As the markets bounced back in 2009, investors poured money into exchange-traded funds (ETFs), which held a record $776 billion domestically at the end of the year. ETFs are popular trading tools among technical analysts, because they offer access to market indices, sectors, countries, commodities, and leverage. However, although ETFs trade like stocks, they aren’t individual equities, so technicians must be careful when analyzing them. Indicators that work with individual stocks may not work with equity ETFs. Specifically, volume analysis is less reliable on ETFs, unless adjustments are made. Instead of analyzing an ETF’s volume, traders should focus on the volume of its largest underlying stock holdings. Read on to learn more.