Macro Summary
The ETF market concluded the session on January 12, 2026, with a total trading volume of $218.9B, representing 88% of the 30-day average activity level. The session narrative was defined by a strong rotation into Hard Assets, with the Commodity asset class seeing a significant surge to 136% of its normal volume. While broader Equity and Fixed Income segments remained slightly below their historical averages, specific themes—particularly Precious Metals (+2.77% 1D Return) and Asia-Pacific regional funds—exhibited anomalous activity. Digital Assets and Currencies remained relatively muted, reflecting a selective appetite for risk during the session.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $151.7B | $172.0B | 88% |
| Fixed Income | $25.3B | $26.4B | 96% |
| Commodity | $15.3B | $11.2B | 136% |
| Digital Asset | $3.0B | $5.8B | 51% |
| Currency | $47.7M | $76.6M | 62% |
| Alternative | $548.5M | $824.4M | 67% |
| Non-Traditional | $22.8B | $31.4B | 72% |
| Multi-Asset | $202.6M | $187.9M | 108% |
Equity
The Equity asset class traded $151.7B (88% of ADV) with an average return of +0.47%. Activity was heavily skewed toward Asia-Pacific Regional and India-focused funds, while thematic interest surged in Natural Resources (+1.93% 1D) and Metals & Mining (+2.91% 1D). The AIA (+0.85% 1D) was the session’s volume outlier, trading at 1,180% of ADV.
Active Categories
| Category | Activity | Volume | 1D Return |
|---|---|---|---|
| Equity: Region – Asia-Pacific Ex-Japan | 382% | $371.7M | +0.93% |
| Equity: Thematic – Health Innovation | 162% | $132.4M | -0.17% |
| Equity: Thematic – Natural Resources | 150% | $1.4B | +1.93% |
| Equity: Thematic – Industrial Revolution | 140% | $275.4M | +1.13% |
| Equity: Sector – Consumer Staples | 133% | $1.4B | +0.93% |
High Activity Tickers (Top 10)
| Ticker | Name | Activity | Volume | 1D Return |
|---|---|---|---|---|
| AIA | iShares Asia 50 ETF | 1180% | $284.5M | +0.85% |
| DIV | Global X SuperDividend US ETF | 855% | $35.7M | +0.37% |
| IYJ | iShares U.S. Industrials ETF | 795% | $50.0M | -0.22% |
| FLIN | Franklin FTSE India ETF | 619% | $154.0M | +0.79% |
| ONEY | State Street SPDR Russell 1000 Yield Focus ETF | 479% | $15.3M | -0.22% |
| SPHQ | Invesco S&P 500 Quality ETF | 471% | $431.8M | +0.47% |
| IYT | iShares US Transportation ETF | 454% | $159.9M | -0.13% |
| PWB | Invesco Large Cap Growth ETF | 436% | $16.7M | +0.44% |
| FGD | First Trust Dow Jones Global Select Dividend | 426% | $16.5M | -0.55% |
| TMSL | T. Rowe Price Small-Mid Cap ETF | 372% | $25.4M | +0.12% |
Fixed Income
The Fixed Income class traded $25.3B (96% of ADV) with a slight aggregate return of -0.02%. Significant volume was recorded in Taxable Emerging markets (+548% of ADV), specifically within local currency bond exposure via EMLC (+0.37% 1D). AAA CLO notes also saw exceptional activity, with ICLO trading at 1,319% of ADV.
Active Categories
| Category | Activity | Volume | 1D Return |
|---|---|---|---|
| Fixed Income: Taxable – Emerging | 548% | $417.6M | +0.02% |
| Fixed Income: Taxable – Multisector | 331% | $1.1B | -0.03% |
| Fixed Income: Taxable – Long-Term | 178% | $818.5M | -0.16% |
| Fixed Income: Taxable – International USD | 178% | $595.7M | +0.06% |
| Fixed Income: Taxable – Short-Term | 138% | $1.3B | -0.00% |
High Activity Tickers (Top 10)
| Ticker | Name | Activity | Volume | 1D Return |
|---|---|---|---|---|
| ICLO | Invesco AAA CLO Floating Rate Note ETF | 1319% | $39.2M | -0.16% |
| JPIE | JPMorgan Income ETF | 853% | $461.7M | +0.03% |
| EMLC | VanEck J. P. Morgan EM Local Currency Bond ETF | 739% | $400.6M | +0.37% |
| PYLD | PIMCO Multisector Bond Active ETF | 608% | $504.2M | -0.06% |
| NXUS | Nuveen International Aggregate Bond ETF | 418% | $250.3M | +0.12% |
| EVSD | Eaton Vance Short Duration Income ETF | 364% | $24.4M | +0.03% |
| IGSB | iShares 1-5 Year IG Corporate Bond ETF | 356% | $542.5M | -0.02% |
| CLOI | VanEck CLO ETF | 313% | $43.2M | -0.09% |
| BILZ | PIMCO Ultra Short Govt Active ETF | 307% | $60.5M | -0.00% |
| SPIB | State Street SPDR Intermediate Corporate Bond | 297% | $462.7M | -0.06% |
Commodities
The Commodity class was the session’s standout, trading $15.3B (136% of ADV) and returning +1.38%. Precious Metals were the primary driver, specifically SLV (+6.33% 1D), while Industrial Metals surged on volume (+203% of ADV).
