QDWN, VIXY Among ETFs Posting Biggest Declines in May 2025

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Exchange-traded funds utilizing options strategies and volatility exposure led May's worst-performers among non-leveraged funds, with the DailyDelta Q100 Downside Option Strategy ETF (QDWN) falling the most at 43%, according to FactSet data.
With $192,500 in assets under management, QDWN pursues short-term bearish bets on the Nasdaq-100 Index through put options purchases, according to FactSet. The actively managed strategy seeks capital appreciation while limiting single-day risk to 10% or less of net asset value.
Posting the second-worst performance is the YieldMax Short COIN Option Income Strategy ETF (FIAT), which declined 33%, according to FactSet. Holding $49.8 million in assets, the fund aims to provide current income and inverse exposure to Coinbase Global, Inc. (COIN) stock through a synthetic covered put strategy.
Volatility-focused products also struggled during May. Both the ProShares VIX Short-Term Futures ETF (VIXY) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) declined 27%, according to FactSet data.
Tracking futures contracts on the CBOE Volatility Index with average one-month maturity, the VIXY fund holds $129.7 million in assets. With $389.3 million in assets, the VXX product provides similar short-term VIX futures exposure but operates as an exchange-traded note rather than a traditional ETF structure, according to FactSet.
Worst-Performing ETFs of May 2025—Source: FactSet
The YieldMax Short N100 Option Income Strategy ETF (YQQQ) posted a 13% loss, according to FactSet. With $11.7 million in assets, the fund employs a synthetic covered put strategy targeting inverse exposure to the Nasdaq-100 Index while generating monthly income.
Rounding out the top five decliners is the WisdomTree Efficient Gold Plus Gold Miners Strategy Fund (GDMN), which declined 10%, according to FactSet. This $36.6 million actively-managed fund provides concentrated exposure to gold through both mining company equities and U.S.-listed gold futures contracts.
Mining-focused ETFs continued the decline pattern as the iShares MSCI Global Silver Miners ETF (SLVP) fell 9%, according to FactSet. Holding $282.9 million in assets, the fund tracks a market-cap-weighted index of global companies that earn the majority of their revenues from silver mining.
Multiple funds tied at 8% declines. Through an actively managed market-neutral strategy, the AGF U.S. Market Neutral Anti-Beta Fund (BTAL) takes long positions in low-beta U.S. stocks offset by short positions in high-beta stocks, with $318.6 million in assets.
Natural gas exposure also hurt performance as the United States Natural Gas Fund LP (UNG) fell 8%, according to FactSet. With $363.3 million in assets, the fund holds near-month futures contracts in natural gas delivered at Henry Hub, Louisiana, rolling expiring contracts to maintain front-month exposure.
Automated trading strategies struggled as the TradersAI Large Cap Equity & Cash ETF (HFSP) posted an 8% decline, according to FactSet. With $848,200 in assets, the fund uses proprietary algorithms with human oversight to trade S&P 500 Index e-mini futures positions based on intraday price movements.
Completing the worst-performers list is the Themes Gold Miners ETF (AUMI), which also lost 8%, according to FactSet. With $10.4 million in assets, the fund tracks a market-cap-weighted index of the 30 largest gold-mining companies worldwide.Permalink | © Copyright 2025 etf.com. All rights reserved