Multi-Asset Outflows Mask Steady Gains for Income and Macro Funds

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Weekly Channel Summary

The Multi-Asset channel held $44.61B in assets across 140 ETFs from 87 issuers as of October 23, 2026. Weekly net flows were negative at -$79M, though the channel remains firmly positive over longer horizons with $12,695M gathered year-to-date and $14,556M over the trailing year. The modest weekly outflow stands in contrast to the strong 1-Year trend, suggesting a short-term pause rather than a shift in investor appetite for multi-asset strategies.

This Week’s Performance Leaders and Laggards

Specialty – Multi-Asset Income led all categories this week with a WTD gain of 0.18%, followed closely by Target Risk – Moderate at 0.05%, both building on solid YTD returns of 5.13% and 5.37%, respectively. At the other end, Specialty – Alternative Asset Sleeve fell 1.31% WTD and is down 3.47% over the past month, though it still holds a 7.88% YTD gain. Specialty – Real Assets also declined 0.99% WTD despite boasting the strongest YTD performance in the channel at 15.44%. Among individual funds, WTIB was the standout performer, surging 3.83% WTD, while GDMN lagged badly with an 11.26% weekly decline tied to commodity-strategy volatility.

Category Performance Snapshot

Category WTD 1 Month 3 Month 6 Month YTD 1 Year
Specialty – Multi-Asset Income 0.18% -0.64% -1.33% 0.24% 5.13% 6.70%
Target Risk – Moderate 0.05% -0.41% 0.25% 0.88% 5.37% 6.08%
Target Risk – Conservative 0.02% -0.44% -0.13% 0.64% 3.73% 4.28%
Target Risk – Global Macro -0.27% -1.27% 0.02% 0.38% 8.01% 8.42%
Target Risk – Aggressive -0.38% -1.21% 0.99% 4.17% 9.18% 11.10%
Target Risk – Growth -0.54% -1.41% -0.46% 1.57% 5.67% 7.41%
Specialty – Real Assets -0.99% -0.83% 0.78% -0.28% 15.44% 17.67%
Specialty – Alternative Asset Sleeve -1.31% -3.47% 1.81% 0.71% 7.88% 9.10%

Top & Bottom 5 ETFs by Weekly Performance

Beyond the category leaders, several funds posted notable moves that diverged from broader category trends. GYLD rose 1.85% WTD and CTAP gained 1.60%, both outpacing their respective category averages. On the downside, WDIG dropped 7.64% and crypto-metals hybrids ISBG, BEGS, and BTGD each fell more than 5%, reflecting sharp swings in underlying gold and digital-asset exposures. The dispersion between top and bottom performers underscores the idiosyncratic risk embedded in specialty multi-asset strategies this week.

Ticker Fund Name WTD Performance
Top Performers
WTIB USCF Oil Plus Bitcoin Strategy Fund 3.83%
GYLD Arrow Dow Jones Global Yield ETF 1.85%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF 1.60%
RSBY Return Stacked Bonds & Futures Yield ETF 1.36%
MSMR McElhenny Sheffield Managed Risk ETF 1.13%
Bottom Performers
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund -11.26%
WDIG WisdomTree Efficient Rare Earth Plus Strategic Metals Fund -7.64%
ISBG IncomeSTKd 1x Bitcoin & 1x Gold Premium ETF -5.53%
BEGS Rareview 2x Bull Cryptocurrency & Precious Metals ETF -5.21%
BTGD STKd 100% Bitcoin & 100% Gold ETF -5.06%

Analyzing the Weekly Flows

The channel posted a net outflow of $79M for the week, a modest pullback relative to the strong multi-year inflow trend. Specialty – Multi-Asset Income led inflows with $26M, followed by Target Risk – Global Macro at $19M and Specialty – Real Assets at $14M, all three categories also showing robust YTD and 1-Year accumulation. On the outflow side, Target Risk – Moderate saw the largest weekly redemption at -$86M, followed by Target Risk – Growth at -$44M, even though both categories remain deeply positive on a YTD basis. The data indicates that near-term rebalancing pressure was concentrated in the larger, more established allocation categories rather than the smaller specialty sleeves.

Category Flows Summary

Category Fund Count AUM 5 Day 30 Day 90 Day YTD 1 Year
Specialty – Multi-Asset Income 26 $5.93B $26M $65M $342M $1,043M $1,231M
Target Risk – Global Macro 33 $5.69B $19M $36M $456M $1,731M $1,932M
Specialty – Real Assets 5 $3.58B $14M $61M $378M $1,875M $1,988M
Target Risk – Aggressive 4 $6.24B $1M $109M $2,691M $2,936M $3,012M
Target Risk – Conservative 7 $1.37B -$3M $44M $66M $183M $253M
Specialty – Alternative Asset Sleeve 37 $4.85B -$7M $42M $32M $582M $714M
Target Risk – Growth 9 $13.06B -$44M $336M $1,082M $3,903M $4,817M
Target Risk – Moderate 19 $3.90B -$86M -$0M $339M $441M $608M

Top & Bottom 5 ETFs by 5-Day Flow

CGBL led all funds in weekly inflows with $56M, followed by INCM at $20M, both outpacing the rest of the field by a wide margin. On the redemption side, AOR led all outflows with -$102M, followed by AOM at -$85M, together accounting for the bulk of the channel’s net weekly redemption. These two iShares allocation funds drove the bulk of the negative weekly flow figure despite smaller offsetting inflows elsewhere in the channel.

Ticker Fund Name 5-Day Flow
Inflows
CGBL Capital Group Core Balanced ETF $56M
INCM Franklin Income Focus ETF Income Focus ETF $20M
RAAX VanEck Real Assets ETF $9M
YYY Amplify CEF High Income ETF $7M
ALLW State Street Bridgewater All Weather ETF $6M
Outflows
AOR iShares Core 60/40 Balanced Allocation ETF -$102M
AOM iShares Core 40/60 Moderate Allocation ETF -$85M
MPRO Monarch ProCap Index ETF -$4M
GDMN WisdomTree Efficient Gold Plus Gold Miners Strategy Fund -$4M
AOK iShares Core 30/70 Conservative Allocation ETF -$4M

Issuer League Table Update

iShares remains the dominant issuer by assets with $10.07B, a 22.58% share of the channel, followed by Capital Group at $7.85B and a 17.60% share. Capital Group also led all issuers in weekly inflows with $56M, driven almost entirely by its Core Balanced ETF, while Franklin added $20M on the strength of its Income Focus ETF. Conversely, iShares recorded the largest weekly outflow among issuers at -$190M, reflecting redemptions concentrated in its core allocation lineup. This divergence highlights how flow activity at the issuer level this week was shaped less by scale and more by fund-specific allocation decisions.

Top 5 Issuers by AUM

Brand Fund Count AUM AUM Market Share
iShares 5 $10.07B 22.58%
Capital Group 1 $7.85B 17.60%
State Street 3 $4.44B 9.96%
WisdomTree 9 $2.63B 5.90%
Franklin 1 $1.98B 4.44%

Top & Bottom 3 Issuers by 5-Day Flow

Brand 5-Day Flow
Inflows
Capital Group $56M
Franklin $20M
VanEck $9M
Outflows
iShares -$190M
WisdomTree -$5M
Invesco -$4M

For a deeper dive into these trends, access our FREE, in-depth Multi-Asset 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.