A decline in the first day of trading has not proved to be a deterrent for investors who are crammed into the new online sentiment ETF backed by Dave Portnoy.
VanEck Vectors Social Sentiment (ticker BUZZ) fell alongside most US stocks in its debut on Thursday, but still managed to attract $ 280 million in revenue, according to data compiled by Bloomberg.
Although funding programs make it difficult to compare first-day earnings, the start of BUZZ probably ranks it among the top 12 debuts on record, according to Bloomberg Intelligence. Most other ETFs with massive flows on the first day come from large issuers such as BlackRock Inc. and is launched with pre-established funding.
Read more: The Portnoy-backed ETF sees the third volume as its debut
BUZZ opened at $ 24.40 and closed 3.6% at $ 23.52.
– With the assistance of Athanasios Psarofagis