A Midwestern ETF-in-a-box shop's new fund suite took the lead last among the smallest fund firms, according to the latest data from the folks at a publicly traded investment research firm.

This article draws from Morningstar Direct data on February 2026 mutual fund and ETF flows, excluding money-market funds and funds-of-funds. (Other asset management products, like collective trusts and separate accounts, are also not included.) More specifically, this article focuses on the 483 firms (the same as in January 2026 but down by 6 year-over-year from February 2025) with fewer than 10 long-term mutual funds or ETFs each.

Tidal's Portfolio Building Block ETFs pulled ahead last month, thanks to an estiamted $1.165 billion in net February 2026 inflows, up by $1.058 billion month-over-month from January 2026. Other big February 2026 inflows winners included:

Eagle Capital Management, $218 million (up by $43 million M/M, up by $197 million Y/Y);

SP Funds, $161 million (up by $30 million M/M, up by $85 million Y/Y);

Robo Global, $111 million (down by $44 million M/M, up by $95 million Y/Y); and

Hedgeye Asset Management, $103 million (down by $17 million M/M).

Holbrook Holdings led the way over the last year, thanks to an estimated $1.383 billion in net trailing twelve months inflows as of February 28, 2026. Other big TTM inflows winners included: Portfolio Building Block ETFs, $1.272 billion; and Eagle, $1.096 billion.

On the flip side, ER Shares' EntrepreneurShares took the outflows lead last month, thanks to an estimated $681 million in net February 2026 outflows, a $1.086-billion net flows drop M/M from January 2026 and a $715-million net flow sdrop Y/Y from February 2025. Other big February 2026 outflows sufferers included:

Edgewood, $531 million (up by $122 million M/M, up by $69 million Y/Y);

Akre, $526 million (down by $29 million M/M, up by $332 million Y/Y);

Clarkston, $375 million (up by $20 million M/M, a $376-million net flows drop Y/Y); and

Champlain, $359 million (up by $123 million M/M, up by $95 million Y/Y).

Edgewood led the outflows pack over the last year, thanks to an estimated $10.07 billion in net TTM outflows as of February 28, 2026. Other big outflows sufferers included: Primecap, $4.369 billion; and Akre, $2.889 billion.

Small fund firms suffered a combined $315 million in net outflows in February 2026, a $1.229-billion net flows drop M/M and a $743-million net flows drop Y/Y. As of February 28, 2026, per M*'s data, the 483 small fund firms had:

a combined $281 billion in AUM (up by $4 billion M/M, down by $26 billion Y/Y),

across 1,363 ETFs and long-term mutual funds (down by 2 M/M, down by 77 Y/Y).

These firms accounted for 61.9 percent of all fund firms, 3.1 percent of the industry's ETFs and long-term mutual funds, and 0.8 percent of the industry's AUM. 238 small firms (49.3 percent of them) brought in net inflows in February.

As of February 28, 2026, small fund firms suffered $6.377 billion in net TTM outflows. Yet 52.8 percent of small fund firms brought in net inflows in that period. 

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