Macro Summary
Total market volume for the session reached a massive $493.4B, representing 187% of the 30-day average. The session was defined by a violent de-risking narrative, headlined by a significant sell-off in Precious Metals and Commodities, coupled with high-velocity trading in Equity and Non-Traditional leverage products. While Fixed Income remained relatively stable on a return basis, volume was notably elevated across the board, suggesting broad-based repositioning as the market processed sharp declines in gold and industrial miners.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $277.0B | $173.5B | 160% |
| Fixed Income | $42.4B | $27.8B | 153% |
| Commodity | $103.3B | $23.1B | 448% |
| Digital Asset | $7.9B | $5.6B | 143% |
| Currency | $207.2M | $88.6M | 234% |
| Alternative | $1.3B | $839.4M | 156% |
| Non-Traditional | $61.0B | $33.1B | 184% |
| Multi-Asset | $278.7M | $209.2M | 133% |
Equity
The Equity asset class saw $277.0B in turnover (160% of ADV). The session was dominated by massive volume in Precious Metals miners, with GDX (-12.59%) and GDXJ (-13.52%) leading the thematic exodus. U.S. Small Caps also saw high conviction, with IWM (-1.42%) trading at 187% of its average.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Equity: Global Small | Mid Cap | 606% | $157.3M | -1.96% |
| Equity: Thematic – Precious Metals | 390% | $15.3B | -13.46% |
| Equity: Global Large Cap – Blend | 265% | $3.4B | -1.01% |
| Equity: Specialty – Long | Short | 246% | $83.1M | -0.70% |
| Equity: Global Ex-U.S. Small | Mid Cap | 240% | $625.4M | -1.72% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| INFL | Horizon Kinetics Inflation Beneficiaries ETF | 1430% | $138.0M | -4.17% |
| GLOV | Activebeta World Low Vol Plus Equity ETF | 1423% | $56.7M | +0.03% |
| JEMA | JPMorgan ActiveBuilders Emerging Markets Equity ETF | 1233% | $79.1M | -2.08% |
| FXH | First Trust Health Care AlphaDEX Fund | 1144% | $29.7M | -0.10% |
| BBCA | JPMorgan BetaBuilders Canada ETF | 842% | $219.2M | -3.90% |
| RSPN | Invesco S&P 500 Equal Weight Industrials ETF | 735% | $44.8M | -0.41% |
| IXUS | iShares Core MSCI Total International Stock ETF | 695% | $1.2B | -1.67% |
| BBIN | JPMorgan BetaBuilders International Equity ETF | 676% | $108.4M | -1.01% |
| SAMT | Strategas Macro Thematic Opportunities ETF | 635% | $24.3M | -2.79% |
| SPGM | SPDR Portfolio MSCI Global Stock Market ETF | 621% | $54.0M | -0.93% |
Fixed Income
Fixed Income volume was robust at $42.4B (153% of ADV). Bank Loans were the standout pocket of activity, trading at 362% of their average. High activity in Aggregate products like SCHZ (456%) and Mortgage-Backed Securities indicates significant institutional shuffling within core portfolios.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Fixed Income: Taxable – Bank Loans | 362% | $1.6B | -0.27% |
| Fixed Income: Taxable – International | 333% | $169.7M | -0.80% |
| Fixed Income: Taxable – High Yield | 205% | $6.9B | -0.03% |
| Fixed Income: Taxable – Short-Term | 198% | $2.1B | +0.03% |
| Fixed Income: Taxable – Government Ultrashort | 187% | $6.0B | +0.02% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DMBS | DoubleLine Mortgage ETF | 794% | $21.1M | -0.02% |
| ISHG | iShares 1-3 Year International Treasury Bond ETF | 731% | $42.4M | -0.95% |
| GCOR | Goldman Sachs Access U.S. Aggregate Bond ETF | 731% | $20.5M | -0.05% |
| BWZ | SPDR Bloomberg Short Term International Treasury Bond ETF | 559% | $14.5M | -0.99% |
| SRLN | State Street Blackstone Senior Loan ETF | 473% | $643.6M | -0.28% |
| PREF | Principal Spectrum Preferred Secs Active ETF | 468% | $24.8M | -0.26% |
| SCHZ | Schwab US Aggregate Bond ETF | 456% | $208.7M | -0.02% |
| BWX | SPDR Bloomberg International Treasury Bond ETF | 450% | $89.4M | -0.70% |
| CEMB | iShares J.P. Morgan EM Corporate Bond ETF | 415% | $11.3M | +0.05% |
| FLCB | Franklin U.S Core Bond ETF | 402% | $27.4M | +0.02% |
Commodities
The Commodity asset class exploded with $103.3B in volume (448% of ADV), the highest relative activity of the session. Precious Metals drove the narrative, with gold proxies like IAUM (-9.89%) and SGOL (-10.15%) seeing activity near 800-900% of their 30-day norms.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 457% | $100.8B | -14.79% |
| Commodity: Multi-Sector – Broad Market | 334% | $641.0M | -3.80% |
| Commodity: Focused – Industrial Metals | 272% | $185.9M | -6.78% |
| Commodity: Focused – Energy | 222% | $1.6B | +1.48% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 1697% | $177.6M | -1.89% |
| IAUM | iShares Gold Trust Micro ETF of Benef Interest | 923% | $2.7B | -9.89% |
| SGOL | abrdn Physical Gold Shares ETF | 762% | $2.4B | -10.15% |
