An exchange-traded fund is being launched this week to take advantage of the internet mention of stocks and beat the overall market.The company behind the ETF has contracted one of the internet’s biggest personalities to help get started

What happened: The VanEck Vectors Social Sentiment ETF (NYSE: BUZZ) will be launched on Nov. Launched March Barstool Sports founder Dave Portnoy shared the news Tuesday with a video press conference on Twitter

The ETF will use artificial intelligence to track social excitement for the 75 largest large-cap stocks each month Hold USD

Sponsored the new ETF, Portnoy said the new fund was something “I belong to, to which I leave my face and my reputation”

The index behind the ETF will use artificial intelligence to monitor over 15 million online posts per month using the algorithm to evaluate a basket of 75 stocks every month

Why It Matters: The algorithm for the ETF was created five years ago, according to Portnoy. He said he was approached by the team behind the fund

The algorithm behind the ETF outperformed the S&P 500 by 42% in 2020, Portnoy said The BUZZ index has outperformed the S&P 500 since the index launched in 2015, according to the fund’s Twitter account

The fund could see strong interest from retailers looking to invest in stocks that are positively rated by users on Twitter and Reddit.The surge in stocks like GameStop Corp (NYSE: GME) has spurred retailers to search websites for trading ideas browse based on what the majority of traders get into

Portnoy is one of the top influencers on the internet with over 2 million followers on Twitter and an active fan base of Barstool Sports fans. Portnoy owns shares of Penn National Gaming (NASDAQ: PENN), which has a large stake in Barstool Sports / p>

Top Holdings: The BUZZ Index has a list of holdings on its website. Here’s a look at the current top positions in the index:

Thank you for your subscription! If you have any questions, please call us at 1-877-440-ZING or send an email to vipaccounts @ benzingacom

Buzz ETF

World news – USA – What you should know about Dave Portnoy and the new BUZZ Social Media Sentiment ETF

Source: https://www.benzinga.com/news/21/03/19942622/what-to-know-about-dave-portnoy-and-the-new-buzz-social-media-sentiment-etf