In March, five of the top 10 names for client net-buys were ETFs, not individual stocks

The Schwab Trading Activity Index™ (STAX) decreased to 56.04 in March, down from its score of 57.32 in February. The only index of its kind, the STAX is a proprietary, behavior-based index that analyzes retail investor stock positions and trading activity from Schwab's millions of client accounts to illuminate what investors were actually doing and how they were positioned in the markets each month.

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Schwab clients turned slightly bearish in March as war began in Iran, sending the STAX down 2.23% from February's long-term high. This represents the sharpest monthly decline for STAX since a 3.64% retreat last May when the market wrestled with President Trump's first round of tariffs. However, the STAX reading of 56.04 is still the highest for any recent month other than February.

As markets retreated in March, Schwab clients appeared to spend less time trying to pick individual names, concentrating instead on diversified exchange-traded funds (ETFs). Five of the top 10 highest names in terms of client net-buys during March were ETFs, not individual stocks.