Active Categories
| Category | Activity | Volume | 1D Return |
|---|---|---|---|
| Commodity: Focused – Industrial Metals | 203% | $70.1M | +2.06% |
| Commodity: Focused – Precious Metals | 139% | $14.5B | +2.77% |
| Commodity: Focused – Agriculture | 128% | $17.2M | -0.95% |
High Activity Tickers
| Ticker | Name | Activity | Volume | 1D Return |
|---|---|---|---|---|
| CPER | United States Copper Index Fund | 241% | $63.6M | +2.25% |
| SLV | iShares Silver Trust | 184% | $7.8B | +6.33% |
| DBA | Invesco DB Agriculture Fund | 174% | $9.9M | -0.60% |
Digital Asset
Digital Assets experienced a muted session with $3.0B in volume (51% of ADV). Despite the lower turnover, Bitcoin-related funds posted gains of +1.32%, with BITO remaining the focal point of activity.
Active Categories
No items met the inclusion criteria for this session.
High Activity Tickers
| Ticker | Name | Activity | Volume | 1D Return |
|---|---|---|---|---|
| GXRP | Grayscale XRP Trust ETF | 167% | $6.2M | -0.98% |
| BITO | ProShares Bitcoin ETF | 153% | $824.7M | +1.32% |
Currencies
Currency ETFs saw selective interest with $47.7M in volume (62% of ADV). The Euro Trust FXE (+0.25% 1D) was the session’s primary volume driver relative to its average.
Active Categories
No items met the inclusion criteria for this session.
High Activity Tickers
| Ticker | Name | Activity | Volume | 1D Return |
|---|---|---|---|---|
| FXE | Invesco CurrencyShares Euro Trust | 172% | $15.7M | +0.25% |
Alternatives
Alternatives traded $548.5M (67% of ADV) and returned +0.38% on average. Event Driven strategies traded at 176% of ADV, although specific tickers did not meet the individual high-activity outlier criteria.
Active Categories
| Category | Activity | Volume | 1D Return |
|---|---|---|---|
| Alternative: Absolute Return – Event Driven | 176% | $3.6M | -0.25% |
High Activity Tickers
No items met the inclusion criteria for this session.
Non-Traditional
Non-Traditional ETFs traded $22.8B (72% of ADV) and returned +0.65%. High volume was concentrated in Leveraged China Internet exposure via CWEB (+10.05% 1D), and Synthetic Income strategies in Commodities such as USOI.
Active Categories
| Category | Activity | Volume | 1D Return |
|---|---|---|---|
| Non-Traditional: Buffer – Commodity | 198% | $2.1M | +1.17% |
| Non-Traditional: Currency Hedged – Single Stock | 179% | $2.0M | -0.13% |
| Non-Traditional: Synthetic Income – Commodity | 156% | $59.0M | +1.92% |
High Activity Tickers (Top 10)
| Ticker | Name | Activity | Volume | 1D Return |
|---|---|---|---|---|
| CWEB | Direxion Daily CSI China Internet Bull 2x | 960% | $83.4M | +10.05% |
| UWM | ProShares Ultra Russell2000 | 630% | $118.0M | +0.82% |
| DFEN | Direxion Daily Aerospace Bull 3X Shares | 336% | $48.3M | +4.64% |
| BUYW | Main BuyWrite ETF | 302% | $12.5M | +0.10% |
| USOI | UBS ETRACS Crude Oil Covered Call ETNs | 296% | $25.8M | +0.37% |
| IDVO | Amplify International Enhanced Dividend | 259% | $22.7M | +4.19% |
| QDVO | Amplify CWP Growth & Income ETF | 226% | $26.3M | +0.19% |
| NJAN | Innovator Growth-100 Power Buffer – Jan | 216% | $6.6M | +0.05% |
| SLVO | UBS ETRACS Silver Covered Call ETNs | 184% | $8.2M | +1.99% |
| AGQ | ProShares Ultra Silver | 161% | $1.4B | +12.83% |
Multi-Asset
The Multi-Asset class traded $202.6M (108% of ADV) and posted an average return of +0.54%. The Real Assets segment was the primary activity outlier, led by RLY (+0.54% 1D) trading at 470% of ADV.
Active Categories
| Category | Activity | Volume | 1D Return |
|---|---|---|---|
| Asset Allocation: Specialty – Real Assets | 383% | $26.0M | +0.94% |
| Asset Allocation: Specialty – Multi-Asset Income | 137% | $36.4M | +0.12% |
High Activity Tickers
| Ticker | Name | Activity | Volume | 1D Return |
|---|---|---|---|---|
| RLY | State Street Multi-Asset Real Return ETF | 470% | $11.9M | +0.54% |
