New ETF "BUZZ" Launches With Focus on Trending, Internet Topics
A new exchange-traded fund (ETF) is coming to the market this week, and it is anything but typical. The VanEck Vectors Social Sentiment ETF, trading on the New York Stock Exchange (NYSE) under the ticker "BUZZ," will be available Thursday, March 4. BUZZ is getting some attention after Barstool Sports' founder Dave Portnoy promoted it on social media with an "emergency press conference."
The ETF will reportedly use an algorithm based around finding the 75 large-cap stock names that are getting the most positive discussion on the internet, principally on social media like Twitter, Reddit, etc. So where does Dave Portnoy come into the equation? Although he is not part of the VanEck ETF, Portnoy is reportedly now part owner of the company that created the algorithm and licenses the strategy -- Buzz Holdings ULC. In other words, the ETF is using the index strategy being created by that business to manage its capital.
Source Fool.com
