A bunch of millennials who use hot startups to manage their investments are getting whacked by Turkey's currency crisis
- The Vanguard FTSE Emerging Markets ETF has slumped nearly 4% in the past week, driven by Turkey's currency crisis.
- Its top-10 owners include Betterment and Wealthfront, two robo-advisors that predominantly cater to millennials.
- The value of their combined positions in the ETF, drawn from the most recent regulatory disclosures, fell by $66.4 million.
- Watch the lira trade against the dollar in realtime here.
The Turkish lira did not go down on its own when it plunged to record lows.
Emerging-market assets from currencies to stocks also sold off as investors wondered what Turkey's currency trouble would mean for other countries. See the rest of the story at Business Insider
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See Also:
- 'Clear risks of contagion': European markets drop as Turkey's lira crisis spreads around the world
- Turkey's central bank promises 'all necessary measures' to save its financial system amid lira collapse
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