Weekly Channel Summary
The Alternative ETF channel, encompassing 46 ETFs from 28 different issuers, currently holds a total of $11 billion in assets under management. Over the past week, the channel saw net inflows of $321 million, a significant figure that contributes to a robust year-to-date net inflow of $4.17 billion. This positive momentum is also reflected in the one-year trailing flows, which stand strong at $4.56 billion, indicating sustained investor interest in alternative strategies throughout the year.
This Week’s Performance Leaders and Laggards
This week’s performance was dominated by extreme moves in the volatility space. As expected, there was a stark inverse performance relationship between long and short volatility strategies. The “Volatility – Long” category surged with an average gain of 13.27%, though it remains down -20.03% year-to-date. Conversely, the “Volatility – Short” category fell by -5.87% for the week. Among the Absolute Return categories, “Event Driven” was the only group to post positive results, leading the cohort with a modest 0.20% weekly gain.
Absolute Return Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Absolute Return – Event Driven | 0.20% | 1.06% | 1.85% | 6.08% | 7.52% | 8.41% |
| Absolute Return – Managed Futures | -0.76% | 1.81% | 5.04% | 8.23% | 2.31% | 4.99% |
| Absolute Return – Multi-Strategy | -1.46% | -0.02% | 2.71% | 9.72% | 5.64% | 6.18% |
Volatility Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Alternative: Volatility – Long | 13.27% | 8.24% | -15.97% | -47.23% | -20.03% | -30.69% |
| Alternative: Volatility – Short | -5.87% | -4.17% | 5.02% | 39.54% | -13.48% | -9.97% |
Top & Bottom 5 ETFs by Weekly Performance
Individual fund performance mirrored the category trends. The top performer was the 2x Long VIX Futures ETF (UVIX), a leveraged long volatility fund which rocketed up 24.75%. At the other end of the spectrum, the two worst-performing ETFs were inverse volatility products. The -1x Short VIX Futures ETF (SVIX) was the worst performer with a weekly loss of -12.35%, followed closely by the ProShares Short VIX Short-Term Futures ETF (SVXY), which dropped -6.39%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| UVIX | 2x Long VIX Futures ETF | 24.75% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 19.21% |
| VIXI | Defiance Enhanced Long Vol ETF | 15.61% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 12.89% |
| VIXY | ProShares VIX Short-Term Futures ETF | 12.87% |
| Bottom Performers | ||
| SVIX | -1x Short VIX Futures ETF | -12.35% |
| SVXY | ProShares Short VIX Short-Term Futures ETF | -6.39% |
| SVOL | Simplify Volatility Premium ETF | -4.89% |
| WZRD | Opportunistic Trader ETF | -4.38% |
| HFMF | Unlimited HFMF Managed Futures ETF | -4.13% |
Analyzing the Weekly Flows
Despite a mixed performance week, the Alternative channel attracted a healthy net inflow of $321 million. Investor behavior was clearly focused on the Absolute Return space, which collectively brought in $360 million. The “Managed Futures” category led all groups, pulling in $202 million. This represents a somewhat contrarian view, as the category posted a slight loss of -0.76% for the week. On the other side of the ledger, the “Volatility – Long” category saw the largest outflows at ($23 million), suggesting some investors may be taking profits after the category’s strong 13.27% weekly gain. The “Volatility – Short” category also saw minor outflows of ($16 million).
Absolute Return Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Absolute Return – Managed Futures | 14 | $4.3B | $202M | $303M | $591M | $1,501M | $1,832M |
| Absolute Return – Multi-Strategy | 11 | $1.9B | $159M | $241M | $192M | $246M | $401M |
| Absolute Return – Event Driven | 9 | $0.4B | ($1M) | ($3M) | $2M | ($25M) | ($35M) |
Volatility Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | 5 | $1.3B | ($16M) | ($94M) | ($366M) | ($489M) | ($561M) |
| Alternative: Volatility – Long | 7 | $2.7B | ($23M) | $431M | $1,843M | $2,938M | $2,923M |
Top & Bottom 5 ETFs by 5-Day Flow
The top inflow leader was the IMGP DBi Managed Futures Strategy ETF (DBMF), which gathered an impressive $202 million, representing 12.33% of its AUM. Leading the outflows was the iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX), a long volatility fund, which shed ($23 million). The second largest outflow came from the Simplify Volatility Premium ETF (SVOL), which saw ($9 million) in redemptions.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| DBMF | IMGP DBi Managed Futures Strategy ETF | $202M |
| QAI | NYLI Hedge Multi-Strategy Tracker ETF | $101M |
| FLSP | Franklin Systematic Style Premia ETF | $58M |
| FMF | First Trust Managed Futures Strategy Fund | $2M |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | $2M |
| Outflows | ||
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | ($23M) |
| SVOL | Simplify Volatility Premium ETF | ($9M) |
| SVXY | ProShares Short VIX Short-Term Futures ETF | ($5M) |
| IMF | Invesco Managed Futures Strategy ETF | ($3M) |
| SVIX | -1x Short VIX Futures ETF | ($2M) |
Issuer League Table Update
The issuer landscape remains competitive. Simplify currently holds the top spot with 19.22% market share and $2.03 billion in AUM, closely followed by IM at 17.45% market share with $1.84 billion in AUM. For the week, IM was the dominant asset gatherer, bringing in $202 million in new flows. On the other hand, iPath experienced the largest weekly outflows, with a net redemption of ($23 million).
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| Simplify | 3 | $2.03B | 19.22% |
| IM | 1 | $1.84B | 17.45% |
| ProShares | 6 | $1.30B | 12.29% |
| iPath | 2 | $1.12B | 10.62% |
| New York Life Investments | 2 | $1.08B | 10.24% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| IM | $202M |
| New York Life Investments | $99M |
| Franklin | $58M |
| Outflows | |
| iPath | ($23M) |
| Simplify | ($8M) |
| Volatility Shares | ($3M) |
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.
