Weekly Channel Summary
The EQ: Specialty channel closed the week with $20.75B in AUM spread across 82 ETFs from 54 issuers. Net flows were positive at $139M for the 5-day period, extending a robust YTD total of $5,392M and a 1-year net inflow of $6,371M. The channel continues to attract steady capital across both hedged and long/short strategies, reflecting sustained investor demand for alternative equity exposures.
This Week’s Performance Leaders and Laggards
Both categories in the channel posted positive weekly returns, with Hedged funds leading at 0.82% WTD versus 0.42% for Long | Short. On a YTD basis, however, Long | Short strategies have outperformed, up 11.01% compared to 8.31% for Hedged, and they also lead over the trailing year at 15.17% versus 11.45%. The standout performer of the week was AINT, surging 8.10%, far outpacing the next-best gainer, MSTQ, at 3.53%. On the downside, LBAY was the week’s weakest fund, falling 3.98%, followed closely by BTAL, down 3.01%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Hedged | 0.82% | 0.23% | 3.07% | 10.47% | 8.31% | 11.45% |
| Long | Short | 0.42% | 0.66% | 3.49% | 10.71% | 11.01% | 15.17% |
Top & Bottom 5 ETFs by Weekly Performance
Fund-level dispersion was notable this week, with the top performer AINT gaining 8.10%, well ahead of the rest of the top five, which ranged from 2.30% to 3.53%. On the bottom end, LBAY declined 3.98%, with BTAL and CLIX also posting losses exceeding 2.8%. The spread between the best and worst performers exceeded 12 percentage points, underscoring the wide variety of strategies represented within the channel. These results highlight how idiosyncratic, strategy-specific factors continue to drive weekly return dispersion among specialty equity funds.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| AINT | FINQ DOLLAR NEUTRAL U.S. Large Cap AI-Managed Equity ETF | 8.10% |
| MSTQ | LHA Market State Tactical Q ETF | 3.53% |
| HBTA | Horizon Expedition Plus ETF | 3.22% |
| MEMA | Man Active Emerging Markets Alternative ETF | 3.03% |
| QTR | Global X NASDAQ 100 Tail Risk ETF | 2.30% |
| Bottom Performers | ||
| LBAY | Leatherback Long/Short Alternative Yield ETF | -3.98% |
| BTAL | AGF U.S. Market Neutral Anti-Beta Fund | -3.01% |
| CLIX | ProShares Long Online/Short Stores ETF | -2.86% |
| VAMO | Cambria Value & Momentum ETF | -2.47% |
| CLSE | Convergence Long/Short Equity ETF | -1.16% |
Analyzing the Weekly Flows
The channel gathered $139M in net inflows over the trailing five days, with Hedged funds leading at $78M and Long | Short funds close behind at $61M. Both categories also showed strength over longer horizons, with Long | Short funds accumulating $3,407M YTD against $1,985M for Hedged, though Hedged has captured more flows over the past 90 days at $1,366M versus $1,804M for Long | Short, a narrower gap. No category recorded net outflows this week, suggesting broad-based demand across the channel’s core strategy groups. This consistency across both hedged and long/short exposures points to continued investor appetite for equity strategies with downside mitigation or directional flexibility.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Hedged | 53 | $13.06B | $78M | $181M | $1,366M | $1,985M | $2,725M |
| Long | Short | 29 | $7.69B | $61M | $202M | $1,804M | $3,407M | $3,646M |
Top & Bottom 5 ETFs by 5-Day Flow
CLSE led all funds in weekly inflows with $40M, followed by HEQT at $26M and HELO at $19M. On the outflow side, BTAL saw the largest redemptions at $6M, followed by HFEQ at $5M. Notably, redemptions across the bottom five funds were modest in scale, ranging from $1M to $6M, indicating limited conviction behind this week’s outflows. The concentration of inflows into a handful of top funds suggests targeted allocation decisions rather than broad category rotation.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| CLSE | Convergence Long/Short Equity ETF | $40M |
| HEQT | Simplify Hedged Equity ETF | $26M |
| HELO | JPMorgan Hedged Equity Laddered Overlay ETF | $19M |
| BFLX | iShares Flexible Equity Active ETF | $14M |
| FTLS | First Trust Long/Short Equity ETF | $12M |
| Outflows | ||
| BTAL | AGF U.S. Market Neutral Anti-Beta Fund | -$6M |
| HFEQ | Unlimited HFEQ Equity Long/Short ETF | -$5M |
| SHDG | Soundwatch Hedged Equity ETF | -$2M |
| SPYC | Simplify US Equity PLUS Convexity ETF | -$1M |
| SPD | Simplify US Equity PLUS Downside Convexity ETF | -$1M |
Issuer League Table Update
JPMorgan remains the dominant issuer in the channel with a 24.97% share of AUM ($5.18B across 4 funds), followed by First Trust at 12.32% ($2.56B) with a single fund. Convergence led weekly inflows at $40M, driven entirely by its CLSE fund, while JPMorgan also gathered a strong $25M and Simplify added $24M. On the outflow side, AGF experienced the largest weekly redemptions at $6M, followed by Unlimited at $5M. The concentration of AUM among a few large issuers contrasts with the broader flow activity, which this week favored smaller, single-fund issuers like Convergence.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| JPMorgan | 4 | $5.18B | 24.97% |
| First Trust | 1 | $2.56B | 12.32% |
| iShares | 1 | $2.15B | 10.36% |
| Fidelity | 2 | $1.02B | 4.89% |
| Convergence | 1 | $975M | 4.70% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Convergence | $40M |
| JPMorgan | $25M |
| Simplify | $24M |
| Outflows | |
| AGF | -$6M |
| Unlimited | -$5M |
| SoundWatch Capital | -$2M |
For a deeper dive into these trends, access our FREE, in-depth EQ: Specialty 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.
