According to the latest data from UBS Securities and Treasury, retail investors have been evenly distributing their buying across both single stocks and exchange-traded funds (ETFs) in 2026. The report found that there were $161 million of inflows from UBS retail market making clients on Wednesday, with the money being split equally between single stocks (excluding Tech) and ETFs.

Historically, January inflows have been heavily skewed towards single-stock flows, but this year’s selling across Technology stocks has slowed overall single-stock inflows. Nevertheless, the most popular sectors among retail investors so far this year are Consumer Discretionary (led by Amazon and Tesla), Healthcare (led by UnitedHealth), and Communication Services (led by Meta and Netflix).

On the ETF front, broad international exposure ETFs have been the most popular among retail investors, with VXUS (Vanguard Total Intl) and VEA (Vanguard FTSE Developed) leading the way. Fixed income ETFs with spread across maturities and products have also seen significant buying, led by Aggregate, Investment Grade & Govt/US Treasury based ETFs. Sector-based ETFs have also seen buying across Tech (led by QQQM & SMH) as retail investors have migrated out of single stocks and into Tech-based ETFs.

Industrial ETFs with a focus on Aerospace & Defense have been popular among retail investors, led by ITA (US Aerospace & Defense ETF). Energy ETFs with a focus on Uranium & Nuclear have seen significant inflows, led by NLR (VanEck Uranium & Nuclear) and URA (Global X Uranium ETF). Gold ETFs saw their largest inflows since mid-December on Tuesday, while Silver has been net for sale in 2026.

Meanwhile, selling across US Equity based ETFs has been distributed across Large, Mid, and Small cap based equity indexes. The report notes that this could be a sign of caution among retail investors as they navigate the ongoing geopolitical tensions and economic uncertainty.