US asset-class ETFs mostly fall; small-cap ETF down 1.4%

The broad-based decline across US asset-class ETFs, contrasted with gains in commodities like gold and Brent oil, points to a risk-off rotation rather than a uniform selloff. The Russell 2000's sharper drop than the Dow suggests smaller caps are bearing the brunt, which could signal tightening liquidity or profit-taking in higher-beta equities. Real estate's weakness alongside commodity strength hints at inflation-hedging flows. What matters next is whether this divergence persists—if commodity gains continue while equities sag, it may indicate shifting macro sentiment rather than a one-day blip. Watch for breadth in small caps and any follow-through in gold to gauge the rotation's durability.