Investors pulled a net $11.7 million from exchange-traded funds linked to Cboe Volatility Index derivatives on Thursday, resulting in a modest contraction in overall assets dedicated to VIX-focused strategies.
Total assets under management across these funds decreased to $2.33 billion from $2.36 billion, according to flow figures for the trading day. The move came as the VIX index itself retreated 6.3% to close at 15.84 points in the previous session.
Over the most recent month, the VIX has ranged between a high of 22.66 points and a low of 15.53 points, underscoring a notable degree of fluctuation in the volatility benchmark over that period.
On the fund level, ProShares Ultra VIX Short-Term Futures (NYSE:UVXY) recorded the largest outflow, with investors redeeming $8.39 million. The 2x Long VIX Futures product (NYSE:UVIX) saw $3.54 million in withdrawals. Those two funds together accounted for the bulk of the day’s outflows from VIX-related ETFs.
By contrast, the iPath Series B S&P 500 VIX Short-Term Futures (NYSE:VXX) attracted a modest inflow of $0.22 million.
Inverse VIX products, which are structured to gain when volatility declines, reported no significant flows for the session. Examples of such funds include ProShares Short VIX Short-Term Futures (NASDAQ:SVXY) and the -1x Short VIX Futures (NYSE:SVIX).
The net redemptions and the distribution of flows among leveraged long funds, a vanilla VIX futures exposure fund, and inverse products provide a snapshot of investor positioning around volatility strategies on a single trading day. The aggregate movement reduced total assets in VIX-focused funds to the $2.33 billion level reported.
Market context
- The VIX’s recent intramonth high was 22.66 points and its intramonth low was 15.53 points.
- Net outflows totaled $11.7 million, with the majority coming from leveraged long VIX ETFs.
- Inverse VIX products recorded no meaningful net flows on the day.