| BAR | GraniteShares Gold Shares | 739% | $528.2M | -10.19% |
| DBC | Invesco DB Commodity Index Tracking Fund | 404% | $55.4M | -3.42% |
| PDBC | Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | 384% | $244.0M | -3.27% |
| CPER | United States Copper Index Fund | 281% | $163.5M | -5.37% |
| USO | United States Oil Fund LP | 246% | $914.6M | +0.48% |
| DBB | Invesco DB Base Metals Fund | 217% | $21.2M | -4.52% |
| UNG | United States Natural Gas Fund LP | 187% | $590.6M | +12.84% |
Digital Asset
Digital Assets traded $7.9B (143% of ADV). Bitcoin ETFs saw the most relative strength compared to Ethereum, which struggled with a -3.75% average return. Activity in HODL was particularly high at 322% of ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Digital Asset: Cryptocurrency – Bitcoin | 145% | $6.0B | -0.49% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| HODL | VanEck Bitcoin ETF | 322% | $130.8M | -0.21% |
| ARKB | ARK 21Shares Bitcoin ETF | 245% | $281.6M | -0.41% |
| BTC | Grayscale Bitcoin Mini Trust ETF | 222% | $233.4M | -0.08% |
| FETH | Fidelity Ethereum Fund ETF | 154% | $173.2M | -4.09% |
| ETH | Grayscale Ethereum Staking Mini ETF | 151% | $334.3M | -3.76% |
Currencies
Currencies saw $207.2M in volume (234% of ADV). Trading was concentrated in major currency trusts, with the Yen (FXY) and Euro (FXE) leading activity as both fell nearly 1% against the dollar.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Currency | 234% | $207.2M | -0.46% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXY | Invesco Currencyshares Japanese Yen Trust | 224% | $28.4M | -1.02% |
| FXE | Invesco CurrencyShares Euro Trust | 199% | $27.5M | -0.91% |
Alternatives
Alternatives volume reached $1.3B (156% of ADV). Long Volatility products were the primary driver, with UVIX (+2.50%) and UVXY (+1.85%) seeing heavy speculative flow as the market de-risked.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Alternative: Volatility – Long | 149% | $973.0M | +1.13% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DBMF | iMGP DBi Managed Futures Strategy ETF | 259% | $58.0M | -3.23% |
| UVIX | 2x Long VIX Futures ETF | 206% | $274.2M | +2.50% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 152% | $338.8M | +1.85% |
Non-Traditional
Non-Traditional products traded $61.0B (184% of ADV). Leverage and Inverse products were heavily utilized for hedging and speculation, particularly in Commodities where UGL (-21.02%) and ZSL (+49.05%) saw frantic trading.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 350% | $13.6B | -2.04% |
| Non-Traditional: Synthetic Income – Commodity | 226% | $136.8M | -9.07% |
| Non-Traditional: Leverage | Inverse – Equity | 179% | $30.7B | -0.58% |
| Non-Traditional: Leverage | Inverse – Single Stock | 142% | $11.8B | -5.35% |
| Non-Traditional: Synthetic Income – Equity | 138% | $2.3B | -0.95% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| UGL | ProShares Ultra Gold | 555% | $2.1B | -21.02% |
| ZSL | ProShares UltraShort Silver | 447% | $2.3B | +49.05% |
| NUGT | Direxion Daily Gold Miners Index Bull 2x Shares | 304% | $489.5M | -25.21% |
| SSO | ProShares Ultra S&P 500 | 296% | $544.3M | -0.72% |
| KOLD | ProShares UltraShort Bloomberg Natural Gas | 294% | $710.8M | -24.28% |
| ERX | Direxion Daily Energy Bull 2x Shares | 288% | $51.9M | +1.92% |
| GDXY | YieldMax Gold Miners Option Income Strategy ETF | 271% | $32.2M | -10.93% |
| IDVO | Amplify CWP International Enhanced Dividend Income ETF | 222% | $30.9M | -1.52% |
| ETHT | ProShares Ultra Ether ETF | 207% | $101.4M | -7.86% |
| TSLT | T-REX 2X Long Tesla Daily Target ETF | 188% | $120.1M | +6.18% |
Multi-Asset
Multi-Asset volume was $278.7M (133% of ADV). Real Assets and Alternative Sleeve products saw the most traction, with gold-mining adjacent strategies like GDMN seeing heavy losses (-20.68%) on elevated volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|
| Asset Allocation: Specialty – Alternative Asset Sleeve | 243% | $97.5M | -5.00% |
| Asset Allocation: Target Risk – Global Macro | 178% | $44.4M | -1.80% |
| Asset Allocation: Specialty – Real Assets | 158% | $16.6M | -3.26% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GDMN | WisdomTree Efficient Gold Plus Gold Miners Strategy Fund | 409% | $28.8M | -20.68% |
| ALLW | SPDR Bridgewater All Weather ETF | 190% | $23.8M | -2.25% |
| GDE | WisdomTree Efficient Gold Plus Equity Strategy Fund | 184% | $15.8M | -9.26% |
| RLY | State Street Multi-Asset Real Return ETF | 177% | $6.0M | -2.55% |
| YYY | Amplify CEF High Income ETF | 164% | $6.5M | 0.00% |
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.
