A new exchange-traded fund will use social media to decide what stocks to trade.
TwitterBarstool Sports founder Dave Portnoy tweets regularly about his daily stock trades and was very active during the recent frenzy over GameStop stock. Now he's introducing his own exchange-traded fund (ETF) that uses artificial intelligence to determine what stocks to trade based on positive online posts, he said Tuesday.
The VanEck Vectors Social Sentiment ETF, or BUZZ as it'll be referred to on the New York Stock Exchange, is set to launch March 4. It'll hold stock in 75 companies, which have a market cap of $5 billion, and it'll rotate these stocks based on social media posts, news articles and blogs.
The top holdings in BUZZ are Twitter, Draft Kings, Ford, Facebook, Amazon, Apple, Netflix, AMD, American Airlines, Netflix and Tesla.
Portnoy tweeted out a video Wednesday saying the ETF started up five years ago and has outperformed the S&P 500 by 40% in 2020.
Correction, 3:54 p.m. PT: An earlier version of this article misstated what Portnoy said in the video he tweeted out. He said BUZZ outperformed the S&P 500 by 40% in 2020.
from CNET https://ift.tt/3uNA1Q1
via IFTTT
No comments:
Post a Comment