Macro Summary
On February 19, 2026, the ETF market recorded a total trading volume of $253.1B, representing 77% of the 30-day average. The session was characterized by defensive positioning and a significant focus on energy-related equities, while broader market participation remained muted. Multi-Asset and Alternative classes showed relative strength in activity despite the overall lower market turnover.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $178.7B | $217.0B | 82% |
| Fixed Income | $25.5B | $32.1B | 80% |
| Commodities | $10.6B | $29.5B | 36% |
| Digital Asset | $3.8B | $6.9B | 56% |
| Currencies | $98.2M | $114.9M | 85% |
| Alternatives | $1.2B | $1.3B | 99% |
| Non-Traditional | $32.9B | $42.0B | 78% |
| Multi-Asset | $259.0M | $236.5M | 109% |
Equity
The Equity asset class saw $178.7B in total volume (82% activity). Energy sectors were a primary focus, with Equity: Sector – Energy generating $4.9B in volume at 127% of its average, returning +1.30%.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Equity: Sector – Energy | 127% | $4.9B | +1.30% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| IYC | iShares U.S. Consumer Discretionary ETF | 826% | $109.3M | -0.78% |
| IVOG | Vanguard S&P Mid-Cap 400 Growth ETF | 670% | $18.3M | +0.13% |
| IVOV | Vanguard S&P Mid-Cap 400 Value ETF | 606% | $19.8M | -0.55% |
| PSI | Invesco Semiconductors ETF | 563% | $79.1M | -0.55% |
| SCHK | Schwab 1000 Index ETF | 219% | $87.4M | -0.23% |
| SPGM | State Street SPDR Portfolio MSCI Global Stock Market ETF | 203% | $24.7M | -0.31% |
| VHT | Vanguard Health Care ETF | 199% | $123.2M | -0.18% |
Fixed Income
Fixed Income volume totaled $25.5B (80% activity). While the overall class was quiet, iShares International Treasury Bond ETF (IGOV) showed exceptional activity at 508% of its average.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PCY | Invesco Emerging Markets Sovereign Debt ETF | 891% | $106.5M | -0.16% |
| JAAA | Janus Henderson AAA CLO ETF | 202% | $651.4M | -0.03% |
Commodities
Commodity volume was notably light at $10.6B (36% activity). Energy commodities, however, bucked the trend with United States Oil Fund LP (USO) trading $900M at 160% activity and returning +2.26%.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| USO | United States Oil Fund LP | 160% | $900.2M | +2.26% |
Digital Asset
The Digital Asset class remained below trend with $3.8B in volume (56% activity). Bitcoin-focused products averaged a +1.00% return for the day.
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 $98.2M in volume (85% activity). The session for FX-tracking ETFs was largely uneventful with no major outliers qualifying for reporting.
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.
Alternatives
Alternatives showed strong relative participation with $1.2B in volume, matching its 30-day average (99% activity). Long-volatility strategies averaged returns of +2.44%.
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
The Non-Traditional class traded $32.9B (78% activity). Buffer ETFs saw elevated relative activity, with the Non-Traditional: Buffer – Equity category recording 156% of its typical volume.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Non-Traditional: Buffer – Equity | 156% | $510.3M | -0.13% |
High-Activity Ticker Outliers
No items met the inclusion criteria for this session.
Multi-Asset
Multi-Asset ETFs outperformed on an activity basis, trading $259.0M (109% activity). Global Macro strategies within this class saw significant rotation, trading over 219% of ADV.
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.
