Large ETF Outflows and Unusual Options Activity Dominate September 25 Trading

Several notable capital flows shaped market activity on September 25, 2026, with significant ETF redemptions and concentrated options positioning drawing attention across equities and fixed income. The ProShares Ultra S&P500 ETF (SSO) saw the largest single outflow, losing approximately $393.5 million, a 4.4% week-over-week decline in shares outstanding, alongside notable exits from names including AMZN, AVGO, and META. The iShares 10-20 Year Treasury Bond ETF (TLH) shed roughly $242.7 million, a 2.2% weekly decrease, while the iShares S&P 500 Growth ETF (IVW) recorded an outflow of about $142.4 million, a 0.2% decline, with PANW, VRT, and PWR among the associated holdings.

On the options side, a large bullish flow into Microsoft $540 calls expiring October 30 was flagged as a standout block trade. Natera drew attention for the opposite reason, with its options flow registering a heavily bearish 12.6 to 1 put/call ratio near a 52-week high in the stock. Bloom Energy shares rebounded during the session, generating renewed options interest.

Broader options activity showed rising volume in names including INTC, ORCL, MU, PLTR, MSTR, SOFI, CRWV, AVGO, GME, and SNDK, while unusual volume spikes were also detected in KOD, BBD, BHF, NEOV, and GXO. Implied volatility was notably declining in WBD, VKTX, ABVX, CBRL, RARE, and STRC, suggesting fading near-term uncertainty in those names.