Moderna Surge Powers Single-Stock ETFs as GraniteShares Sees Outflows

Weekly Channel Summary

The Single Stock channel closed the week with $45.69B in total AUM spread across 619 ETFs from 18 issuers. Net flows were negative on a 5-day basis at $-946M, contrasting sharply with a positive $10,494M year-to-date total and a robust $20,317M over the trailing year. The weekly pullback reflects concentrated redemptions in a handful of large levered products even as the broader channel remains firmly in inflow territory for 2026. This divergence between short-term outflows and longer-term accumulation underscores the volatility inherent in single-name leveraged trading vehicles.

This Week’s Performance Leaders and Laggards

Performance this week was led by the Non-Traditional: Leverage | Inverse – Single Stock category, which gained 6.47% WTD and now stands up 145.52% YTD, reflecting the outsized moves in underlying names like Moderna and Meta Platforms. The Currency Hedged – Single Stock and Synthetic Income – Single Stock categories also posted positive weekly returns of 3.29% and 3.22%, respectively, though both remain well behind the leverage segment on a YTD basis. Moderna shares surged 29.11% WTD and are up an extraordinary 574.40% YTD, making it the standout underlying driver of the week, while Meta Platforms and Advanced Micro Devices also posted double-digit weekly gains. On the downside, Alibaba fell 3.09% WTD and remains down 25.13% YTD, the weakest performer among tracked underlyings. At the fund level, the MRNX ETF topped the leaderboard with a 63.01% weekly gain, capturing the Moderna rally through 2x daily exposure.

Top & Bottom Underlying Stock Performance (WTD)

Top & Bottom 5 ETFs by Weekly Performance

Leveraged single-stock products dominated both ends of the weekly performance spectrum. MRNX led all funds with a 63.01% weekly return, followed by OUSL at 50.87% and PUL at 43.92%, each amplifying strong moves in their respective underlying stocks. At the bottom, XNDX declined 58.99% for the week, while EOSU and EO fell 38.21% and 37.46%, respectively, reflecting sharp reversals tied to their underlying names. The wide dispersion between top and bottom performers highlights the amplified risk profile characteristic of 2x daily leveraged single-stock ETFs during volatile weeks.

Analyzing the Weekly Flows

The channel recorded a net weekly outflow of $946M despite a positive YTD total of $10,494M. The Inverse implementation led inflows with $285M for the week, extending its $731M YTD gain, as traders positioned defensively against several richly valued names. The Levered implementation saw the largest outflow at $-1,228M for the week, even though it remains up $8,774M YTD and $16,232M over the trailing year, suggesting profit-taking after a strong run rather than a structural shift. Options Overlay products were roughly flat on the week at $-6M but retain solid YTD and 1-year gains of $967M and $3,703M, respectively.

Where the Money Went This Week

Top & Bottom 5 ETFs by 5-Day Flow

Flows at the fund level were led by SNDQ, which gathered $128M over the week, followed by AMZU with $58M in inflows. On the outflow side, SNXX shed $209M, the largest weekly redemption in the channel, while NVDL lost $168M as investors trimmed exposure to Nvidia-linked leverage. These paired moves in SNDQ/SNXX and the broader NVDL redemption point to active repositioning around semiconductor-related single-stock products during the week.

Issuer League Table Update

Direxion remains the largest issuer in the channel with $14.19B in AUM and a 31.05% share, followed by GraniteShares at $9.89B and a 21.65% share. T-Rex led all issuers in weekly inflows with $10M, a modest but notable gain against a backdrop of broader channel outflows. GraniteShares experienced the largest weekly outflow among issuers at $-560M, driven largely by redemptions in NVDL, MULL, and MVLL, while Direxion also saw a sizable $-208M outflow. Despite these near-term redemptions, both Direxion and GraniteShares continue to anchor the channel’s AUM base given their scale and product breadth.

Top 5 Issuers by AUM

Top & Bottom 3 Issuers by 5-Day Flow