US asset-class ETFs close mostly lower; agriculture fund falls 1%

The split is telling: volatility, Treasuries, gold and the yen all fell together while equities rose, which reads more like a risk-on rotation than a broad asset-class selloff. What matters is that the safe-haven complex weakened in unison rather than one hedge failing alone, a pattern that tends to reflect positioning shifts rather than fresh macro information. The agriculture fund's decline stands apart from that story, given its idiosyncratic drivers. Whether the equity-versus-hedge divergence persists into the next session is the open question worth watching.