Wednesday, February 11, 2026 | Source: FactSet, StreetAccounts
High-Level Macro & Equity Tape
U.S. equities were mixed on Tuesday (Dow +0.10%, S&P 500 -0.33%, Nasdaq -0.59%), but breadth stayed positive and both the Dow and equal‑weight S&P (RSP) printed record closes—another sign the ‘broadening’ trade is still doing work beneath headline index softness. Rates moved lower with a bull‑flattening impulse (10Y/30Y yields down ~6–7 bp) as the market leaned into softer growth data and the White House continued to jawbone Wednesday’s payrolls print. December retail sales missed (headline flat; control group -0.1% m/m), while import/export prices were modestly firmer. Cross‑asset: the dollar was roughly flat, gold and silver pulled back, crude eased, and crypto remained under pressure (BTC futures down mid‑single digits).
How Macro Developments Are Showing Up in Thematic Funds
Tuesday’s tape had a clear ‘rates‑down / defensives‑up’ feel, which typically favors duration‑sensitive factor buckets and domestic demand themes. Homebuilders and housing‑adjacent exposures outperformed as long yields fell and building‑materials demand showed up as one of the few bright spots inside the retail report. At the same time, the AI‑competition narrative continued to spread beyond software: financial advisory and brokerage stocks were pressured on headlines around AI‑enabled tax planning, reinforcing a broader ‘AI unbundling’ risk premium that can leak into fintech, data, and selected services themes. Commodities were mixed—precious metals reversed some of last week’s strength while energy softened—creating a choppier backdrop for materials/real‑asset thematic sleeves.
What Changed Today?
Three things stood out versus Monday’s ‘AI‑led rebound’ tone: (1) the market rotated more defensive as yields fell and growth data disappointed, (2) AI disruption concerns broadened from software into wealth managers/brokers and ‘financial data’ complex, and (3) the housing complex re‑asserted leadership as lower long yields and strong building‑materials spending offset weaker discretionary retail categories. Into Wednesday’s payrolls (with benchmark revisions) and a heavy Treasury supply week, positioning remains sensitive: broad participation is helping, but the market is still punishing crowded/expensive growth pockets when catalysts disappoint.
Investment Outlook
Near‑term, the macro set‑up is binary around labor and inflation: a softer payrolls print would validate the bond rally and support the broadening trade (builders, select cyclicals, value/quality), while a hot wages/revisions shock would likely re‑tighten financial conditions and re‑price the ‘run‑it‑hot’ narrative back into rate sensitivity. For thematic investors, the key is separating ‘AI infrastructure’ from ‘AI disruption’ exposures. Hyperscaler capex remains a fundamental tailwind for enablers (compute, networking, power/thermal, test), but the market is re‑rating software‑like cash flows that appear most vulnerable to agentic AI substitution. Risk management still matters: crypto and high‑beta thematic buckets remain the most reflexive to liquidity, positioning, and risk‑off impulses; if yields stay heavy and the dollar stabilizes, these sleeves can continue to act as the shock absorber for the rest of the thematic stack.
Thematic Tail of the Tape
Theme leadership stayed split: housing/building exposures and rate‑sensitives outperformed with yields down, while higher‑beta ‘concept’ exposures lagged. AI headlines remained supportive at the mega‑cap level, but the market continued to discount second‑order disruption risks—especially where AI can compress pricing power (financial advice/tax planning, data aggregation) or reduce switching costs. Commodity‑linked thematics were choppier as metals retraced, leaving real‑asset sleeves more headline‑driven into the next data prints.
