Weekly Channel Summary
The Leverage | Inverse ETF channel currently consists of 572 ETFs across 24 distinct issuers, representing $145.02 billion in total Assets Under Management (AUM). The space saw robust activity over the past week, attracting a substantial $3.20 billion in net inflows. This recent surge has helped offset earlier outflows, bringing Year-To-Date (YTD) flows to -$533 million, while the 1-Year flow picture remains solidly positive at $2.06 billion.
This Week’s Performance Leaders and Laggards
Performance across the Leverage | Inverse channel exhibited extreme divergence this week, driven by volatile action in commodities and specific equity themes. The Commodity: Focused – Energy category was the clear standout, surging 25.80% for the week, while Digital Asset: Cryptocurrency – Bitcoin also posted positive returns of 3.74%. In stark contrast, Equity: Thematic – Precious Metals plunged, logging a -12.16% return, followed by significant weakness in Equity: Emerging Large Cap -8.00%. This vast dispersion highlights the risk-on/risk-off pockets driving the levered markets right now.
Top & Bottom 5 ETFs by Weekly Performance
At the fund level, the MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) led all peers with an explosive 42.32% weekly gain. On the flip side, the Direxion MSCI Daily South Korea Bull 3X Shares (KORU) and the MicroSectors Gold Miners 3X Leveraged ETN (GDXU) suffered severe drawdowns, plummeting -44.93% and -35.84%, respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| GDXD | MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 42.32% |
| JDST | Direxion Daily Junior Gold Miners Index Bear 2X Shares | 28.19% |
| EDZ | Direxion Daily MSCI Emerging Markets Bear 3X Shares | 27.82% |
| DUST | Direxion Daily Gold Miners Index Bear 2x Shares | 27.41% |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | 25.87% |
| Bottom Performers | ||
| KORU | Direxion MSCI Daily South Korea Bull 3X Shares | -44.93% |
| GDXU | MicroSectors Gold Miners 3X Leveraged ETN | -35.84% |
| MEXX | Direxion Daily MSCI Mexico Bull 3X Shares | -25.98% |
| JNUG | Direxion Daily Junior Gold Miners Index Bull 2X Shares | -24.94% |
| NUGT | Direxion Daily Gold Miners Index Bull 2x Shares | -24.31% |
Analyzing the Weekly Flows
The Leverage | Inverse channel took in $3.20 billion in total net flows this week. The Leverage | Inverse – Equity category dominated the landscape, absorbing the lion’s share of new money with $2.94 billion in inflows to bolster its $105.16 billion AUM base. Single Stock ETFs also saw healthy interest, pulling in $168 million. No major category saw net negative flows this week, though Fixed Income saw the most tepid activity with just $3 million moving into the space.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day Flow | 30 Day Flow | 90 Day Flow | YTD Flow | 1 Year Flow |
|---|---|---|---|---|---|---|---|
| Leverage | Inverse – Equity | 191 | $105,162M | $2,936M | $428M | -$7,023M | -$5,288M | -$12,846M |
| Leverage | Inverse – Single Stock | 318 | $26,573M | $168M | $1,121M | $4,647M | $3,449M | $9,836M |
| Leverage | Inverse – Crypto | 22 | $3,437M | $61M | $346M | $994M | $700M | $4,695M |
| Leverage | Inverse – Commodity | 16 | $5,993M | $33M | -$197M | $2,187M | $1,571M | $2,316M |
| Leverage | Inverse – Fixed Income | 15 | $3,859M | $3M | -$351M | -$1,067M | -$964M | -$1,944M |
Top & Bottom 5 ETFs by 5-Day Flow
Looking at individual funds, the Direxion Daily Semiconductor Bull 3x Shares (SOXL) was the runaway leader, raking in a massive $1.75 billion. Conversely, other levered and inverse strategies saw major redemptions. The ProShares UltraPro QQQ (TQQQ) and Direxion Daily Semiconductor Bear 3x Shares (SOXS) experienced the heaviest liquidations, losing -$364 million and -$112 million, respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| SOXL | Direxion Daily Semiconductor Bull 3x Shares | $1,750M |
| KORU | Direxion MSCI Daily South Korea Bull 3X Shares | $524M |
| PSQ | ProShares Short QQQ | $227M |
| SQQQ | ProShares UltraPro Short QQQ | $204M |
| SCO | ProShares UltraShort Bloomberg Crude Oil | $168M |
| Outflows | ||
| TQQQ | ProShares UltraPro QQQ | -$364M |
| SOXS | Direxion Daily Semiconductor Bear 3x Shares | -$112M |
| UGL | ProShares Ultra Gold | -$82M |
| ZSL | ProShares UltraShort Silver | -$79M |
| BITX | 2x Bitcoin Strategy ETF | -$40M |
Issuer League Table Update
The issuer landscape remains highly concentrated, with ProShares and Direxion controlling the top two spots at 47.04% and 34.43% market share, respectively. Direxion absolutely dominated the flow sheet this week, gathering an impressive $2.28 billion in net new assets. Conversely, USCF sat at the bottom of the league tables with modest outflows of -$1 million, as broad outflows were largely absent across the channel’s top brands.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| ProShares | 107 | $68.24B | 47.04% |
| Direxion | 124 | $49.94B | 34.43% |
| GraniteShares | 39 | $7.66B | 5.28% |
| REX Microsectors | 19 | $7.35B | 5.07% |
| Tradr | 63 | $2.64B | 1.82% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Direxion | $2,275M |
| ProShares | $471M |
| Defiance | $136M |
| Outflows | |
| USCF | -$1M |
| DB | $0M |
| ETRACS | $0M |
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.
