Weekly Channel Summary
The Alternative ETF channel, comprising 46 ETFs from 28 different issuers, holds a total of $10.2 billion in assets under management. This past week, the channel experienced modest net outflows of ($11 million). This recent withdrawal slightly tempers the channel’s strong long-term momentum, which has seen net inflows of $4.02 billion year-to-date and $4.32 billion over the past year.
This Week’s Performance Leaders and Laggards
Performance this week was defined by a stark divergence in volatility strategies. The "Volatility – Short" category surged, posting a weekly gain of 4.71%, though it remains down -8.79% for the year. Conversely, the "Volatility – Long" category plummeted, losing -10.41% for the week and extending its year-to-date losses to -27.70%. Within the Absolute Return group, "Multi-Strategy" led the way with a modest 0.60% gain for the week.
Absolute Return Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Absolute Return – Multi-Strategy | 0.60% | 1.62% | 2.14% | 7.32% | 3.80% | 4.19% |
| Absolute Return – Managed Futures | 0.49% | 2.45% | 5.30% | 9.14% | 4.11% | 6.33% |
| Absolute Return – Event Driven | 0.20% | 1.24% | 2.21% | 5.92% | 8.35% | 9.07% |
Volatility Category Performance
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Alternative: Volatility – Short | 4.71% | -0.46% | 8.96% | 33.66% | -8.79% | -6.88% |
| Alternative: Volatility – Long | -10.41% | -3.70% | -22.01% | -45.16% | -27.70% | -34.24% |
Top & Bottom 5 ETFs by Weekly Performance
Reflecting the category-level trend, the week’s top performer was the -1x Short VIX Futures ETF (SVIX), a short volatility fund that gained 9.19%. The two worst-performing ETFs were both long volatility funds: the 2x Long VIX Futures ETF (UVIX), which lost -18.63%, and the ProShares Ultra VIX Short-Term Futures ETF (UVXY), which fell -15.37%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| SVIX | -1x Short VIX Futures ETF | 9.19% |
| SVXY | ProShares Short VIX Short-Term Futures ETF | 5.37% |
| SVOL | Simplify Volatility Premium ETF | 4.28% |
| VYLD | Inverse Vix Short-Term Futures ETN | 2.37% |
| ZVOL | Volatility Premium Plus ETF | 2.36% |
| Bottom Performers | ||
| UVIX | 2x Long VIX Futures ETF | -18.63% |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | -15.37% |
| VIXI | Defiance Enhanced Long Vol ETF | -13.60% |
| VIXY | ProShares VIX Short-Term Futures ETF | -10.34% |
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | -10.31% |
Analyzing the Weekly Flows
Despite total net outflows of ($11 million) for the channel, investor behavior showed a distinct contrarian streak. The "Volatility – Long" category, which was the week’s worst performer (-10.41%), actually attracted the most new money, pulling in $11 million. Conversely, the "Absolute Return – Event Driven" category saw the largest outflows at ($13 million). Overall, the three Absolute Return categories experienced net withdrawals totaling ($21 million) for the week.
Absolute Return Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Absolute Return – Multi-Strategy | 11 | $1.9B | $0M | $243M | $266M | $294M | $442M |
| Absolute Return – Managed Futures | 14 | $4.2B | ($8M) | $296M | $606M | $1,563M | $1,836M |
| Absolute Return – Event Driven | 9 | $0.4B | ($13M) | ($4M) | ($3M) | ($23M) | ($22M) |
Volatility Category Flows
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Alternative: Volatility – Long | 7 | $2.4B | $11M | ($195M) | $1,087M | $2,618M | $2,504M |
| Alternative: Volatility – Short | 5 | $1.3B | ($1M) | $2M | ($240M) | ($434M) | ($443M) |
Top & Bottom 5 ETFs by 5-Day Flow
The top inflow leader was the 2x Long VIX Futures ETF (UVIX), a long volatility fund that gathered $42 million, representing a significant 10.63% of its AUM. This inflow occurred despite the fund’s -18.63% loss for the week. The two largest outflow leaders were the iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX), which shed ($72 million), and the AltShares Merger Arbitrage ETF (ARB), with ($10 million) in outflows.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| UVIX | 2x Long VIX Futures ETF | $42M |
| UVXY | ProShares Ultra VIX Short-Term Futures ETF | $41M |
| IMF | Invesco Managed Futures Strategy ETF | $1M |
| WZRD | Opportunistic Trader ETF | $0M |
| EVNT | AltShares Event-Driven ETF | $0M |
| Outflows | ||
| VXX | iPath Series B S&P 500 VIX Short-Term Futures ETN | ($72M) |
| ARB | AltShares Merger Arbitrage ETF | ($10M) |
| KMLM | KraneShares Mount Lucas Managed Futures Index Strategy ETF | ($3M) |
| SPAQ | Horizon Kinetics SPAC Active ETF | ($2M) |
| DBMF | IMGP DBi Managed Futures Strategy ETF | ($2M) |
Issuer League Table Update
In the issuer landscape, Simplify maintains the top spot by market share at 19.36%, with $1.98 billion in AUM. IM holds second place with 18.05% of the market and $1.85 billion in AUM. For the week, Volatility Shares led all issuers in asset gathering, pulling in $42 million, while iPath experienced the largest outflows at ($72 million).
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| Simplify | 3 | $1.98B | 19.36% |
| IM | 1 | $1.85B | 18.05% |
| ProShares | 6 | $1.18B | 11.56% |
| New York Life Investments | 2 | $1.09B | 10.59% |
| iPath | 2 | $1.03B | 10.10% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Volatility Shares | $42M |
| ProShares | $41M |
| Invesco | $1M |
| Outflows | |
| iPath | ($72M) |
| Altshares | ($10M) |
| KraneShares | ($3M) |
For a deeper dive into these trends, access our FREE, in-depth Thematic 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.
