Single-Stock Traders Chase GOOGL and INTC While Rotating Out of TSLA, MU

Weekly Channel Summary

The Single Stock channel closed the week with $38.67B in total AUM spread across 598 ETFs from 17 issuers. Net flows were positive on the week at $98M, extending a strong year with YTD inflows of $12,291M and 1-Year inflows of $18,471M. The channel continues to attract steady capital even as individual-name volatility produces wide performance dispersion across leveraged and inverse products tracking single companies.

This Week’s Performance Leaders and Laggards

Underlying stock performance drove sharp divergence this week, with Moderna surging 10.80% WTD and Tesla up 7.41%, while Alphabet Class C shares and Coinbase both fell more than 12%. Among fund categories, Currency Hedged Single Stock products were the most resilient, down just 0.23% WTD, while Leverage/Inverse Single Stock funds fell 4.77% WTD despite a 45.37% YTD gain and 59.99% 1-Year return. Synthetic Income Single Stock funds also declined 3.76% WTD but remain up 20.43% YTD. On a fund level, GraniteShares 2x Long RDDT Daily ETF (RDTL) was the week’s worst performer, falling 66.91% as Reddit shares reversed sharply, while Defiance Daily Target 2X Long PURR ETF (PUR) led gainers at 47.36%.

Top & Bottom Underlying Stock Performance (WTD)

Top & Bottom 5 ETFs by Weekly Performance

Leveraged single-stock products once again produced the week’s most extreme outcomes, underscoring the amplified exposure inherent to this corner of the market. Defiance Daily Target 2X Long PURR ETF (PUR) and T-REX 2X Long PURR Daily Target ETF (KATT) both gained roughly 47%, closely followed by Leverage Shares 2X Long BBAI Daily ETF (BAIG) at 42.73%. On the downside, GraniteShares 2x Long RDDT Daily ETF (RDTL) and Corgi RDDT 2x Daily ETF (RDDC) both dropped more than 65%, mirroring a steep decline in Reddit shares. GraniteShares 2x Long NOW Daily ETF (NOWL) and Corgi NOW 2x Daily ETF (NOWX) also lost over 61% as ServiceNow shares sold off sharply.

Analyzing the Weekly Flows

The channel took in $98M net over the past five days, with Levered implementation products leading inflows at $134M, continuing a trend of $10,695M YTD and $15,687M over the past year. Options Overlay products saw a modest $32M outflow on the week despite strong longer-term gains of $1,390M YTD, while Inverse products also bled $4M. Autocallable structures added a small $1M, and Currency Hedged exposures were roughly flat. The Levered category’s 90-Day flow of -$2,541M suggests the recent weekly inflow marks a notable near-term reversal in trader positioning.

Where the Money Went This Week

Top & Bottom 5 ETFs by 5-Day Flow

Flows this week concentrated heavily around a handful of single-name bets, led by Direxion Daily GOOGL Bull 2X ETF (GGLL), which pulled in $280M even as Alphabet shares fell over 12%, suggesting dip-buying activity. GraniteShares 2x Long INTC Daily ETF (INTW) followed with $197M of inflows. On the outflow side, Direxion Daily MU Bull 2X ETF (MUU) led redemptions at -$263M, followed by Direxion Daily TSLA Bull 2X ETF (TSLL) at -$209M, despite Tesla’s 7.41% WTD gain. These flows highlight traders actively rotating leveraged exposure across names rather than broadly adding or reducing risk.

Issuer League Table Update

Direxion remains the largest issuer in the channel with $11.76B in AUM and a 30.40% share, followed by GraniteShares at $8.40B and 21.72% share. GraniteShares led weekly inflows with $180M, driven largely by strength in its INTC-linked product, while Leverage Shares and Tradr also posted positive inflows of $62M and $37M respectively. Direxion saw the largest outflows of the week at -$135M, weighed down by redemptions from its MU and TSLA-linked funds, with Roundhill and Defiance also posting modest outflows of -$36M and -$23M. The divergence between Direxion’s scale and its weekly outflow underscores active rotation within even the channel’s largest issuer.

Top 5 Issuers by AUM

Top & Bottom 3 Issuers by 5-Day Flow