Tuesday, February 17, 2026
Source: Factset Research Systems Inc./StreetAccounts
Macro Snapshot
U.S. futures were modestly lower in early Tuesday trading (S&P futures ~-0.2%) after a week where mega-cap tech remained the pressure point (Nasdaq -2% for the week; fifth straight weekly decline), while defensives and rate-sensitive pockets continued to absorb flows. Global rates were firmer into the open with Treasuries modestly bid (yields down ~2–3 bp), the dollar slightly higher, and commodities mixed (WTI firmer; precious metals softer in early trade). In the background, the market is still digesting a regime where AI is increasingly treated as a *two-sided* macro factor: capex-heavy incumbents are scrutinized on cash burn/FCF, while AI competition/disruption risk is repricing a widening set of business models.
What Changed Today?
The big shift is not a single headline; it’s the *plumbing* of the tape. Dispersion stayed elevated, and the broadening-out trade remains the market’s primary shock absorber against index-level drag from Big Tech. AI-disruption anxiety is no longer confined to software—recent pressure has broadened into pockets like trucking/logistics, commercial real estate services, wealth/data services, and select financial intermediaries. Meanwhile, the supportive counterweight is the macro/rates backdrop: modestly lower yields and a still-constructive growth narrative keep cyclicals and select value exposures ‘alive,’ even as single-stock volatility rises.
Investment Outlook
The playbook remains to respect the rotation rather than fight it. Until AI anxiety stops spreading across adjacent industries, we prefer exposure to themes that are *beneficiaries of capex and infrastructure buildout* (select semis, networking, data-center power/cooling) while avoiding crowded ‘asset-light duration’ software where valuation is still anchored to pre-disruption assumptions. The second anchor is rates: with the market sensitive to labor/ inflation prints, duration can still act as ballast on risk-off days, but we are treating it as a *tactical* hedge rather than a strategic bet. Finally, commodities/crypto remain higher-beta expressions of liquidity and narrative—recent flows and performance suggest they can rebound sharply, but the drawdowns are still large enough to keep sizing disciplined.
Thematic Tail of the Tape
Leaders were concentrated in crypto-linked exposures and precious metals miners, consistent with the market’s ongoing preference for ‘liquidity + hard asset’ expressions during periods of high dispersion. The laggards skewed toward travel/leisure and niche risk-on themes. On the flows front, broad beta and core fixed income captured the largest 1-month and YTD inflows—a reminder that, even inside a thematic framework, investors are still using large index and bond allocations as the base from which they take thematic risk.
Top 10 / Bottom 10 — Daily Performance
Top 10 Daily Performers
| ETF | Theme / Category | 1 D RET | 1 MO RET | Fund Flows: 1M | Fund Flows: YTD |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | +7.63% | -26.54% | +$1,290,600 | +$1,290,600 |
| GDX | VanEck Gold Miners ETF | +5.76% | +7.74% | +$1,708,335,330 | +$1,710,541,610 |
| SILJ | Amplify Junior Silver Miners ETF | +5.53% | +5.20% | +$439,370,500 | +$582,840,500 |
| DAPP | VanEck Digital Transformation ETF | +5.04% | -20.12% | -$6,785,902 | -$16,900,762 |
| BITQ | Bitwise Crypto Industry Innovators ETF | +4.79% | -17.43% | +$10,747,975 | +$11,851,875 |
| BKCH | Global X Blockchain ETF | +4.53% | -18.79% | -$57,015,565 | -$42,938,295 |
| STCE | Schwab Crypto Thematic ETF | +3.54% | -19.36% | +$5,073,500 | +$5,073,500 |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | +3.52% | -35.10% | +$6,679,455 | +$9,025,570 |
