Sector-Specific Surges Define a Nuanced Market As Precious Metals See Heavy Volume Sell-Off

The ETF market saw robust trading activity, with total volume reaching $212.3B, perfectly in line with the 30-day average. The day’s narrative was defined by highly concentrated, above-average trading in specific pockets of the market. A clear risk-on appetite was evident in the equity space, with U.S. Mid-Cap Growth, Consumer Discretionary, and Information Technology sectors drawing significant investor interest. This bullish sentiment in equities contrasted sharply with the commodity markets, where Precious Metals experienced a surge in trading volume but ended the day with notable losses, indicating a complex and selective risk environment.

Equity

Equity ETFs commanded the lion’s share of volume, trading $144.7B, or 101% of their 30-day average. The session highlighted strong positive performance in sectors like Consumer Discretionary, which posted an average gain of +1.63%. In contrast, the Thematic Precious Metals category was the primary laggard within equities, declining by an average of -1.37% on heavy volume.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Equity: U.S. Mid Cap – Growth	293%	$572.0M	+1.08%
Equity: Sector – Consumer Discretionary	184%	$3.3B	+1.63%
Equity: Thematic – Precious Metals	153%	$2.4B	-1.37%
Equity: Sector – Information Technology	147%	$9.5B	+0.85%
Equity: Thematic – Infrastructure	130%	$294.9M	+0.74%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded
IMCG	iShares Morningstar Mid-Cap Growth ETF	1606%	$108.1M
BKLC	BNY Mellon US Large Cap Core Equity ETF	1286%	$135.0M
ISCF	iShares International SmallCap Equity Factor ETF	526%	$22.0M
FCTE	SMI 3Fourteen Full-Cycle Trend ETF	432%	$16.2M
PAVE	Global X U.S. Infrastructure Development ETF	325%	$133.7M
DFEV	Dimensional Emerging Markets Value ETF	315%	$9.3M
EUSA	iShares MSCI USA Equal Weighted ETF	311%	$14.2M
FLQM	Franklin U.S. Mid Cap Multifactor Index ETF	304%	$19.4M
IDMO	Invesco S&P International Developed Momentum ETF	292%	$56.8M
IDEV	iShares Core MSCI International Developed Markets ETF	283%	$208.9M

Fixed Income

Fixed Income ETFs experienced elevated activity, trading a total of $29.0B, which is 112% of the 30-day average. The session’s strongest performance came from the Government Long-Term category, which saw an average return of +0.67%. On the other end of the spectrum, Convertible Bonds were the weakest, with an average loss of -0.39%.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Fixed Income: Taxable – Bank Loans	168%	$514.1M	+0.05%
Fixed Income: Taxable – Corporate	144%	$6.3B	+0.40%
Fixed Income: Taxable – International USD	141%	$276.3M	+0.16%
Fixed Income: Taxable – Inflation Protected	131%	$689.3M	+0.15%
Fixed Income: Taxable – Core Enhanced	128%	$498.7M	+0.31%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded
LGOV	First Trust Long Duration Opportunities ETF	732%	$20.1M
LONZ	PIMCO Senior Loan Active Exchange-Traded Fund	728%	$21.9M
YEAR	AB Ultra Short Income ETF	713%	$58.4M
XONE	BondBloxx Bloomberg One Year Target Duration US Treasury ETF	479%	$23.3M
IVOL	KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF	474%	$31.2M
IGEB	iShares Investment Grade Systematic Bond ETF	416%	$23.2M
FALN	iShares Fallen Angels USD Bond ETF	398%	$50.1M
EVTR	Eaton Vance Total Return Bond ETF	377%	$97.2M
GSST	Goldman Sachs Ultra Short Bond ETF	317%	$24.7M
EMHY	iShares J.P. Morgan EM High Yield Bond ETF	294%	$8.3M

Commodities

Commodity-related ETFs were a focal point of activity, with total volume hitting $7.3B, a significant 145% of its 30-day average. Despite the high turnover, performance was broadly negative. The Precious Metals category was the primary driver of volume but also the day’s biggest loser within the asset class, with an average decline of -0.97%. The best-performing group, Specialty Shipping Freight, posted a gain of +0.71%.

High-Volume Categories (>$100M Traded)

Category	Activity vs ADV	$ Volume	1-Day Return
Commodity: Focused – Precious Metals	153%	$6.7B	-0.97%

High-Activity Ticker Outliers

Ticker	Name	Activity vs ADV	$ Volume Traded
SLV	iShares Silver Trust	294%	$1.7B
GLDM	SPDR Gold Minishares Trust of beneficial interest	172%	$329.8M
PPLT	abrdn Physical Platinum Shares ETF	155%	$46.4M

Crypto

Crypto ETFs saw below-average turnover, trading $5.4B for 87% of their 30-day average volume. The entire complex faced a significant sell-off, with Ethereum-focused products leading the declines with an average loss of -3.95%. Bitcoin ETFs, while also down, performed relatively better with a loss of -1.75%.