Top 10 / Bottom 10 — Daily Performance
Top 10 Daily Performers
| ETF | Theme / Category | 1-Day % | 1-Month % | YTD Flows |
| ITB | iShares U.S. Home Construction ETF | +3.74% | +5.12% | -$65M |
| XHB | State Street SPDR S&P Homebuilders ETF | +2.82% | +6.32% | -$80M |
| FLYU | MicroSectors Travel 3x Leveraged ETN | +2.44% | -18.07% | +$0 |
| HOMZ | Hoya Capital Housing ETF | +2.25% | +3.03% | +$0 |
| HERO | Global X Video Games & Esports ETF | +2.17% | -5.01% | -$12M |
| BEDZ | AdvisorShares Hotel ETF | +1.72% | -1.97% | -$2M |
| WCLD | WisdomTree Cloud Computing Fund | +1.71% | -17.46% | +$2M |
| NERD | Roundhill Video Games ETF | +1.61% | -5.87% | -$593,762 |
| ICF | iShares Select U.S. REIT ETF | +1.51% | +6.25% | -$6M |
| LFSC | F/M Emerald Life Sciences Innovation ETF | +1.47% | -1.53% | -$627,501 |
Bottom 10 Daily Performers
| ETF | Theme / Category | 1-Day % | 1-Month % | YTD Flows |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -6.78% | -28.67% | +$7M |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | -3.63% | -21.20% | +$1M |
| MSOS | AdvisorShares Pure US Cannabis ETF | -3.56% | -14.53% | +$6M |
| SLV | iShares Silver Trust | -3.46% | +1.42% | -$432M |
| BKCH | Global X Blockchain ETF | -3.02% | -12.32% | -$58M |
| STCE | Schwab Crypto Thematic ETF | -2.89% | -12.18% | +$5M |
| WGMI | CoinShares Bitcoin Mining ETF | -2.76% | -5.33% | -$28M |
| URA | Global X Uranium ETF | -2.55% | +6.34% | +$680M |
| DAPP | VanEck Digital Transformation ETF | -2.43% | -13.97% | -$17M |
| WEED | Roundhill Cannabis ETF | -2.38% | -14.43% | +$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 | +16.48% | -0.22% | +$384M |
| KOPX | Global X Copper Miners ETF | +13.79% | -0.90% | +$2B |
| MLPX | Global X MLP & Energy Infrastructure ETF | +13.43% | +0.52% | +$37M |
| ENFR | Alerian Energy Infrastructure ETF | +12.98% | +0.40% | |
| NANR | State Street SPDR S&P North American Natural Resources ETF | +12.60% | +0.24% | -$8M |
| SILJ | Amplify Junior Silver Miners ETF | +12.50% | -0.95% | +$607M |
| GNR | State Street SPDR S&P Global Natural Resources ETF | +12.23% | +0.42% | +$227M |
| TPYP | Tortoise North American Pipeline Fund | +12.20% | +0.47% | +$7M |
| UMI | USCF Midstream Energy Income Fund ETF | +12.17% | +0.46% | +$10M |
| URNM | Sprott Uranium Miners ETF | +11.83% | -2.33% |
Bottom 10 1-Month Performers
| ETF | Theme / Category | 1-Month % | 1-Day % | YTD Flows |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -28.67% | -6.78% | +$7M |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | -21.20% | -3.63% | +$1M |
| IGV | iShares Expanded Tech-Software Sector ETF | -18.66% | +0.41% | +$1B |
| FLYU | MicroSectors Travel 3x Leveraged ETN | -18.07% | +2.44% | +$0 |
| WCLD | WisdomTree Cloud Computing Fund | -17.46% | +1.71% | +$2M |
| XSW | State Street SPDR S&P Software & Services ETF | -16.69% | +0.79% | -$95M |
| OGIG | ALPS O’Shares Global Internet Giants ETF | -14.57% | +0.69% | |
| MSOS | AdvisorShares Pure US Cannabis ETF | -14.53% | -3.56% | +$6M |
| WEED | Roundhill Cannabis ETF | -14.43% | -2.38% | +$0 |
| DAPP | VanEck Digital Transformation ETF | -13.97% | -2.43% | -$17M |
