ETF Market Summary
- Total Volume: $260.3B
- Activity vs. Avg: 120%
Investors aggressively sought the safety of precious metals, driving extraordinary trading volumes in gold and silver-related ETFs across both equity and commodity markets. This decisive flight to quality defined the day’s activity, as capital appeared to rotate out of broad equity and fixed income assets. The surge was most pronounced in thematic ETFs tracking precious metals miners and physically-backed commodity funds, which saw activity levels more than double their recent averages, suggesting a significant shift in market sentiment amid underlying uncertainty.
Equity
U.S. Size & Style
- Total Volume: $124.7B
- Activity vs. Avg: 121%
Market Action: Trading activity in U.S. equities was elevated, running at 121% of the 30-day average. The heightened volume was most notable in Large Cap Value and Large Cap Growth categories, which traded at 138% and 137% of their respective averages. Performance was negative across the board, with large-cap growth stocks seeing the steepest declines, averaging a loss of -0.75%, while large-cap value provided relative defense, falling -0.51% on average.
High-Activity Outliers
- IWC (iShares Micro-Cap ETF) traded $38.1M (856% of ADV).
- QQQJ (Invesco NASDAQ Next Gen 100 ETF) traded $16.0M (590% of ADV).
- HCMT (Direxion HCM Tactical Enhanced US ETF) traded $13.0M (488% of ADV).
- JHMM (John Hancock Multifactor Mid Cap ETF) traded $45.4M (449% of ADV).
- ESGV (Vanguard ESG U.S. Stock ETF) traded $77.1M (327% of ADV).
- FYC (First Trust Small Cap Growth AlphaDEX Fund) traded $8.0M (313% of ADV).
- HLAL (Wahed FTSE USA Shariah ETF) traded $12.6M (287% of ADV).
- MGV (Vanguard Mega Cap Value ETF) traded $73.0M (269% of ADV).
- ILCG (iShares Morningstar Growth ETF) traded $19.6M (264% of ADV).
- SPYV (SPDR Portfolio S&P 500 Value ETF) traded $292.4M (260% of ADV).
Global Ex-U.S. Size & Style
- Total Volume: $8.9B
- Activity vs. Avg: 116%
Market Action: Trading in international markets was moderately heavy, with volume at 116% of its recent average. The activity was primarily driven by the Emerging Large Cap space, which saw turnover at 127% of its average. Developed international large-cap blend funds also saw notable interest. Performance was broadly negative, with international growth stocks falling -1.11% on average, underperforming their value counterparts which declined by -0.80%. Emerging market small and mid-caps were the weakest group, dropping -1.21%.
High-Activity Outliers
- DGS (WisdomTree Emerging Markets SmallCap Dividend Fund) traded $8.3M (256% of ADV).
- IMTM (iShares MSCI Intl Momentum Factor ETF) traded $41.0M (228% of ADV).
- DIVI (Franklin International Core Dividend Tilt Index Fund) traded $15.2M (221% of ADV).
- GVAL (Cambria Global Value ETF) traded $9.2M (214% of ADV).
- EDIV (SPDR S&P Emerging Markets Dividend ETF) traded $9.7M (217% of ADV).
- FNDE (Schwab Fundamental Emerging Markets Equity ETF) traded $68.0M (209% of ADV).
- EMGF (iShares Emerging Markets Equity Factor ETF) traded $8.7M (205% of ADV).
- VXUS (Vanguard Total International Stock ETF) traded $488.2M (172% of ADV).
- FNDF (Schwab Fundamental International Equity ETF) traded $86.7M (159% of ADV).
- VSS (Vanguard FTSE All-World ex-US Small-Cap ETF) traded $53.2M (158% of ADV).
Region & Country
- Total Volume: $6.1B
- Activity vs. Avg: 101%
Market Action: Volume in region and country-specific ETFs was in line with the daily average. Elevated trading was seen in funds focused on the broader Asia-Pacific region, which traded at 177% of average volume. Latin America-focused funds also saw above-average turnover at 158%. In terms of performance, weakness was concentrated in Chinese technology stocks, with the Invesco China Technology ETF (CQQQ) falling sharply by -2.24%. Conversely, the Indonesia-focused ETF (EIDO) bucked the negative trend, gaining 0.45% on above-average volume.
High-Activity Outliers
- IPAC (iShares Core MSCI Pacific ETF) traded $39.4M (907% of ADV).
- CQQQ (Invesco China Technology ETF) traded $132.8M (423% of ADV).
- GREK (Global X MSCI Greece ETF) traded $16.4M (277% of ADV).
- EIDO (iShares MSCI Indonesia ETF) traded $33.4M (239% of ADV).
- AAXJ (iShares MSCI All Country Asia ex Japan ETF) traded $71.3M (174% of ADV).
- AIA (iShares Asia 50 ETF) traded $11.0M (174% of ADV).
- ILF (iShares Latin America 40 ETF) traded $75.3M (158% of ADV).
