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    Alternative ETFs and Funds

    GNG Research tracks 21 alternative ETFs and funds, ranked here by net assets, expense ratio and yield. The largest by net assets are ProShares UltraPro QQQ (TQQQ), Direxion Daily S&P 500 Bull 3X Shares (SPXL) and ProShares UltraPro S&P500 (UPRO).

    Prices and yields use the latest available records.

    Largest Alternative Funds

    Funds ranked by reported net assets.

    1. TQQQProShares UltraPro QQQ
      $27.30B
    2. SPXLDirexion Daily S&P 500 Bull 3X Shares
      $4.60B
    3. UPROProShares UltraPro S&P500
      $4.00B
    4. SQQQProShares UltraPro Short QQQ -3x Shares
      $2.50B
    5. DBMFiMGP DBi Managed Futures Strategy ETF
      $2.00B
    6. CARYAngel Oak Income ETF
      $1.00B
    7. IALTiShares Systematic Alternatives Active ETF
      $582.50M
    8. SPXUProShares UltraPro Short S&P 500
      $477.60M
    9. BTALAGF U.S. Market Neutral Anti-Beta Fund
      $364.70M
    10. RSSTReturn Stacked U.S. Stocks & Managed Futures ETF
      $304.60M

    Lowest-Cost Alternative Funds

    Funds with at least $100M in net assets, ranked by net expense ratio.

    1. CTAPSimplify US Equity PLUS Managed Futures Strategy ETF
      0.10%
    2. TAILCambria Tail Risk ETF
      0.59%
    3. WTMFWisdomTree Managed Futures Strategy Fund
      0.65%
    4. CAIQCalamos Nasdaq Autocallable Income ETF
      0.74%
    5. MNANYLIM Merger Arbitrage ETF
      0.77%
    6. CARYAngel Oak Income ETF
      0.79%
    7. DBMFiMGP DBi Managed Futures Strategy ETF
      0.85%
    8. IALTiShares Systematic Alternatives Active ETF
      0.99%
    9. RSSTReturn Stacked U.S. Stocks & Managed Futures ETF
      0.99%
    10. MAGYRoundhill Magnificent Seven Covered Call ETF
      0.99%

    Highest-Yield Alternative Funds

    Funds with at least $100M in net assets and a forward yield up to 25%.

    1. MAGYRoundhill Magnificent Seven Covered Call ETF
      19.94%
    2. CARYAngel Oak Income ETF
      6.08%
    3. SQQQProShares UltraPro Short QQQ -3x Shares
      5.26%
    4. SPXUProShares UltraPro Short S&P 500
      4.51%
    5. CTAPSimplify US Equity PLUS Managed Futures Strategy ETF
      3.95%
    6. TAILCambria Tail Risk ETF
      3.42%
    7. BTALAGF U.S. Market Neutral Anti-Beta Fund
      2.81%
    8. WTMFWisdomTree Managed Futures Strategy Fund
      2.73%
    9. DBMFiMGP DBi Managed Futures Strategy ETF
      1.77%
    10. RSSTReturn Stacked U.S. Stocks & Managed Futures ETF
      0.88%

    Alternative Funds List

    All 21 alternative ETFs and funds GNG Research tracks, largest first by net assets.

    TQQQ ProShares UltraPro QQQProShares UltraPro QQQ$27.30B0.85%
    SPXL Direxion Daily S&P 500 Bull 3X SharesDirexion Daily S&P 500 Bull 3X Shares$4.60B0.42%
    UPRO ProShares UltraPro S&P500ProShares UltraPro S&P500$4.00B0.71%
    SQQQ ProShares UltraPro Short QQQ -3x SharesProShares UltraPro Short QQQ -3x Shares$2.50B5.26%
    DBMF iMGP DBi Managed Futures Strategy ETFiMGP DBi Managed Futures Strategy ETF$2.00B1.77%
    CARY Angel Oak Income ETFAngel Oak Income ETF$1.00B6.08%
    IALT iShares Systematic Alternatives Active ETFiShares Systematic Alternatives Active ETF$582.50M0.53%
    SPXU ProShares UltraPro Short S&P 500ProShares UltraPro Short S&P 500$477.60M4.51%
    BTAL AGF U.S. Market Neutral Anti-Beta FundAGF U.S. Market Neutral Anti-Beta Fund$364.70M2.81%
    RSST Return Stacked U.S. Stocks & Managed Futures ETFReturn Stacked U.S. Stocks & Managed Futures ETF$304.60M0.88%
    MNA NYLIM Merger Arbitrage ETFNYLIM Merger Arbitrage ETF$252.90MN/A
    MAGY Roundhill Magnificent Seven Covered Call ETFRoundhill Magnificent Seven Covered Call ETF$192.60M19.94%
    WTMF WisdomTree Managed Futures Strategy FundWisdomTree Managed Futures Strategy Fund$187.20M2.73%
    CTAP Simplify US Equity PLUS Managed Futures Strategy ETFSimplify US Equity PLUS Managed Futures Strategy ETF$177.80M3.95%
    TAIL Cambria Tail Risk ETFCambria Tail Risk ETF$132.00M3.42%
    CAIQ Calamos Nasdaq Autocallable Income ETFCalamos Nasdaq Autocallable Income ETF$128.60M36.15%
    RSBT Return Stacked Bonds & Managed Futures ETFReturn Stacked Bonds & Managed Futures ETF$86.70M2.92%
    SPXS Direxion Daily S&P 500 Bear 3X SharesDirexion Daily S&P 500 Bear 3X SharesN/A2.47%
    VTTHX Vanguard Target Retirement 2035 Fund Investor SharesVanguard Target Retirement 2035 Fund Investor SharesN/A2.74%
    VWENX Vanguard Wellington Fund Admiral SharesVanguard Wellington Fund Admiral SharesN/A1.55%
    ZIVB -1x Short VIX Mid-Term Futures Strategy ETF-1x Short VIX Mid-Term Futures Strategy ETFN/A28.39%

