February 19, 2026
Source: FactSet
Market Snapshot
U.S. equities extended Wednesday’s risk-on tone with Mag 7 leadership (AMZN, NVDA) and continued dispersion beneath the surface. Rates backed up modestly and the dollar firmed, while crude surged on renewed Iran-risk headlines. Precious metals rebounded sharply even as crypto stayed soft, keeping cross-asset signals mixed.
What Changed Today?
Three developments mattered most for thematic positioning: (1) a renewed bid in software and semis alongside continued pressure in defensives—suggesting the market is still willing to pay for growth, but only where fundamentals are clear; (2) an energy shock impulse as WTI jumped on geopolitical risk, supporting energy and metals exposures while tightening financial conditions at the margin; (3) macro data came in firmer (durables ex-transport, housing starts, industrial production), while FOMC minutes read slightly hawkish—keeping the bar high into the next catalysts (claims, Philly Fed, pending home sales, then GDP/PCE/PMIs).
Investment Outlook
The opportunity set remains bifurcated. The tape is rewarding themes tied to tangible capex and near-term cash-flow visibility (AI infrastructure beneficiaries with clean guideposts, selected industrial cyclicals, and energy-linked exposures), while punishing areas where AI-disruption narratives can compress multiples faster than fundamentals can defend them (parts of software, services intermediaries, and certain fee-driven financial businesses). With volatility elevated and policy/geopolitics adding headline risk, the playbook is to stay diversified across uncorrelated theme buckets—pair selective AI exposure with “real asset” ballast (energy/industrial metals) and rate-sensitive hedges where appropriate—and keep dry powder for oversold dislocations rather than leaning into crowded consensus baskets.
Thematic Tail of the Tape
Below are the leadership and laggard boards from today’s ETF universe: daily movers (risk appetite), 1‑month momentum (trend), and flow leaders/laggards (positioning). Returns shown to two decimals; flows rounded with no decimals.
Top 10 / Bottom 10 — Daily Performance
Top 10 Daily Performers
| ETF | ETF Name | 1 D RET | 1 MO RET | YTD Flows |
| SLV | iShares Silver Trust | +5.60% | -13.49% | -$2B |
| URNM | Sprott Uranium Miners ETF | +4.50% | +2.47% | +$149M |
| FLYU | MicroSectors Travel 3x Leveraged ETN | +4.17% | -14.02% | $0 |
| SILJ | Amplify Junior Silver Miners ETF | +3.72% | -0.21% | +$518M |
| URA | Global X Uranium ETF | +3.25% | -2.59% | +$761M |
| LABU | Direxion Daily S&P Biotech Bull 3X Shares | +2.86% | +0.52% | -$209M |
| BJK | VanEck Gaming ETF | +2.72% | -5.48% | $0 |
| HYDR | Global X Hydrogen ETF | +2.58% | -1.52% | -$536K |
| ARKG | ARK Genomic Revolution ETF | +2.52% | -6.79% | +$88M |
| UFO | Procure Space ETF | +2.48% | -5.39% | +$170M |
Bottom 10 Daily Performers
| ETF | ETF Name | 1 D RET | 1 MO RET | YTD Flows |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -3.83% | -38.12% | +$10M |
| MSOS | AdvisorShares Pure US Cannabis ETF | -2.05% | -19.92% | +$6M |
| ICF | iShares Select U.S. REIT ETF | -1.77% | +4.35% | -$6M |
| SCHH | Schwab U.S. REIT ETF | -1.69% | +3.71% | +$47M |
| CNBS | Amplify Seymour Cannabis ETF | -1.67% | -19.93% | -$3M |
| WEED | Roundhill Cannabis ETF | -1.53% | -19.94% | $0 |
| BBRE | JPMorgan BetaBuilders MSCI US REIT ETF | -1.48% | +3.89% | +$68M |
| DFGR | Dimensional Global Real Estate ETF | -1.46% | +3.65% | +$135M |
| RWR | State Street SPDR Dow Jones REIT ETF | -1.43% | +3.78% | -$179M |
| USRT | iShares Core U.S. REIT ETF | -1.38% | +4.04% | -$48M |
Top 10 / Bottom 10 — 1-Month Performance
Top 10 1-Month Performers
| ETF | ETF Name | 1 MO RET | 1 D RET | YTD Flows |
| TAN | Invesco Solar ETF | +16.48% | +0.94% | +$393M |
| MLPX | Global X MLP & Energy Infrastructure ETF | +12.23% | +0.23% | +$53M |
| EMIF | iShares Emerging Markets Infrastructure ETF | +12.16% | -0.06% | +$6M |
| ENFR | Alerian Energy Infrastructure ETF | +11.94% | +0.28% | +$65K |
| UMI | USCF Midstream Energy Income Fund ETF | +11.72% | +0.02% | +$13M |
| TPYP | Tortoise North American Pipeline Fund | +11.67% | +0.07% | +$10M |
