A slump on the first day of trading was no deterrent for investors backing the new online sentiment ETF backed by Dave Portnoy.
The exchange-traded fund of VanEck Vectors Social Sentiment (ticker BUZZ) fell short of most U.S. equities in its debut Thursday, but still managed to attract $ 280 million in inflows, according to data compiled by Bloomberg.
Although funding settlement schedules make it difficult to compare the inflows of the first day, according to Bloomberg Intelligence, BUZZ is probably among the top twelve debuts. Most other first-day ETFs with massive flows come from large issuers such as BlackRock Inc. and is introduced with prior regular funding.
Read more: Portnoy-backed ETF sees third-highest volume ever in debut
BUZZ opened at $ 24.40 and closed 3.6% at $ 23.52.
– Assisted by Athanasios Psarofagis