- Total Volume: $173.4B
- Activity vs. Avg: 79%
A significant divergence marked today’s trading session, as investors aggressively sold off international and emerging market equity positions while U.S. markets remained comparatively subdued. Overall market volume was well below average, but pockets of intense activity were seen in ETFs tracking Global ex-U.S. and Emerging Markets, which traded at 101% and 139% of their 30-day averages, respectively. This rotation away from international risk coincided with broad weakness in those categories, suggesting a flight to the perceived safety of domestic assets.
Equity
U.S. Size & Style
- Total Volume: $79.6B
- Activity vs. Avg: 77%
Market Action: Trading in U.S. equities was muted, with turnover running at just 77% of its recent average. The most notable activity occurred in the Mid Cap Blend category, which traded at an elevated 130% of its 30-day average, while Large Cap Blend, the largest segment, saw volume at only 73% of its average. Performance was generally positive but modest across the board, with Small Cap Value and Small Cap Blend leading the gains, up an average of 0.73% and 0.71% respectively. Large Cap Growth lagged, posting a smaller average gain of 0.18%.
High-Activity Outliers
- GFLW (VictoryShares Free Cash Flow Growth ETF) traded $17.3M (681% of ADV).
- FCTE (SMI 3Fourteen Full-Cycle Trend ETF) traded $14.9M (537% of ADV).
- SMLF (iShares U.S. SmallCap Equity Factor ETF) traded $35.8M (489% of ADV).
- QGRW (WisdomTree U.S. Quality Growth Fund) traded $30.0M (459% of ADV).
- FYC (First Trust Small Cap Growth AlphaDEX Fund) traded $11.4M (392% of ADV).
- BALI (iShares Advantage Large Cap Income ETF) traded $7.6M (293% of ADV).
- PVAL (Putnam Focused Large Cap Value ETF) traded $78.8M (275% of ADV).
- VONG (Vanguard Russell 1000 Growth ETF) traded $232.0M (271% of ADV).
- QLTY (GMO U.S. Quality ETF Shs) traded $16.3M (265% of ADV).
- PKW (Invesco Buyback Achievers ETF) traded $7.9M (248% of ADV).
Global Ex-U.S. Size & Style
- Total Volume: $7.7B
- Activity vs. Avg: 101%
Market Action: In a stark contrast to the U.S. market, trading in international equities was robust, with volume slightly exceeding its 30-day average. The activity was heavily concentrated in the Emerging Large Cap category, which saw turnover surge to 139% of its norm. This spike in volume was accompanied by broad-based selling, as every category in this composite finished in negative territory. Emerging Large Cap ETFs were the weakest performers, falling by an average of -0.49%, while Global Ex-U.S. Large Cap Growth funds saw the smallest declines, down -0.20% on average.
High-Activity Outliers
- QEFA (SPDR MSCI EAFE StrategicFactors ETF) traded $31.1M (915% of ADV).
- EMGF (iShares Emerging Markets Equity Factor ETF) traded $23.1M (822% of ADV).
- PIZ (Invesco Dorsey Wright Developed Markets Momentum ETF) traded $8.3M (320% of ADV).
- PXH (Invesco RAFI Emerging Markets ETF) traded $9.7M (251% of ADV).
- GVAL (Cambria Global Value ETF) traded $11.3M (250% of ADV).
- SCHY (Schwab International Dividend Equity ETF) traded $27.4M (228% of ADV).
- IEMG (iShares Core MSCI Emerging Markets ETF) traded $1.0B (220% of ADV).
- IXUS (iShares Core MSCI Total International Stock ETF) traded $236.5M (203% of ADV).
- FNDF (Schwab Fundamental International Equity ETF) traded $80.0M (157% of ADV).
