Weekly Channel Summary
The Currency ETF channel, comprising 15 ETFs from 4 issuers, holds total assets of $2.88 billion. The channel experienced net outflows of $38 million over the past week, though it maintains a positive inflow of $604 million year-to-date. Over the last twelve months, currency ETFs have attracted a net total of $489 million.
This Week’s Performance Leaders and Laggards
A weaker U.S. dollar propelled foreign currency ETFs higher this week, with Long Yen strategies leading all categories with a 3.05% gain. This marks a significant reversal for the category, which remains down 2.00% year-to-date. Conversely, Long USD funds were the worst performers, falling 1.33% for the week, though they retain a 3.42% gain for the year.
Currency Performance Snapshot
| Currency | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Long: Yen | 3.05% | 2.24% | -1.85% | -3.30% | -2.00% | -6.25% |
| Short: USD | 1.63% | 1.46% | -1.41% | -1.95% | -0.66% | 1.81% |
| Long: Emerging | 1.26% | 1.95% | 1.62% | 2.23% | 4.20% | 9.82% |
| Long: CHF | 1.25% | -0.01% | -3.44% | -4.69% | -2.29% | -0.02% |
| Long: GBP | 1.23% | 1.77% | -0.41% | -0.48% | 1.16% | 4.27% |
| Long: EUR | 1.11% | 0.84% | -0.92% | -1.47% | -0.70% | 1.92% |
| Long: AUD | 0.87% | 1.81% | -1.91% | 1.70% | 6.25% | 10.81% |
| Long: CAD | 0.72% | 1.18% | -3.04% | -2.81% | -1.96% | -1.01% |
| Long | Short: Multi | 0.52% | -3.52% | 0.91% | 6.49% | 10.42% | 19.88% |
| Long: USD | -1.33% | -0.91% | 2.57% | 4.34% | 3.42% | 3.87% |
| Short: Yen | -5.54% | -3.55% | 5.34% | 9.33% | 7.29% | 19.42% |
Top & Bottom 5 ETFs by Weekly Performance
The week’s top performance was driven by leveraged and inverse plays on the Japanese Yen. ProShares Ultra Yen (YCL) surged 5.16%, while its counterpart, ProShares UltraShort Yen (YCS), was the worst performer with a 5.54% loss. The largest fund in the channel, the Invesco DB US Dollar Index Bullish Fund (UUP), declined by 1.43% amid broad dollar weakness.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| YCL | ProShares Ultra Yen | 5.16% |
| FXY | Invesco Currencyshares Japanese Yen Trust | 2.89% |
| ULE | ProShares Ultra Euro | 2.65% |
| UDN | Invesco DB US Dollar Index Bearish Fund | 1.63% |
| FXE | Invesco CurrencyShares Euro Trust | 1.47% |
| Bottom Performers | ||
| YCS | ProShares UltraShort Yen | -5.54% |
| EUO | ProShares UltraShort Euro | -2.65% |
| UUP | Invesco DB US Dollar Index Bullish Fund | -1.43% |
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | -1.23% |
| FOXY | Simplify Currency Strategy ETF | 0.52% |
Analyzing the Weekly Flows
Despite strong performance in foreign currencies, the channel saw net outflows of $38 million for the week. Investors sold into strength, pulling $20 million from Long Yen funds, the week’s best-performing category. Outflows were also notable from Long Swiss Franc (-$16 million) and Long British Pound (-$13 million), while Long USD funds were the only group to see meaningful inflows, attracting $9 million.
Currency Flows Summary
| Currency | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Long: USD | 2 | $890M | $9M | $18M | $118M | $439M | $545M |
| Long: Emerging | 1 | $18M | $2M | $2M | $2M | $4M | $6M |
| Long | Short: Multi | 1 | $361M | $1M | $17M | $240M | $317M | $352M |
| Long: EUR | 3 | $385M | $0M | -$32M | -$107M | -$72M | -$200M |
| Long: AUD | 1 | $97M | $0M | -$3M | -$7M | $7M | $7M |
| Long: CAD | 1 | $70M | $0M | -$7M | -$7M | -$3M | -$24M |
| Short: USD | 1 | $109M | $0M | -$5M | -$26M | -$29M | -$39M |
| Short: Yen | 1 | $32M | $0M | $0M | $0M | -$7M | -$3M |
| Long: GBP | 1 | $65M | -$13M | -$13M | -$19M | -$12M | -$25M |
| Long: CHF | 1 | $398M | -$16M | -$33M | -$83M | $14M | $9M |
| Long: Yen | 2 | $458M | -$20M | -$11M | -$15M | -$53M | -$137M |
Top & Bottom 5 ETFs by 5-Day Flow
Investor flows ran contrary to performance trends, with the Invesco DB US Dollar Index Bullish Fund (UUP) leading inflows by gathering $9 million. The largest redemptions came from funds tracking currencies that performed well during the week. The Invesco Currencyshares Japanese Yen Trust (FXY) shed $20 million, and the Invesco CurrencyShares Swiss Franc Trust (FXF) saw outflows of $16 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| UUP | Invesco DB US Dollar Index Bullish Fund | $9M |
| CEW | WisdomTree Emerging Currency Strategy Fund | $2M |
| FOXY | Simplify Currency Strategy ETF | $1M |
| FXE | Invesco CurrencyShares Euro Trust | $0M |
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | $0M |
| Outflows | ||
| FXY | Invesco Currencyshares Japanese Yen Trust | -$20M |
| FXF | Invesco CurrencyShares Swiss Franc Trust | -$16M |
| FXB | Invesco CurrencyShares British Pound Sterling Trust | -$13M |
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | $0M |
| UDN | Invesco DB US Dollar Index Bearish Fund | $0M |
Issuer League Table Update
Invesco remains the dominant issuer in the currency space, managing $1.94 billion in assets for a 67.4% market share, followed by WisdomTree with a 16.5% share. However, Invesco also led outflows for the week, experiencing $40 million in redemptions across its currency suite. WisdomTree was the top asset gatherer, albeit with a modest inflow of $2 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| Invesco | 8 | $1.94B | 67.38% |
| WisdomTree | 2 | $476M | 16.51% |
| Simplify | 1 | $361M | 12.54% |
| ProShares | 4 | $103M | 3.57% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| WisdomTree | $2M |
| Simplify | $1M |
| ProShares | $0M |
| Outflows | |
| Invesco | -$40M |
| ProShares | $0M |
| Simplify | $1M |
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.
