Weekly Channel Summary
The Leverage | Inverse ETF landscape remains a dynamic segment of the market, currently boasting total Assets Under Management (AUM) of $164B across 554 ETFs and 24 brands. The past week saw significant activity with a total net outflow for the channel of ($0.97B). This defensive positioning reflects broader market volatility, contributing to a Year-To-Date (YTD) flow deficit of ($6.15B) and a one-year trailing outflow total of ($3.06B). Despite the aggregate outflows, the channel continues to see robust product innovation with 83 new ETF launches in the past three months alone.
This Week’s Performance Leaders and Laggards
Performance across underlying categories showed extreme divergence this week. Commodity-focused strategies led the charge, with Commodity: Focused – Precious Metals returning 7.34% and Commodity: Focused – Energy gaining 6.28%. This strength contrasted sharply with the digital asset space, as Digital Asset: Cryptocurrency – Bitcoin categories fell 6.37% WTD. We also observed significant weakness in thematic tech, specifically Equity: Thematic – FinTech (-5.57%), while core equity sectors like Information Technology managed a modest 1.26% gain. The dispersion between top-tier commodities and lagging crypto/thematics highlights the high-conviction rotations currently occurring within the leveraged ecosystem.
Top & Bottom 5 ETFs by Weekly Performance
The week’s single best performer was the SHNY (MicroSectors Gold 3X Leveraged ETNs), which surged 25.73% on the back of precious metals strength. On the flip side, the ZSL (ProShares UltraShort Silver) was the week’s biggest laggard, dropping -29.19%, followed closely by MSOX (AdvisorShares MSOS Daily Leveraged ETF) at -28.86%.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| SHNY | MicroSectors Gold 3X Leveraged ETNs | 25.73% |
| AGQ | ProShares Ultra Silver | 24.04% |
| BOIL | ProShares Ultra Bloomberg Natural Gas | 16.86% |
| KORU | Direxion MSCI Daily South Korea Bull 3X Shares | 16.55% |
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | 14.44% |
| Bottom Performers | ||
| ZSL | ProShares UltraShort Silver | -29.19% |
| MSOX | AdvisorShares MSOS Daily Leveraged ETF | -28.86% |
| TXXS | 21Shares 2x Long Sui ETF | -24.43% |
| DULL | MicroSectors Gold -3X Inverse Leveraged ETNs | -22.29% |
| QPUX | Defiance 2X Daily Long Pure Quantum ETF | -22.18% |
Analyzing the Weekly Flows
The channel experienced a total net outflow of ($1,178M) this week, largely driven by significant profit-taking or de-risking in equity-linked products. The Leverage | Inverse – Commodity category was the standout winner, attracting $372M in new capital, bringing its total AUM to $9,416M. Conversely, the Leverage | Inverse – Equity category faced the brunt of the selling pressure with a massive ($1,820M) in weekly outflows.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Leverage | Inverse – Commodity | 16 | $9,416M | $372M | $1,099M | $992M | $2,246M |
| Leverage | Inverse – Single Stock | 286 | $28,874M | $351M | $231M | $265M | $9,134M |
| Leverage | Inverse – Crypto | 21 | $5,082M | $58M | $49M | $62M | $4,310M |
| Leverage | Inverse – Fixed Income | 15 | $4,273M | ($139M) | ($399M) | ($406M) | ($1,995M) |
| Leverage | Inverse – Equity | 190 | $116,337M | ($1,820M) | ($7,524M) | ($7,318M) | ($17,013M) |
Top & Bottom 5 ETFs by 5-Day Flow
The ZSL (ProShares UltraShort Silver) led all inflows by dollar amount with $315M. On the outflow side, semiconductor and broad tech bulls were heavily hit, with SOXL (Direxion Daily Semiconductor Bull 3x Shares) seeing ($853M) and TQQQ (ProShares UltraPro QQQ) losing ($825M).
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| ZSL | ProShares UltraShort Silver | $315M |
| KOLD | ProShares UltraShort Bloomberg Natural Gas | $286M |
| GLL | ProShares UltraShort Gold | $85M |
| FAS | Direxion Daily Financial Bull 3x Shares | $83M |
| DPST | Direxion Daily Regional Banks Bull 3X Shares | $39M |
| Outflows | ||
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | ($853M) |
| TQQQ | ProShares UltraPro QQQ | ($825M) |
| BOIL | ProShares Ultra Bloomberg Natural Gas | ($200M) |
| TMF | Direxion Daily 20+ Year Treasury Bull 3X Shares | ($147M) |
| SPXL | Direxion Daily S&P 500 Bull 3x Shares | ($115M) |
Issuer League Table Update
The issuer landscape continues to be dominated by ProShares and Direxion, who together control over 80% of the market share in the Leverage | Inverse channel. In terms of weekly gathering, Tradr led all issuers with $216M in net inflows. On the other hand, ProShares saw the largest absolute weekly outflows at ($609M), closely followed by Direxion at ($594M).
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| ProShares | 107 | $77.17B | 46.98% |
| Direxion | 120 | $54.79B | 33.36% |
| REX Microsectors | 19 | $9.92B | 6.04% |
| GraniteShares | 39 | $8.20B | 4.99% |
| Volatility Shares | 4 | $3.43B | 2.09% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Tradr | $216M |
| T-Rex | $73M |
| Defiance | $66M |
| Outflows | |
| ProShares | ($609M) |
| Direxion | ($594M) |
| GraniteShares | ($198M) |
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.