Sector & Industry
- Total Volume: $27.2B
- Activity vs. Avg: 113%
Market Action: Sector trading was active, logging 113% of its average daily volume. The Information Technology sector was the epicenter of activity, trading at 130% of its average, followed closely by Communication Services at 137%. On the performance front, the Health Care sector was a notable outperformer, managing a gain of 0.71%, buoyed by strength in biotechnology. The Energy sector also finished in positive territory with a minor gain. In contrast, Real Estate and Materials were the weakest sectors, falling -1.63% and -0.90% respectively.
High-Activity Outliers
- IYC (iShares U.S. Consumer Discretionary ETF) traded $70.7M (542% of ADV).
- USRT (iShares Core U.S. REIT ETF) traded $32.9M (285% of ADV).
- IAI (iShares U.S. Broker-Dealers & Securities Exchanges ETF) traded $61.2M (258% of ADV).
- IDU (iShares U.S. Utilities ETF) traded $43.7M (248% of ADV).
- IXP (iShares Global Comm Services ETF) traded $5.9M (221% of ADV).
- FIDU (Fidelity MSCI Industrial Index ETF) traded $9.3M (208% of ADV).
- EUAD (Select STOXX Europe Aerospace & Defense ETF) traded $36.2M (206% of ADV).
- XSW (SPDR S&P Software & Services ETF) traded $5.3M (201% of ADV).
- IYE (iShares U.S. Energy ETF) traded $49.3M (193% of ADV).
- VNQI (Vanguard Global ex-U.S. Real Estate ETF) traded $22.1M (178% of ADV).
Thematic
- Total Volume: $7.4B
- Activity vs. Avg: 141%
Market Action: Thematic ETFs saw significantly heightened activity, trading at 141% of average volume. This was almost entirely driven by a massive surge of interest in the Precious Metals category, which traded at an exceptional 263% of its 30-day average. This intense buying pressure translated into remarkable performance, with precious metals-focused funds soaring an average of 3.57%. In stark contrast, thematic funds centered on the Evolving Consumer and Sustainability lagged significantly, posting average losses of -1.89% and -1.63%, respectively.
High-Activity Outliers
- SIL (Global X Silver Miners ETF) traded $292.6M (390% of ADV).
- ESPO (VanEck Video Gaming and eSports ETF) traded $10.6M (376% of ADV).
- IGF (iShares Global Infrastructure ETF) traded $150.5M (366% of ADV).
- RING (iShares MSCI Global Gold Miners ETF) traded $48.8M (364% of ADV).
- DTCR (Global X Data Center And Digital Infrastructure ETF) traded $14.6M (317% of ADV).
- GDX (VanEck Gold Miners ETF) traded $2.7B (270% of ADV).
- IGE (iShares North American Natural Resources ETF) traded $10.8M (237% of ADV).
- PKB (Invesco Building & Construction ETF) traded $5.9M (217% of ADV).
- LIT (Global X Lithium & Battery Tech ETF) traded $26.9M (170% of ADV).
- FWD (AB Disruptors ETF) traded $10.8M (165% of ADV).
Global Size & Style
- Total Volume: $990.2M
- Activity vs. Avg: 101%
High-Activity Outliers
- SDIV (Global X Superdividend ETF) traded $25.9M (262% of ADV).
- IOO (iShares Global 100 ETF) traded $25.1M (153% of ADV).
Fixed Income
Taxable Bonds
- Total Volume: $30.7B
- Activity vs. Avg: 128%
Market Action: The taxable bond market experienced a busy session, with volume reaching 128% of its recent average. The highest turnover was seen in Government Ultrashort funds (176% of average) and Inflation Protected bonds (184% of average). Performance was negative across the maturity spectrum; long-duration government bonds saw the largest declines with an average loss of -0.99%, while intermediate and short-duration government bonds fell -0.51% and -0.35%, respectively. High-yield corporate bonds also came under pressure, declining -0.56% on heavy volume.
High-Activity Outliers
- VGUS (Vanguard Ultra-Short Treasury ETF) traded $40.0M (573% of ADV).
- IBTH (iShares iBonds Dec 2027 Term Treasury ETF) traded $29.1M (435% of ADV).
- IBTJ (iShares iBonds Dec 2029 Term Treasury ETF) traded $10.2M (400% of ADV).
- XONE (BondBloxx Bloomberg One Year Target Duration US Treasury ETF) traded $15.5M (334% of ADV).
- SHYG (iShares 0-5 Year High Yield Corporate Bond ETF) traded $203.9M (326% of ADV).
- DMBS (DoubleLine Mortgage ETF) traded $11.2M (320% of ADV).
- IBND (SPDR Bloomberg International Corporate Bond ETF) traded $14.5M (306% of ADV).
- IGLB (iShares 10+ Year Investment Grade Corporate Bond ETF) traded $153.9M (292% of ADV).
- BBAG (JPMorgan BetaBuilders U.S. Aggregate Bond ETF) traded $7.3M (288% of ADV).
- EBND (SPDR Bloomberg Emerging Markets Local Bond ETF) traded $16.7M (255% of ADV).
Municipal Bonds
- Total Volume: $1.5B
- Activity vs. Avg: 97%
Market Action: Trading in the municipal bond market was subdued, running slightly below its 30-day average. Single State municipal bond funds were the most active category, trading at 128% of their average volume, though this did not translate to the broader composite. Performance was negative across all categories, with long-duration municipal bonds experiencing the largest average decline of -0.53%. Intermediate-term munis fell by an average of -0.38%.