| ATMP | Barclays ETN+ Select MLP ETN | +10.64% | +0.39% | +$6M |
| NANR | State Street SPDR S&P North American Natural Resources ETF | +10.00% | +1.69% | -$14M |
| GCOW | Pacer Global Cash Cows Dividend ETF | +9.74% | -0.02% | +$233M |
| GRID | First Trust Nasdaq Clean Edge Smart GRID Infrastructure Index | +9.73% | -0.23% | +$2B |
Bottom 10 1-Month Performers
| ETF | ETF Name | 1 MO RET | 1 D RET | YTD Flows |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -38.12% | -3.83% | +$10M |
| CRPT | First Trust SkyBridge Crypto Industry & Digital Economy ETF | -32.07% | -0.80% | +$1M |
| DAPP | VanEck Digital Transformation ETF | -25.76% | -0.32% | -$17M |
| STCE | Schwab Crypto Thematic ETF | -24.89% | -0.05% | +$5M |
| BKCH | Global X Blockchain ETF | -24.26% | -0.74% | -$59M |
| WGMI | CoinShares Bitcoin Mining ETF | -21.58% | +0.10% | -$34M |
| BITQ | Bitwise Crypto Industry Innovators ETF | -21.00% | +0.10% | +$12M |
| IBLC | iShares Blockchain and Tech ETF | -20.69% | +0.34% | -$2M |
| FDIG | Fidelity Crypto Industry and Digital Payments ETF | -20.27% | +0.99% | -$8M |
| WEED | Roundhill Cannabis ETF | -19.94% | -1.53% | $0 |
Top 10 / Bottom 10 — Fund Flows
Top 10 1-Month Inflows
| ETF | ETF Name | 1M Flows | 1 MO RET | 1 D RET |
| VTI | Vanguard Total Stock Market ETF | +$6B | -0.88% | +0.52% |
| SGOV | iShares 0-3 Month Treasury Bond ETF | +$3B | +0.29% | +0.02% |
| BND | Vanguard Total Bond Market ETF | +$3B | +1.13% | -0.11% |
| EEM | iShares MSCI Emerging Markets ETF | +$3B | +5.74% | +0.53% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3B | +1.13% | -0.14% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3B | +1.14% | -0.14% |
| VTV | Vanguard Value ETF | +$2B | +4.12% | +0.34% |
| IGV | iShares Expanded Tech-Software Sector ETF | +$2B | -16.59% | +1.28% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | +$2B | +1.21% | -0.08% |
| SCHD | Schwab US Dividend Equity ETF | +$2B | +9.20% | +0.45% |
Bottom 10 1-Month Outflows
| ETF | ETF Name | 1M Flows | 1 MO RET | 1 D RET |
| SPY | State Street SPDR S&P 500 ETF | -$11B | -0.78% | +0.50% |
| QQQ | Invesco QQQ Trust Series I | -$3B | -2.49% | +0.75% |
| TLT | iShares 20+ Year Treasury Bond ETF | -$2B | +2.36% | -0.38% |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$2B | +0.79% | -0.02% |
| GLD | SPDR Gold Shares | -$2B | +8.78% | +2.25% |
| IWM | iShares Russell 2000 ETF | -$1B | -0.67% | +0.36% |
| SLV | iShares Silver Trust | -$903M | -13.49% | +5.60% |
| KLMN | Invesco MSCI North America Climate ETF | -$672M | -0.90% | +0.74% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616M | +3.22% | +0.26% |
| IYR | iShares U.S. Real Estate ETF | -$495M | +1.73% | -1.19% |
Top 10 YTD Inflows
| ETF | ETF Name | YTD Flows | 1 MO RET | 1 D RET |
| VTI | Vanguard Total Stock Market ETF | +$9B | -0.88% | +0.52% |
| SGOV | iShares 0-3 Month Treasury Bond ETF | +$6B | +0.29% | +0.02% |
| VCIT | Vanguard Intermediate-Term Corporate Bond ETF | +$5B | +1.21% | -0.08% |
| BND | Vanguard Total Bond Market ETF | +$4B | +1.13% | -0.11% |
| EEM | iShares MSCI Emerging Markets ETF | +$4B | +5.74% | +0.53% |
| SMH | VanEck Semiconductor ETF | +$4B | +3.04% | +1.24% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3B | +1.13% | -0.14% |
| AGG | iShares Core U.S. Aggregate Bond ETF | +$3B | +1.14% | -0.14% |
| VUG | Vanguard Growth ETF | +$3B | -4.66% | +0.64% |
| CGDV | Capital Group Dividend Value ETF | +$2B | +2.27% | +0.24% |
Bottom 10 YTD Outflows
| ETF | ETF Name | YTD Flows | 1 MO RET | 1 D RET |
| SPY | State Street SPDR S&P 500 ETF | -$15B | -0.78% | +0.50% |
| QQQ | Invesco QQQ Trust Series I | -$6B | -2.49% | +0.75% |
| TLT | iShares 20+ Year Treasury Bond ETF | -$4B | +2.36% | -0.38% |
| IWM | iShares Russell 2000 ETF | -$3B | -0.67% | +0.36% |
| SLV | iShares Silver Trust | -$2B | -13.49% | +5.60% |
| VTEB | Vanguard Tax-Exempt Bond ETF | -$816M | +0.79% | -0.02% |
| VIG | Vanguard Dividend Appreciation ETF | -$709M | +1.02% | +0.34% |
| IYR | iShares U.S. Real Estate ETF | -$706M | +1.73% | -1.19% |
| KLMN | Invesco MSCI North America Climate ETF | -$672M | -0.90% | +0.74% |
| EEMV | iShares MSCI Emerging Markets Min Vol Factor ETF | -$616M | +3.22% | +0.26% |
