The lopsided dollar volumes tell the real story: only 13 funds reduced their positions, yet their combined activity eclipsed the buying from more than twice as many ETFs on the other side of the trade.

XLC led the sellers, offloading 316,664 shares at a cost of $20.1 million and trimming its Netflix allocation by 2.16%, even as the stock retains a 4.3% weight in that fund’s portfolio.

QLD followed with a 6.48% cut to its stake, shedding 116,433 shares valued at $7.4 million, while GPIX made the most dramatic adjustment, slashing its position by 59.0% through a 92,602-share reduction worth $5.9 million.

Smaller but notable trims came from IWF, SSO, SPYG, IWY, and QQEW, whose reductions ranged from $0.3 million to $1.2 million apiece.

Tuesday’s net selling marks just a one-day streak and sits against a broader five-session backdrop that has leaned toward accumulation, with ETFs recording net inflows on three of the past five trading days.

The most recent prior session showed a dramatically different picture, as Nov. 2 logged $68.1 million in net ETF buying, preceded by $21.2 million of net purchases on Oct. 30.

Before that, Oct. 29 produced $34.7 million in net selling, and Oct. 28 saw $57.1 million flow into the stock, underscoring the volatile back-and-forth that has characterized ETF activity in Netflix shares recently.

Netflix, which serves subscribers across more than 190 countries through a mix of television series, films, games, and live programming, generated trailing 12-month revenue of $50.00 billion, a gain of 17.9% from the prior year.

The company carries a gross margin of 51.0% and a net margin of 29.5%, reflecting the profitability gains that have accompanied its shift toward a dual revenue model incorporating an ad-supported subscription tier alongside traditional membership fees.

At a market capitalization of $272.6 billion, the stock trades at a P/E of 19.18, a P/B of 9.31, and a P/S of 5.66, with shares currently priced at $66.39 against a GF Value estimate of $104.78.

The gap between price and estimated fair value is partly reflected in a year-to-date decline of 29.19%, a significant pullback for a company sitting in the Communication Services sector with an overall GF Score of 87 out of 100.

Investors will be watching whether Tuesday’s net selling extends into additional sessions or reverses course, given the choppy and inconclusive flow pattern that has defined the past week of ETF trading in the stock.