Weekly Channel Summary
The Leveraged & Inverse ETF channel, comprising 459 ETFs from 25 issuers, currently holds a total of $163 billion in Assets Under Management (AUM). The channel experienced net outflows of -$1.05 billion over the past week. Year-to-date, the channel has seen outflows totaling -$0.62 billion, while over the past year, it has attracted net inflows of $2.59 billion.
This Week’s Performance Leaders and Laggards
This week, categories tied to Precious Metals showed notable strength, with the Commodity: Focused – Precious Metals category leading the pack with a 1.67% gain. On the other end of the spectrum, thematic strategies focused on housing and cryptocurrencies faced significant headwinds, with Midstream & MLPs being the primary lagging category.
Category Performance Snapshot
The table below breaks down the week-to-date performance of each category by its corresponding levered and inverse ETF implementations.
| Category | Levered: 2x | Levered: 3x | Levered: 4x | Inverse: 1x | Inverse: 2x | Inverse: 3x |
|---|---|---|---|---|---|---|
| Commodity: Focused – Agriculture | -4.61% | |||||
| Commodity: Focused – Energy | -7.50% | -7.21% | 3.08% | 8.35% | 7.67% | |
| Commodity: Focused – Industrial Metals | -8.06% | -1.32% | ||||
| Commodity: Focused – Precious Metals | 0.73% | 9.16% | 8.75% | -9.51% | ||
| Digital Asset: Cryptocurrency – Bitcoin | -18.57% | 4.38% | 16.30% | |||
| Equity: Emerging Large Cap | -8.56% | -12.80% | 3.17% | 13.09% | ||
| Equity: Global Ex-U.S. Large Cap – Blend | -6.07% | 6.30% | ||||
| Equity: Region – Asia-Pacific | -8.53% | -11.48% | 7.84% | 15.91% | ||
| Equity: Region – Asia-Pacific Emerging | -9.70% | -10.38% | 5.66% | 24.28% | ||
| Equity: Region – Eurozone | -5.42% | -8.08% | 10.76% | |||
| Equity: Region – Latin America | ||||||
| Equity: Sector – Communication Services | -6.21% | -10.53% | 5.29% | 7.93% | ||
| Equity: Sector – Consumer Discretionary | -7.69% | -15.84% | ||||
| Equity: Sector – Consumer Staples | 0.07% | 8.80% | ||||
| Equity: Sector – Financials | -5.90% | -11.97% | 0.74% | 10.66% | ||
| Equity: Sector – Health Care | -2.30% | -4.00% | ||||
| Equity: Sector – Industrial | -5.93% | -12.05% | 4.10% | 19.16% | ||
| Equity: Sector – Information Technology | -4.68% | -9.00% | 5.66% | |||
| Equity: Sector – Materials | -6.82% | 7.09% | ||||
| Equity: Sector – Real Estate | -9.81% | -2.65% | 10.71% | |||
| Equity: Sector – Utilities | 2.75% | 4.12% | 2.65% | -1.38% | ||
| Equity: Thematic – Disruptive Tech | -3.43% | -5.20% | 3.19% | |||
| Equity: Thematic – Evolving Consumer | -13.74% | -6.70% | -2.50% | |||
| Equity: Thematic – FinTech | 4.29% | |||||
| Equity: Thematic – Industrial Revolution | -18.35% | -6.26% | ||||
| Equity: Thematic – Infrastructure | -24.35% | |||||
| Equity: Thematic – Multi-Sector | -4.82% | |||||
| Equity: Thematic – Natural Resources | 8.07% | |||||
| Equity: Thematic – Precious Metals | -3.06% | 3.81% | 0.79% | |||
| Equity: U.S. Large Cap – Blend | -5.32% | -9.03% | -10.36% | 2.34% | 4.55% | 8.82% |
| Equity: U.S. Large Cap – Growth | -5.11% | 4.32% | 7.42% | 6.60% | ||
| Equity: U.S. Small Cap – Blend | -8.42% | -10.85% | -0.41% | -0.88% | 10.11% | |
| Fixed Income: Taxable – Government Intermediate | 1.37% | -1.31% | -2.67% | -1.28% | ||
| Fixed Income: Taxable – Government Long | -0.66% | 3.90% | -3.95% | |||
| Fixed Income: Taxable – High Yield | -0.53% | |||||
| Fixed Income: Taxable – Preferred Stock | -3.75% |
Top & Bottom 5 ETFs by Weekly Performance
The week’s top individual performer was the MAX Auto Industry -3x Inverse Leveraged ETN (CARD), which surged by 29.21%. In stark contrast, the Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) and the MAX Auto Industry 3X Leveraged ETN (CARU) were the worst performers, posting significant losses of -24.35% and -24.18% respectively.
