Weekly Channel Summary
The Alternatives channel ended the week with $22.86B in total AUM spread across 53 ETFs from 29 issuers. Net flows were negative over the trailing five days at -$416M, a sharp contrast to the channel’s robust longer-term trend, with YTD inflows of $12,537M and 1-Year inflows of $12,663M. This divergence suggests a short-term rotation within the managed futures space rather than a broader retreat from alternatives strategies.
This Week’s Performance Leaders and Laggards
Vol – Long led category performance on a WTD basis at 1.82%, though it remains deeply negative YTD at -37.31%, underscoring the volatility of long-vol positioning. Among absolute return strategies, Event Driven posted the strongest weekly gain at 0.37%, while Multi-Strategy lagged at -0.24% despite a strong YTD return of 14.75%. Managed Futures delivered a modest 0.24% WTD gain but stands out with a 17.68% YTD return, the best among absolute return categories. Vol – Short was roughly flat on the week at 0.04%, a milder outcome relative to its long-vol counterpart.
Absolute Return Performance Snapshot
| Absolute Return | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Event Driven | 0.37% | 0.34% | 1.06% | 1.97% | 3.32% | 3.63% |
| Managed Futures | 0.24% | 0.95% | 4.73% | 6.71% | 17.68% | 19.98% |
| Multi-Strategy | -0.24% | -0.26% | 2.72% | 6.13% | 14.75% | 9.51% |
Volatility Performance Snapshot
| Volatility | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Vol – Long | 1.82% | 7.97% | -21.45% | -42.64% | -37.31% | -51.63% |
| Vol – Short | 0.04% | -2.07% | 9.25% | 19.90% | 10.57% | 18.86% |
Top & Bottom 5 ETFs by Weekly Performance
WZRD topped the fund leaderboard with a 12.20% weekly gain, far outpacing the rest of the field. Volatility-linked products rounded out the top performers, including VIXM at 3.19% and VXZ at 2.98%. On the downside, GMAC declined 3.75% and ZVOL fell 3.15%, the weakest showings of the week. The spread between top and bottom performers highlights continued dispersion across both directional volatility bets and discretionary macro strategies.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| WZRD | Opportunistic Trader ETF | 12.20% |
| VIXM | ProShares VIX Mid-Term Futures ETF | 3.19% |
| HXA | Mast HedgeIndex Corporate Arbitrage ETF | 3.03% |
| VXZ | iPath Series B S&P 500 VIX Mid-Term Futures ETN | 2.98% |
| QIS | Simplify Multi-QIS Alternative ETF | 2.56% |
| Bottom Performers | ||
| GMAC | Simplify Brookwood Global Macro ETF | -3.75% |
| ZVOL | Volatility Premium Plus ETF | -3.15% |
| JPFP | JPMorgan Managed Futures Plus ETF | -1.74% |
| SVIX | -1x Short VIX Futures ETF | -1.38% |
| AHLT | American Beacon AHL Trend ETF | -1.27% |
Analyzing the Weekly Flows
The channel posted a net outflow of $416M for the week, driven almost entirely by the Managed Futures category, which shed $463M over five days despite strong YTD inflows of $3,790M. Multi-Strategy was the leading inflow group at $123M, continuing its dominant YTD pace of $8,613M. Both volatility segments saw modest outflows, with Vol – Long losing $48M and Vol – Short losing $29M, consistent with their weaker 30-day trends. The weekly pullback in Managed Futures stands in sharp contrast to its 90-day inflow of $1,152M, pointing to a concentrated single-fund redemption rather than a category-wide shift.
Absolute Return Flows Summary
| Absolute Return | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Strategy | 17 | $10.95B | $123M | $1,825M | $2,714M | $8,613M | $8,579M |
| Event Driven | 8 | $441M | $1M | $0M | $13M | -$18M | $5M |
| Managed Futures | 17 | $9.24B | -$463M | $14M | $1,152M | $3,790M | $4,213M |
Volatility Flows Summary
| Volatility | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Vol – Short | 5 | $1,000M | -$29M | -$44M | -$123M | -$264M | -$392M |
| Vol – Long | 6 | $1.23B | -$48M | -$128M | $316M | $416M | $258M |
Top & Bottom 5 ETFs by 5-Day Flow
IALT led all funds with $107M in weekly inflows, the dominant driver of positive flow activity in the channel. On the outflow side, DBMF saw the largest redemption at $472M, followed by UVXY at $56M. These two funds alone account for the bulk of the channel’s net outflow for the week. Smaller inflows at UVIX and LALT were insufficient to offset the heavy redemption pressure seen in managed futures and short-term volatility products.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IALT | iShares Systematic Alternatives Active ETF | $107M |
| UVIX | 2x Long VIX Futures ETF | $12M |
| LALT | First Trust Multi-Strategy Alternative ETF | $9M |
| KMLM | KraneShares Mount Lucas Managed Futures Index Strategy ETF | $8M |
| JPFP | JPMorgan Managed Futures Plus ETF | $6M |
| Outflows | ||
| DBMF | iMGP DBi Managed Futures Strategy ETF | -$472M |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | -$56M |
| SVXY | ProShares Short VIX Short-Term Futures ETF | -$25M |
| CTA | Simplify Managed Futures Strategy ETF | -$11M |
| SVIX | -1x Short VIX Futures ETF | -$5M |
Issuer League Table Update
iShares and iM lead the channel by market share, holding 34.22% and 22.45% respectively, together representing more than half of total channel AUM despite iM operating just a single fund. iShares was also the top issuer by weekly inflows at $107M, propelled by strength in IALT. Conversely, iM recorded the largest weekly outflow at $472M, entirely attributable to redemptions from DBMF. ProShares followed with $85M in outflows, reflecting broad weakness across its volatility-linked lineup.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 2 | $7.82B | 34.22% |
| iM | 1 | $5.13B | 22.45% |
| Simplify | 6 | $2.04B | 8.92% |
| NYLIM | 2 | $1.25B | 5.49% |
| Franklin | 1 | $1.10B | 4.81% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $107M |
| First Trust | $14M |
| Volatility Shares | $8M |
| Outflows | |
| iM | -$472M |
| ProShares | -$85M |
| Simplify | -$12M |
For a deeper dive into these trends, access our FREE, in-depth Alternative ETF reports in the right side panel of this page.
Disclosures
This material is for informational purposes only and should not be considered investment advice. All investments, including ETFs, involve risk, including the possible loss of principal. Investors should consider their investment objectives, risks, charges, and expenses carefully before investing.
This analysis was developed by the team at ETF Action. We leverage advanced AI tools to assist in the drafting and refinement of our content, based on our expert prompts, direction, and final review.