| IBLC | iShares Blockchain and Tech ETF | +3.50% | -18.34% | +$0 | +$0 |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | +3.27% | -18.24% | -$10,573,936 | -$8,429,327 |
Bottom 10 Daily Performers
| ETF | Theme / Category | 1 D RET | 1 MO RET | Fund Flows: 1M | Fund Flows: YTD |
| FLYU | MicroSectors Travel 3x Leveraged ETN | -2.44% | -26.88% | +$0 | +$0 |
| BETZ | Roundhill Sports Betting & iGaming ETF | -2.32% | -13.93% | -$1,425,428 | -$2,985,352 |
| KRBN | KraneShares Global Carbon Strategy ETF | -1.95% | -16.97% | -$10,147,436 | -$13,706,452 |
| AWAY | Amplify Travel Tech ETF | -1.88% | -17.90% | -$920,110 | -$3,020,710 |
| ESPO | VanEck Video Gaming and eSports ETF | -1.36% | -11.63% | -$25,090,880 | -$51,210,280 |
| BEDZ | AdvisorShares Hotel ETF | -1.31% | -5.58% | +$0 | -$1,553,040 |
| BJK | VanEck Gaming ETF | -1.28% | -8.70% | +$0 | +$0 |
| SBIO | ALPS Medical Breakthroughs ETF | -1.13% | -2.24% | +$7,924,500 | +$7,969,500 |
| EMQQ | EMQQ The Emerging Markets Internet ETF | -0.93% | -9.36% | +$2,565 | -$3,120 |
| HERO | Global X Video Games & Esports ETF | -0.80% | -10.69% | -$7,785,192 | -$11,751,084 |
Top 10 / Bottom 10 — 1-Month Performance
Top 10 1-Month Performers
| ETF | Theme / Category | 1 MO RET | 1 D RET | Fund Flows: 1M | Fund Flows: YTD |
| MLPX | Global X MLP & Energy Infrastructure ETF | +15.80% | +2.54% | +$44,382,919 | |
| TPYP | Tortoise North American Pipeline Fund | +15.04% | +2.02% | +$9,628,792 | +$9,628,792 |
| ENFR | Alerian Energy Infrastructure ETF | +15.02% | +2.62% | +$4,826,000 | +$65,000 |
| UMI | USCF Midstream Energy Income Fund ETF | +14.43% | +2.34% | +$11,175,040 | +$11,175,040 |
| TOLZ | ProShares DJ Brookfield Global Infrastructure ETF | +13.05% | +1.97% | -$5,188,746 | -$19,807,395 |
| PSI | Invesco Semiconductors ETF | +12.18% | +0.81% | +$32,753,120 | +$35,462,140 |
| GRID | First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index | +12.03% | +0.23% | +$1,368,720,800 | +$1,586,739,100 |
| ATMP | Barclays ETN+ Select MLP ETN | +11.99% | +2.45% | +$5,738,882 | +$5,738,882 |
| EMIF | iShares Emerging Markets Infrastructure ETF | +11.84% | -0.51% | +$5,906,542 | +$5,906,542 |
| EMLP | First Trust North American Energy Infrastructure Fund | +11.64% | +2.19% | +$19,223,600 | +$15,418,000 |
Bottom 10 1-Month Performers
| ETF | Theme / Category | 1 MO RET | 1 D RET | Fund Flows: 1M | Fund Flows: YTD |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -35.10% | +3.52% | +$6,679,455 | +$9,025,570 |
| FLYU | MicroSectors Travel 3x Leveraged ETN | -26.88% | -2.44% | +$0 | +$0 |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | -26.54% | +7.63% | +$1,290,600 | +$1,290,600 |
| DAPP | VanEck Digital Transformation ETF | -20.12% | +5.04% | -$6,785,902 | -$16,900,762 |
| IGV | iShares Expanded Tech-Software Sector ETF | -19.91% | +2.24% | +$1,890,332,366 | +$1,573,610,655 |
| STCE | Schwab Crypto Thematic ETF | -19.36% | +3.54% | +$5,073,500 | +$5,073,500 |
| WEED | Roundhill Cannabis ETF | -19.21% | +1.93% | +$0 | +$0 |
| XSW | State Street SPDR S&P Software & Services ETF | -19.21% | +1.92% | -$18,647,326 | -$28,116,963 |
| ARKW | ARK Next Generation Internet ETF | -19.14% | +2.02% | -$163,096,450 | -$193,160,300 |
| CNBS | Amplify Seymour Cannabis ETF | -18.88% | +1.91% | -$2,760,180 | -$2,760,180 |
Top 10 / Bottom 10 — 1-Month Fund Flows
Top 10 1-Month Inflows
| ETF | Theme / Category | Fund Flows: 1M | 1 MO RET | 1 D RET | Fund Flows: YTD |
| VTI | Vanguard Total Stock Market ETF | +$5,927,541,377 | -1.66% | +0.19% | +$8,083,599,126 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | +$3,938,227,693 | +0.98% | +0.32% | +$4,576,020,636 |
| VUG | Vanguard Growth ETF | +$3,646,880,531 | -6.77% | -0.47% | +$3,272,940,516 |
| EEM | iShares MSCI Emerging Markets ETF | +$3,344,438,775 | +6.28% | +0.43% | +$4,273,008,573 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | +$3,041,502,315 | +0.33% | +0.04% | +$4,864,055,034 |
