Weekly Channel Summary
The Alternative ETF channel, currently comprising 49 ETFs across 28 distinct issuers, oversees a total of $13.2B in Assets Under Management. Over the past week, the segment experienced net outflows totaling -$180M, a minor contraction in what has otherwise been a period of solid growth. Despite this week’s setback, year-to-date flows remain highly robust at $3.09B, while the 1-year trailing flow figure stands impressively at $5.66B, highlighting sustained investor appetite and long-term conviction for alternative strategies.
This Week’s Performance Leaders and Laggards
This week’s performance highlighted the classic inverse relationship between the volatility segments. The Alternative: Volatility – Short category led the channel with a 1.84% gain for the week, though it remains down -3.78% year-to-date. Conversely, the Alternative: Volatility – Long category acted as the primary laggard, dropping -4.89% and worsening its steep year-to-date decline to -13.90%. Within the Absolute Return segment, the Event Driven category emerged as the leader, posting a 0.29% weekly return to maintain its positive standing across all measured timeframes.
Absolute Return Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Absolute Return – Event Driven | 0.29% | 0.73% | 1.76% | 2.06% | 2.14% | 5.32% |
| Absolute Return – Managed Futures | -0.34% | -3.34% | 0.31% | 12.42% | 10.99% | 21.32% |
| Absolute Return – Multi-Strategy | -1.31% | -5.51% | -4.05% | -1.47% | -1.77% | 10.19% |
Volatility Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | 1.84% | 5.96% | 15.28% | 1.13% | -3.78% | 23.11% |
| Alternative: Volatility – Long | -4.89% | -14.35% | -31.43% | -22.12% | -13.90% | -49.25% |
Top & Bottom 5 ETFs by Weekly Performance
At the individual fund level, the top performer was a short volatility fund, the -1x Short VIX Futures ETF (SVIX), which surged 3.49% for the week. On the other end of the spectrum, the two worst-performing funds were the Opportunistic Trader ETF (WZRD), which plummeted -16.61%, and a long volatility fund, the 2x Long VIX Futures ETF (UVIX), which dropped -9.13%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| SVIX | -1x Short VIX Futures ETF | 3.49% |
| TFPN | Blueprint Chesapeake Multi-Asset Trend ETF | 2.30% |
| HFND | Unlimited HFND Multi-Strategy Return Tracker ETF | 1.62% |
| ASGM | Virtus AlphaSimplex Global Macro ETF | 1.60% |
| ZVOL | Volatility Premium Plus ETF | 1.37% |
| Bottom Performers | ||
| WZRD | Opportunistic Trader ETF | -16.61% |
| UVIX | 2x Long VIX Futures ETF | -9.13% |
| QIS | Simplify Multi-QIS Alternative ETF | -5.75% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | -4.19% |
| CTA | Simplify Managed Futures Strategy ETF | -2.50% |
Analyzing the Weekly Flows
The Alternative ETF space saw a total net flow of -$180M over the past five days, driven by distinct shifts in investor behavior. Interestingly, the category receiving the most inflows was Absolute Return – Managed Futures, gathering $57M despite its slightly negative (-0.34%) weekly performance. This contrarian movement suggests investors are taking a longer-term structural view and buying the dip. Conversely, the Alternative: Volatility – Long category experienced massive outflows totaling -$286M. Given its poor recent performance, this outflow dynamic strongly suggests capitulation from exhausted buyers rather than profit-taking. Overall, the Absolute Return categories painted a positive net flow picture, successfully absorbing fresh capital and offsetting some of the volatility-induced bleeding.
Absolute Return Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Absolute Return – Managed Futures | 16 | $7.5B | $57M | $605M | $1,242M | $2,457M | $3,584M |
| Absolute Return – Multi-Strategy | 12 | $2.5B | $16M | $80M | $505M | $596M | $821M |
| Absolute Return – Event Driven | 9 | $0.4B | $1M | $4M | -$21M | -$33M | -$7M |
Volatility Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | 5 | $1.1B | $32M | -$52M | -$140M | -$43M | -$622M |
| Alternative: Volatility – Long | 6 | $1.7B | -$286M | -$176M | $556M | $110M | $1,884M |
Top & Bottom 5 ETFs by 5-Day Flow
Leading the pack for individual inflows was the IMGP DBi Managed Futures Strategy ETF (DBMF), which gathered $38M, representing a solid addition to its massive $4.00B asset base. On the downside, the top two ETFs for outflows were both long volatility funds facing intense pressure: the ProShares Ultra VIX Short-Term Futures ETF (UVXY) bled a staggering -$194M (amounting to an incredible -33.81% of its AUM), and the 2x Long VIX Futures ETF (UVIX) lost -$44M, accounting for nearly -10% of its assets.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| DBMF | IMGP DBi Managed Futures Strategy ETF | $38M |
| SVIX | -1x Short VIX Futures ETF | $37M |
| QAI | NYLI Hedge Multi-Strategy Tracker ETF | $9M |
| FMF | First Trust Managed Futures Strategy Fund | $8M |
| FLSP | Franklin Systematic Style Premia ETF | $4M |
| Outflows | ||
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | -$194M |
| UVIX | 2x Long VIX Futures ETF | -$44M |
| VIXY | ProShares VIX Short-Term Futures ETF | -$35M |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | -$12M |
| SVXY | ProShares Short VIX Short-Term Futures ETF | -$5M |
Issuer League Table Update
The issuer landscape for alternative ETFs remains highly concentrated at the top, with iM dominating the space holding a 30.37% market share across its $4.00B in total AUM. They are closely followed by Simplify, which commands a 16.67% share with $2.20B in assets. Unsurprisingly, iM proved to be the most successful asset gatherer this week, pulling in a net $38M in weekly inflows. In stark contrast, ProShares suffered the largest structural outflows, shedding -$235M over the 5-day period largely due to broad redemptions across its volatility suite.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iM | 1 | $4.00B | 30.37% |
| Simplify | 5 | $2.20B | 16.67% |
| New York Life Investments | 2 | $1.24B | 9.44% |
| ProShares | 6 | $0.95B | 7.22% |
| Franklin | 1 | $0.93B | 7.06% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iM | $38M |
| First Trust | $13M |
| New York Life Investments | $9M |
| Outflows | |
| ProShares | -$235M |
| iPath | -$12M |
| Volatility Shares | -$7M |
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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.
