Weekly Channel Summary
The EQ: Specialty channel closed the week with $21.20B in total AUM spread across 81 ETFs from 55 issuers. Net flows were positive at $47M for the 5-day period, extending a strong 2026 with $5,811M in year-to-date inflows and $6,229M over the trailing year. These figures underscore sustained investor demand for alternative equity strategies despite a choppy week for performance.
This Week’s Performance Leaders and Laggards
On a market-price basis, the channel posted mixed weekly results, with the small Asset Allocation: Specialty – Alternative Asset Sleeve segment essentially flat at -0.06% WTD, while the larger Hedged (-0.35%) and Long | Short (-0.77%) categories both declined. Long | Short remains the standout over longer horizons, up 10.07% YTD and 11.90% over the trailing year, outpacing Hedged’s 6.54% YTD and 7.15% 1-year gains. The weekly pullback in both major categories suggests short-term volatility rather than a shift in the broader uptrend that has defined 2026 for these strategies.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Asset Allocation: Specialty – Alternative Asset Sleeve | -0.06% | — | — | — | — | — |
| Hedged | -0.35% | -0.98% | 0.09% | 2.85% | 6.54% | 7.15% |
| Long | Short | -0.77% | -0.62% | 0.43% | 4.68% | 10.07% | 11.90% |
Top & Bottom 5 ETFs by Weekly Performance
TOS led all funds for the week, rising 1.16%, followed closely by LBAY at 1.06% and FFLS at 0.91%. On the downside, MEMA was the week’s weakest performer, falling 3.75%, with AINT and KONG also posting notable declines of more than 2%. The spread between top and bottom performers highlights the dispersion within alternative strategies even as broad category averages were modestly negative for the week.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| TOS | Twin Oak Strategic Solutions ETF | 1.16% |
| LBAY | Leatherback Long/Short Alternative Yield ETF | 1.06% |
| FFLS | Future Fund Long/Short ETF | 0.91% |
| ISWN | Amplify BlackSwan ISWN ETF | 0.89% |
| SHUS | Stratified LargeCap Hedged ETF | 0.76% |
| Bottom Performers | ||
| MEMA | Man Active Emerging Markets Alternative ETF | -3.75% |
| AINT | FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | -2.44% |
| KONG | Formidable Fortress ETF | -2.41% |
| MSTQ | LHA Market State Tactical Q ETF | -2.25% |
| HBTA | Horizon Expedition Plus ETF | -1.91% |
Analyzing the Weekly Flows
The channel attracted $47M in net new assets over the past five trading days, led decisively by the Long | Short category, which brought in $40M and continues to dominate longer-term flows with $3,652M YTD and $3,785M over the trailing year. Hedged strategies added a more modest $7M for the week, though they still hold $2,158M in YTD inflows. The tiny Asset Allocation: Specialty – Alternative Asset Sleeve segment was essentially flat, contributing no meaningful flow activity. Overall, the data points to a continued investor preference for long/short exposure over hedged equity strategies in the current environment.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Long | Short | 27 | $7.95B | $40M | $218M | $997M | $3,652M | $3,785M |
| Hedged | 52 | $13.24B | $7M | $143M | $725M | $2,158M | $2,443M |
| Asset Allocation: Specialty – Alternative Asset Sleeve | 2 | $6M | $0M | $1M | $1M | $1M | $1M |
Top & Bottom 5 ETFs by 5-Day Flow
FTLS led all funds in weekly inflows with $15M, followed by QBER and PVEX, each gathering $13M. On the outflow side, SPD saw the largest redemptions at $16M, while SPYC shed an additional $11M. These results suggest that fund-level flows were more idiosyncratic than category-driven, with several Simplify products facing redemption pressure even as the broader category list showed healthy demand elsewhere.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| FTLS | First Trust Long/Short Equity ETF | $15M |
| QBER | TrueShares Quarterly Bear Hedge ETF | $13M |
| PVEX | TrueShares ConVex Protect ETF | $13M |
| MKTN | Federated Hermes MDT Market Neutral ETF | $12M |
| FHEQ | Fidelity Hedged Equity ETF | $9M |
| Outflows | ||
| SPD | Simplify US Equity PLUS Downside Convexity ETF | -$16M |
| SPYC | Simplify US Equity PLUS Convexity ETF | -$11M |
| HELO | JPMorgan Hedged Equity Laddered Overlay ETF | -$10M |
| HEQT | Simplify Hedged Equity ETF | -$5M |
| CBLS | Clough Hedged Equity ETF | -$2M |
Issuer League Table Update
JPMorgan remains the dominant issuer by assets with $5.26B, or 24.81% share of the channel, followed by First Trust at $2.67B and a 12.59% share. On the flow side, TrueShares led all issuers with $26M in weekly inflows, followed by First Trust with $15M and Federated Hermes with $12M. Simplify faced the largest weekly outflows among issuers, shedding $32M, while JPMorgan also saw modest redemptions of $10M despite its leading asset base. The divergence between JPMorgan’s scale and its weekly outflows illustrates how even top-share issuers can see short-term rebalancing within this specialty channel.”
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| JPMorgan | 4 | $5.26B | 24.81% |
| First Trust | 1 | $2.67B | 12.59% |
| iShares | 1 | $2.21B | 10.45% |
| Fidelity | 2 | $1.04B | 4.92% |
| Convergence | 1 | $1.03B | 4.86% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| TrueShares | $26M |
| First Trust | $15M |
| Federated Hermes | $12M |
| Outflows | |
| Simplify | -$32M |
| JPMorgan | -$10M |
| Clough | -$2M |
For a deeper dive into these trends, access our FREE, in-depth EQ: Specialty 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.
