Exchange traded fund asset flows reveal diverging investment interests of millennial investors from other generations.

Overall, net flows continued to be positive in June, keeping up with May’s upward trend, according to a TD Ameritrade note. Net flows of energy, taxable bond and international stock ETFs exhibited strong growth in June.

“We continue to see positive net flows in ETFs, continuing the trend of retail clients increasing their exposure to the market as we sit near all-time highs,” JJ Kinahan, chief market strategist at TD Ameritrade, told ETF Trends. “Seeing millennials remaining positive in their net flows is an encouraging sign as they start to think about their long-term investment plans.”

Different generations of investors, though, exhibited varying levels of risk appetite for specific equity segment picks as they reassess their investment portfolios in the extended bull market environment.

For example, net flows among millennials remained positive, led by a strong increase of net flows as a percent of assets under management in U.S. stock ETFs from the month of May, suggesting that millennials continue to believe in the U.S. equity rally despite growing concerns of lofty valuations in an extended bull market.

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However, telecommunications ETFs experienced their fourth straight month of negative net flows as a percentage of AUM in June among millennials and consumer cyclicals ETFs also saw out flows, which may indicate that younger investors don’t view defensive sectors that favorably in the market ahead or they are less worried about a potential pullback that would warrant defensive positioning.

On the other hand, generation Xers turned more receptive toward agriculture ETFs, which saw strong inflows among this group in June, after negative net flows in May. Furthermore, industrial metal ETFs experienced their largest decline of net flow among Boomers.

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