High-Activity Outliers
- HTAB (Hartford Schroders Tax-Aware Bond ETF) traded $11.7M (279% of ADV).
- TAXF (American Century Diversified Municipal Bond ETF) traded $8.5M (265% of ADV).
- FLMI (Franklin Dynamic Municipal Bond ETF) traded $14.3M (183% of ADV).
- HYMB (SPDR Nuveen ICE High Yield Municipal Bond ETF) traded $38.5M (156% of ADV).
Commodities
- Total Volume: $10.7B
- Activity vs. Avg: 212%
Market Action: The commodities complex was the focal point of the market, with trading volume surging to 212% of its 30-day average. This explosion in activity was almost exclusively due to immense interest in Precious Metals, which traded at 223% of average volume. This heavy buying resulted in strong gains, with the category rising 2.32% on average. Broad-based multi-sector commodity funds also saw significant inflows, trading at 219% of average and gaining 1.22%.
High-Activity Outliers
- GSG (iShares S&P GSCI Commodity Indexed Trust) traded $109.2M (1518% of ADV).
- GLTR (abrdn Physical Precious Metals Basket Shares ETF) traded $14.6M (284% of ADV).
- PPLT (abrdn Physical Platinum Shares ETF) traded $78.2M (261% of ADV).
- GLD (SPDR Gold Shares) traded $6.8B (247% of ADV).
- IAU (iShares Gold Trust) traded $1.8B (208% of ADV).
- SLV (iShares Silver Trust) traded $1.1B (188% of ADV).
- DBC (Invesco DB Commodity Index Tracking Fund) traded $14.1M (152% of ADV).
Cryptocurrency
- Total Volume: $6.1B
- Activity vs. Avg: 94%
Market Action: Trading activity in digital assets was slightly below its recent average. The majority of the volume was concentrated in Bitcoin-related products, which traded at 108% of their average and posted a solid gain of 2.05%. In contrast, Ethereum-focused products saw lighter-than-average volume at just 73% and experienced a significant decline of -1.92%, indicating a clear performance divergence within the asset class.
High-Activity Outliers
(No outliers with significant activity were found in the provided data.)
Alternative
- Total Volume: $1.7B
- Activity vs. Avg: 150%
Market Action: Alternative strategy ETFs saw heightened trading interest, with volume reaching 150% of the 30-day average. This was driven by significant activity in Volatility-linked products, which traded at 151% of their average. Long volatility strategies performed well, gaining 2.86% on average, while short volatility strategies fell -1.44%, consistent with a risk-off market tone.
High-Activity Outliers
- VIXY (ProShares VIX Short-Term Futures ETF) traded $105.7M (153% of ADV).
- UVXY (ProShares Ultra VIX Short-Term Futures ETF) traded $485.4M (152% of ADV).
- CTA (Simplify Managed Futures Strategy ETF) traded $15.8M (183% of ADV).
Non-Traditional
Leverage | Inverse
- Total Volume: $30.6B
- Activity vs. Avg: 109%
High-Activity Outliers
- UGL (ProShares Ultra Gold) traded $156.8M (352% of ADV).
- AGQ (ProShares Ultra Silver) traded $198.2M (252% of ADV).
- GDXU (MicroSectors Gold Miners 3X Leveraged ETN) traded $140.6M (231% of ADV).
- NUGT (Direxion Daily Gold Miners Index Bull 2x Shares) traded $172.7M (227% of ADV).
- JNUG (Direxion Daily Junior Gold Miners Index Bull 2X Shares) traded $66.2M (220% of ADV).
- NVDU (Direxion Daily NVDA Bull 2X Shares) traded $117.3M (152% of ADV).
Synthetic Income
- Total Volume: $2.6B
- Activity vs. Avg: 107%
High-Activity Outliers
- IWMI (NEOS Russell 2000 High Income ETF) traded $14.8M (263% of ADV).
- TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) traded $56.1M (253% of ADV).
- GPIX (Goldman Sachs S&P 500 Premium Income ETF) traded $43.9M (229% of ADV).
- XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) traded $23.3M (202% of ADV).
- IGLD (FT Vest Gold Strategy Target Income ETF) traded $4.7M (165% of ADV).
Buffer
- Total Volume: $548.4M
- Activity vs. Avg: 150%
High-Activity Outliers
- PSEP (Innovator U.S. Equity Power Buffer ETF – September) traded $46.5M (800% of ADV).
- POCT (Innovator U.S. Equity Power Buffer ETF – October) traded $8.1M (245% of ADV).
- PJUL (Innovator U.S. Equity Power Buffer ETF – July) traded $11.7M (232% of ADV).
Multi-Asset
- Total Volume: $132.9M
- Activity vs. Avg: 112%
High-Activity Outliers
- AOA (iShares Core 80/20 Aggressive Allocation ETF) traded $10.0M (181% of ADV).
Currency
- Total Volume: $100.4M
- Activity vs. Avg: 114%
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.