| Top Performers | ||
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| CARD | MAX Auto Industry -3x Inverse Leveraged ETN | 29.21% |
| YANG | Direxion Daily FTSE China Bear 3X Shares | 24.28% |
| ETHD | ProShares UltraShort Ether ETF | 24.19% |
| ETQ | T-Rex 2X Inverse Ether Daily Target ETF | 23.48% |
| FXP | ProShares UltraShort FTSE China 50 | 15.91% |
| Bottom Performers | ||
| Ticker | Fund Name | WTD Performance |
| NAIL | Direxion Daily Homebuilders & Supplies Bull 3X Shares | -24.35% |
| CARU | MAX Auto Industry 3X Leveraged ETN | -24.18% |
| SOLT | 2x Solana ETF | -24.16% |
| XXRP | Teucrium 2x Long Daily XRP ETF | -23.86% |
| XRPT | Volatility Shares Trust XRP 2X ETF | -23.82% |
Analyzing the Weekly Flows
The Leverage & Inverse channel saw total net outflows of -$1.314 billion this week. The Commodity category was the primary recipient of new assets, bringing in $124 million and growing its total AUM to $3.715 billion. The Equity category experienced the most significant redemptions, with outflows totaling -$605 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Leverage | Inverse – Commodity | 18 | $3,715M | $124M | $114M | $227M | $527M | $510M |
| Leverage | Inverse – Fixed Income | 14 | $5,426M | ($61M) | ($496M) | ($763M) | ($856M) | ($378M) |
| Leverage | Inverse – Crypto | 18 | $9,320M | ($223M) | $997M | $1,501M | $2,474M | $3,854M |
| Leverage | Inverse – Single Stock | 213 | $30,390M | ($548M) | ($602M) | ($1,338M) | $4,927M | $9,049M |
| Leverage | Inverse – Equity | 185 | $113,792M | ($605M) | ($3,500M) | ($11,527M) | ($8,145M) | ($10,893M) |
Top & Bottom 5 ETFs by 5-Day Flow
The Direxion Daily Semiconductor Bear 3x Shares (SOXS) led all ETFs in weekly inflows, attracting $208 million. On the outflows side, the Direxion Daily Semiconductor Bull 3x Shares (SOXL) experienced the largest redemption of -$848 million, followed by the Direxion Daily S&P 500 Bull 3x Shares (SPXL) with -$250 million in outflows.
| Inflows | ||
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | $208M |
| SQQQ | ProShares UltraPro Short QQQ | $192M |
| SH | ProShares Short S&P500 | $187M |
| QLD | ProShares Ultra QQQ | $99M |
| SPXU | ProShares UltraPro Short S&P500 | $46M |
| Outflows | ||
| Ticker | Fund Name | 5-Day Flow |
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | ($848M) |
| SPXL | Direxion Daily S&P 500 Bull 3x Shares | ($250M) |
| UPRO | ProShares UltraPro S&P500 | ($237M) |
| ETHU | 2x Ether ETF | ($207M) |
| BITX | 2x Bitcoin Strategy ETF | ($101M) |
Issuer League Table Update
The issuer landscape is dominated by ProShares and Direxion, which hold 44.03% and 34.49% of the market share, respectively. ProShares was the top asset gatherer this week, with inflows of $504 million. Among the top issuers, Defiance saw the largest outflows, shedding -$741 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| ProShares | 107 | $71.85B | 44.03% |
| Direxion | 117 | $56.28B | 34.49% |
| GraniteShares | 36 | $9.45B | 5.79% |
| REX Microsectors | 19 | $7.62B | 4.67% |
| Volatility Shares | 6 | $6.28B | 3.85% |
Top & Bottom 3 Issuers by 5-Day Flow
| Inflows | |
| Brand | 5-Day Flow |
|---|---|
| ProShares | $504M |
| T-Rex | $396M |
| Leverage Shares | $45M |
| Outflows | |
| Brand | 5-Day Flow |
| Defiance | -$741M |
| GraniteShares | -$497M |
| Direxion | -$486M |
For a deeper dive into these trends, access our FREE, in-depth Thematic 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.
