İnvesting, New Fund Tracks 'Meme Stocks' After Gamestop Saga Caught Wall Street Off Guard - Cnn

İnvesting, New Fund Tracks 'Meme Stocks' After Gamestop Saga Caught Wall Street Off Guard - Cnn

New fund tracks 'meme stocks' after GameStop saga caught Wall Street off guard

A Wall Street investment firm is launching a new ETF on Thursday to focus on stocks generating buzz on social media

3/3/2021 11:31:00 PM

A Wall Street investment firm is launching a new ETF on Thursday to focus on stocks generating buzz on social media

Wall Street investment firm VanEck is launching a new ETF Thursday to focus on stocks generating buzz on social media.

Picking up on the trend, a Wall Street investment firm is launching a new ETF Thursday to focus on stocks generating buzz on social media.VanEck, a money manager which already runs exchange-traded funds keyed to big themes such as casinos and sports betting as well as video games, is rolling out the VanEck Vectors Social Sentiment ETF. The ETF is based on an index created by a Canadian investment company called Buzz Indexes, which uses artificial intelligence technology to screen for 75 large-cap US stocks with positive investor sentiment. The ticker symbol? BUZZ, naturally. Investing in esports just got a lot easierBuzz Indexes founder Jamie Wise, who is also CEO of hedge fund Periscope Capital, told CNN Business that the company adds and removes stocks in the index at the end of each quarter but always maintains a market value minimum of $5 billion for any of its investments. That explains why, despite the significant buzz, GameStop (GME) is not in the index — at least not yet.Read MoreAt the end of December, GameStop was worth $1.3 billion. Following its stunning surge to start the year, the retailer now has a valuation of $8.2 billion. Barring a major collapse this month, GameStop will be eligible to be added to the fund — provided there continues to be enough bullish chatter about it on social media to make it BUZZ-worthy.There's more to social investing than WallStreetBetsAlthough some investors are trying to get rich quick with short-term trades in stocks hyped on Reddit's popular WallStreetBets board, the BUZZ fund will base most of its investment decisions on more mainstream chatter about blue-chip stocks from users on Twitter and the investing site StockTwits — and not Reddit."The timing of the fund's launch was coincidental with the rise of the individual investor," said Edward Lopez, head of ETF product for VanEck."But it has highlighted a trend that has been growing for a number of years." 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