Equity Demand Surges to $9.4B as Gold and Bitcoin Face Steep Daily Outflows

Issuer League Tables

The issuer landscape on February 12, 2026, saw Vanguard lead absolute flows with $3,014M, contributing to a substantial year-to-date total of $83.41B. iShares followed with $1,784M in daily flows, maintaining its position as the largest issuer by AUM at $4,196.25B. Conversely, Direxion experienced the largest absolute daily outflow of ($301M), which aligns with its negative year-to-date trend of ($5.94B). On a relative basis, Obra saw a significant 18.00% increase in AUM from $16M in daily flows, while ERShares faced a relative decline of 9.66% due to ($132M) in outflows.

Top/Bottom Issuer Flows (Absolute)

Top/Bottom Issuer Flows (Relative to AUM)

Daily ETF Flow Analysis

Total daily asset class flows for February 12 reached $9,834M, primarily driven by the Equity segment which attracted $9,434M. Fixed Income also saw positive momentum with $1,242M in inflows, while Commodities faced the steepest daily contraction at ($877M). Broadly, the “Total” category shows robust 1-year growth with $1,601.3B in cumulative flows. In category-specific activity, Global Ex-U.S. Large Cap – Blend led with $2,022M in daily activity, whereas Commodity Focused – Precious Metals trailed with ($951M).

Asset Class Flows

Top 10 Category Flows

Bottom 10 Category Flows

U.S. Size & Style

The U.S. Size & Style segment exhibited mixed performance on February 12, with Large Cap Value leading inflows at $1,082M. Blend strategies across market caps remained resilient, notably U.S. Large Cap Blend which added $1,023M, while Small Cap Growth suffered daily outflows of ($30M). SPY dominated individual fund flows with an influx of $934M, contrasting with IVV which saw a significant reduction of ($730M). This segment continues to hold the vast majority of domestic assets, with Large Cap Blend alone accounting for over $4.1 trillion in AUM.

Size & Style ex-U.S.

International equity flows were robust on the reporting day, with the ex-U.S. Large Cap Blend category securing $2,022M in new assets. Emerging Large Cap also demonstrated strength, adding $1,278M, while small-cap and emerging mid-cap segments remained relatively flat. VXUS was the standout leader with $1,505M in daily flows, significantly outperforming its peers and maintaining its position as a $141.8B fund. In contrast, CGGE saw the largest daily contraction in the segment at ($21M), followed by DLS at ($13M).

Sector & Industry

Information Technology continued to lead sector flows on February 12, capturing $818M in daily activity, supported by strong performance in funds like IGV which added $561M. Consumer Staples also saw a significant spike with $623M in inflows, largely driven by XLP’s $606M daily contribution. Conversely, the Financials sector faced headwinds with ($248M) in net daily outflows, and Health Care funds like XLV retracted by ($281M). Despite the daily volatility, Information Technology remains the largest sector by AUM at $353.4B.

Region & Country

Asia-Pacific led regional equity flows on February 12 with $497M, significantly outperforming other regions like Latin America and Africa-Middle East. Individual country performance was highlighted by South Korea, where EWY attracted $282M, contributing to its $13.20B AUM total. However, the Eurozone experienced regional outflows of ($88M), largely anchored by FEZ which lost ($99M) in a single day. Year-to-date, regional flows remain positive overall, with North America leading cumulative growth at $34.8B in annual flows.

Thematic

Thematic strategies were dominated by Infrastructure flows on February 12, which added $198M in a single day, followed by FinTech at $113M. ARKF stood out with $97M in daily inflows, contributing significantly to its Blockchain and Fintech strategy. Multi-Sector themes, however, suffered the segment’s deepest daily outflow of ($220M), primarily impacted by XOVR’s ($132M) contraction. Despite daily volatility in metals, the Infrastructure segment maintains a strong $51.2B AUM, showing significant 1-year growth of over $12B.

Fixed Income

Fixed Income markets saw Multi-Sector funds lead with $946M in daily inflows, while Duration Intermediate strategies were the primary term preference with $915M added. Long-duration products faced significant pressure, losing ($759M) daily, anchored by TLT’s substantial ($792M) contraction. PAAA led individual fund inflows with $229M, followed by the broad-market giant BND at $178M. Overall, the Fixed Income segment holds $2.36 trillion in total AUM, reflecting its role as a core portfolio component with over $465B in 1-year flows.

Commodity

The Commodity segment suffered from heavy liquidations in Precious Metals on February 12, with the category losing ($951M) in a single day. GLD bore the brunt of these outflows, with ($840M) removed from the fund, while SLV also retracted by ($172M). Energy and Multi-Sector products provided a slight buffer with inflows of $38M and $36M, respectively. Despite the daily volatility, the Commodity class remains massive at $398.4B in total AUM, with gold trusts like IAU still showing resilience with $57M in daily inflows.

Cryptocurrency

Cryptocurrency ETFs faced a challenging reporting day with total segment outflows of ($405M). Bitcoin-specific funds led the decline with ($279M) in net daily outflows, notably impacted by FBTC at ($93M) and IBIT at ($73M). Ethereum products also contracted, losing ($129M) daily, while Altcoin funds managed a marginal inflow of $4M. Despite the daily pressure, the total AUM for Digital Assets stands at $102.2B, anchored by iShares Bitcoin Trust’s $51.5B dominance in the space.

Non-Traditional

Non-Traditional ETFs saw positive net daily flows of $203M, heavily favored by Synthetic Income strategies which attracted $281M. Leverage and Inverse products faced a net contraction of ($127M), largely driven by SOXL’s ($191M) significant daily outflow. UPRO led the segment’s leaders with $131M in inflows, followed closely by TQQQ at $113M. This category continues to exhibit strong interest in derivative-based income, with Synthetic Income – Equity alone representing a $160.1B sub-category within the $410.6B total segment AUM.

Recent Launches

The ETF market has seen continued expansion with 332 launches in the past three months, including high-profile thematic and leveraged products. Recent activity on February 11 was led by Direxion’s bull-themed 2X products like ASMU and BABU, along with Reckoner’s suite of CLO-focused strategies. Acuitas also entered the market on February 10 with a Small Cap Active ETF, debuting with $55.7M in AUM. These new entrants highlight the ongoing trend toward specialized, active management and leveraged single-stock exposures.