Shocking stat of the day: US fixed-income ETF trading volume as a % of total ETF volume is up to 27%, its highest in at least 6 years. This figure has more than doubled over the last several weeks. By comparison, in June, fixed-income ETFs accounted for just 7% of total ETF volume. Since 2021, there have been only a couple of brief periods where this figure exceeded 20%. This comes as the surge in Treasury yields accelerated, with the 10Y Note yield surpassing 5.30% and the 30Y Note yield surpassing 5.60%, both for the first time since 2002. Investors are capitalizing on the historic moves in the bond market.