February 20, 2026
Market Context
U.S. equities ended mostly lower on Thursday, February 19, with defensives and energy relatively better and rate-sensitive and financial/credit-sensitive pockets mixed. Crude extended its rally on renewed Iran-risk headlines, while the dollar was modestly firmer and the long end of the Treasury curve was little changed.
What Changed Today?
From a thematic lens, the tape stayed dominated by three cross-currents: (1) AI disruption anxiety periodically widening beyond software into financial intermediaries and select ‘services’ models; (2) geopolitics re-pricing energy risk premia; and (3) a consumer that is increasingly bifurcated—weak housing activity and selected discretionary softness, but pockets of resilience where pricing/mix and activity remain firm.
Investment Outlook
Near-term, we remain positioned for a market that rewards idiosyncratic fundamentals over index-level beta. The combination of elevated single‑stock dispersion, frequent narrative reversals inside ‘AI’ (enablers vs adopters vs perceived disruptees), and geopolitical headline risk argues for disciplined sizing and an emphasis on liquidity. We continue to favor themes with observable earnings/backlog momentum and pricing power (select infrastructure/electrification, quality cyclicals, and defensive growth), while treating highly crowded, narrative‑only exposures as tactical. Flows bear watching: persistent inflows can stabilize drawdowns, but sharp outflows tend to amplify moves in high‑volatility thematic sleeves.
Top 10 / Bottom 10 — Daily Performance
Top 10 Daily Performers
| ETF | Theme / Category | 1-Day % | 1-Month % | YTD Flows |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | +18.84% | -26.46% | $10M |
| MSOS | AdvisorShares Pure US Cannabis ETF | +9.69% | -12.16% | $6M |
| CNBS | Amplify Seymour Cannabis ETF | +9.20% | -12.57% | -$3M |
| WEED | Roundhill Cannabis ETF | +8.94% | -12.78% | $0 |
| YOLO | AdvisorShares Pure Cannabis ETF | +6.55% | -4.92% | -$323K |
| MJ | Amplify Alternative Harvest ETF | +6.06% | -9.05% | -$3M |
| SILJ | Amplify Junior Silver Miners ETF | +3.44% | +3.22% | $399M |
| TOKE | Cambria Cannabis ETF | +3.33% | -3.49% | $231K |
| ARKX | ARK Space & Defense Innovation ETF | +2.70% | -5.83% | $177M |
| LABU | Direxion Daily S&P Biotech Bull 3X Shares | +2.42% | +2.96% | -$209M |
Bottom 10 Daily Performers
| ETF | Theme / Category | 1-Day % | 1-Month % | YTD Flows |
| FLYU | MicroSectors Travel 3x Leveraged ETN | -7.87% | -20.79% | $0 |
| JETS | U.S. Global Jets ETF | -3.96% | +0.31% | $51M |
| TAN | Invesco Solar ETF | -3.16% | +12.80% | $393M |
| ITB | iShares U.S. Home Construction ETF | -1.61% | +2.21% | -$59M |
| XHB | State Street SPDR S&P Homebuilders ETF | -1.45% | +2.87% | -$32M |
| QCLN | First Trust Nasdaq Clean Edge Green Energy Index Fund | -1.41% | +1.67% | -$7M |
| FAN | First Trust Global Wind Energy ETF | -1.40% | +6.69% | -$1M |
| XSD | State Street SPDR S&P Semiconductor ETF | -1.37% | -0.19% | $19M |
| BEDZ | AdvisorShares Hotel ETF | -1.25% | -1.58% | -$2M |
| HOMZ | Hoya Capital Housing ETF | -1.21% | -1.27% | $0 |
Top 10 / Bottom 10 — 1-Month Performance
Top 10 1-Month Performers
| ETF | Theme / Category | 1-Month % | 1-Day % | YTD Flows |
| TAN | Invesco Solar ETF | +12.80% | -3.16% | $393M |
| MLPX | Global X MLP & Energy Infrastructure ETF | +12.78% | +0.49% | $53M |
| ENFR | Alerian Energy Infrastructure ETF | +12.41% | +0.42% | $65K |
| EMIF | iShares Emerging Markets Infrastructure ETF | +12.24% | +0.07% | $6M |
| UMI | USCF Midstream Energy Income Fund ETF | +12.17% | +0.41% | $13M |
| TPYP | Tortoise North American Pipeline Fund | +12.11% | +0.40% | $10M |
| ATMP | Barclays ETN+ Select MLP ETN | +10.97% | +0.30% | $6M |
| NANR | State Street SPDR S&P North American Natural Resources ETF | +10.82% | +0.74% | -$20M |
| GCOW | Pacer Global Cash Cows Dividend ETF | +10.23% | +0.45% | $233M |
