Direxion Bleeds as GraniteShares Rides COIN Surge Into Single Stock ETFs

Weekly Channel Summary

The Single Stock channel closed the week with $44.19B in AUM spread across 620 ETFs from 18 issuers. Net flows were negative over the trailing five days at $-98M, but the channel remains firmly positive over longer horizons with $11,745M gathered YTD and $20,018M over the past year. The gap between the short-term pullback and the strong YTD/1-Year totals highlights how leveraged and option-income single-stock products continue to attract durable demand despite week-to-week volatility.

This Week’s Performance Leaders and Laggards

Performance was mixed across the channel’s three implementation categories this week. Non-Traditional: Synthetic Income – Single Stock was essentially flat at 0.07% WTD but leads on a YTD basis at 32.77%, reflecting the steadier nature of option-income strategies. Non-Traditional: Currency Hedged – Single Stock declined 2.64% WTD despite a standout 56.14% YTD gain, while Non-Traditional: Leverage | Inverse – Single Stock was the week’s weakest category at -4.26% WTD even as it boasts a remarkable 126.02% YTD and 208.99% 1-Year return, underscoring the amplified swings inherent to leveraged single-name exposure. Underlying Moderna shares jumped 18.41% WTD, lifting products tied to the stock, while chipmaker AMD underlying shares fell 4.07% WTD despite a 183.95% YTD gain, illustrating the volatility embedded in this corner of the market.

Top & Bottom Underlying Stock Performance (WTD)

Top & Bottom 5 ETFs by Weekly Performance

Fund-level performance mirrored the leveraged nature of the channel, with the top five WTD gainers all posting returns above 35%, led by the Tradr 2X Short AXTI Daily ETF (AXTQ) at 50.62% and the T-REX 2X Long PENG Daily Target ETF (PENU) at 49.13%. On the opposite end, the Defiance Daily Target 2X Long VELO ETF (VELL) dropped 43.24% and the T-REX 2X Long EOSE Daily Target ETF (EOSU) fell 40.78%, both tied to names with sharp downside moves in underlying shares. The Leverage Shares 2X Long AXTI Daily ETF (AXTL) also declined over 38%, the inverse counterpart to AXTQ’s gain and a clear example of single-name volatility producing opposite outcomes for bull and bear products on the same stock. These wide performance dispersions reinforce the high-beta, short-duration trading character typical of this channel.

Analyzing the Weekly Flows

The channel posted a net outflow of $-98M for the week, driven largely by the Levered implementation group, which shed $205M despite holding the largest AUM base at $34.80B and leading all groups in YTD inflows at $10,024M. Options Overlay products were the standout gainer, pulling in $147M over five days and $1,248M YTD, reflecting continued appetite for income-generating single-stock strategies. Inverse products also saw modest outflows of $44M for the week, while Autocallable and Currency Hedged implementations remained roughly flat on minimal AUM bases. The divergence between Levered’s weekly outflow and its dominant YTD/1-Year totals suggests short-term rotation rather than a broader shift away from leveraged single-stock exposure.

Where the Money Went This Week

Top & Bottom 5 ETFs by 5-Day Flow

Fund flows were concentrated around a handful of names, with the GraniteShares 2x Long COIN Daily ETF (CONL) leading all funds with $176M in weekly inflows, followed by the GraniteShares 2x Long NBIS Daily ETF (NBIL) at $79M. On the outflow side, the Direxion Daily TSLA Bull 2X ETF (TSLL) led all redemptions at $-292M, well ahead of the Direxion Daily MU Bull 2X ETF (MUU) at $-103M. GraniteShares products tied to AMD and NVDA also saw sizable redemptions, with the GraniteShares 2x Long AMD Daily ETF (AMDL) down $-88M and the GraniteShares 2x Long NVDA Daily ETF (NVDL) down $-80M. These flows suggest traders rotated out of mega-cap tech and chip-linked leveraged exposure while chasing crypto-adjacent and AI-infrastructure names.

Issuer League Table Update

Direxion and GraniteShares remain the two largest issuers in the Single Stock channel, commanding 30.85% and 22.68% market share respectively on AUM of $13.63B and $10.02B. GraniteShares was the week’s top gatherer of new assets with $179M in inflows, buoyed by strength in its COIN- and NBIS-linked products, while YieldMax added $127M on the back of continued demand for its option-income strategies. Direxion, by contrast, suffered the largest weekly outflow among issuers at $-620M, driven primarily by redemptions from its TSLA and MU-linked leveraged products. The contrast between GraniteShares’ inflows and Direxion’s outflows highlights a notable rotation in investor preference within the leveraged single-stock space this week.

Top 5 Issuers by AUM

Top & Bottom 3 Issuers by 5-Day Flow