Top 10 / Bottom 10 — 1-Month Fund Flows
Top 10 1-Month Inflows
| ETF | Theme / Category | 1-Month Flows | 1-Month % | 1-Day % |
| VTI | Vanguard Total Stock Market ETF | +$6B | -0.18% | -0.25% |
| EEM | iShares MSCI Emerging Markets ETF | +$4B | +6.06% | +0.15% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | +$3B | +0.54% | +0.15% |
| VUG | Vanguard Growth ETF | +$3B | -4.06% | -0.48% |
| BND | Vanguard Total Bond Market ETF | +$3B | +0.58% | +0.30% |
| SGOV | iShares 0-3 Month Treasury Bond ETF | +$2B | +0.30% | +0.01% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$2B | +0.61% | +0.29% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$2B | +0.62% | +0.29% |
| GLD | SPDR Gold Shares | +$2B | +11.56% | -0.99% |
| SMH | VanEck Semiconductor ETF | +$2B | +3.99% | -0.46% |
Bottom 10 1-Month Outflows
| ETF | Theme / Category | 1-Month Flows | 1-Month % | 1-Day % |
| SPY | State Street SPDR S&P 500 ETF | -$11B | -0.28% | -0.26% |
| QQQ | Invesco QQQ Trust Series I | -$2B | -2.42% | -0.46% |
| TLT | iShares 20+ Year Treasury Bond ETF | -$2B | +1.07% | +1.15% |
| XBI | State Street SPDR S&P Biotech ETF | -$778M | +0.67% | -0.61% |
| KLMN | Invesco MSCI North America Climate ETF | -$672M | -0.42% | -0.08% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616M | +3.88% | +0.19% |
| IYR | iShares U.S. Real Estate ETF | -$527M | +4.83% | +1.28% |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$499M | +0.59% | +0.14% |
| XLRE | State Street Real Estate Select Sector SPDR ETF | -$473M | +5.78% | +1.40% |
| VIG | Vanguard Dividend Appreciation ETF | -$460M | +1.92% | -0.27% |
Top 10 / Bottom 10 — YTD Fund Flows
Top 10 YTD Inflows
| ETF | Theme / Category | YTD Flows | 1-Month % | 1-Day % |
| VTI | Vanguard Total Stock Market ETF | +$7B | -0.18% | -0.25% |
| SGOV | iShares 0-3 Month Treasury Bond ETF | +$4B | +0.30% | +0.01% |
| EEM | iShares MSCI Emerging Markets ETF | +$4B | +6.06% | +0.15% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | +$4B | +0.54% | +0.15% |
| BND | Vanguard Total Bond Market ETF | +$4B | +0.58% | +0.30% |
| VUG | Vanguard Growth ETF | +$3B | -4.06% | -0.48% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3B | +0.62% | +0.29% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3B | +0.61% | +0.29% |
| SMH | VanEck Semiconductor ETF | +$3B | +3.99% | -0.46% |
| CGDV | Capital Group Dividend Value ETF | +$2B | +2.47% | -0.18% |
Bottom 10 YTD Outflows
| ETF | Theme / Category | YTD Flows | 1-Month % | 1-Day % |
| SPY | State Street SPDR S&P 500 ETF | -$17B | -0.28% | -0.26% |
| QQQ | Invesco QQQ Trust Series I | -$5B | -2.42% | -0.46% |
| TLT | iShares 20+ Year Treasury Bond ETF | -$2B | +1.07% | +1.15% |
| IWM | iShares Russell 2000 ETF | -$2B | +2.28% | -0.27% |
| IYR | iShares U.S. Real Estate ETF | -$805M | +4.83% | +1.28% |
| VIG | Vanguard Dividend Appreciation ETF | -$700M | +1.92% | -0.27% |
| KLMN | Invesco MSCI North America Climate ETF | -$672M | -0.42% | -0.08% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616M | +3.88% | +0.19% |
| XLRE | State Street Real Estate Select Sector SPDR ETF | -$443M | +5.78% | +1.40% |
| COWZ | Pacer US Cash Cows 100 ETF | -$434M | +3.15% | +0.11% |
