Investors have welcomed with open arms, an #algorithmic fund, which uses #artificialintelligence in its stock picks. The fund allocates between 75 of the most popular stocks among investors. In the first day of trading, $438 million worth of shares changed hands for #ETF VanEck Vector Social Sentiment (ticker: BUZZ). Analysts at #Bloomberg note that explosive #volumes like these, characterize the launches of funds offering investors access to new asset classes, like Bitcoin for example. In this case, the algorithm is designed to pick out “truly valuable” stocks, and not buy into overly trendy positions, like GME or AMC. At this time the largest holdings of the fund are split between; Ford Motor Co., Twitter Inc., and DraftKings Inc. Some analysts say that the third-highest volume ever, generated by this ETF debut, is likely due to several factors. Many overly excitable young #investors combined with the active #advertising of the fund by David Portnoy, somewhat of a celebrity in the financial industry media space, has surely had an overwhelming effect. We have seen overly “hyped” stocks this year, why should this not apply to funds. Only time will tell if these expectations were justified. Source: Bloomberg #trading #fintech #marketing #media #finance #etf #debute
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