Heavy Trading in International and Leveraged Funds Masks an Otherwise Quiet Session

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Macro Summary

The ETF market recorded $224.1B in total volume, representing 105% of its 30-day average daily volume. While overall market activity was only slightly elevated, this figure masks significant underlying rotations. Trading was heavily concentrated in speculative, leveraged single-stock ETFs, which saw volumes surge to 171% of their 30-day average. Concurrently, a notable spike in volume occurred in International Equity ETFs, with the Global Ex-U.S. Large Cap Blend category trading at 215% of its recent average, indicating a significant allocation shift among market participants. Other areas seeing heightened volume included U.S. Large Cap Value and Mid Cap Value funds.

Explore the Live Asset Class Dashboard

Asset Class Volume 30D Avg. % of 30D Avg.
Equity $156.5B $145.8B 107%
Fixed Income $23.1B $26.1B 88%
Commodities $5.9B $5.5B 107%
Crypto $5.4B $6.2B 87%
Currencies $62.0M $64.6M 96%
Alternatives $784.5M $977.8M 80%
Non-Traditional $32.2B $29.5B 109%
Multi-Asset $153.5M $124.7M 123%

Equity

The Equity asset class saw $156.5B in volume, representing 107% of its 30-day average. This above-average activity was driven by exceptional interest in Global Ex-U.S. Large Cap funds, which traded at 173% of their average volume. U.S. Large and Mid Cap Value categories also saw volumes well above their recent averages.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Global Ex-U.S. Large Cap – Growth 275% $457.3M +0.62%
Thematic – Natural Resources 230% $1.2B +2.09%
Global Ex-U.S. Large Cap – Blend 215% $8.5B +0.53%
U.S. Mid Cap – Value 152% $316.6M -0.37%
U.S. Small Cap – Growth 148% $294.2M +0.12%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
GSIE Goldman Sachs ActiveBeta International Equity ETF 1901% $275.1M +0.59%
VIGI Vanguard International Dividend Appreciation ETF 1600% $294.8M +0.34%
EMGF iShares Emerging Markets Equity Factor ETF 936% $50.5M +0.80%
AVDE Avantis International Equity ETF 891% $408.8M +0.79%
INTF iShares International Equity Factor ETF 660% $40.9M +0.74%
PWB Invesco Large Cap Growth ETF 596% $18.1M +0.71%
GUNR FlexShares Morningstar Global Upstream Natural Resources Index Fund 553% $96.0M +0.33%
HDV iShares Core High Dividend ETF 481% $203.9M -0.25%
PXH Invesco RAFI Emerging Markets ETF 479% $20.3M +0.67%
UTES Virtus Reaves Utilities ETF 447% $86.1M +0.62%

Fixed Income

The Fixed Income asset class traded $23.1B in volume, a quiet session at 88% of its 30-day average. A significant pocket of activity occurred in Long-Duration Municipal bonds, which traded at 367% of their average volume. Short-Duration Municipal bonds also saw elevated interest at 160% of average.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Municipal – Long 367% $147.6M +0.28%
Municipal – Short 160% $246.1M +0.02%
Taxable – Multisector 150% $426.6M +0.17%
Taxable – Convertible 148% $96.3M +0.30%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
GOVI Invesco Equal Weight 0-30 Year Treasury ETF 1943% $93.8M +0.29%
DFCF Dimensional Core Fixed Income ETF 496% $127.2M +0.22%
PZA Invesco National AMT-Free Municipal Bond ETF 451% $140.2M +0.54%
BRTR iShares Total Return Active ETF 389% $10.4M +0.19%
LGOV First Trust Long Duration Opportunities ETF 347% $11.6M +0.09%
TLH iShares 10-20 Year Treasury Bond ETF 296% $332.1M +0.30%
JSCP JPMorgan Short Duration Core Plus ETF 262% $21.9M +0.04%
DFCA Dimensional California Municipal Bond ETF 254% $7.8M +0.09%
SUB iShares Short-Term National Muni Bond ETF 245% $139.3M -0.04%
JPIE JPMorgan Income ETF 245% $99.6M +0.02%

Commodities

The Commodities asset class saw trading volume of $5.9B, representing 107% of its 30-day average. The Precious Metals category saw the bulk of the volume at $5.4B, trading at 110% of its average. Agriculture and Carbon Credits categories also saw a notable uptick in activity relative to their averages.

High-Volume Categories (>$100M Traded)

Category
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
BAR GraniteShares Gold Shares 244% $42.9M +1.04%

Crypto

The Digital Asset class recorded $5.4B in volume, a subdued session at 87% of its 30-day average. Activity was below average across the major coin categories, though Solana ETFs traded at a relatively higher 149% of their average volume.

High-Volume Categories (>$100M Traded)

Category
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
HODL VanEck Bitcoin ETF 165% $40.9M -1.39%

Currencies

The Currency asset class registered $62.0M in total volume, trading at 96% of its 30-day average.

High-Volume Categories (>$100M Traded)

Category
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 266% $11.9M +0.25%

Alternatives

The Alternatives asset class saw subdued trading, with $784.5M in total volume, or 80% of its 30-day average. The Multi-Strategy category within Absolute Return was a lone pocket of activity, trading at 227% of its average.

High-Volume Categories (>$100M Traded)

Category
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Category
No high-activity ticker outliers for this asset class.

Non-Traditional

The Non-Traditional asset class saw $32.2B in volume, 109% of its 30-day average. Activity was heavily concentrated in the Leverage | Inverse – Single Stock category, which surged to 171% of its average volume on $13.3B traded. This category’s average 1-day return was +2.10%, driven by outsized gains in leveraged Tesla ETFs.

High-Volume Categories (>$100M Traded)

Category Activity vs ADV $ Volume 1-Day Return
Leverage | Inverse – Single Stock 171% $13.3B +2.10%
Synthetic Income – Crypto 148% $89.5M -1.09%
Synthetic Income – Commodity 140% $27.5M +0.51%
Buffer – Equity 134% $481.0M +0.13%

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
PJUL Innovator U.S. Equity Power Buffer ETF – July 2019% $57.9M +0.20%
USDX SGI Enhanced Core ETF 1869% $51.2M +0.02%
TSLR GraniteShares 2x Long TSLA Daily ETF 377% $155.2M +7.17%
TSLL Direxion Daily TSLA Bull 2X Shares 368% $5.9B +7.20%
PSEP Innovator U.S. Equity Power Buffer ETF – September 337% $38.1M +0.39%
TSLT T-REX 2X Long Tesla Daily Target ETF 297% $231.4M +7.24%
IWMI NEOS Russell 2000 High Income ETF 274% $19.0M +0.27%
TSLY YieldMax TSLA Option Income Strategy ETF 221% $323.0M +2.97%
SOLT 2x Solana ETF 201% $279.0M -6.94%
PDEC Innovator U.S. Equity Power Buffer ETF – December 204% $8.4M +0.17%

Multi-Asset

The Multi-Asset class traded $153.5M in volume, which was 123% of its 30-day average. The Alternative Asset Sleeve and Conservative Target Risk categories were the primary drivers of the above-average activity, trading at 170% and 263% of their respective averages.

High-Volume Categories (>$100M Traded)

Category
No categories met the high-volume criteria.

High-Activity Ticker Outliers

Ticker Name Activity vs ADV $ Volume 1D Return
AOK iShares Core 30/70 Conservative Allocation ETF 276% $9.0M +0.27%

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.

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