Weekly Channel Summary
The Currency ETF channel holds $2.57B in combined assets across 15 funds from 4 issuers. Weekly flows were negative at $-186M, though the channel remains positive over longer horizons with $314M gathered year-to-date and $344M over the trailing year. The modest net outflow stands out against a still-constructive 2026 trend, suggesting the week’s pullback was concentrated rather than broad-based.
This Week’s Performance Leaders and Laggards
Long USD exposures led the channel this week, gaining 0.91% WTD and extending a strong 2026 with YTD performance of 6.09%. Short Yen positioning followed closely at 0.86% WTD and posted the strongest 1-Year return in the channel at 22.35%, reflecting persistent yen weakness. On the downside, Long EUR exposures lagged with a -0.81% WTD decline and are down -2.08% YTD, while Long AUD also struggled with a -0.97% weekly drop despite holding a positive 5.34% YTD gain. The standout individual fund was EUO, the inverse euro product, which jumped 2.76% WTD, while ULE, a leveraged long euro fund, fell -2.56% as the dollar strengthened broadly.
Currency Performance Snapshot
| Currency | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Long: USD | 0.91% | 2.60% | 1.67% | 3.30% | 6.09% | 7.60% |
| Short: Yen | 0.86% | -0.93% | -3.17% | 0.84% | 6.31% | 22.35% |
| Long | Short: Multi | 0.65% | -0.87% | -6.35% | -3.14% | 6.94% | 7.27% |
| Long: CHF | -0.06% | -1.98% | -3.16% | -3.85% | -4.81% | -4.27% |
| Long: GBP | -0.08% | -1.62% | -0.22% | 1.19% | -0.23% | 0.61% |
| Long: Yen | -0.41% | 0.62% | 2.02% | 0.89% | -1.23% | -7.65% |
| Long: Emerging | -0.67% | -1.99% | 0.99% | 2.50% | 3.35% | 6.38% |
| Long: CAD | -0.77% | -3.07% | -0.65% | -2.26% | -3.61% | -1.94% |
| Long: EUR | -0.81% | -1.92% | -0.78% | -1.09% | -2.08% | -1.62% |
| Short: USD | -0.94% | -2.14% | -0.50% | -0.89% | -2.30% | -2.33% |
| Long: AUD | -0.97% | -2.80% | 0.96% | 1.45% | 5.34% | 6.85% |
Top & Bottom 5 ETFs by Weekly Performance
Dollar-bullish and yen-bearish products dominated the top of the leaderboard, with UUP up 0.94% and USDU up 0.86% on the week, alongside YCS matching that 0.86% gain. At the bottom, euro-long funds were hit hardest, led by ULE at -2.56% and FXE at -1.18%. The spread between leading and lagging funds illustrates a clear dollar-strength, euro-weakness theme playing out across single-currency products this week.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| EUO | ProShares UltraShort Euro | 2.76% |
| UUP | Invesco DB US Dollar Index Bullish Fund | 0.94% |
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | 0.86% |
| YCS | ProShares UltraShort Yen | 0.86% |
| FOXY | Simplify Currency Strategy ETF | 0.65% |
| Bottom Performers | ||
| ULE | ProShares Ultra Euro | -2.56% |
| FXE | Invesco CurrencyShares Euro Trust | -1.18% |
| FXA | Invesco CurrencyShares Australian Dollar Trust | -0.97% |
| UDN | Invesco DB US Dollar Index Bearish Fund | -0.94% |
| FXC | Invesco CurrencyShares Canadian Dollar Trust | -0.77% |
Analyzing the Weekly Flows
The Currency channel saw net outflows of $-186M for the week, driven primarily by heavy redemptions from the Long|Short Multi-currency segment, which shed $152M, and the Long EUR segment, which lost $42M. Long GBP exposure led inflows with $13M gathered for the week, supported by smaller additions into Long USD products. Longer-term flow trends remain more constructive, with Long USD funds up $265M YTD and $405M over the past year, underscoring sustained demand for dollar-strength strategies despite this week’s softness.
Currency Flows Summary
| Currency | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Long: GBP | 1 | $95M | $13M | $32M | $19M | $20M | $7M |
| Long: USD | 2 | $740M | $2M | $134M | -$159M | $265M | $405M |
| Long: AUD | 1 | $93M | $0M | $0M | -$7M | $3M | $13M |
| Long: CAD | 1 | $65M | $0M | -$4M | -$10M | -$7M | -$24M |
| Long: Emerging | 1 | $20M | $0M | $2M | $4M | $6M | $10M |
| Short: USD | 1 | $102M | $0M | $2M | -$5M | -$33M | -$46M |
| Short: Yen | 1 | $27M | $0M | $0M | -$3M | -$10M | -$8M |
| Long: Yen | 2 | $489M | -$1M | $16M | $15M | -$27M | -$64M |
| Long: CHF | 1 | $371M | -$5M | $0M | -$32M | $4M | $4M |
| Long: EUR | 3 | $361M | -$42M | -$37M | -$44M | -$89M | -$164M |
| Long | Short: Multi | 1 | $212M | -$152M | -$138M | -$117M | $182M | $213M |
Top & Bottom 5 ETFs by 5-Day Flow
USDU led fund-level inflows with $15M added, followed closely by FXB at $13M. On the outflow side, FOXY saw the week’s largest redemption at $152M, dwarfing the next largest outflow from FXE, which lost $42M. These two funds accounted for the bulk of the channel’s weekly net outflow.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | $15M |
| FXB | Invesco CurrencyShares British Pound Sterling Trust | $13M |
| FXY | Invesco Currencyshares Japanese Yen Trust | $0M |
| UDN | Invesco DB US Dollar Index Bearish Fund | $0M |
| FXA | Invesco CurrencyShares Australian Dollar Trust | $0M |
| Outflows | ||
| FOXY | Simplify Currency Strategy ETF | -$152M |
| FXE | Invesco CurrencyShares Euro Trust | -$42M |
| UUP | Invesco DB US Dollar Index Bullish Fund | -$13M |
| FXF | Invesco CurrencyShares Swiss Franc Trust | -$5M |
| YCL | ProShares Ultra Yen | -$1M |
Issuer League Table Update
Invesco remains the dominant issuer in the Currency channel with a 75.90% market share and $1.95B in assets across 8 funds, followed by WisdomTree at 12.18% share and $313M in assets. WisdomTree led weekly inflows with $15M, driven by demand for its dollar-bullish product, while Simplify recorded the largest weekly outflow at $152M tied to its single multi-currency strategy fund. Invesco also experienced net weekly outflows of $47M despite its scale, indicating redemption pressure was not limited to smaller issuers this week.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| Invesco | 8 | $1.95B | 75.90% |
| WisdomTree | 2 | $313M | 12.18% |
| Simplify | 1 | $212M | 8.22% |
| ProShares | 4 | $95M | 3.71% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| WisdomTree | $15M |
| ProShares | -$1M |
| Invesco | -$47M |
| Outflows | |
| Simplify | -$152M |
| Invesco | -$47M |
| ProShares | -$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.
