Most US Asset-Class ETFs Fall; Convertible Bond ETF Drops 2.91%

The split here is the story: convertibles, emerging markets and small caps led the decline while long-dated Treasuries and TIPS finished higher, which points to risk reduction rather than a uniform selloff. Convertibles sitting at the bottom is notable because the asset class blends equity sensitivity with credit exposure, so it tends to amplify moves when both legs weaken together. The VIX long ETF's gain is consistent with that defensive tilt. Whether the Treasury bid persists alongside further equity weakness is the open question.