As of mid-day Thursday, ETFs commanded a 42% market share of the market’s notional volume, Chris Hempstead, Head of ETF Sales for Deutsche Bank Securities, said in a note.

Thursday’s action was especially noteworthy as the volume made up about $255 billion as of mid-day. This morning’s period activity held up against other highly volatile market conditions including the February 6 vix week of $320 billion exchanging hands, the day after the flash crash at $260 billion and the day after President Donald Trump was elected at $245 billion.

However, “this is VERY different from any of the aforementioned dates as we really do not have that kind of headline to pin it on,” Hempstead said. “Despite the futures having stabilized a bit relative to yesterday’s action, the money flowing into and out of the markets via ETFs is most certainly telling us that re-positioning of risk is about as meaningful yesterday and today as we have ever seen.”

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