Weekly Channel Summary
The Currency ETF channel holds $2.58 billion in assets across 15 funds from 4 different issuers. For the week, the channel experienced a minor net outflow of $9 million. This recent redemption activity contrasts with the channel’s stronger long-term trends, which include year-to-date net inflows of $302 million and 1-year net inflows of $299 million.
This Week’s Performance Leaders and Laggards
Funds offering long exposure to the Japanese Yen were the standout performers this week, surging by an average of 2.64%. This weekly gain provides a notable boost to the category, which remains slightly negative on a year-to-date basis. Conversely, the Short Yen category was the worst performer, declining by 4.67%, while funds tracking the US Dollar also finished the week in negative territory.
Currency Performance Snapshot
| Currency | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Long: Yen | 2.64% | 0.96% | 2.39% | 0.20% | -0.16% | -5.93% |
| Long | Short: Multi | 2.36% | -0.63% | -3.37% | -1.60% | 8.42% | 12.44% |
| Long: Emerging | 1.36% | 1.67% | 3.29% | 4.89% | 6.20% | 10.16% |
| Long: AUD | 0.64% | 2.42% | 1.40% | 2.58% | 8.99% | 11.97% |
| Short: USD | 0.49% | 0.88% | 0.72% | 0.49% | 0.22% | 0.69% |
| Long: CAD | 0.45% | 1.87% | 0.63% | -1.23% | -0.61% | 0.17% |
| Long: EUR | 0.19% | 0.67% | 0.30% | 0.36% | -0.13% | 0.85% |
| Long: GBP | -0.07% | 0.68% | 1.25% | 2.06% | 1.68% | 2.81% |
| Long: CHF | -0.10% | -0.07% | -2.60% | -4.02% | -2.50% | -1.02% |
| Long: USD | -0.46% | -0.56% | 0.40% | 1.83% | 2.82% | 4.35% |
| Short: Yen | -4.67% | -1.53% | -3.13% | 2.11% | 3.81% | 18.62% |
Top & Bottom 5 ETFs by Weekly Performance
Leveraged products amplified the week’s move in the yen, with the ProShares Ultra Yen (YCL) climbing 4.94% to lead all currency funds. The unleveraged Invesco Currencyshares Japanese Yen Trust (FXY) also posted a strong 2.48% gain. At the bottom of the performance table was the ProShares UltraShort Yen (YCS), which fell 4.67% in line with its inverse strategy.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| YCL | ProShares Ultra Yen | 4.94% |
| FXY | Invesco Currencyshares Japanese Yen Trust | 2.48% |
| FOXY | Simplify Currency Strategy ETF | 2.36% |
| CEW | WisdomTree Emerging Currency Strategy Fund | 1.36% |
| FXA | Invesco CurrencyShares Australian Dollar Trust | 0.64% |
| Bottom Performers | ||
| YCS | ProShares UltraShort Yen | -4.67% |
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | -0.57% |
| EUO | ProShares UltraShort Euro | -0.40% |
| UUP | Invesco DB US Dollar Index Bullish Fund | -0.35% |
| FXF | Invesco CurrencyShares Swiss Franc Trust | -0.10% |
Analyzing the Weekly Flows
Currency ETFs saw a quiet week of flows, posting a collective net outflow of $9 million. The only categories to attract new capital were those tracking the Swiss Franc and Canadian Dollar, which brought in $5 million and $4 million, respectively. In a potential sign of profit-taking, the week’s best-performing category, Long Yen, also saw the largest redemptions, with investors pulling $11 million.
Currency Flows Summary
| Currency | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Long: CHF | 1 | $390M | $5M | -$5M | -$82M | $9M | $26M |
| Long: CAD | 1 | $71M | $4M | -$4M | -$3M | -$3M | -$21M |
| Long | Short: Multi | 1 | $358M | $0M | $3M | $63M | $320M | $355M |
| Long: AUD | 1 | $96M | $0M | -$3M | -$10M | $3M | $10M |
| Long: Emerging | 1 | $18M | $0M | $0M | $2M | $4M | $8M |
| Long: GBP | 1 | $65M | $0M | $0M | -$13M | -$12M | -$25M |
| Short: USD | 1 | $103M | $0M | -$6M | -$15M | -$35M | -$38M |
| Short: Yen | 1 | $27M | $0M | -$3M | -$3M | -$10M | -$11M |
| Long: USD | 2 | $577M | -$1M | -$289M | -$169M | $127M | $260M |
| Long: EUR | 3 | $401M | -$5M | $21M | -$47M | -$57M | -$165M |
| Long: Yen | 2 | $471M | -$11M | $10M | -$4M | -$43M | -$98M |
Top & Bottom 5 ETFs by 5-Day Flow
The Invesco CurrencyShares Swiss Franc Trust (FXF) led all funds with a modest $5 million inflow. On the redemption side, the Invesco Currencyshares Japanese Yen Trust (FXY) saw the largest outflow of the week, shedding $11 million despite its strong performance. The Invesco CurrencyShares Euro Trust (FXE) also experienced outflows, losing $5 million.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| FXF | Invesco CurrencyShares Swiss Franc Trust | $5M |
| FXC | Invesco CurrencyShares Canadian Dollar Trust | $4M |
| UUP | Invesco DB US Dollar Index Bullish Fund | $3M |
| FOXY | Simplify Currency Strategy ETF | $0M |
| UDN | Invesco DB US Dollar Index Bearish Fund | $0M |
| Outflows | ||
| FXY | Invesco Currencyshares Japanese Yen Trust | -$11M |
| FXE | Invesco CurrencyShares Euro Trust | -$5M |
| USDU | WisdomTree Bloomberg US Dollar Bullish Fund | -$4M |
| FOXY | Simplify Currency Strategy ETF | $0M |
| UDN | Invesco DB US Dollar Index Bearish Fund | $0M |
Issuer League Table Update
Invesco continues to dominate the currency ETF space, managing nearly 71% of the channel’s assets, with Simplify holding a distant second place. Invesco also led the week’s outflows, seeing a net redemption of $5 million from its suite of currency products. WisdomTree followed with $4 million in net outflows, while the channel’s other issuers recorded no net change in assets for the week.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| Invesco | 8 | $1.83B | 70.98% |
| Simplify | 1 | $358M | 13.89% |
| WisdomTree | 2 | $293M | 11.39% |
| ProShares | 4 | $96M | 3.74% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| ProShares | $0M |
| Simplify | $0M |
| WisdomTree | -$4M |
| Outflows | |
| Invesco | -$5M |
| WisdomTree | -$4M |
| ProShares | $0M |
For a deeper dive into these trends, access our FREE, in-depth Currency 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.