    Showing 21 of 21 funds

    About Alternative Funds

    Alternative funds use strategies beyond holding stocks and bonds, such as leveraged and inverse index funds, managed futures and options income.

    Leveraged and inverse funds reset their exposure daily, so returns over longer periods can differ widely from the multiple of the index they target.

    Research Alternative Funds

    Other Fund Categories

    Fund counts and median yields for every fund category: forward yields for ETF categories, trailing 12-month distribution yields for money market funds.

    CategoryFundsMedian yield
    Sector Equity ETFs and Funds1411.60%
    Diversified Equity ETFs and Funds1051.60%
    Fixed Income ETFs and Funds764.60%
    International Equity ETFs and Funds382.36%
    Cryptocurrency ETFs and Funds262.16%
    Alternative ETFs and Funds212.78%
    Commodity ETFs and Funds163.22%
    Money Market Fund Yields113.46%

    Frequently Asked Questions

    What are alternative ETFs?

    Alternative funds use strategies beyond holding stocks and bonds, such as leveraged and inverse index funds, managed futures and options income. GNG Research tracks 21 of them.

    What are the largest alternative ETFs?

    ProShares UltraPro QQQ (TQQQ), Direxion Daily S&P 500 Bull 3X Shares (SPXL) and ProShares UltraPro S&P500 (UPRO) are the largest alternative ETFs and funds GNG Research tracks, with $27.30B, $4.60B and $4.00B in net assets.

    Which alternative ETFs have the lowest expense ratios?

    Among alternative funds with at least $100 million in net assets, CTAP, Cambria Tail Risk ETF (TAIL) and WisdomTree Managed Futures Strategy Fund (WTMF) have the lowest expense ratios, at 0.10%, 0.59% and 0.65%.

    Which alternative ETFs pay the highest yields?

    Among alternative funds with at least $100 million in net assets and forward yields up to 25%, MAGY, Angel Oak Income ETF (CARY) and ProShares UltraPro Short QQQ -3x Shares (SQQQ) have the highest forward yields, at 19.94%, 6.08% and 5.26%.

    All Alternative funds covered by GNG

    TQQQ ProShares UltraPro QQQSPXL Direxion Daily S&P 500 Bull 3X SharesUPRO ProShares UltraPro S&P500SQQQ ProShares UltraPro Short QQQ -3x SharesDBMF iMGP DBi Managed Futures Strategy ETFCARY Angel Oak Income ETFIALT iShares Systematic Alternatives Active ETFSPXU ProShares UltraPro Short S&P 500BTAL AGF U.S. Market Neutral Anti-Beta FundRSST Return Stacked U.S. Stocks & Managed Futures ETFMNA NYLIM Merger Arbitrage ETFMAGY Roundhill Magnificent Seven Covered Call ETFWTMF WisdomTree Managed Futures Strategy FundCTAP Simplify US Equity PLUS Managed Futures Strategy ETFTAIL Cambria Tail Risk ETFCAIQ Calamos Nasdaq Autocallable Income ETFRSBT Return Stacked Bonds & Managed Futures ETFSPXS Direxion Daily S&P 500 Bear 3X SharesVTTHX Vanguard Target Retirement 2035 Fund Investor SharesVWENX Vanguard Wellington Fund Admiral SharesZIVB -1x Short VIX Mid-Term Futures Strategy ETF

    Market data is provided for informational purposes only and is not investment advice. GNG Research's proprietary safety, quality, and valuation scores are available to members on each stock page.

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