While flows to short and leveraged ETFs as a group have been consistently strong in 2015 and 2016, the products into which the money is going has changed considerably in recent months. In 2016, investors have favoured short products – also known as inverse ETFs.

According to ETF provider WisdomTree, inverse products so far in 2016 have attracted $4.63 billion in global net inflows, more than double the $2.22 billion for long leveraged products. That compares with $3.93 billion and $13.87 billion, respectively, for 2015, showing appetite has done an about-turn.