AnalysisEF-2026-0350
Listed vehicle flows decoupled from price
Creations continued through a drawdown, which had not happened before.
$1.9B▼ −34%net flows, trailing month
6 minWall Street & RWA
Historically these products saw redemptions on weakness. This quarter net creations persisted through a double-digit decline, consistent with model portfolio rebalancing rather than discretionary buying.
Mechanical flows dampen volatility on the way down and cap it on the way up. Both effects are new here.