Weekly Channel Summary
The Leverage | Inverse ETF channel, comprising 457 ETFs from 25 issuers, holds a total of $156.65 billion in assets. The channel experienced net outflows of $765 million over the past week, contributing to a year-to-date outflow of $378 million. Over the past year, the channel has seen net inflows of $3.15 billion.
This Week’s Performance Leaders and Laggards
This week’s performance was led by the Commodity: Focused – Energy category, which saw a 6.03% gain. On the other end of the spectrum, Equity: Thematic – Precious Metals was the primary laggard with a -7.06% week-to-date return.
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 | 2.52% | |||||
| Commodity: Focused – Energy | 9.75% | -9.81% | ||||
| Commodity: Focused – Industrial Metals | 6.14% | 3.34% | ||||
| Commodity: Focused – Precious Metals | -5.30% | -10.63% | -3.45% | 6.16% | ||
| Digital Asset: Cryptocurrency – Bitcoin | 9.22% | -1.58% | -7.25% | |||
| Equity: Emerging Large Cap | 3.26% | 4.79% | -0.44% | -4.88% | ||
| Equity: Global Ex-U.S. Large Cap – Blend | 0.99% | -0.97% | ||||
| Equity: Region – Asia-Pacific | 1.06% | 11.73% | -1.31% | -2.72% | ||
| Equity: Region – Asia-Pacific Emerging | 4.00% | 1.89% | -1.04% | -4.10% | ||
| Equity: Region – Eurozone | 1.10% | 1.58% | -4.97% | |||
| Equity: Region – Latin America | 5.07% | 0.70% | ||||
| Equity: Sector – Communication Services | 0.91% | 0.96% | -2.63% | |||
| Equity: Sector – Consumer Discretionary | 2.67% | 3.25% | ||||
| Equity: Sector – Consumer Staples | -1.71% | 1.81% | ||||
| Equity: Sector – Energy | 1.81% | 4.85% | -1.65% | -5.22% | -4.92% | |
| Equity: Sector – Financials | 3.46% | 8.11% | -1.76% | -6.76% | ||
| Equity: Sector – Health Care | 0.28% | 3.25% | -4.03% | -1.96% | ||
| Equity: Sector – Industrial | 4.05% | 7.85% | -4.60% | -10.05% | ||
| Equity: Sector – Information Technology | 4.55% | 8.29% | -8.57% | |||
| Equity: Sector – Materials | 2.41% | -1.28% | -2.38% | |||
| Equity: Sector – Real Estate | 2.74% | 4.08% | 0.53% | -3.94% | ||
| Equity: Sector – Utilities | -0.52% | -0.84% | -2.26% | -6.58% | ||
| Equity: Thematic – Disruptive Tech | 5.64% | 6.68% | -7.32% | |||
| Equity: Thematic – Evolving Consumer | 1.78% | 6.84% | -3.45% | |||
| Equity: Thematic – FinTech | 5.44% | |||||
| Equity: Thematic – Industrial Revolution | 9.30% | |||||
| Equity: Thematic – Infrastructure | 0.80% | |||||
| Equity: Thematic – Midstream & MLPs | ||||||
| Equity: Thematic – Multi-Sector | 6.68% | -3.69% | ||||
| Equity: Thematic – Natural Resources | -5.90% | |||||
| Equity: Thematic – Precious Metals | -18.96% | -1.97% | -3.90% | 16.25% | ||
| Equity: U.S. Large Cap – Blend | 2.94% | 6.74% | -1.97% | -3.90% | -6.54% | |
| Equity: U.S. Large Cap – Growth | 3.89% | 6.31% | 7.19% | -2.03% | -4.06% | -6.22% |
| Equity: U.S. Small Cap – Blend | 5.33% | 6.98% | -2.48% | -5.01% | -7.15% | |
| Fixed Income: Taxable – Government Intermediate | 0.10% | 0.09% | -0.16% | -0.39% | 0.01% | |
| Fixed Income: Taxable – Government Long | -0.09% | 0.65% | -0.62% | |||
| Fixed Income: Taxable – High Yield | 0.25% | |||||
| Fixed Income: Taxable – Preferred Stock | 1.37% |
Top & Bottom 5 ETFs by Weekly Performance
The single best-performing ETF this week was GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) with a 20.30% return. The two worst performers were GDXU (MicroSectors Gold Miners 3X Leveraged ETN) at -24.66% and JNUG (Direxion Daily Junior Gold Miners Index Bull 2X Shares) at -16.64%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| GDXD | MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 20.30% |
