Weekly Channel Summary
Welcome to the jungle! The Single Stock ETF universe continues its explosive growth, now boasting 438 funds across 16 issuers, commanding a massive $53.4 billion in assets. While the long-term trend remains violently up—with $6.44 billion hauled in YTD and a staggering $19.9 billion over the past year—traders hit the brakes this week. We witnessed a slight net outflow of $18 million over the last five days, signaling a tactical reshuffle as money rotated out of pure leverage and into income and downside protection.
This Week’s Performance Leaders and Laggards
AI and tech infrastructure names grabbed the wheel and floored it this week. Red Cat Holdings and Snowflake went strictly parabolic, pulling their levered trackers into the stratosphere, while Dell reminded everyone it’s still a heavyweight contender. On the flip side, the optics and component makers took it on the chin, with AXT, Inc. cratering and dragging its associated funds down into the abyss.
Top & Bottom Underlying Stock Performance (WTD)
| Ticker | Underlying Stock | Week-To-Date Return | Year-To-Date Return | Funds Following |
|---|---|---|---|---|
| Top 5 Performing Underlying Stocks | ||||
| RCAT | Red Cat Holdings Inc | 54.09% | 82.85% | 1 |
| SNOW | Snowflake, Inc. | 48.40% | 16.50% | 2 |
| ONDS | Ondas Inc. | 45.92% | 35.45% | 3 |
| DELL | Dell Technologies, Inc. Class C | 42.59% | 236.95% | 1 |
| RDW | Redwire Corp | 40.48% | 223.29% | 1 |
| Bottom 5 Performing Underlying Stocks | ||||
| AXTI | AXT, Inc. | -26.75% | 530.95% | 1 |
| AAOI | Applied Optoelectronics, Inc. | -12.72% | 354.42% | 1 |
| PDD | PDD Holdings Inc. Sponsored ADR Class A | -10.66% | -25.53% | 2 |
| LITE | Lumentum Holdings, Inc. | -9.71% | 131.95% | 2 |
| NVTS | Navitas Semiconductor Corporation | -9.06% | 272.55% | 1 |
Weekly Performance: The Winners and Losers
When daily compounding catches a strong directional wind, the results are jaw-dropping. The Defiance Daily Target 2x Long RCAT ETF (RCAX) obliterated the field this week, returning nearly 120% in five sessions. Meanwhile, betting the wrong way on leverage led to swift punishment—funds tracking AXT, Coinbase, and Super Micro Computer shed nearly half their value in a matter of days.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top 5 Performing ETFs | ||
| RCAX | Defiance Daily Target 2x Long RCAT ETF | 119.70% |
| SNOU | T-REX 2X Long SNOW Daily Target ETF | 103.19% |
| ONDU | Tradr 2X Long ONDS Daily ETF | 102.14% |
| ONDG | Leverage Shares 2X Long ONDS Daily ETF | 102.09% |
| ONDL | Defiance Daily Target 2X Long ONDS ETF | 101.38% |
| Bottom 5 Performing ETFs | ||
| AXTX | Tradr 2X Long AXTI Daily ETF | -48.24% |
| AXTU | T-REX 2X Long AXTI Daily Target ETF | -48.08% |
| COIA | ProShares Ultra COIN | -45.27% |
| SMCZ | Defiance Daily Target 2X Short SMCI ETF | -44.96% |
| HOOZ | Defiance Daily Target 2X Short HOOD ETF | -44.07% |
Analyzing the Weekly Flows
The “greed is good” mentality took a breather this week. Traders actively pulled chips off the table in the pure Levered category to the tune of $271 million. Where did it go? Straight into Synthetic Income (Options Overlay) strategies, which hoovered up $132 million, and Inverse funds, which grabbed $117 million. This suggests traders are locking in massive YTD gains, prioritizing yield generation, and buying insurance against a potential market pullback.
Where the Money Went This Week
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Synthetic Income: Options Overlay | 103 | $8,255.9M | $132M | $609M | $912M | $121M | $8,676M |
| Inverse | 47 | $1,171.2M | $117M | $255M | $558M | $317M | $783M |
| Currency Hedged | 9 | $26.0M | $2M | $0M | $2M | $4M | $8M |
| Synthetic Income: Autocallable | 2 | $4.0M | $1M | $2M | $2M | $2M | $2M |
| Levered | 277 | $43,978.3M | -$271M | $2,547M | $2,444M | $5,995M | $10,509M |
Flow Leaders & Laggards: The ETF Tale of the Tape
Despite the broader category pullback, the conviction trade remains strong for semiconductors. Direxion’s MU bull (MUU) and GraniteShares’ NVDA bull (NVDL) packed on over $150 million each. Conversely, traders staged a massive exodus from Tesla and Sandisk levered plays, dumping $445 million from TSLL and $335 million from SNXX in just five days.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Top 5 Flow Inflows | ||
| MUU | Direxion Daily MU Bull 2X ETF | $160M |
| NVDL | GraniteShares 2x Long NVDA Daily ETF | $158M |
| MVLL | GraniteShares 2x Long MRVL Daily ETF | $143M |
| CONL | GraniteShares 2x Long COIN Daily ETF | $73M |
| LITX | Tradr 2X Long LITE Daily ETF | $62M |
| Bottom 5 Flow Outflows | ||
| TSLL | Direxion Daily TSLA Bull 2X ETF | -$445M |
| SNXX | Tradr 2X Long SNDK Daily ETF | -$335M |
| IONX | Defiance Daily Target 2X Long IONQ ETF | -$97M |
| ASTX | Tradr 2X Long ASTS Daily ETF | -$60M |
| ORCX | Defiance Daily Target 2X Long ORCL ETF | -$50M |
Issuer League Table Update
Direxion maintains its iron grip on the top spot with nearly 33% market share, but GraniteShares is breathing down their necks, capturing $438 million in fresh capital this week to cross $11.6 billion in AUM. YieldMax also scored big as investors pivoted toward income, while Tradr and Direxion bore the brunt of the tactical outflows.
The Heavyweights: Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| Direxion | 51 | $17.62B | 32.89% |
| GraniteShares | 66 | $11.62B | 21.70% |
| Tradr | 58 | $7.57B | 14.14% |
| YieldMax | 41 | $6.65B | 12.41% |
| Defiance | 57 | $3.99B | 7.46% |
Weekly Flows: Issuer Edition
| Brand | 5-Day Flow |
|---|---|
| Top 3 Issuer Inflows | |
| GraniteShares | $438M |
| YieldMax | $122M |
| Leverage Shares | $83M |
| Bottom 3 Issuer Outflows | |
| Tradr | -$323M |
| Direxion | -$286M |
| T-Rex | -$30M |
For a deeper dive into these trends, access our FREE, in-depth Single Stock 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.
