Market Overview
- Total Volume: $194.0B
- Activity vs. Avg: 90%
Investor appetite for risk saw a notable resurgence, fueling a rally in technology-centric assets while defensive sectors lagged. The session was characterized by a distinct pivot towards growth-oriented equities, with U.S. large-cap growth stocks decisively outperforming their value counterparts. This trend extended internationally, where a significant surge in trading volume and performance was observed in emerging markets, led by a powerful rebound in Chinese technology stocks. While overall market activity remained slightly below the 30-day average, pockets of intense volume in specific international and thematic ETFs suggest investors were actively repositioning portfolios to capitalize on emerging global opportunities.
Equity
U.S. Size & Style
- Total Volume: $95.3B
- Activity vs. Avg: 93%
Market Action: Trading volume was nearly in line with the 30-day average, with a clear performance divergence favoring growth stocks. U.S. Large Cap Growth ETFs saw the heaviest turnover, trading at 102% of their average volume and posting an average gain of 0.63%. In contrast, value-oriented categories saw weaker performance across all market caps, with U.S. Large Cap Value ETFs returning -0.11% on the day. Small-cap funds experienced the most subdued activity, with trading in the blend category running at just 79% of its recent average.
High-Activity Outliers
- PKW (Invesco Buyback Achievers ETF) traded $17.4M (528% of ADV).
- VTHR (Vanguard Russell 3000 ETF) traded $23.5M (425% of ADV).
- JMEE (JPMorgan Small & Mid Cap Enhanced Equity ETF) traded $24.1M (405% of ADV).
- CATH (Global X S&P 500 Catholic Values Custom ETF) traded $10.9M (389% of ADV).
- USPX (Franklin U.S. Equity Index ETF) traded $10.2M (369% of ADV).
- SMLF (iShares U.S. SmallCap Equity Factor ETF) traded $28.0M (334% of ADV).
- FPX (First Trust US Equity Opportunities ETF) traded $13.5M (301% of ADV).
- SDY (SPDR S&P Dividend ETF) traded $74.1M (270% of ADV).
- NUSC (Nuveen ESG Small-Cap ETF) traded $9.6M (263% of ADV).
- GFLW (VictoryShares Free Cash Flow Growth ETF) traded $7.8M (253% of ADV).
Global Ex-U.S. Size & Style
- Total Volume: $7.0B
- Activity vs. Avg: 92%
Market Action: Activity was slightly below average, but a surge of interest in emerging markets drove volumes in that category to 106% of the 30-day norm. Emerging Large Cap ETFs were the standout performers, posting an average gain of 0.45%. This strength was broad, though trading was most concentrated in the largest core emerging market funds. Developed market international funds saw more muted activity and returns, with Global Ex-U.S. Large Cap Value ETFs seeing turnover at just 79% of their average.
High-Activity Outliers
- EMGF (iShares Emerging Markets Equity Factor ETF) traded $21.4M (612% of ADV).
- DIVI (Franklin International Core Dividend Tilt Index Fund) traded $30.0M (484% of ADV).
- PXH (Invesco RAFI Emerging Markets ETF) traded $8.1M (224% of ADV).
- CGXU (Capital Group International Focus Equity ETF) traded $27.4M (216% of ADV).
- IEMG (iShares Core MSCI Emerging Markets ETF) traded $855.0M (173% of ADV).
- ILOW (AB International Low Volatility Equity ETF) traded $8.2M (167% of ADV).
Region & Country
- Total Volume: $6.3B
- Activity vs. Avg: 103%
Market Action: Trading volume was elevated, running above its 30-day average, driven almost entirely by intense activity in country-specific ETFs. This category traded at 109% of its average volume, overshadowing all other regional funds. The session’s narrative was dominated by a powerful rally in the China Technology ETF (CQQQ), which surged 3.73% on exceptionally high volume. This stood in stark contrast to the Greece-focused ETF (GREK), which experienced heavy selling pressure and fell 1.33%, also on unusually high turnover.
High-Activity Outliers
- GREK (Global X MSCI Greece ETF) traded $16.9M (330% of ADV).
- CQQQ (Invesco China Technology ETF) traded $77.1M (244% of ADV).
