Macro Summary
The February 20, 2026 session was characterized by broadly muted trading activity, with total market volume reaching $271.46 billion—equating to just 83% of the 30-day average. While engagement remained light across nearly all major segments, the Multi-Asset class bucked the overarching trend, standing as the sole category to demonstrate above-average trading volume for the day.
| Asset Class | Volume | 30D Avg. | % of 30D Avg. |
|---|---|---|---|
| Equity | $194.65B | $216.77B | 90% |
| Fixed Income | $28.66B | $32.04B | 89% |
| Commodity | $11.88B | $29.48B | 40% |
| Digital Asset | $2.78B | $6.88B | 40% |
| Currency | $55.34M | $116.34M | 48% |
| Alternative | $1.01B | $1.27B | 80% |
| Non-Traditional | $32.15B | $41.87B | 77% |
| Multi-Asset | $262.50M | $238.80M | 110% |
Equity
Equities posted broadly positive returns (+0.57%) during a largely quiet session. Total volume of $194.65 billion sat slightly beneath the trailing average at 90%. However, pockets of localized strength emerged in specific areas, notably within Global Large Cap Blend and the Consumer Discretionary sector, driven by outsized participation in funds like CGDG and EWZS.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Global Large Cap – Blend | 149% | $2.45B | +0.70% |
| Sector – Consumer Discretionary | 148% | $2.41B | +0.78% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| CGDG | Capital Group Dividend Growers ETF | 658% | $188.92M | +0.60% |
| EWZS | iShares MSCI Brazil Small-Cap ETF | 643% | $52.25M | +1.58% |
| GNR | State Street SPDR S&P Global Natural Resources ETF | 543% | $151.59M | +0.08% |
| SMLF | iShares U.S. SmallCap Equity Factor ETF | 538% | $126.40M | +0.42% |
| BTAL | AGF U.S. Market Neutral Anti-Beta Fund | 526% | $45.05M | -0.43% |
| GSEW | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 519% | $40.80M | +0.32% |
| PDP | Invesco Dorsey Wright Momentum ETF | 503% | $15.00M | +1.21% |
| IYZ | iShares U.S. Telecommunications ETF | 397% | $211.10M | +0.93% |
| ABFL | Abacus FCF Leaders ETF | 375% | $10.77M | +0.80% |
| GFLW | VictoryShares Free Cash Flow Growth ETF | 350% | $14.04M | +0.81% |
Fixed Income
Bond markets registered a balanced and uneventful session, with aggregate returns completely flat and volume printing at $28.66 billion (89% of normal). Despite the suppressed baseline activity, robust flow was observed in specific ultrashort and CLO-focused vehicles, led heavily by PAAA and targeted Treasury implementations.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| PAAA | PGIM AAA CLO ETF | 588% | $638.55M | +0.04% |
| XTEN | BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF | 363% | $19.65M | -0.09% |
| VGUS | Vanguard Ultra-Short Treasury ETF | 324% | $39.65M | +0.03% |
| GVI | iShares Intermediate Government/Credit Bond ETF | 294% | $54.30M | +0.02% |
| CALI | iShares Short-Term California Muni Active ETF | 281% | $9.43M | +0.03% |
| FEMB | First Trust Emerging Markets Local Currency Bond ETF | 253% | $12.84M | -0.16% |
| PICB | Invesco International Corporate Bond ETF | 222% | $7.80M | +0.52% |
| VBIL | Vanguard 0-3 Month Treasury Bill ETF | 220% | $291.13M | +0.03% |
| NBSD | Neuberger Berman Short Duration Income ETF | 203% | $22.48M | -0.09% |
| EVMO | Eaton Vance Mortgage Opportunities ETF | 198% | $7.74M | -0.06% |
Commodities
Commodity ETFs enjoyed a broad rally (+1.29%) despite extremely light volume. The asset class traded just $11.88 billion, tracking at an anemic 40% of its normal 30-day average. While aggregate engagement was suppressed, the GSG indexed trust captured a notable isolated flow premium.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| GSG | iShares S&P GSCI Commodity Indexed Trust | 167% | $37.39M | +0.41% |
Digital Asset
Digital assets posted strong outsized gains (+1.55%) on heavily subdued volume. The segment traded $2.78 billion, representing roughly 40% of its historic 30-day average, indicating price appreciation driven by low liquidity rather than widespread broad accumulation.
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
Currency ETFs experienced negligible movement and remarkably light trading engagement, turning over just $55.34 million in total volume (48% of the 30-day average) with effectively flat net returns.
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
Alternative strategies remained quiet, finishing with an aggregate volume of $1.01 billion (80% of normal) and broadly flat daily performance. No singular categories or specific tickers managed to trigger high-activity thresholds during the session.
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
Leveraged, inverse, and synthetic income strategies traded $32.15 billion, tracking below historical baselines at 77% of average volume. However, individual outlier funds in deep buffer solutions (like DJAN) and single-stock leveraged categories attracted significant speculative flow.
High-Volume Categories
No items met the inclusion criteria for this session.
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| DJAN | FT Vest US Equity Deep Buffer ETF – January | 443% | $11.79M | +0.39% |
| SH | ProShares Short S&P500 | 207% | $562.52M | -0.68% |
| BULZ | MicroSectors Solactive FANG & Innovation 3X Leveraged ETN | 205% | $136.47M | +1.61% |
| SPXL | Direxion Daily S&P 500 Bull 3x Shares | 196% | $1.14B | +2.14% |
| EFAA | Invesco MSCI EAFE Income Advantage ETF | 191% | $10.29M | +0.48% |
| MLPI | NEOS MLP & Energy Infrastructure High Income ETF | 180% | $21.13M | +0.41% |
| NVDY | YieldMax NVDA Option Income Strategy ETF | 170% | $114.30M | +0.86% |
| SPXU | ProShares UltraPro Short S&P500 | 164% | $512.87M | -2.09% |
| IWMI | NEOS Russell 2000 High Income ETF | 161% | $29.89M | +0.10% |
| AMZU | Direxion Daily AMZN Bull 2X Shares | 158% | $173.40M | +4.81% |
Multi-Asset
Multi-Asset stood out as the only asset class to surpass its 30-day volume average, trading $262.50 million (110% of normal). The session was heavily driven by Target Risk – Growth strategies, underpinned by pronounced specific activity from outcome-oriented and macro funds like AGOX and CGBL.
High-Volume Categories
| Category | Activity vs ADV | $ Volume | 1-Day Return |
|---|---|---|---|
| Asset Allocation: Target Risk – Growth | 173% | $127.65M | +0.50% |
High-Activity Ticker Outliers
| Ticker | Name | Activity vs ADV | $ Volume | 1D Return |
|---|---|---|---|---|
| AGOX | Adaptive Alpha Opportunities ETF | 522% | $14.24M | +0.77% |
| CGBL | Capital Group Core Balanced ETF | 253% | $117.22M | +0.70% |
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.
