco DB Commodity Index Tracking Fund 218% $22.4M +1.09%
SDCI USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund 154% $4.5M +1.35%
GLTR abrdn Physical Precious Metals Basket Shares ETF 151% $22.1M +1.68%

Crypto

The Crypto asset class registered a total volume of $6.3B on the day, with activity registering at 75% of its 30-day average. The largest drivers of this activity were high-volume trading in the Cryptocurrency – Altcoin category (finishing the day +2.51%). Trading across the class was generally subdued but saw some elevated activity, with no single ticker dominating the flow.

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
No high-activity ticker outliers for this asset class.

Currencies

The Currencies asset class registered a total volume of $93.4M on the day, with activity registering at 124% of its 30-day average. Trading across the class was generally subdued but saw some elevated activity, highlighted by the volume in FXF (closing +0.38%), which saw an activity level of 179%.

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
FXF Invesco CurrencyShares Swiss Franc Trust 179% $10.3M +0.38%

Alternative

The Alternative asset class registered a total volume of $1.2B on the day, with activity registering at 73% of its 30-day average. The largest drivers of this activity were high-volume trading in the Absolute Return – Managed Futures category (finishing the day +0.70%). Trading across the class was generally subdued but saw some elevated activity, highlighted by the volume in DBMF (closing +0.54%), which saw an activity level of 162%.

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 162% $27.7M +0.54%

Non-Traditional

The Non-Traditional asset class registered a total volume of $33.7B on the day, with activity registering at 76% of its 30-day average. The largest drivers of this activity were high-volume trading in the Buffer – Crypto category (finishing the day +0.92%). Trading across the class was generally subdued but saw some elevated activity, highlighted by the volume in FOCT (closing +0.49%), which saw an activity level of 303%.

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
FOCT FT Vest U.S. Equity Buffer ETF – October 303% $14.1M +0.49%
SDS ProShares UltraShort S&P 500 184% $881.1M -1.46%
GGLL Direxion Daily GOOGL Bull 2X Shares 182% $410.2M -2.05%
SDVD FT Vest SMID Rising Dividend Achievers Target Income ETF 201% $5.2M +0.26%
CSHI NEOS Enhanced Income 1-3 Month T-Bill ETF 176% $20.2M -0.37%

Multi-Asset

The Multi-Asset asset class registered a total volume of $201.0M on the day, with activity registering at 109% of its 30-day average. The largest drivers of this activity were high-volume trading in the Specialty – Multi-Asset Income category (finishing the day +0.47%). Trading across the class was generally subdued but saw some elevated activity, highlighted by the volume in AOA (closing +0.66%), which saw an activity level of 465%.

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
AOA iShares Core 80/20 Aggressive Allocation ETF 465% $34.6M +0.66%
YYY Amplify CEF High Income ETF 205% $8.9M -0.13%
INCM Franklin Income Focus ETF Income Focus ETF 190% $14.1M +0.34%
AOK iShares Core 30/70 Conservative Allocation ETF 177% $9.8M +0.31%

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 volume. 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.