Weekly Channel Summary
The Alternatives channel closed the week with $22.56B in total AUM spread across 52 ETFs from 29 issuers. Net flows were positive at $221M for the five-day period, continuing a strong year with $12,892M gathered year-to-date and $12,986M over the trailing one-year period. The channel’s asset base remains concentrated among a handful of large issuers, with flow activity this week led by a mix of systematic and volatility-linked strategies.
This Week’s Performance Leaders and Laggards
On a WTD basis, Vol – Long surged 15.40% while Vol – Short fell 9.75%, reflecting a sharp spike in volatility-linked products during the period. Among absolute return categories, Event Driven was the relative outperformer at -0.12% WTD, while Managed Futures lagged with a -4.04% weekly decline despite strong YTD gains of 11.90%. Multi-Strategy also slipped -2.07% for the week but remains up 11.81% YTD, the strongest full-year showing among absolute return groups. The dispersion between long and short volatility exposures highlights how sensitive this corner of the channel remains to short-term market stress.
Absolute Return Performance Snapshot
| Absolute Return | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Event Driven | -0.12% | 0.04% | 0.37% | 1.02% | 2.98% | 3.43% |
| Multi-Strategy | -2.07% | -3.58% | 0.04% | 2.27% | 11.81% | 9.03% |
| Managed Futures | -4.04% | -5.18% | 2.08% | 1.22% | 11.90% | 15.90% |
Volatility Performance Snapshot
| Volatility | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Vol – Long | 15.40% | 34.30% | 6.66% | -27.07% | -24.26% | -43.85% |
| Vol – Short | -9.75% | -13.96% | -6.19% | 4.63% | -1.95% | 7.37% |
Top & Bottom 5 ETFs by Weekly Performance
UVIX topped the leaderboard with a 22.60% weekly gain, followed closely by UVXY at 19.40%, both benefiting from the long-volatility rally. On the opposite end, SVIX dropped 20.82% and WZRD fell 19.63%, underscoring the inverse relationship between short-volatility and long-volatility positioning this week. QIS also declined sharply at -18.07%, while CTA rounded out the laggards at -10.59%. The spread between the best and worst performers exceeded 40 percentage points, illustrating elevated volatility across the channel’s niche strategies this week.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| UVIX | 2x Long VIX Futures ETF | 22.60% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | 19.40% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | 14.26% |
| VIXY | ProShares VIX Short-Term Futures ETF | 14.23% |
| VXZ | iPath Series B S&P 500 VIX Mid-Term Futures ETN | 5.33% |
| Bottom Performers | ||
| SVIX | -1x Short VIX Futures ETF | -20.82% |
| WZRD | Opportunistic Trader ETF | -19.63% |
| QIS | Simplify Multi-QIS Alternative ETF | -18.07% |
| CTA | Simplify Managed Futures Strategy ETF | -10.59% |
| SVXY | ProShares Short VIX Short-Term Futures ETF | -9.63% |
Analyzing the Weekly Flows
The Alternatives channel attracted $221M in net inflows over the trailing five days. Multi-Strategy led all categories with $218M in inflows, extending its dominant YTD total of $8,988M, while Managed Futures added a more modest $75M despite a negative 30-day trend. Within volatility, Vol – Short gathered $114M even as Vol – Long saw $186M in redemptions, a reversal from the long-volatility strategies’ strong price performance this week. Event Driven was roughly flat, posting essentially no net flow over the period.
Absolute Return Flows Summary
| Absolute Return | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Multi-Strategy | 16 | $11.20B | $218M | $946M | $2,850M | $8,988M | $8,952M |
| Managed Futures | 17 | $8.87B | $75M | -$159M | $953M | $3,900M | $4,205M |
| Event Driven | 8 | $439M | -$0M | $9M | $12M | -$19M | -$4M |
Volatility Flows Summary
| Volatility | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Vol – Short | 5 | $1.02B | $114M | $71M | $19M | -$139M | -$236M |
| Vol – Long | 6 | $1.03B | -$186M | -$292M | -$145M | $162M | $69M |
Top & Bottom 5 ETFs by 5-Day Flow
iShares Systematic Alternatives Active ETF (IALT) led all funds with $113M in weekly inflows, followed by Franklin Systematic Style Premia ETF (FLSP) at $94M, both pointing to continued demand for systematic multi-strategy exposures. On the outflow side, 2x Long VIX Futures ETF (UVIX) saw the largest redemptions at -$86M despite its strong price gains, followed by ProShares VIX Short-Term Futures ETF (VIXY) at -$62M. The divergence between UVIX’s price performance and its outflows suggests profit-taking following the volatility spike. Overall, flow activity was concentrated in a small number of funds at both ends of the spectrum.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| IALT | iShares Systematic Alternatives Active ETF | $113M |
| FLSP | Franklin Systematic Style Premia ETF | $94M |
| SVIX | -1x Short VIX Futures ETF | $72M |
| JPFP | JPMorgan Managed Futures Plus ETF | $29M |
| DBMF | iMGP DBi Managed Futures Strategy ETF | $27M |
| Outflows | ||
| UVIX | 2x Long VIX Futures ETF | -$86M |
| VIXY | ProShares VIX Short-Term Futures ETF | -$62M |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | -$32M |
| CTA | Simplify Managed Futures Strategy ETF | -$23M |
| VIXM | ProShares VIX Mid-Term Futures ETF | -$7M |
Issuer League Table Update
iShares remains the largest issuer in the channel with $7.99B in AUM and a 35.43% share, followed by iM at $4.99B and a 22.12% share, together representing more than half of total channel assets despite holding just three funds combined. iShares also led weekly inflows at $113M, with Franklin close behind at $94M and JPMorgan adding $28M. On the outflow side, ProShares experienced the largest weekly redemptions at -$83M, driven largely by its volatility-linked products, while Volatility Shares saw a smaller outflow of -$13M. The issuer landscape reflects a bifurcation between asset-gathering systematic strategy providers and volatility-product issuers facing redemptions this week.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| iShares | 2 | $7.99B | 35.43% |
| iM | 1 | $4.99B | 22.12% |
| Simplify | 5 | $1.83B | 8.12% |
| NYLIM | 2 | $1.24B | 5.50% |
| Franklin | 1 | $1.20B | 5.30% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| iShares | $113M |
| Franklin | $94M |
| JPMorgan | $28M |
| Outflows | |
| ProShares | -$83M |
| Volatility Shares | -$13M |
| Altshares | -$0M |
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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.
