Weekly Channel Summary
The EQ: Specialty channel currently houses 69 ETFs across 49 brands, managing approximately $14 billion in assets. For the week ending December 12, 2025, the channel saw modest net inflows of approximately $7 million. Year-to-date, the channel has attracted significant capital, totaling $2.90 billion in net flows.
This Week’s Performance Leaders and Laggards
“Equity: Specialty – Long | Short” was the standout category this week, posting a positive return of 0.30%. In contrast, “Equity: Specialty – Hedged” lagged with a decline of -0.40%. Despite the weekly dip, the Hedged category remains strong year-to-date with returns of 11.61%.
Category Performance Snapshot
| Category | WTD | 1 Month | 3 Month | 6 Month | YTD | 1 Year |
|---|---|---|---|---|---|---|
| Equity: Specialty – Long | Short | 0.30% | -0.29% | 0.55% | 4.79% | 7.49% | 5.42% |
| Equity: Specialty – Hedged | -0.40% | -0.28% | 3.00% | 9.34% | 11.61% | 8.67% |
Top & Bottom 5 ETFs by Weekly Performance
The LBAY (Leatherback Long/Short Alternative Yield ETF) took the top spot this week with a 3.80% return. On the downside, the MSTQ (LHA Market State Tactical Q ETF) and QTR (Global X NASDAQ 100 Tail Risk ETF) struggled, falling -2.01% and -1.93% respectively.
| Ticker | Fund Name | WTD Performance |
|---|---|---|
| Top Performers | ||
| LBAY | Leatherback Long/Short Alternative Yield ETF | 3.80% |
| VAMO | Cambria Value & Momentum ETF | 2.79% |
| ORR | Militia Long/Short Equity ETF | 1.73% |
| FORH | Formidable ETF | 1.48% |
| AAVM | Alpha Architect Global Factor Equity ETF | 1.47% |
| Bottom Performers | ||
| MSTQ | LHA Market State Tactical Q ETF | -2.01% |
| QTR | Global X NASDAQ 100 Tail Risk ETF | -1.93% |
| QGRD | Horizon Nasdaq-100 Defined Risk ETF | -1.60% |
| HEJD | VictoryShares Hedged Equity Income ETF | -1.33% |
| QHDG | Innovator Hedged Nasdaq-100 ETF | -1.31% |
Analyzing the Weekly Flows
The channel recorded net inflows of $7 million this week. The “Equity: Specialty – Hedged” category, which holds $10.1 billion in assets, led with $5 million in new assets, while the “Equity: Specialty – Long | Short” category added $3 million.
Category Flows Summary
| Category | Fund Count | AUM | 5 Day | 30 Day | 90 Day | YTD | 1 Year |
|---|---|---|---|---|---|---|---|
| Equity: Specialty – Hedged | 49 | $10.1B | $5M | ($11M) | $514M | $2,404M | $2,602M |
| Equity: Specialty – Long | Short | 19 | $3.8B | $3M | $79M | $162M | $500M | $585M |
Top & Bottom 5 ETFs by 5-Day Flow
FHEQ (Fidelity Hedged Equity ETF) secured the most significant inflows, gathering $34 million. Conversely, BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and HELO (JPMorgan Hedged Equity Laddered Overlay ETF) saw the largest exits, shedding -$23 million and -$22 million respectively.
| Ticker | Fund Name | 5-Day Flow |
|---|---|---|
| Inflows | ||
| FHEQ | Fidelity Hedged Equity ETF | $34M |
| FTLS | First Trust Long/Short Equity ETF | $11M |
| ORR | Militia Long/Short Equity ETF | $7M |
| MKTN | Federated Hermes MDT Market Neutral ETF | $6M |
| CLSE | Convergence Long/Short Equity ETF | $5M |
| Outflows | ||
| BTAL | AGF U.S. Market Neutral Anti-Beta Fund | ($23M) |
| HELO | JPMorgan Hedged Equity Laddered Overlay ETF | ($22M) |
| HBTA | Horizon Expedition Plus ETF | ($16M) |
| KSPY | KraneShares Hedgeye Hedged Equity Index ETF | ($3M) |
| CSM | ProShares Large Cap Core Plus | ($2M) |
Issuer League Table Update
JPMorgan continues to dominate the landscape with 27.70% market share, followed by First Trust at 15.48%. Fidelity led all issuers in weekly asset gathering with $34 million in inflows, while market leader JPMorgan experienced the largest outflows among top issuers, shedding $22 million.
Top 5 Issuers by AUM
| Brand | Fund Count | AUM | AUM Market Share |
|---|---|---|---|
| JPMorgan | 3 | $3.85B | 27.70% |
| First Trust | 1 | $2.15B | 15.48% |
| Fidelity | 2 | $0.67B | 4.84% |
| Simplify | 5 | $0.65B | 4.71% |
| Swan | 1 | $0.60B | 4.35% |
Top & Bottom 3 Issuers by 5-Day Flow
| Brand | 5-Day Flow |
|---|---|
| Inflows | |
| Fidelity | $34M |
| First Trust | $11M |
| Militia | $7M |
| Outflows | |
| AGF | -$23M |
| JPMorgan | -$22M |
| Horizon | -$16M |
For a deeper dive into these trends, access our FREE, in-depth 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.
