The VIX and related ETFs “have been active as expected recently, and the flows have mostly involved profit taking in VXX  calls as well as VIX options themselves,” says Paul Weisbruch, vice president of ETF/options sales and trading at Street One Financial.

“We note that the VIX has pulled back notably from its 48 high in early August and closed with a 35 handle yesterday,” he wrote in a note Thursday. “In related activity, we point out that TVIX has experienced massive outflows this week (in the neighborhood of about 60% of the fund’s total assets under management), as has VXX, as a further indication of profit taking on long ‘volatility’ positions.”

CBOE Volatility Index