Weekly Channel Summary
The Currency ETF channel, comprising 15 funds from 4 issuers, currently holds $2.67 billion in total assets. This week, the channel experienced significant net outflows of $155 million, marking a sharp reversal from recent trends. Despite the weekly withdrawal, flows remain positive year-to-date at $395 million and over the past year at $339 million.
This Week’s Performance Leaders and Laggards
Strategies betting against the Japanese Yen were the week’s top performers, with the Short Yen category gaining 2.24%. On the other end of the spectrum, funds with long exposure to the Yen fell 1.21%, making it one of the worst-performing groups. Year-to-date, the trend of Yen weakness holds, as the Short Yen category is up 7.56% while Long Yen funds are down 2.13%.
Currency Performance Snapshot
| Currency | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Short: Yen | 2.24% | -3.06% | 2.80% | 12.32% | 7.56% | 24.50% |
| Long: CAD | 0.46% | 1.36% | -1.12% | -1.88% | -1.05% | -0.32% |
| Long: GBP | 0.30% | 1.27% | 1.51% | 0.12% | 1.65% | 2.14% |
| Long: AUD | 0.21% | 1.72% | -1.52% | 0.82% | 7.00% | 10.31% |
| Long: USD | 0.12% | -1.06% | 1.46% | 4.18% | 3.12% | 5.07% |
| Long: EUR | 0.10% | 1.12% | -0.32% | -1.32% | -0.42% | 0.65% |
| Short: USD | -0.11% | 1.39% | -0.27% | -1.99% | -0.33% | 0.18% |
| Long: Emerging | -0.64% | 1.87% | 2.00% | 1.61% | 4.74% | 8.75% |
| Long: CHF | -0.72% | -0.50% | -3.77% | -5.89% | -2.93% | -1.23% |
| Long: Yen | -1.21% | 1.87% | -0.82% | -4.71% | -2.13% | -8.29% |
| Long | Short: Multi | -1.30% | -4.78% | -2.08% | -0.82% | 7.96% | 14.41% |
Top & Bottom 5 ETFs by Weekly Performance
Reflecting the sharp decline in the Yen, the ProShares UltraShort Yen (YCS) was the top-performing fund, returning 2.24% for the week. Conversely, its leveraged counterpart, the ProShares Ultra Yen (YCL), was the worst performer with a loss of 2.30%. Among funds with long exposure, the Invesco CurrencyShares Canadian Dollar Trust (FXC) was a notable gainer, rising 0.46%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| YCS | ProShares UltraShort Yen | 2.24% |
| FXC | Invesco CurrencyShares Canadian Dollar Trust | 0.46% |
| FXB | Invesco CurrencyShares British Pound Sterling Trust | 0.30% |
| FXA | Invesco CurrencyShares Australian Dollar Trust | 0.21% |
| UUP | Invesco DB US Dollar Index Bullish Fund | 0.14% |
| Bottom Performers | ||
| YCL | ProShares Ultra Yen | -2.30% |
| FOXY | Simplify Currency Strategy ETF | -1.30% |
| FXY | Invesco Currencyshares Japanese Yen Trust | -1.13% |
| FXF | Invesco CurrencyShares Swiss Franc Trust | -0.72% |
| CEW | WisdomTree Emerging Currency Strategy Fund | -0.64% |
Analyzing the Weekly Flows
Currency ETFs saw net redemptions of $155 million over the past week, driven almost entirely by a single category. Funds with long exposure to the US Dollar experienced outflows of $157 million, overwhelming all other activity. In a contrarian move, the Long Yen category was the only group to attract meaningful new assets, pulling in $20 million despite the currency’s poor weekly performance.
Currency Flows Summary
| Currency | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Long: Yen | 2 | $487M | $20M | $19M | $11M | -$25M | -$83M |
| Long | Short: Multi | 1 | $359M | $0M | $16M | $69M | $317M | $352M |
| Long: EUR | 3 | $379M | $0M | $4M | -$74M | -$79M | -$179M |
| Long: Emerging | 1 | $18M | $0M | $2M | $2M | $4M | $8M |
| Long: GBP | 1 | $65M | $0M | -$13M | -$32M | -$12M | -$19M |
| Short: Yen | 1 | $30M | $0M | -$3M | $0M | -$7M | -$12M |
| Short: USD | 1 | $101M | -$2M | -$8M | -$24M | -$37M | -$43M |
| Long: AUD | 1 | $95M | -$3M | -$7M | -$10M | $3M | $10M |
| Long: CHF | 1 | $391M | -$5M | -$27M | -$82M | $9M | $20M |
| Long: CAD | 1 | $67M | -$7M | -$4M | -$7M | -$7M | -$24M |
| Long: USD | 2 | $681M | -$157M | -$213M | -$35M | $229M | $310M |
Top & Bottom 5 ETFs by 5-Day Flow
The Invesco Currencyshares Japanese Yen Trust (FXY) stood alone as the top asset gatherer, securing $20 million in net new assets. Outflows were concentrated in two large US Dollar funds, with the WisdomTree Bloomberg US Dollar Bullish Fund (USDU) leading redemptions at $95 million. The Invesco DB US Dollar Index Bullish Fund (UUP) followed with the second-largest outflow of $62 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| FXY | Invesco Currencyshares Japanese Yen Trust | $20M |
| FOXY | Simplify Currency Strategy ETF | $0M |
| FXE | Invesco CurrencyShares Euro Trust | $0M |
| FXB | Invesco CurrencyShares British Pound Sterling Trust | $0M |
| EUO | ProShares UltraShort Euro | $0M |
| Outflows | ||
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | -$95M |
| UUP | Invesco DB US Dollar Index Bullish Fund | -$62M |
| FXC | Invesco CurrencyShares Canadian Dollar Trust | -$7M |
| FXF | Invesco CurrencyShares Swiss Franc Trust | -$5M |
| FXA | Invesco CurrencyShares Australian Dollar Trust | -$3M |
Issuer League Table Update
Invesco continues to dominate the currency space, commanding 69.26% of the market share, with WisdomTree a distant second at 13.55%. The broad selling pressure was evident at the issuer level, as no firm recorded net inflows for the week. WisdomTree saw the largest net redemptions of $95 million, while Invesco experienced outflows totaling $60 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| Invesco | 8 | $1.85B | 69.26% |
| WisdomTree | 2 | $362M | 13.55% |
| Simplify | 1 | $359M | 13.45% |
| ProShares | 4 | $100M | 3.74% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| ProShares | $0M |
| Simplify | $0M |
| Invesco | -$60M |
| Outflows | |
| WisdomTree | -$95M |
| Invesco | -$60M |
| ProShares | $0M |
For a deeper dive into these trends, access our FREE, in-depth Currency 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.
