Goldman Sachs Sell-side卖方

GS ETF Color one liners & charts

Jul 31, 20267 pages页

From the report报告摘录Levered/Inverse ETF Risk Exposure: US-listed levered/inverse ETF AUM near $150B (shed $60B since June highs), asset-weighted leverage ratio ~2.1x – critical risk metric amid volatility.

Inside the report报告内文 Verbatim from the original PDF — first pages原版 PDF 开篇原文 · 逐字摘录

We've spilled lots of ink on the ETF complex, and the choppiness of the market has only brought more attention to the space. July is on track to be the worst calendar month for the NDX in over a year, and many of the cross-currents within the top-line indicators of our industry have tapped the brakes (AUM in particular). However, even as price action has been tricky, the charts to follow illustrate pockets of resilience within the ETF ecosystem. One-liners & charts:

a) By far the most highly sought-after theme over the past two months has been the proliferation of levered/inverse ETFs. As of yesterday, US-listed levered/inverse ETF AUM hovered just shy of $150 billion, shedding nearly $60 billion since June highs. However, the reversion of AUM has had an outsized impact on net exposure for the complex, which has slid by roughly $170 billion over the past month and now represents $300 billion after yesterday’s close (yielding an asset-weighted leverage ratio of ~2.1x)… expecting a bounce in these levels as today’s AUM metrics are published tomorrow.

Source: Bloomberg, Goldman Sachs Global FICC & Equities as of July 29, 2026. Past performance is not indicative of future results.

b) Inflows into the levered suite have accelerated even as price action has faded from June highs, with the complex gathering $6+ billion so far in July… however, the new assets garnered have not been enough to offset price action…

Source: Bloomberg, Goldman Sachs Global FICC & Equities as of July 29, 2026. Past performance is not indicative of future results.

c) ETF volumes remain robust in the market broadly and have been supported by elevated activity within the levered complex… June was a record month of notional traded for US-listed levered ETFs, averaging nearly $60bn per session (~20% of broader US-listed ETF volumes). July is tracking to be a top-five month for US-listed levered ETF notional volumes, averaging $43 billion of trading activity per session (equivalent of turning over ~25% of average July AUM).

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