| GNR | State Street SPDR S&P Global Natural Resources ETF | +10.02% | +0.33% | $247M |
Bottom 10 1-Month Performers
| ETF | Theme / Category | 1-Month % | 1-Day % | YTD Flows |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | -30.76% | +1.94% | $1M |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -26.46% | +18.84% | $10M |
| DAPP | VanEck Digital Transformation ETF | -25.29% | +0.64% | -$17M |
| STCE | Schwab Crypto Thematic ETF | -24.54% | +0.46% | $5M |
| BKCH | Global X Blockchain ETF | -23.57% | +0.90% | -$59M |
| FLYU | MicroSectors Travel 3x Leveraged ETN | -20.79% | -7.87% | $0 |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | -20.67% | -0.49% | -$8M |
| BITQ | Bitwise Crypto Industry Innovators ETF | -20.42% | +0.73% | $12M |
| WGMI | CoinShares Bitcoin Mining ETF | -20.31% | +1.62% | -$34M |
| IBLC | iShares Blockchain and Tech ETF | -20.21% | +0.61% | -$2M |
Top 10 / Bottom 10 — 1-Month Fund Flows
Top 10 1-Month Inflows
| ETF | ETF Name | 1-Month Flows | 1-Month % | 1-Day % |
| VTI | Vanguard Total Stock Market ETF | $6B | -1.07% | -0.19% |
| SGOV | iShares 0-3 Month Treasury Bond ETF | $4B | +0.30% | +0.01% |
| BND | Vanguard Total Bond Market ETF | $3B | +1.17% | +0.04% |
| EEM | iShares MSCI Emerging Markets ETF | $3B | +5.48% | -0.25% |
| AGG | iShares Core U.S. Aggregate Bond ETF | $3B | +1.15% | +0.02% |
| AGG | iShares Core U.S. Aggregate Bond ETF | $3B | +1.16% | +0.02% |
| IGV | iShares Expanded Tech-Software Sector ETF | $2B | -16.81% | -0.27% |
| VTV | Vanguard Value ETF | $2B | +3.91% | -0.20% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | $2B | +1.28% | +0.07% |
| SCHD | Schwab US Dividend Equity ETF | $2B | +9.24% | +0.03% |
Bottom 10 1-Month Outflows
| ETF | ETF Name | 1-Month Flows | 1-Month % | 1-Day % |
| SPY | State Street SPDR S&P 500 ETF | -$13B | -1.04% | -0.26% |
| TLT | iShares 20+ Year Treasury Bond ETF | -$2B | +2.46% | +0.10% |
| IWM | iShares Russell 2000 ETF | -$2B | -0.44% | +0.23% |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$2B | +0.79% | +0.00% |
| QQQ | Invesco QQQ Trust Series I | -$2B | -2.86% | -0.38% |
| SLV | iShares Silver Trust | -$1B | -12.35% | +1.31% |
| GLD | SPDR Gold Shares | -$1B | +9.08% | +0.28% |
| KLMN | Invesco MSCI North America Climate ETF | -$672M | -1.44% | -0.54% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616M | +2.80% | -0.41% |
| KWEB | KraneShares CSI China Internet ETF | -$470M | -8.29% | -0.43% |
Top 10 / Bottom 10 — YTD Fund Flows
Top 10 YTD Inflows
| ETF | ETF Name | YTD Flows | 1-Month % | 1-Day % |
| VTI | Vanguard Total Stock Market ETF | $9B | -1.07% | -0.19% |
| SGOV | iShares 0-3 Month Treasury Bond ETF | $6B | +0.30% | +0.01% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | $5B | +1.28% | +0.07% |
| BND | Vanguard Total Bond Market ETF | $5B | +1.17% | +0.04% |
| EEM | iShares MSCI Emerging Markets ETF | $4B | +5.48% | -0.25% |
| AGG | iShares Core U.S. Aggregate Bond ETF | $4B | +1.15% | +0.02% |
| AGG | iShares Core U.S. Aggregate Bond ETF | $4B | +1.16% | +0.02% |
| SMH | VanEck Semiconductor ETF | $3B | +2.45% | -0.57% |
| VUG | Vanguard Growth ETF | $3B | -4.92% | -0.27% |
| CGDV | Capital Group Dividend Value ETF | $2B | +2.20% | -0.07% |
Bottom 10 YTD Outflows
| ETF | ETF Name | YTD Flows | 1-Month % | 1-Day % |
| SPY | State Street SPDR S&P 500 ETF | -$17B | -1.04% | -0.26% |
| QQQ | Invesco QQQ Trust Series I | -$5B | -2.86% | -0.38% |
| TLT | iShares 20+ Year Treasury Bond ETF | -$4B | +2.46% | +0.10% |
| IWM | iShares Russell 2000 ETF | -$3B | -0.44% | +0.23% |
| SLV | iShares Silver Trust | -$2B | -12.35% | +1.31% |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$1B | +0.79% | +0.00% |
| VIG | Vanguard Dividend Appreciation ETF | -$705M | +0.65% | -0.37% |
| KLMN | Invesco MSCI North America Climate ETF | -$672M | -1.44% | -0.54% |
| IYR | iShares U.S. Real Estate ETF | -$626M | +1.55% | -0.18% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616M | +2.80% | -0.41% |
