The Dow Jones Industrial Average fell over 500 points on Monday, which was highlighted by a flight to ETFs, particularly in fixed income. With the Federal Reserve expected to hike rates for a fourth and final time in 2018, the trend of more investors fleeing U.S. equities could persist, unless the central bank sounds more dovish on Wednesday.

“Yesterday’s sell-off saw a big bump in ETF activity as we seemed to get the beginning of year end positioning. We saw an increase of 30% in ETF volumes traded from Friday,” said Brian Gilman of Virtu Financial.

The big ETF story of the day was what looked to be a large model trigger selling the S&P sectors and buying fixed income.

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