##  [# QDWN, VIXY Among ETFs Posting Biggest Declines in May 2025](/sections/news/qdwn-vixy-among-etfs-posting-biggest-declines-may-2025) 

 

# QDWN, VIXY Among ETFs Posting Biggest Declines in May 2025

 

 

\- Options-based ETFs dominated May's worst-performers list.  
\- Volatility products and mining funds fell amid market shifts.  
\- Natural gas and automated trading strategies also struggled.



 

 

 

 

 [![DJ](/sites/default/files/styles/author_image_icon/public/2024-07/5.png?itok=LA-jevm_)](/authors/dj-shaw) 

[By DJ Shaw ](/authors/dj-shaw)

 Jun 04, 2025

 Edited by: David Tony

 

 

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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)**](/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)**](/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/coin) stock through a synthetic covered put strategy.

## VIXY, VXX Struggle

[Volatility](/topics/volatility)-focused products also struggled during May. Both the [**ProShares VIX Short-Term Futures ETF (VIXY)**](/vixy) and [**iPath Series B S&amp;P 500 VIX Short-Term Futures ETN (VXX)**](/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](/sites/default/files/inline-images/image%20%2811%29.png)*Worst-Performing ETFs of May 2025—Source: FactSet*

The [**YieldMax Short N100 Option Income Strategy ETF (YQQQ)**](/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)**](/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.

 
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## Mining and Commodity Funds Face Headwinds

Mining-focused ETFs continued the decline pattern as the [**iShares MSCI Global Silver Miners ETF (SLVP)**](/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)**](/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)**](/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 &amp; Cash ETF (HFSP)**](/hfsp) posted an 8% decline, according to FactSet. With $848,200 in assets, the fund uses proprietary algorithms with human oversight to trade S&amp;P 500 Index e-mini futures positions based on intraday price movements.

Completing the worst-performers list is the [**Themes Gold Miners ETF (AUMI)**](/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.



 

 

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  A graduate of The University of Texas, Arlington with a BA in Communications, DJ has covered retirement plans, mortgage news, and financial advisor…   [View Bio](/authors/dj-shaw)

 



 

 


 Related Topics  [Volatility](http://www.etf.com/topics/volatility) 

 [Income](http://www.etf.com/topics/income) 

 [Gold Miners](http://www.etf.com/topics/gold-miners) 

 [Silver Miners](http://www.etf.com/topics/silver-miners) 

 [Natural Gas](http://www.etf.com/topics/natural-gas)