In the Midst of Brexit Chaos One BlackRock ETF Had a Big Day
- Junk-bond fund posted $291 million of inflows during rout
- Weakening interest-rate outlook spurs hunt for yield
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Amid Friday’s rout in the financial markets following Britain’s vote to leave the EU, one exchange-traded fund was having a pretty good time.
Investors directed $291 million into BlackRock Inc.’s high-yield bond ETF on June 24, more than any of the investment giant’s other ETFs, data compiled by Bloomberg show. That lifted weekly inflows for the junk-bond fund to a record $1.5 billion, as the deteriorating outlook for interest-rate increases boosted the appeal of higher yielding securities.