Weekly Channel Summary
The Alternative ETF channel, comprising 47 ETFs from 29 issuers, closed the week with $10.1 billion in total assets under management. The channel experienced net outflows of ($58 million) over the past week, contributing to a 30-day outflow of ($265 million). Despite the recent pullback, investors have shown strong interest year-to-date, pouring a net $3.84 billion into the space, with 1-year flows remaining robust at $3.66 billion.
This Week’s Performance Leaders and Laggards
This week’s performance highlighted the classic inverse relationship within the Volatility categories. The “Volatility – Short” category posted a weekly loss of -0.20%, while the “Volatility – Long” category also finished in the red at -0.49%. Year-to-date, both categories remain significantly down, with “Volatility – Long” at -29.06% and “Volatility – Short” at -14.74%. Among the “Absolute Return” strategies, “Managed Futures” was the clear leader, posting a 0.77% gain for the week.
Absolute Return Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Absolute Return – Managed Futures | 0.77% | -0.25% | 5.59% | 9.82% | 4.28% | 6.31% |
| Absolute Return – Event Driven | -0.04% | 0.04% | 2.02% | 4.63% | 8.61% | 9.28% |
| Absolute Return – Multi-Strategy | -0.35% | 0.76% | 2.76% | 4.94% | 2.24% | 1.89% |
Volatility Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | -0.20% | 0.39% | 3.10% | 8.89% | -14.74% | -19.70% |
| Alternative: Volatility – Long | -0.49% | -5.85% | -14.22% | -32.19% | -29.06% | -26.70% |
Top & Bottom 5 ETFs by Weekly Performance
The week’s top individual performer was the American Beacon AHL Trend ETF (AHLT), which gained 1.50%, reflecting strength in its Managed Futures category. Conversely, the 2x Long VIX Futures ETF (UVIX) was the worst performer, dropping -2.68%, followed by the Opportunistic Trader ETF (WZRD) with a -2.10% loss.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| AHLT | American Beacon AHL Trend ETF | 1.50% |
| VXZ | iPath Series B S&P 500 VIX Mid-Term Futures ETN | 1.30% |
| IMF | Invesco Managed Futures Strategy ETF | 1.12% |
| MFUT | Cambria Chesapeake Pure Trend ETF | 1.11% |
| FFUT | Fidelity Managed Futures ETF | 1.04% |
| Bottom Performers | ||
| UVIX | 2x Long VIX Futures ETF | -2.68% |
| WZRD | Opportunistic Trader ETF | -2.10% |
| TFPN | Blueprint Chesapeake Multi-Asset Trend ETF | -1.57% |
| ZVOL | Volatility Premium Plus ETF | -1.29% |
| QIS | Simplify Multi-QIS Alternative ETF | -1.10% |
Analyzing the Weekly Flows
Investors pulled a net ($58 million) from the Alternative channel this week. The largest inflows went to the “Volatility – Long” category, which gathered $6 million. This represents a contrarian move, as the category is one of the worst-performing YTD (down -29.06%). The heaviest outflows came from the “Volatility – Short” category, which shed ($56 million). The “Absolute Return” categories saw a mixed but muted picture, with “Managed Futures” and “Multi-Strategy” seeing minor outflows of ($9 million) and ($1 million) respectively, while “Event Driven” attracted a small $1 million.
Absolute Return Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Absolute Return – Event Driven | 9 | $0.5B | $1M | $6M | $11M | ($11M) | ($9M) |
| Absolute Return – Multi-Strategy | 11 | $1.9B | ($1M) | $14M | $292M | $308M | $465M |
| Absolute Return – Managed Futures | 14 | $4.3B | ($9M) | $92M | $632M | $1,667M | $1,942M |
Volatility Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Alternative: Volatility – Long | 7 | $2.3B | $6M | ($308M) | $354M | $2,404M | $2,031M |
| Alternative: Volatility – Short | 5 | $1.2B | ($56M) | ($68M) | ($179M) | ($526M) | ($772M) |
Top & Bottom 5 ETFs by 5-Day Flow
On the individual ETF level, the ProShares Ultra VIX Short-Term Futures ETF (UVXY) led inflows, pulling in $22 million, which represents a significant 3.99% of its AUM. The heaviest outflows were seen from the -1x Short VIX Futures ETF (SVIX), which lost ($28 million), and the Simplify Volatility Premium ETF (SVOL), which saw ($22 million) in redemptions.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | $22M |
| WTMF | WisdomTree Managed Futures Strategy Fund | $4M |
| HFMF | Unlimited HFMF Managed Futures ETF | $3M |
| VIXM | ProShares VIX Mid-Term Futures ETF | $2M |
| QAI | NYLI Hedge Multi-Strategy Tracker ETF | $2M |
| Outflows | ||
| SVIX | -1x Short VIX Futures ETF | ($28M) |
| SVOL | Simplify Volatility Premium ETF | ($22M) |
| UVIX | 2x Long VIX Futures ETF | ($20M) |
| DBMF | IMGP DBi Managed Futures Strategy ETF | ($13M) |
| SVXY | ProShares Short VIX Short-Term Futures ETF | ($5M) |
Issuer League Table Update
The Alternative channel remains concentrated, with the top two issuers, IM and Simplify, controlling 19.08% ($1.93B AUM) and 18.87% ($1.91B AUM) of the market, respectively. This week, ProShares led all issuers in flows, gathering $20 million. At the other end, Volatility Shares experienced the largest outflows, shedding ($48 million).
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| IM | 1 | $1.93B | 19.08% |
| Simplify | 3 | $1.91B | 18.87% |
| ProShares | 6 | $1.13B | 11.23% |
| New York Life Investments | 2 | $1.09B | 10.78% |
| iPath | 2 | $0.93B | 9.24% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| ProShares | $20M |
| WisdomTree | $4M |
| Unlimited | $3M |
| Outflows | |
| Volatility Shares | ($48M) |
| Simplify | ($22M) |
| IM | ($13M) |
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.
