Weekly Channel Summary
The Alternative ETF channel, comprising 47 ETFs across 29 issuers, currently holds approximately $9.8 billion in assets under management. This week, the channel attracted $75 million in net inflows, a positive shift following a 30-day outflow trend of $269 million. Year-to-date, the channel has gathered $3.66 billion, contributing to a 1-year total flow of $3.74 billion, underscoring sustained interest in alternative strategies despite short-term fluctuations.
This Week’s Performance Leaders and Laggards
Performance this week was defined by a stark divergence in volatility strategies. “Alternative: Volatility – Short” strategies surged, posting a weighted average return of 7.73%, while “Alternative: Volatility – Long” strategies faced significant headwinds, declining -15.13%. In the Absolute Return space, “Absolute Return – Managed Futures” led the pack with a gain of 2.06%, outpacing Event Driven strategies and the slightly negative Multi-Strategy category.
Absolute Return Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Absolute Return – Managed Futures | 2.06% | 1.41% | 5.54% | 10.39% | 5.46% | 6.61% |
| Absolute Return – Event Driven | 0.17% | 0.27% | 2.25% | 4.20% | 8.98% | 9.52% |
| Absolute Return – Multi-Strategy | -0.20% | -1.63% | 1.05% | 4.68% | 2.28% | 1.03% |
Volatility Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | 7.73% | 1.58% | 3.82% | 21.36% | -8.39% | -14.69% |
| Alternative: Volatility – Long | -15.13% | -5.78% | -13.61% | -36.73% | -29.09% | -24.42% |
Top & Bottom 5 ETFs by Weekly Performance
The top performer for the week was the SVIX, a short volatility fund, which rallied 15.43%. Conversely, the two worst performers were leveraged long volatility funds, UVIX and UVXY, which fell -27.10% and -20.96% respectively, highlighting the difficulty of maintaining long volatility exposure in the current market environment.
| Top Performers | ||
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| SVIX | -1x Short VIX Futures ETF | 15.43% |
| SVXY | ProShares Short VIX Short-Term Futures ETF | 7.77% |
| ZVOL | Volatility Premium Plus ETF | 6.23% |
| SVOL | Simplify Volatility Premium ETF | 5.93% |
| TFPN | Blueprint Chesapeake Multi-Asset Trend ETF | 4.48% |
| Bottom Performers | ||
| UVIX | 2x Long VIX Futures ETF | -27.10% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | -20.96% |
| VIXI | Defiance Enhanced Long Vol ETF | -17.45% |
| VIXY | ProShares VIX Short-Term Futures ETF | -14.30% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | -14.28% |
Analyzing the Weekly Flows
Total net flows for the week reached $75 million. Investors showed a strong preference for “Alternative: Volatility – Short” strategies, which gathered $42 million, likely chasing the strong recent performance. Notably, the “Alternative: Volatility – Long” category also saw inflows of $25 million, which appears to be a contrarian trade given the category’s sharp decline. “Absolute Return – Multi-Strategy” funds saw the largest outflows at $13 million, suggesting some profit-taking or reallocation, while “Absolute Return – Managed Futures” continued to see steady inflows of $20 million.
Absolute Return Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Absolute Return – Managed Futures | 15 | $4.4B | $20M | $146M | $516M | $1,718M | $1,973M |
| Absolute Return – Event Driven | 9 | $0.5B | $0M | $11M | $7M | ($12M) | ($11M) |
| Absolute Return – Multi-Strategy | 11 | $1.9B | ($13M) | $6M | $288M | $295M | $449M |
Volatility Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | 5 | $1.3B | $42M | ($9M) | ($70M) | ($449M) | ($431M) |
| Alternative: Volatility – Long | 7 | $1.9B | $25M | ($424M) | ($345M) | $2,106M | $1,757M |
Top & Bottom 5 ETFs by 5-Day Flow
The top ETF for inflows this week was the UVIX, a leveraged long volatility fund, which gathered $42 million despite its poor performance, suggesting significant bottom-fishing. The VXX, another long volatility product, saw the largest outflows of $67 million, highlighting a split in investor conviction regarding the path of volatility.
| Inflows | ||
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| UVIX | 2x Long VIX Futures ETF | $42M |
| SVIX | -1x Short VIX Futures ETF | $40M |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | $33M |
| VIXY | ProShares VIX Short-Term Futures ETF | $18M |
| DBMF | IMGP DBi Managed Futures Strategy ETF | $16M |
| Outflows | ||
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | ($67M) |
| QAI | NYLI Hedge Multi-Strategy Tracker ETF | ($12M) |
| CTA | Simplify Managed Futures Strategy ETF | ($10M) |
| QIS | Simplify Multi-QIS Alternative ETF | ($1M) |
| VYLD | Inverse Vix Short-Term Futures ETN | $0M |
Issuer League Table Update
IM leads the issuer league table with a 20.18% market share and $1.99 billion in AUM, closely followed by Simplify with 19.13%. Volatility Shares had the strongest week for inflows, gathering $82 million, while iPath experienced the largest outflows of $67 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| IM | 1 | $1.99B | 20.18% |
| Simplify | 3 | $1.88B | 19.13% |
| New York Life Investments | 2 | $1.08B | 10.96% |
| ProShares | 6 | $1.01B | 10.27% |
| iPath | 2 | $0.73B | 7.45% |
Top & Bottom 3 Issuers by 5-Day Flow
| Inflows | |
| Brand | 5-Day Flow |
|---|---|
| Volatility Shares | $82M |
| ProShares | $50M |
| IM | $16M |
| Outflows | |
| iPath | ($67M) |
| New York Life Investments | ($12M) |
| Simplify | ($9M) |
For a deeper dive into these trends, access our FREE, in-depth 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.
