A slump on the first day of trading did not prove to be a deterrent for investors piling up in the new online sentiment ETF, backed by Dave Portnoy.
The exchange-traded fund VanEck Vectors Social Sentiment (ticker BUZZ) fell alongside most US stocks on Thursday’s debut, but managed to pull in $ 280 million in inflows, according to Bloomberg data.
While fund settlement schedules make it difficult to compare first-day inflows, BUZZ’s start is likely among the 12 best debuts ever, according to Bloomberg Intelligence. Most of the other ETFs with huge first-day flows come from major issuers such as BlackRock Inc. and are launched with pre-arranged financing.
Read more: Portnoy-backed ETF sees third highest volume ever in a debut
BUZZ opened at $ 24.40 and closed out 3.6% at $ 23.52.
– With the assistance of Athanasios Psarofagis