OKLO Nosedives, TSLA Sees $151M Exodus: This Week’s Wild Ride in Single Stock ETFs

Weekly Channel Summary

The Single Stock ETF channel continues its dynamic run, now commanding a hefty $42 billion in total AUM spread across 306 ETFs from 17 different issuers. The space saw a net influx of $589 million over the past week, pushing the year-to-date haul to an impressive $19.09 billion. Over the last 12 months, this channel has vacuumed up a staggering $25.38 billion, underscoring the relentless trader appetite for levered and income-focused single-name exposure.

This Week’s Performance Leaders and Laggards

This week was a brutal tale of two tapes. On the bright side, old-economy stocks like American Airlines Group Inc. (AAL) and Ford Motor Company (F) delivered powerful WTD returns, handing explosive gains to their levered ETF counterparts. However, the real story was a painful lesson in leverage on the downside. The underlying stock Oklo Inc. (OKLO) cratered, dragging its levered ETF into a performance nosedive that wiped out nearly half of its value in a single week.

Top & Bottom 5 Underlying Stock Performance (WTD)

Weekly Performance: The Winners and Losers

The undisputed champion of the week was the Leverage Shares 2X Long AAL Daily ETF (AALG), which skyrocketed with a 33.42% gain. On the flip side, the week’s biggest loser was the Defiance Daily Target 2x Long OKLO ETF (OKLL), which cratered -44.77%. It was followed by the Tradr 2X Long QBTS Daily ETF (QBTX), posting a painful -32.72% loss. As always, it’s critical to remember that daily resets in levered and inverse products mean their weekly performance won’t be a perfect multiple of the underlying stock due to the effects of compounding.

Analyzing the Weekly Flows

The channel’s $589 million in net inflows tells a clear story of bullish conviction mixed with some tactical repositioning. The Levered category was the undisputed heavyweight, pulling in $538 million as traders piled into directional bets. Synthetic Income funds also continued to attract assets, adding $119 million. Interestingly, the Inverse category saw a $72 million outflow, signaling that traders were broadly closing out their short positions, perhaps taking profits on recent volatility or repositioning for a move higher.

Where the Money Went This Week

Flow Leaders & Laggards: The ETF Tale of the Tape

This is where the performance and flow narratives collide. Despite its horrific -44.77% weekly performance, the Defiance Daily Target 2x Long OKLO ETF (OKLL) was the week’s biggest flow winner, attracting a massive $108 million. This indicates a wave of traders attempting to buy the dip, a move that proved exceptionally painful. On the outflow side, traders hit the exits on big-name tickers. The Direxion Daily TSLA Bull 2X Shares (TSLL) saw the largest exodus with $151 million in outflows, followed by the YieldMax MSTR Option Income Strategy ETF (MSTY), which shed $105 million.

Issuer League Table Update

The battle for AUM remains a tight race. Direxion holds the top spot with 28.35% of the market, but YieldMax is right on its heels with 26.51%. Together, these two powerhouses control over 54% of the entire channel. On the flows front, T-Rex won the week, gathering $236 million, with Defiance close behind at $235 million. It was a week of outflows for the largest issuers, as GraniteShares (ranked #3 by AUM) saw the biggest exit at $130 million.

The Heavyweights: Top 5 Issuers by AUM

Weekly Flows: Issuer Edition