Macro Summary
The ETF market saw robust engagement during the January 15, 2026, session, with total volume reaching $319.3B, representing 125% of the 30-day average. The session was defined by a Surge in Commodity-Based Volatility, specifically within precious metals, alongside heightened activity in Equity and Fixed Income sectors. Broad-based interest was evident as multiple asset classes traded significantly above their typical volume profiles, signaling active repositioning.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $214.0B | $176.9B | 121% |
| Fixed Income | $34.9B | $26.8B | 130% |
| Commodities | $22.9B | $12.8B | 179% |
| Digital Asset | $6.4B | $5.8B | 111% |
| Currencies | $56.6M | $71.5M | 79% |
| Alternatives | $916.8M | $848.9M | 108% |
| Non-Traditional | $40.0B | $31.9B | 125% |
| Multi-Asset | $208.2M | $191.6M | 109% |
Equity
Equity ETFs dominated the session with $214.0B in volume (121% activity). Pockets of the market showed extreme activity, notably in Real Estate and Materials, while the broader U.S. Large Cap space maintained steady participation. High-volume outliers like FREL (+0.69%) and VAW (+0.47%) saw volumes over 25x their typical daily averages.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Communication Services | 244% | $1.5B | -0.74% |
| Equity: Sector – Materials | 233% | $1.2B | +0.69% |
| Equity: Sector – Consumer Staples | 214% | $2.5B | +0.47% |
| Equity: Thematic – Natural Resources | 212% | $2.2B | +0.33% |
| Equity: Emerging Large Cap | 207% | $7.5B | +0.63% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FLGB | Franklin FTSE United Kingdom ETF | 3768% | $96.3M | -0.44% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | 3615% | $615.1M | +0.23% |
| FREL | Fidelity MSCI Real Estate Index ETF | 3199% | $241.7M | +0.69% |
| NFRA | FlexShares STOXX Global Broad Infrastructure Index Fund | 3022% | $126.2M | -0.27% |
| VAW | Vanguard Materials ETF | 2537% | $263.1M | +0.47% |
Fixed Income
Fixed Income ETFs recorded $34.9B in total volume (130% activity), with significant rotation into Government Intermediate and Securitized products. Interest rate volatility remains a key theme as tickers like LQDH and CORP saw activity levels north of 1,400% vs. their ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Government Intermediate | 214% | $1.5B | -0.17% |
| Fixed Income: Taxable – Securitized | 192% | $902.8M | -0.12% |
| Fixed Income: Municipal – Short | 189% | $425.7M | +0.01% |
| Fixed Income: Taxable – International USD | 187% | $737.9M | -0.06% |
| Fixed Income: Taxable – Inflation Protected | 175% | $1.0B | -0.11% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| LQDH | iShares Interest Rate Hedged Corporate Bond ETF | 1774% | $54.2M | +0.15% |
| CORP | PIMCO Investment Grade Corporate Bond Index ETF | 1445% | $91.3M | -0.15% |
| QLTA | iShares Aaa-A Rated Corporate Bond ETF | 1186% | $109.3M | -0.11% |
| USTB | VictoryShares Short-Term Bond ETF | 1138% | $84.6M | -0.06% |
| CORB | AB Core Bond ETF | 971% | $26.0M | -0.15% |
Commodities
The Commodity asset class saw the most aggressive volume relative to its history, trading at 179% of its ADV ($22.9B total). Precious Metals drove the bulk of this activity, as investors reacted to market-wide volatility. SLV alone traded a massive $13.3B, representing 258% of its typical session volume despite a -1.07% return.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 184% | $22.0B | -0.70% |
| Commodity: Focused – Industrial Metals | 170% | $65.6M | -1.46% |
| Commodity: Specialty – Shipping Freight | 167% | $1.3M | +0.99% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SDCI | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | 909% | $39.3M | -0.88% |
| SLV | iShares Silver Trust | 258% | $13.3B | -1.07% |
| SIVR | abrdn Physical Silver Shares ETF | 216% | $600.3M | -1.02% |
Digital Asset
Digital Asset ETFs experienced a moderately active session with $6.4B in volume (111% activity). The asset class faced broad selling pressure, with the class average return at -3.26%. Bitcoin and Ethereum focused categories accounted for the vast majority of volume, though no specific categories or tickers triggered the high-activity inclusion thresholds for this report.
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.
Currencies
Currency activity was muted, totaling $56.6M (79% of ADV). Despite the broad quietness, the Swiss Franc (FXF) saw elevated activity at 187% of its ADV on a -0.45% return.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| FXF | Invesco CurrencyShares Swiss Franc Trust | 187% | $10.4M | -0.45% |
Alternatives
Alternatives ETFs traded $916.8M (108% activity). Momentum was concentrated in Event Driven absolute return strategies, which saw activity levels over 430% above average, though the broader class return was weighted down by Volatility-linked products.
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.
Non-Traditional
The Non-Traditional segment saw $40.0B in volume (125% activity). Leveraged and inverse strategies within single-stock and commodity markets were the primary drivers. Tickers like TSMX (+9.00%) and BALI (+0.22%) exhibited massive activity spikes, with BALI trading over 600% of its ADV.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Synthetic Income – Fixed Income | 246% | $137.1M | +0.09% |
| Non-Traditional: Leverage | Inverse – Commodity | 197% | $4.1B | -0.50% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| TSMX | Direxion Daily TSM Bull 2X Shares | 746% | $164.0M | +9.00% |
| BALI | iShares U.S. Large Cap Premium Income Active ETF | 607% | $31.4M | +0.22% |
| KORU | Direxion MSCI Daily South Korea Bull 3X Shares | 417% | $73.7M | +4.02% |
| BUYW | Main BuyWrite ETF | 295% | $13.9M | +0.17% |
| YMAG | YieldMax Magnificent 7 Fund of Option Income ETFs | 280% | $30.0M | +0.25% |
Multi-Asset
Multi-Asset ETFs saw $208.2M in volume (109% activity). Rotation was most visible in Real Assets and Target Risk – Conservative buckets, with RLY trading at 344% of its ADV as multi-strategy investors adjusted to shifting macro conditions.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Specialty – Real Assets | 208% | $16.7M | +0.01% |
| Asset Allocation: Target Risk – Conservative | 153% | $13.3M | +0.04% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 344% | $10.2M | -0.03% |
| AOK | iShares Core 30/70 Conservative Allocation ETF | 167% | $12.6M | +0.07% |
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.
