Weekly Channel Summary
The Alternative ETF channel, currently comprising 46 funds across 28 issuers, manages a total of $9.9 billion in assets. For the week ending December 26, 2025, the channel saw essentially flat net activity with modest inflows of $7 million. This quiet week caps a robust year, with year-to-date inflows standing at $4.1 billion and 1-year flows reaching $4.14 billion. While volume was light this week compared to the 30-day inflow figure of $476 million, the channel continues to maintain the substantial capital gathered earlier in the year.
This Week’s Performance Leaders and Laggards
Performance this week was defined by the sharp divergence between volatility strategies. “Volatility – Short” funds capitalized on market conditions, gaining 1.28%, while their counterparts in “Volatility – Long” struggled, dropping -2.88% for the week. This inverse relationship highlights the difficult year for long volatility strategies, which are now down -37.94% YTD, compared to a flat -0.72% for short volatility. Among the Absolute Return categories, “Managed Futures” took the lead, delivering a solid 1.42% weekly return, outpacing “Multi-Strategy” (+1.17%) and the muted “Event Driven” category (+0.03%).
Absolute Return Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Absolute Return – Managed Futures | 1.42% | 3.20% | 5.22% | 11.22% | 6.67% | 6.24% |
| Absolute Return – Multi-Strategy | 1.17% | 0.17% | 0.54% | 2.88% | 3.51% | 2.92% |
| Absolute Return – Event Driven | 0.03% | 0.22% | 1.79% | 3.82% | 8.93% | 9.08% |
Volatility Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | 1.28% | 8.84% | 6.24% | 23.99% | -0.72% | -4.85% |
| Alternative: Volatility – Long | -2.88% | -18.01% | -18.94% | -40.29% | -37.94% | -34.18% |
Top & Bottom 5 ETFs by Weekly Performance
The week’s top performer was the AHLT (American Beacon AHL Trend ETF), which gained 3.48%, reflecting the strength of managed futures strategies this week. Conversely, the bottom of the table was populated by long volatility funds, which were hammered by market movements. The worst performers were the UVIX (2x Long VIX Futures ETF), down -6.58%, and the UVXY (ProShares Ultra VIX Short-Term Futures ETF), which fell -4.73%.
| Top Performers | ||
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| AHLT | American Beacon AHL Trend ETF | 3.48% |
| HFMF | Unlimited HFMF Managed Futures ETF | 3.16% |
| SVIX | -1x Short VIX Futures ETF | 3.13% |
| ASGM | Virtus AlphaSimplex Global Macro ETF | 2.59% |
| QIS | Simplify Multi-QIS Alternative ETF | 2.57% |
| Bottom Performers | ||
| UVIX | 2x Long VIX Futures ETF | -6.58% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | -4.73% |
| VIXY | ProShares VIX Short-Term Futures ETF | -3.13% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | -3.10% |
| SPCZ | RiverNorth Enhanced Pre-Merger SPAC ETF | -0.16% |
Analyzing the Weekly Flows
With a modest $7 million in total net inflows, investors showed distinct contrarian behavior this week. The “Alternative: Volatility – Long” category, despite being the worst performer (-2.88%), attracted the most capital with $68 million in inflows, suggesting investors may be positioning for a spike in volatility or hedging portfolios. Conversely, the “Absolute Return – Multi-Strategy” category saw the largest exits, shedding $59 million despite posting positive returns for the week. This looks like potential profit-taking or reallocation. The “Absolute Return” categories were mixed overall; while Multi-Strategy and Managed Futures saw outflows, Event Driven funds managed to pull in $22 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 | $22M | $26M | $39M | $14M | $14M |
| Absolute Return – Managed Futures | 15 | $4.7B | ($7M) | $228M | $674M | $1,946M | $1,952M |
| Absolute Return – Multi-Strategy | 11 | $1.8B | ($59M) | ($45M) | $201M | $253M | $261M |
Volatility Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Alternative: Volatility – Long | 6 | $1.7B | $68M | $366M | ($411M) | $2,411M | $2,480M |
| Alternative: Volatility – Short | 5 | $1.3B | ($19M) | ($98M) | ($81M) | ($526M) | ($566M) |
Top & Bottom 5 ETFs by 5-Day Flow
Leading the inflows was the VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN), which gathered $51 million, representing 8.67% of its AUM in just five days. This aligns with the broader move into long volatility. On the outflows side, the QAI (NYLI Hedge Multi-Strategy Tracker ETF) saw the heaviest selling, losing $61 million. It was followed by CTA (Simplify Managed Futures Strategy ETF), which shed $18 million for the week.
| Inflows | ||
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | $51M |
| MRGR | ProShares Merger ETF | $17M |
| DBMF | IMGP DBi Managed Futures Strategy ETF | $13M |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | $13M |
| UVIX | 2x Long VIX Futures ETF | $6M |
| Outflows | ||
| QAI | NYLI Hedge Multi-Strategy Tracker ETF | ($61M) |
| CTA | Simplify Managed Futures Strategy ETF | ($18M) |
| SVIX | -1x Short VIX Futures ETF | ($12M) |
| SVOL | Simplify Volatility Premium ETF | ($6M) |
| WTMF | WisdomTree Managed Futures Strategy Fund | ($4M) |
Issuer League Table Update
In the issuer landscape, IM holds the top spot with 21.26% market share and $2.11 billion in AUM, followed closely by Simplify with 19.03%. In terms of flows, iPath emerged as the clear winner this week, gathering $51 million driven by interest in its volatility products. Conversely, New York Life Investments faced the largest headwinds, seeing outflows of $56 million, primarily due to the exits from its QAI fund.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| IM | 1 | $2.11B | 21.26% |
| Simplify | 3 | $1.89B | 19.03% |
| New York Life Investments | 2 | $1.05B | 10.57% |
| ProShares | 6 | $0.98B | 9.91% |
| iPath | 2 | $0.67B | 6.80% |
Top & Bottom 3 Issuers by 5-Day Flow
| Inflows | |
| Brand | 5-Day Flow |
|---|---|
| iPath | $51M |
| ProShares | $28M |
| IM | $13M |
| Outflows | |
| New York Life Investments | ($56M) |
| Simplify | ($25M) |
| Volatility Shares | ($6M) |
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.