- FLTW (Franklin FTSE Taiwan ETF) traded $9.2M (216% of ADV).
Sector & Industry
- Total Volume: $19.9B
- Activity vs. Avg: 82%
Market Action: Trading was subdued across most sectors, with overall volume running well below the recent average. The primary drivers of performance were the Information Technology and Energy sectors, which posted average gains of 0.82% and 0.78%, respectively. Conversely, defensive areas of the market struggled, with Consumer Staples and Utilities ETFs falling by an average of 0.79% and 0.69%. The most significant volume outlier was in the Industrial sector, where the Global Industrials ETF (EXI) traded at over four times its average daily volume.
High-Activity Outliers
- EXI (iShares Global Industrials ETF) traded $13.1M (417% of ADV).
- IYC (iShares U.S. Consumer Discretionary ETF) traded $35.4M (296% of ADV).
- KBE (SPDR S&P Bank ETF) traded $172.2M (198% of ADV).
- FXU (First Trust Utilities AlphaDEX Fund) traded $21.4M (178% of ADV).
Thematic
- Total Volume: $4.1B
- Activity vs. Avg: 79%
Market Action: Overall activity in thematic ETFs was muted, trading at just 79% of the 30-day average. The standout theme was Disruptive Tech, which saw the highest absolute volume and delivered a strong average return of 1.55%. A notable pocket of activity occurred in the Alternative Equity category, which traded at 162% of its average volume, largely driven by interest in Business Development Company (BDC) funds. In contrast, Health Innovation themes saw weak performance, declining by an average of 0.35% on very light turnover.
High-Activity Outliers
- MSOS (AdvisorShares Pure US Cannabis ETF) traded $149.9M (276% of ADV).
- IGE (iShares North American Natural Resources ETF) traded $11.4M (250% of ADV).
- BIZD (VanEck BDC Income ETF) traded $32.6M (198% of ADV).
- METV (Roundhill Ball Metaverse ETF) traded $4.3M (152% of ADV).
Global Size & Style
- Total Volume: $839.5M
- Activity vs. Avg: 84%
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Fixed Income
Taxable Bonds
- Total Volume: $21.1B
- Activity vs. Avg: 88%
Market Action: Trading activity was below the 30-day average across most taxable bond categories. A notable exception was in Inflation Protected securities, where volume surged to 138% of its recent average. Performance was strongest at the long end of the duration curve, with Government Long ETFs gaining an average of 0.57%. In contrast, short-duration government funds saw a slight decline. Emerging Markets USD-denominated debt also saw elevated turnover at 147% of its average, posting a solid gain of 0.39%.
High-Activity Outliers
- GOVI (Invesco Equal Weight 0-30 Year Treasury ETF) traded $24.0M (704% of ADV).
- TIPX (SPDR Bloomberg 1-10 Year TIPS ETF) traded $11.3M (291% of ADV).
- VTC (Vanguard Total Corporate Bond ETF) traded $18.0M (281% of ADV).
- NBSD (Neuberger Berman Short Duration Income ETF) traded $9.4M (277% of ADV).
- SPIP (SPDR Portfolio TIPS ETF) traded $10.4M (259% of ADV).
- PCY (Invesco Emerging Markets Sovereign Debt ETF) traded $11.7M (233% of ADV).
- EBND (SPDR Bloomberg Emerging Markets Local Bond ETF) traded $14.2M (221% of ADV).
- PFXF (VanEck Preferred Securities ex Financials ETF) traded $13.2M (201% of ADV).
- GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF) traded $9.7M (186% of ADV).
- SYFI (AB Short Duration High Yield ETF) traded $5.9M (178% of ADV).
Municipal Bonds
- Total Volume: $1.3B
- Activity vs. Avg: 81%
Market Action: Trading in the municipal bond space was generally subdued, with overall volume running at 81% of the 30-day average. The one area of significant interest was in Single State funds, which traded at an unusually high 172% of average volume, driven by heavy turnover in several large California-focused ETFs. Performance across the broader municipal market was flat to slightly negative, with intermediate-duration funds, the largest category by volume, posting a modest average decline of 0.04%.
High-Activity Outliers
- PWZ (Invesco California AMT-Free Municipal Bond ETF) traded $60.5M (261% of ADV).