| BND | Vanguard Total Bond Market ETF | +$2,737,808,000 | +1.14% | +0.29% | +$4,183,847,000 |
| SMH | VanEck Semiconductor ETF | +$2,291,975,245 | +4.14% | +0.40% | +$3,401,083,550 |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$2,281,580,130 | +1.11% | +0.32% | +$3,290,694,670 |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$2,281,580,130 | +1.12% | +0.32% | +$3,290,694,670 |
| IGV | iShares Expanded Tech-Software Sector ETF | +$1,890,332,366 | -19.91% | +2.24% | +$1,573,610,655 |
Bottom 10 1-Month Outflows
| ETF | Theme / Category | Fund Flows: 1M | 1 MO RET | 1 D RET | Fund Flows: YTD |
| TLT | iShares 20+ Year Treasury Bond ETF | -$2,382,705,195 | +2.56% | +0.55% | -$3,478,761,156 |
| QQQ | Invesco QQQ Trust Series I | -$2,238,622,600 | -3.88% | +0.21% | -$5,845,111,950 |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$1,018,503,912 | +0.79% | +0.14% | -$604,881,419 |
| IWM | iShares Russell 2000 ETF | -$880,435,490 | +0.62% | +1.32% | -$2,342,460,707 |
| KLMN | Invesco MSCI North America Climate ETF | -$672,313,200 | -1.95% | -0.20% | -$672,313,200 |
| SLV | iShares Silver Trust | -$636,347,500 | -11.30% | +2.94% | -$907,362,500 |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616,389,800 | +3.40% | +0.19% | -$616,389,800 |
| IYR | iShares U.S. Real Estate ETF | -$578,283,760 | +5.02% | +1.37% | -$775,855,019 |
| XLRE | State Street Real Estate Select Sector SPDR ETF | -$459,780,642 | +6.28% | +1.47% | -$421,215,899 |
| COWZ | Pacer US Cash Cows 100 ETF | -$380,413,415 | +3.70% | +1.01% | -$475,892,775 |
Top 10 / Bottom 10 — YTD Fund Flows
Top 10 YTD Inflows
| ETF | Theme / Category | Fund Flows: YTD | 1 MO RET | 1 D RET | Fund Flows: 1M |
| VTI | Vanguard Total Stock Market ETF | +$8,083,599,126 | -1.66% | +0.19% | +$5,927,541,377 |
| SGOV | iShares 0-3 Month Treasury Bond ETF | +$4,864,055,034 | +0.33% | +0.04% | +$3,041,502,315 |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | +$4,576,020,636 | +0.98% | +0.32% | +$3,938,227,693 |
| EEM | iShares MSCI Emerging Markets ETF | +$4,273,008,573 | +6.28% | +0.43% | +$3,344,438,775 |
| BND | Vanguard Total Bond Market ETF | +$4,183,847,000 | +1.14% | +0.29% | +$2,737,808,000 |
| SMH | VanEck Semiconductor ETF | +$3,401,083,550 | +4.14% | +0.40% | +$2,291,975,245 |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3,290,694,670 | +1.12% | +0.32% | +$2,281,580,130 |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3,290,694,670 | +1.11% | +0.32% | +$2,281,580,130 |
| VUG | Vanguard Growth ETF | +$3,272,940,516 | -6.77% | -0.47% | +$3,646,880,531 |
| CGDV | Capital Group Dividend Value ETF | +$2,150,353,302 | +2.00% | +0.09% | +$1,555,888,020 |
Bottom 10 YTD Outflows
| ETF | Theme / Category | Fund Flows: YTD | 1 MO RET | 1 D RET | Fund Flows: 1M |
| SPY | State Street SPDR S&P 500 ETF | -$9,594,503,783 | -1.73% | +0.07% | +$563,419,093 |
| QQQ | Invesco QQQ Trust Series I | -$5,845,111,950 | -3.88% | +0.21% | -$2,238,622,600 |
| TLT | iShares 20+ Year Treasury Bond ETF | -$3,478,761,156 | +2.56% | +0.55% | -$2,382,705,195 |
| IWM | iShares Russell 2000 ETF | -$2,342,460,707 | +0.62% | +1.32% | -$880,435,490 |
| SLV | iShares Silver Trust | -$907,362,500 | -11.30% | +2.94% | -$636,347,500 |
| IYR | iShares U.S. Real Estate ETF | -$775,855,019 | +5.02% | +1.37% | -$578,283,760 |
| KLMN | Invesco MSCI North America Climate ETF | -$672,313,200 | -1.95% | -0.20% | -$672,313,200 |
| VIG | Vanguard Dividend Appreciation ETF | -$661,819,772 | +1.09% | +0.33% | -$149,827,419 |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616,389,800 | +3.40% | +0.19% | -$616,389,800 |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$604,881,419 | +0.79% | +0.14% | -$1,018,503,912 |
