Weekly Channel Summary
The Leverage | Inverse ETF channel currently commands $158B in total Assets Under Management (AUM) across 554 ETFs and 25 brands. The past week saw a net outflow of -$588M, contributing to a difficult start to the year with YTD flows totaling -$5.18B. Despite the recent pressure on equity-linked products, the channel maintains a positive 1-year flow trajectory of $600M, underscoring the sustained interest in tactical trading vehicles.
This Week’s Performance Leaders and Laggards
Divergence was the defining characteristic of performance this week, primarily driven by massive swings in the energy and precious metals sectors. Commodity-focused categories surged, with GLD-related and Silver trackers leading the way; the Commodity: Focused – Precious Metals category posted a staggering 10.35% WTD return. Conversely, digital assets faced significant headwinds, as the Digital Asset: Cryptocurrency – Bitcoin category slumped -5.74%. Volatile sector moves in Natural Gas created the widest dispersion, as inverse and levered natural gas products occupied both the extreme top and bottom of the performance leaderboard.
Top & Bottom 5 ETFs by Weekly Performance
The single best-performing ETF this week was BOIL (ProShares Ultra Bloomberg Natural Gas), which skyrocketed 72.80%. On the other end of the spectrum, its inverse counterpart KOLD (ProShares UltraShort Bloomberg Natural Gas) was the worst performer, falling -52.95%, followed by the TXXS (21Shares 2x Long Sui ETF) at -34.53%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| BOIL | ProShares Ultra Bloomberg Natural Gas | 72.80% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | 33.92% |
| AGQ | ProShares Ultra Silver | 29.91% |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X Shares | 27.29% |
| SHNY | MicroSectors Gold 3X Leveraged ETNs | 27.26% |
| Bottom Performers | ||
| KOLD | ProShares UltraShort Bloomberg Natural Gas | -52.95% |
| TXXS | 21Shares 2x Long Sui ETF | -34.53% |
| GDXD | MicroSectors Gold Miners -3X Inverse Leveraged ETNs | -29.30% |
| ZSL | ProShares UltraShort Silver | -25.85% |
| SLON | ProShares Ultra Solana ETF | -25.32% |
Analyzing the Weekly Flows
The channel posted a net weekly outflow of -$588M. The Leverage | Inverse – Single Stock category proved to be the most resilient, attracting $711M in new assets, bringing its total AUM to $28.89B. The Leverage | Inverse – Crypto category also saw positive interest with $79M in inflows. However, these gains were more than offset by significant capital flight from Leverage | Inverse – Equity, which bled -$1.21B over the same 5-day period.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | YTD |
|---|---|---|---|---|---|
| Leverage | Inverse – Single Stock | 289 | $28,885M | $711M | $554M | ($92M) |
| Leverage | Inverse – Crypto | 21 | $5,176M | $79M | ($3M) | $4M |
| Leverage | Inverse – Fixed Income | 15 | $4,430M | ($70M) | ($355M) | ($267M) |
| Leverage | Inverse – Commodity | 16 | $7,231M | ($99M) | $836M | $620M |
| Leverage | Inverse – Equity | 190 | $112,052M | ($1,209M) | ($7,785M) | ($5,498M) |
Top & Bottom 5 ETFs by 5-Day Flow
In a paradoxical move, KOLD (ProShares UltraShort Bloomberg Natural Gas) saw the largest inflows of the week at $424M, likely due to investors attempting to “catch the falling knife” or cover short positions. Conversely, SOXL (Direxion Daily Semiconductor Bull 3x Shares) and BOIL (ProShares Ultra Bloomberg Natural Gas) faced the heaviest selling pressure, with outflows of -$893M and -$462M respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| KOLD | ProShares UltraShort Bloomberg Natural Gas | $424M |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | $78M |
| ZSL | ProShares UltraShort Silver | $68M |
| GDXD | MicroSectors Gold Miners-3X Inverse Leveraged ETNs | $64M |
| SQQQ | ProShares UltraPro Short QQQ | $54M |
| Outflows | ||
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | ($893M) |
| BOIL | ProShares Ultra Bloomberg Natural Gas | ($462M) |
| TQQQ | ProShares UltraPro QQQ | ($167M) |
| AGQ | ProShares Ultra Silver | ($162M) |
| TNA | Direxion Daily Small Cap Bull 3x Shares | ($133M) |
Issuer League Table Update
The competitive landscape remains dominated by ProShares and Direxion, which together control over 80% of the channel’s AUM. GraniteShares emerged as the weekly flow leader, gathering $235M in fresh capital. In contrast, Direxion experienced the largest outflows among major issuers, losing -$895M as traders pulled back from levered semiconductor and small-cap strategies.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| ProShares | 107 | $73.03B | 46.28% |
| Direxion | 120 | $54.35B | 34.43% |
| REX Microsectors | 19 | $8.36B | 5.30% |
| GraniteShares | 39 | $8.26B | 5.23% |
| Volatility Shares | 4 | $3.54B | 2.24% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| GraniteShares | $235M |
| Defiance | $177M |
| Volatility Shares | $79M |
| Outflows | |
| Direxion | ($895M) |
| ProShares | ($278M) |
| Tradr | ($28M) |
For a deeper dive into these trends, access our FREE, in-depth Leverage | Inverse 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.
