Macro Summary
Total market volume for the session reached $306.9B, representing 118% of the 30-day average. The trading day was characterized by a massive surge in Commodities, specifically precious metals, which traded at nearly 4x their typical daily volume. While broader Equity and Fixed Income activity remained balanced near historical averages, the concentrated interest in safe-haven assets and silver-linked products drove the overall market activity above baseline levels.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $169.8B | $177.8B | 96% |
| Fixed Income | $28.1B | $27.2B | 104% |
| Commodity | $62.1B | $16.0B | 389% |
| Digital Asset | $5.2B | $5.7B | 91% |
| Currency | $207.4M | $70.1M | 296% |
| Alternative | $716.7M | $875.7M | 82% |
| Non-Traditional | $40.4B | $32.1B | 126% |
| Multi-Asset | $271.8M | $198.0M | 137% |
Equity
Equity ETFs saw $169.8B in volume, operating at 96% of ADV. While headline activity was stable, significant outliers emerged in the Natural Resources (329% activity) and Precious Metals (255% activity) thematic categories.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Thematic – Natural Resources | 329% | $4.1B | -0.03% |
| Equity: Thematic – Precious Metals | 255% | $8.2B | +0.50% |
| Equity: Region – Latin America | 250% | $257.9M | +0.39% |
| Equity: Thematic – Sustainability | 227% | $328.8M | -0.09% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DWAS | Invesco Dorsey Wright SmallCap Momentum ETF | 797% | $91.3M | -0.24% |
| LRGF | iShares U.S. Equity Factor ETF | 680% | $88.9M | +0.60% |
| COPX | Global X Copper Miners ETF | 556% | $1.4B | +2.90% |
| ARGT | Global X MSCI Argentina ETF | 503% | $78.1M | +1.86% |
| EWI | iShares MSCI Italy ETF | 495% | $74.1M | +0.87% |
| WCLD | WisdomTree Cloud Computing Fund | 466% | $45.9M | +2.00% |
| SILJ | Amplify Junior Silver Miners ETF | 368% | $1.1B | -1.64% |
| BBIN | JPMorgan BetaBuilders International Equity ETF | 364% | $47.9M | +0.54% |
| IHI | iShares U.S. Medical Devices ETF | 323% | $249.3M | +0.78% |
| PXH | Invesco RAFI Emerging Markets ETF | 305% | $16.4M | +0.34% |
Fixed Income
Fixed Income volume totaled $28.1B, slightly above average at 104% activity. Bank Loans (165% activity) and Inflation Protected (160% activity) categories saw the most significant relative engagement.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Fixed Income: Taxable – Bank Loans | 165% | $657.3M | -0.11% |
| Fixed Income: Taxable – Inflation Protected | 160% | $996.4M | +0.06% |
| Fixed Income: Taxable – International | 158% | $60.4M | +0.51% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SCEC | Sterling Capital Enhanced Core Bond ETF | 2448% | $140.7M | +0.04% |
| VTIP | Vanguard Short-Term Inflation-Protected Securities ETF | 490% | $474.7M | +0.00% |
| BKLN | Invesco Senior Loan ETF | 211% | $429.2M | -0.22% |
| GSY | Invesco Ultra Short Duration ETF | 396% | $146.1M | +0.06% |
| VUSB | Vanguard Ultra-Short Bond ETF | 183% | $145.1M | +0.04% |
| VCLT | Vanguard Long-Term Corporate Bond ETF | 150% | $485.8M | +0.12% |
Commodities
Commodities was the standout performer of the session, trading $62.1B in volume (389% of ADV). This was almost entirely driven by Precious Metals, which recorded a staggering 402% activity level as silver prices surged.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Commodity: Focused – Precious Metals | 402% | $60.7B | +0.80% |
| Commodity: Specialty – Shipping Freight | 359% | $2.7M | +5.46% |
| Commodity: Focused – Industrial Metals | 324% | $152.3M | +0.84% |
| Commodity: Multi-Sector – Broad Market | 131% | $240.9M | +0.62% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| SLV | iShares Silver Trust | 544% | $36.2B | +3.90% |
| SIVR | abrdn Physical Silver Shares ETF | 498% | $1.7B | +3.89% |
| UNG | United States Natural Gas Fund LP | 251% | $687.0M | +6.34% |
Digital Asset
Digital Asset ETFs experienced a quieter session with $5.2B in volume, hitting 91% of their 30-day average. The asset class saw broad-based weakness, with Bitcoin (-1.64%) and Ethereum (-1.15%) underperforming.
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
Currencies saw a spike in engagement, nearly tripling ADV (296%) as global currency trusts for the Swiss Franc and Euro experienced heightened volatility and interest.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Currency | 296% | $207.4M | +0.21% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Alternatives
The Alternatives class saw muted activity at 82% of ADV ($716.7M volume). Managed Futures (153% activity) was a pocket of relative strength within the class.
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
Non-Traditional ETFs operated at 126% of ADV, driven primarily by high-octane trading in Commodity Leverage/Inverse products (453% activity), where silver-linked 2x/3x shares saw massive volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Leverage | Inverse – Commodity | 453% | $11.7B | -0.34% |
| Non-Traditional: Synthetic Income – Commodity | 242% | $122.8M | +1.12% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AGQ | ProShares Ultra Silver | 574% | $7.8B | +5.30% |
| ZSL | ProShares UltraShort Silver | 417% | $1.5B | -14.62% |
| KOLD | ProShares UltraShort Bloomberg Natural Gas | 362% | $683.2M | -13.47% |
Multi-Asset
Multi-Asset funds traded at 137% of ADV, with notable interest in Specialty Real Assets (173% activity) and Alternative Asset Sleeves (191% activity).
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.
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 activity percentage. 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.
