Like broader indices, ETFs are having a bullish year-end period, and they have President-Elect Donald Trump to thank. Between Nov. 8th–the day after the election–and Dec. 5th, investors poured $98 billion into U.S. stock ETFs, according to a report from Trim Tabs, the investment research firm. That compares to $61.5 billion invested into U.S. stock ETFs for all of 2015.

What’s more, year-to-date U.S. equity ETFs have attracted $195 billion or 8.8% of assets under management. Investors are clearly having a love affair with U.S. equity ETFs, although ValueWalk reports they are falling out of love with long-only equity mutual funds. Investors have divested $238 billion, or 5.3% of assets under management, for the latter group. (See also: Jack Bogle Advises to Cut it Out With ETFs.)

Trump's victory in the U.S. election has driven the rally, putting to lie to forecasts he would send markets and the economy plunging. On the heels of the election, Piper Jaffray technical market strategist Craig Johnson laid out the following forecast: "From our perspective, the election setup as a classic 'sell on the rumor and buy on the fact' trade as narrowing poll numbers left the market holding its (breath) leading up to Election Day. However, when the unknown variable was removed and Donald Trump became President-elect Donald Trump, investors realized that voters gave him a clear mandate for change (president and Congress)."

Millennials Make the Wrong Call on ETFs

With investor passion running high for ETFs, mistakes are being made. Take millennials who are more risk friendly than their older brethren. According to a Bloomberg report, millennials took a page from Trump, the self-proclaimed “king of debt,” by pouring investment dollars into EFTs that rely on leverage to boost returns. Another area of focus for millennials ETF investors after the election: gold. While those two made sense based on what the consensus said the markets would look like with a Trump victory, they ended up being the wrong calls.

"From triple X leveraged products to Vanguard, Millennials have shown they favor the extremes in terms of their growing ETF usage," said Bloomberg Intelligence ETF Analyst Eric Balchunas in a recent report. "However, when it comes to calling the Trump rally, they weren't alone in getting it wrong—every generation thought gold would rally."

According to the Bloomberg assessment millennials poured their money into two triple leveraged ETFs that hold positions in gold miners as well as into the ProShares Ultra VIX-Short-Terms Futures, which is a play on increased volatility on the heels of the election.  Balchunas noted the Direxion Daily Junior Gold Miners Index Bull 3x Shares (JNUG), one of the preferred ETFs among millennials has been the worst performing ETF since the election.

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