Region & Country
- Total Volume: $6.1B
- Activity vs. Avg: 100%
Market Action: Trading volume in region and country-specific ETFs was right in line with the 30-day average, though this was skewed by a surge of activity in the Africa-Middle East category, which traded at an exceptional 468% of its average. The primary driver of volume, however, was the Country Specific category, which saw turnover at 106% of its norm. Performance was overwhelmingly negative, with the Greece-focused ETF (GREK) providing a rare bright spot, rising 0.37%. In contrast, heavy selling was evident in China-focused technology ETFs, with the Invesco China Technology ETF (CQQQ) falling -1.79% on elevated volume.
High-Activity Outliers
- CQQQ (Invesco China Technology ETF) traded $71.9M (215% of ADV).
- FLIN (Franklin FTSE India ETF) traded $39.8M (216% of ADV).
- GREK (Global X MSCI Greece ETF) traded $10.6M (220% of ADV).
Sector & Industry
- Total Volume: $19.1B
- Activity vs. Avg: 78%
Market Action: Trading across sector ETFs was subdued, running at 78% of the 30-day average. The Financials sector was the only area to show above-average interest, with volume reaching 104% of its norm. On the performance front, Energy sector ETFs were the clear leaders, climbing 0.98% on the day. Real Estate also showed strength with a 0.72% average gain. Conversely, the Industrial sector was the primary laggard, declining by an average of -0.28%.
High-Activity Outliers
- EXI (iShares Global Industrials ETF) traded $7.5M (255% of ADV).
- REET (iShares Global REIT ETF) traded $48.4M (205% of ADV).
- VAW (Vanguard Materials ETF) traded $16.3M (204% of ADV).
- ITA (iShares U.S. Aerospace & Defense ETF) traded $207.6M (176% of ADV).
- TDIV (First Trust NASDAQ Technology Dividend Index Fund) traded $17.8M (168% of ADV).
- FXN (First Trust Energy AlphaDEX Fund) traded $15.4M (165% of ADV).
- FXO (First Trust Financials AlphaDEX Fund) traded $7.5M (161% of ADV).
- FXH (First Trust Health Care AlphaDEX Fund) traded $4.3M (155% of ADV).
- FSTA (Fidelity MSCI Consumer Staples Index ETF) traded $7.7M (153% of ADV).
Thematic
- Total Volume: $3.4B
- Activity vs. Avg: 65%
Market Action: Volume in thematic ETFs was very light, trading at only 65% of the 30-day average. No specific theme captured significant investor interest. Performance was led by the Disruptive Tech category, which gained an average of 0.84%. On the other end of the spectrum, Sustainability-focused ETFs were the weakest group, falling by an average of -0.41%.
High-Activity Outliers
- IGF (iShares Global Infrastructure ETF) traded $72.9M (189% of ADV).
- SKYY (First Trust Cloud Computing ETF) traded $53.2M (169% of ADV).
Global Size & Style
- Total Volume: $606.5M
- Activity vs. Avg: 60%
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Fixed Income
Taxable Bonds
- Total Volume: $22.7B
- Activity vs. Avg: 94%
Market Action: Trading in taxable bond ETFs was slightly below average at 94% of normal volume. The most significant activity was concentrated in the Ultrashort and Bank Loan categories, which traded at 139% and 143% of their respective averages. Performance across government bond ETFs was mixed and showed little duration sensitivity; long-duration government bond funds fell by an average of -0.04%, while intermediate-term funds gained 0.11% and short-term funds gained 0.09%.
High-Activity Outliers
- YLD (Principal Active High Yield ETF) traded $21.9M (667% of ADV).
- VTC (Vanguard Total Corporate Bond ETF) traded $29.9M (626% of ADV).
- FLHY (Franklin High Yield Corporate ETF) traded $14.6M (383% of ADV).
- FIIG (First Trust Intermediate Duration Investment Grade Corporate ETF) traded $14.5M (367% of ADV).
- PMBS (PIMCO Mortgage-Backed Securities Active Exchange-Traded Fund) traded $13.0M (351% of ADV).
- IAGG (iShares Core International Aggregate Bond ETF) traded $104.1M (339% of ADV).
- IGIB (iShares 5-10 Year Investment Grade Corporate Bond ETF) traded $281.0M (284% of ADV).
