Investors Switched to These Small-Cap Gold ETFs This Week
by trendswire · 26 May 2023
Two of the most popular ETFs of the past week had no connection to the AI craze that generated huge gains in parts of the stock market. The iShares Russell 2000 ETF (IWM) raised more than $1 billion in revenue over the past week through Thursday’s close, according to FactSet. The SPDR Gold Shares ETF (GLD) was another successful fund, raising around $270 million. Those flows are in stark contrast to market performance this week, where big tech stocks outperformed. Both gold and the Russell 2000 fell slightly in May, so entries could reflect investors buying a dip. Three broad Vanguard funds also made the top five, including the Vanguard Information Technology ETF (VGT), which is heavily weighted in Nvidia. ETF fund flows are not always a perfect indicator of what investors are betting on. Focusing on one product can miss trends in other areas, such as individual stock purchases, and cash flows can also be caused by larger investors entering short positions. Some of the week’s best performers by price performance include the Global X MSCI Greek ETF (GREK), which gained more than 6% through Thursday’s close, and the VanEck Semiconductor ETF (SMH), which added 5.4%. . Here are some other notable funds of the week: The Franklin FTSE India ETF (FLIN) raised $49 million in cash, a relatively large amount for a fund that is still under $200 million. The ETF is roughly flat to date. Nvidia’s sweeping earnings report rocked individual stock ETFs that track the chip giant. The AXS 1.25x NVDA Bear Daily ETF (NVDS) had its highest trading day on record on Thursday. The fund is down 30% on the day but still has more than $100 million in assets. The GraniteShares 1.5x Long NVDA Daily ETF (NVDL) also had a record volume day, but the fund is still much smaller with around $30 million of assets under management.