STRN.P Rallies as Cash Flees — Can Strategy Outpace Fees?

ETF Overview and Capital Flows

The SMART Trend 25 ETF (STRN.P) is a long-only, leveraged fund designed to track large-cap U.S. equities through a quantitative trend-following strategy. It charges a 0.59% expense ratio, higher than many passive alternatives, and uses 1x leverage to amplify returns. Recent capital flows show a net outflow of $14.2 million from retail orders and $15.7 million from block trades on 2026-01-23, signaling caution among investors despite its 52-week high.

Peer ETF Snapshot

• AGG.P has a 0.03% expense ratio, 1x leverage, and $137 billion in assets under management (AUM).
• ACVT.P charges 0.65%, matches STRN.P’s 1x leverage, and holds $28 million in AUM.
• AGGS.P carries a 0.35% expense ratio, 1x leverage, and $38 million in assets.
• AVIG.P has the lowest expense ratio at 0.15%, 1x leverage, and $2 billion in AUM.

Opportunities and Structural Constraints

STRN.P’s trend-following model may benefit from sustained momentum in large-cap stocks, but its 0.59% fee lags behind peers like AVIG.P and AGGS.P. The recent outflows suggest investor skepticism about its active strategy, particularly in a market where cheaper, passive alternatives dominate. At the end of the day, the fund’s structural edge—its focus on quantitative trends—must outweigh its cost disadvantage to justify its rally.