| XRPT | Volatility Shares Trust XRP 2X ETF | 16.78% |
| UXRP | ProShares Ultra XRP ETF | 16.35% |
| XXRP | Teucrium 2x Long Daily XRP ETF | 16.22% |
| DFEN | Direxion Daily Aerospace & Defense Bull 3X Shares | 15.87% |
| Bottom Performers | ||
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | -24.66% |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X Shares | -16.64% |
| NUGT | Direxion Daily Gold Miners Index Bull 2x Shares | -15.59% |
| JETD | MAX Airlines -3X Inverse Leveraged ETNs | -11.61% |
| NRGD | MicroSectors U.S. Big Oil -3 Inverse Leveraged ETN | -11.31% |
Analyzing the Weekly Flows
The channel saw net outflows of $765 million this week. The Leverage | Inverse – Single Stock category received the most inflows, gathering $458 million and bringing its AUM to $28.85 billion. The Leverage | Inverse – Crypto category also saw significant inflows of $213 million. The largest outflows came from the Leverage | Inverse – Equity category, which shed $1.13 billion.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Leverage | Inverse – Single Stock | 218 | $28,849M | $458M | $1,754M | $885M | $5,996M | $9,490M |
| Leverage | Inverse – Crypto | 18 | $8,066M | $213M | $1,410M | $2,693M | $3,640M | $4,927M |
| Leverage | Inverse – Fixed Income | 14 | $5,584M | ($53M) | ($269M) | ($1,120M) | ($1,019M) | ($839M) |
| Leverage | Inverse – Commodity | 18 | $3,870M | ($249M) | $118M | $343M | $681M | $508M |
| Leverage | Inverse – Equity | 189 | $110,276M | ($1,134M) | ($1,936M) | ($11,589M) | ($9,676M) | ($10,933M) |
Top & Bottom 5 ETFs by 5-Day Flow
The top ETF for inflows was NUGT (Direxion Daily Gold Miners Index Bull 2x Shares), which gathered $173 million. The top two ETFs for outflows were TQQQ (ProShares UltraPro QQQ) with $794 million in outflows and SSO (ProShares Ultra S&P 500) with $215 million in outflows.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| NUGT | Direxion Daily Gold Miners Index Bull 2x Shares | $173M |
| SH | ProShares Short S&P500 | $164M |
| ETHU | 2x Ether ETF | $61M |
| BITX | 2x Bitcoin Strategy ETF | $57M |
| SPXU | ProShares UltraPro Short S&P500 | $39M |
| Outflows | ||
| TQQQ | ProShares UltraPro QQQ | ($794M) |
| SSO | ProShares Ultra S&P 500 | ($215M) |
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | ($174M) |
| BOIL | ProShares Ultra Bloomberg Natural Gas | ($151M) |
| DUST | Direxion Daily Gold Miners Index Bear 2x Shares | ($75M) |
Issuer League Table Update
ProShares (44.28%) and Direxion (35.56%) remain the top two issuers by market share. This week, T-Rex gathered the most in new assets with $244 million in inflows. The largest top-tier issuer, ProShares, saw the largest outflows at $1.09 billion.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| ProShares | 107 | $69.36B | 44.28% |
| Direxion | 115 | $55.70B | 35.56% |
| GraniteShares | 36 | $8.39B | 5.35% |
| REX Microsectors | 19 | $7.24B | 4.62% |
| Volatility Shares | 6 | $5.53B | 3.53% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| T-Rex | $244M |
| Defiance | $243M |
| Tradr | $195M |
| Outflows | |
| ProShares | ($1,088M) |
| Direxion | ($424M) |
| GraniteShares | ($146M) |
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.
