Weekly Channel Summary
As of January 23, 2026, the Equity: Specialty ETF channel maintains a significant footprint in the market with total Assets Under Management (AUM) of $14.8 billion across 75 ETFs and 53 distinct brands. The channel saw a net inflow of $111 million over the past five days, contributing to a year-to-date (YTD) total of $503 million. Looking back over the trailing year, the specialty landscape has attracted a total of $3.5 billion in net new money, reflecting sustained investor interest in these specialized hedged and long/short strategies.
This Week’s Performance Leaders and Laggards
Performance within the specialty channel was mixed this week. The Equity: Specialty – Long | Short category led the way with a week-to-date (WTD) return of 0.52%, bringing its YTD performance to a solid 2.69%. Conversely, the Equity: Specialty – Hedged category remained nearly flat, posting a marginal decline of -0.01% for the week, though it remains in positive territory for the year at 1.38%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Equity: Specialty – Long | Short | 0.52% | 2.21% | 3.41% | 7.05% | 2.69% | 8.63% |
| Equity: Specialty – Hedged | -0.01% | 0.56% | 2.13% | 7.74% | 1.38% | 10.27% |
Top & Bottom 5 ETFs by Weekly Performance
The individual standout performer this week was the Leatherback Long/Short Alternative Yield ETF (LBAY), which climbed 3.06%. On the other end of the spectrum, the TradersAI Large Cap Equity & Cash ETF (HFSP) struggled with a -1.29% return, followed closely by the Simplify VettaFi Private Credit Strategy ETF (PCR), which dropped -1.15%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| LBAY | Leatherback Long/Short Alternative Yield ETF | 3.06% |
| PRAE | PlanRock Alternative Growth ETF | 2.74% |
| LSEQ | Harbor Long-Short Equity ETF | 2.27% |
| FORH | Formidable ETF | 2.12% |
| HEFT | Hedgeye Fourth Turning ETF | 1.97% |
| Bottom Performers | ||
| HFSP | TradersAI Large Cap Equity & Cash ETF | -1.29% |
| PCR | Simplify VettaFi Private Credit Strategy ETF | -1.15% |
| SPUC | Simplify US Equity PLUS Upside Convexity ETF | -0.88% |
| MSTB | LHA Market State Tactical Beta ETF | -0.80% |
| PHDG | Invesco S&P 500 Downside Hedged ETF | -0.62% |
Analyzing the Weekly Flows
The channel attracted $111 million in total net flows this week. The Equity: Specialty – Hedged category was the primary driver of this activity, securing $75 million in new investment and bolstering its total AUM to $10.6 billion. The Equity: Specialty – Long | Short category also saw healthy engagement with $35 million in weekly inflows. While the overall channel was positive, there were pockets of consolidation, particularly within individual ETFs facing strategic outflows.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Equity: Specialty – Hedged | 50 | $10.6B | $75M | $396M | $775M | $246M | $2,758M |
| Equity: Specialty – Long | Short | 25 | $4.2B | $35M | $262M | $411M | $257M | $743M |
Top & Bottom 5 ETFs by 5-Day Flow
Leading the pack in absolute dollar terms, the JPMorgan Hedged Equity Laddered Overlay ETF (HELO) pulled in $35 million this week. In contrast, the Castellan Targeted Equity ETF (CTEF) saw the largest liquidation with -$12 million in outflows, followed by the JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) at -$3 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| HELO | JPMorgan Hedged Equity Laddered Overlay ETF | $35M |
| ORR | Militia Long/Short Equity ETF | $22M |
| FHEQ | Fidelity Hedged Equity ETF | $14M |
| CAOS | Alpha Architect Tail Risk ETF | $12M |
| PRAE | PlanRock Alternative Growth ETF | $11M |
| Outflows | ||
| CTEF | Castellan Targeted Equity ETF | -$12M |
| HEQQ | JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF | -$3M |
| EHLS | Even Herd Long Short ETF | -$2M |
| LBAY | Leatherback Long/Short Alternative Yield ETF | -$2M |
| PHEQ | Parametric Hedged Equity ETF | -$2M |
Issuer League Table Update
The issuer landscape is dominated by JPMorgan, which holds a commanding 27.31% market share, followed by First Trust at 14.76%. JPMorgan once again led all issuers in weekly capital gathering, securing $37 million in net flows. Militia followed with $22 million. On the lagging side, Castellan experienced the most significant weekly outflows among the top-tier issuers.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| JPMorgan | 3 | $4.04B | 27.31% |
| First Trust | 1 | $2.18B | 14.76% |
| Fidelity | 2 | $0.82B | 5.57% |
| Simplify | 5 | $0.67B | 4.51% |
| Swan | 1 | $0.61B | 4.14% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| JPMorgan | $37M |
| Militia | $22M |
| Hedgeye | $15M |
| Outflows | |
| Castellan | -$12M |
| Even Herd | -$2M |
| Leatherback | -$2M |
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.
