Western exchange traded fund investors have ignored rising tensions in Ukraine and bought into Russian equity funds in recent days, but have also loaded up on guns, bombs and bullets.
They have increased their exposure to gold — long considered a safe haven in times of crisis — and energy funds as oil prices hit $96.50 a barrel, but have cut their bets on the US and European stock markets and eastern Europe.
ETFs focused on Russian equities took in a net $89.5mn in the week to Monday’s US market close, according to data from TrackInsight. This equates to a third of the net flows so far this year and is equivalent to 3.1 per cent of the $2.9bn of assets held by the 15 ETFs, listed in the US, Europe and East Asia.
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