In the last trading session, Wall Street rallied following cooler-than-expected November inflation data, which has calmed fears of a Fed rate hike. Among the top ETFs, (SPY Quick QuoteSPY - Free Report) added 0.8% and (DIA Quick QuoteDIA - Free Report) gained 0.3%, while (QQQ Quick QuoteQQQ - Free Report) moved up 1% on the day.

Two more specialized ETFs are worth noting, as both saw trading volume that was far outside of normal. In fact, both these funds experienced volume levels that were more than double their average for the most-recent trading session. This could make these ETFs the ones to watch out for in the days ahead to see if this trend of extra interest continues.

(IWV Quick QuoteIWV - Free Report) : Volume 4.71 Times Average

This value ETF was in the spotlight as around 1.3 million shares moved hands compared with an average of 270,000 shares a day. We also saw some price movement as IWV gained 0.8% in the last session.

The move was largely the result of bets on a slower pace of rate hike that would boost the economy and have a big impact on value ETFs like the ones we find in this ETF portfolio. IWV has shed 0.4% over the past month and carries a Zacks ETF Rank #3 (Hold) with a Medium risk outlook.

(FMAT Quick QuoteFMAT - Free Report) : Volume 4.10 Times Average

This material ETF was under the microscope as nearly 221,000 shares moved hands. This compared with an average trading volume of roughly 54,000 shares and came as FMAT gained 1.4% in the last trading session.

The movement can largely be blamed on risk-on trading triggered by cooling inflation. FMAT has gained 0.6% in a month and has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.