Quick overview

---

There was not a single day with more net outflows than inflows during the first nine weeks; the first $1 billion was drawn in within a month

But as the Middle East conflict erupted and swiftly escalated in March, the pattern drastically shifted in January and February. In fact, March was the first month the funds were in the red, with over $31 million leaving the financial vehicles.

Similar to March’s performance, April started poorly as well, with several days of no activity that could be reported and a few small outflows.

On April 10, investors began to show signs of reactivation, contributing more than $9 million to the funds. This pattern persisted in the subsequent business week, which concluded with net inflows of $55.39 million, the best weekly performance since January 16.

The highest inflow day ($17.11 million) was April 15, which also set a record for the previous ten weeks. As a result, the total net inflows have almost reached their all-time high.

But after Iran and the US made some divergent statements on the war front—Trump asserting that they had “very good conversations,” while the other side denied it—it was halted there and pushed to its current level. Even though the two adversaries have extended their ceasefire for a few more days, the situation is extremely volatile and could go either way.

When the legacy financial markets begin to open tomorrow and factor in the effects of the weekend events, more volatility is anticipated.