- CMF (iShares California Muni Bond ETF) traded $89.5M (229% of ADV).
- JMUB (JPMorgan Municipal ETF) traded $71.4M (195% of ADV).
- MINO (PIMCO Municipal Income Opportunities Active Exchange-Traded Fund) traded $5.3M (180% of ADV).
- SMMU (PIMCO Short Term Municipal Bond Active ETF) traded $7.9M (173% of ADV).
Commodities
- Total Volume: $4.9B
- Activity vs. Avg: 101%
Market Action: Trading in commodities was active, with volume just exceeding the 30-day average. This was driven entirely by the Precious Metals category, which traded at 104% of its norm and saw an average gain of 0.81%. Other commodity segments were quiet, with broad market funds trading at just 54% of their typical volume. Carbon Credits were a pocket of notable activity, trading at nearly 200% of average volume, though performance was slightly negative.
High-Activity Outliers
- HGER (Harbor Commodity All-Weather Strategy ETF) traded $7.8M (163% of ADV).
- BAR (GraniteShares Gold Shares) traded $25.1M (155% of ADV).
Cryptocurrency
- Total Volume: $4.7B
- Activity vs. Avg: 73%
Market Action: Trading volume in digital assets was significantly below average. The session was marked by a clear divergence in performance among major cryptocurrencies. While Bitcoin-focused ETFs were nearly flat, Ethereum-tracking funds came under pressure, falling by an average of 2.60%. In contrast, Solana-based products saw strong interest, with volume running at 180% of its 30-day average and posting an average gain of 1.42%.
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Alternative
- Total Volume: $681.6M
- Activity vs. Avg: 63%
Market Action: Trading in the alternatives space was very subdued, with volume at only 63% of the 30-day average. Both Volatility and Absolute Return strategies saw light turnover. Long Volatility funds, which seek to profit from market turbulence, were the worst performers, declining by an average of 1.22% as equity markets rallied. Managed Futures strategies also ended the day in negative territory.
High-Activity Outliers
- (No outliers with significant activity were found in the provided data.)
Non-Traditional
Leverage | Inverse
- Total Volume: $24.7B
- Activity vs. Avg: 88%
High-Activity Outliers
- SOLT (2x Solana ETF) traded $243.3M (225% of ADV).
- NVDL (GraniteShares 2x Long NVDA Daily ETF) traded $2.1B (205% of ADV).
- QLD (ProShares Ultra QQQ) traded $678.3M (181% of ADV).
- NVDU (Direxion Daily NVDA Bull 2X Shares) traded $131.8M (174% of ADV).
- FNGU (MicroSectors FANG+ 3 Leveraged ETNs) traded $213.9M (170% of ADV).
- NVDX (T-Rex 2X Long NVIDIA Daily Target ETF) traded $333.8M (161% of ADV).
Synthetic Income
- Total Volume: $2.2B
- Activity vs. Avg: 89%
High-Activity Outliers
- FTHI (First Trust BuyWrite Income ETF) traded $39.4M (451% of ADV).
- KNG (FT Vest S&P 500 Dividend Aristocrats Target Income ETF) traded $42.4M (272% of ADV).
- SDVD (FT Vest SMID Rising Dividend Achievers Target Income ETF) traded $5.8M (214% of ADV).
- IGLD (FT Vest Gold Strategy Target Income ETF) traded $5.7M (213% of ADV).
- BUCK (Simplify Treasury Option Income ETF) traded $5.3M (182% of ADV).
Buffer
- Total Volume: $406.3M
- Activity vs. Avg: 125%
High-Activity Outliers
- POCT (Innovator U.S. Equity Power Buffer ETF – October) traded $12.3M (428% of ADV).
- BUFQ (FT Vest Laddered Nasdaq Buffer ETF) traded $13.0M (368% of ADV).
- PDEC (Innovator U.S. Equity Power Buffer ETF – December) traded $12.3M (277% of ADV).
Multi-Asset
- Total Volume: $111.4M
- Activity vs. Avg: 91%
High-Activity Outliers
- AOK (iShares Core 30/70 Conservative Allocation ETF) traded $5.9M (162% of ADV).
Currency
- Total Volume: $46.2M
- Activity vs. Avg: 46%
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.