- DMBS (DoubleLine Mortgage ETF) traded $8.9M (269% of ADV).
- TDTF (FlexShares iBoxx 5 Year Target Duration TIPS Index Fund) traded $7.3M (257% of ADV).
- SCHQ (Schwab Long-Term U.S. Treasury ETF) traded $64.6M (251% of ADV).
Municipal Bonds
- Total Volume: $1.6B
- Activity vs. Avg: 98%
Market Action: The municipal bond market was quiet, with trading volume running at 98% of its 30-day average. Intermediate-term municipal bond ETFs were the most active segment, trading at 102% of their average volume. Performance was generally positive, with long-duration munis leading the way with an average gain of 0.13%. High-yield municipal bond funds were the only category to post a loss, declining by an average of -0.02%.
High-Activity Outliers
- EVSM (Eaton Vance Short Duration Municipal Income ETF) traded $12.0M (264% of ADV).
- MEAR (iShares Short Maturity Municipal Bond Active ETF) traded $11.7M (193% of ADV).
- JMUB (JPMorgan Municipal ETF) traded $67.2M (187% of ADV).
- SHYM (iShares Short Duration High Yield Muni Active ETF) traded $6.0M (152% of ADV).
Commodities
- Total Volume: $2.7B
- Activity vs. Avg: 54%
Market Action: Trading in the commodities complex was extremely subdued, with volume reaching only 54% of the 30-day average. No specific area of the commodity market garnered significant investor attention. Performance was lackluster, as precious metals funds fell by an average of -0.12%, while energy-focused commodity ETFs managed a gain of 0.56%.
High-Activity Outliers
- HGER (Harbor Commodity All-Weather Strategy ETF) traded $10.5M (229% of ADV).
Cryptocurrency
- Total Volume: $5.1B
- Activity vs. Avg: 77%
Market Action: Trading in digital assets was below average, with total volume at 77% of its recent norm. The exception was Solana-focused products, which saw a surge in activity to 170% of their average volume. This was reflected in performance, as Solana ETFs jumped 2.92% on average. In contrast, Ethereum-tracking funds were notably weak, falling by an average of -1.00%, while Bitcoin funds posted a solid gain of 0.63%.
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Alternative
- Total Volume: $587.6M
- Activity vs. Avg: 53%
Market Action: Trading in alternative strategy ETFs was very light, with volume at just 53% of the 30-day average. There was no significant activity in any sub-category. Performance was mixed, with Managed Futures strategies gaining 0.16% on average, while Volatility-linked products saw average declines of -0.07%.
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Non-Traditional
Leverage | Inverse
- Total Volume: $21.1B
- Activity vs. Avg: 75%
High-Activity Outliers
- SOLT (2x Solana ETF) traded $259.0M (258% of ADV).
- NVDL (GraniteShares 2x Long NVDA Daily ETF) traded $1.7B (165% of ADV).
- YINN (Direxion Daily FTSE China Bull 3X Shares) traded $215.2M (156% of ADV).
Synthetic Income
- Total Volume: $1.9B
- Activity vs. Avg: 78%
High-Activity Outliers
- SMCY (YieldMax SMCI Option Income Strategy ETF) traded $49.6M (207% of ADV).
- TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) traded $33.9M (166% of ADV).
Buffer
- Total Volume: $552.9M
- Activity vs. Avg: 174%
High-Activity Outliers
- FAUG (FT Vest U.S. Equity Buffer ETF – August) traded $16.5M (565% of ADV).
- GAUG (FT Vest U.S. Equity Moderate Buffer ETF – August) traded $22.0M (340% of ADV).
- UDEC (Innovator U.S. Equity Ultra Buffer ETF – December) traded $6.5M (185% of ADV).
Multi-Asset
- Total Volume: $111.0M
- Activity vs. Avg: 92%
High-Activity Outliers
- AOM (iShares Core 40/60 Moderate Allocation ETF) traded $8.8M (198% of ADV).
Currency
- Total Volume: $35.5M
- Activity vs. Avg: 33%
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
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.
