Missing out on meme stocks? New FOMO ETF lets you ride the wave
Missed out on the GameStop rocket ride? Can’t keep track of what the hot stock of the moment is? A new exchange-traded fund will do the heavy lifting for you.
Tuttle Capital Management has launched the FOMO—”fear of missing out”—ETF, which lets investors take part in the retail trading boom for select stocks that might not be on their radar. The fund will also invest in special purposes acquisition companies, or SPACs, and crypto-adjacent companies as well.
The ETF began trading Tuesday on the Cboe Global Markets. The fund has not, as yet, shown notable gains or losses.
“The problem with most thematic ETFs is they only invest in one area of the market, they don’t rebalance frequently enough to stay in harmony with what is going on in markets, and they tend to be too highly concentrated,” said Matthew Tuttle, CEO and chief investment officer of Tuttle Capital Management in a statement. “FOMO can shift exposure to whatever happens to be trending at the time, it rebalances weekly so it can stay in harmony with market trends, and it weights holdings appropriately.”
The ETF currently balances 101 different holdings, according to its website. The fund has 25,000 outstanding shares and current assets of over $624,000.
One of the ETF’s holdings—GameStop—is having a particularly good day on the market Wednesday. Shares of the video game brick and mortar retailer were up more than 11% at 1 p.m. ET to $233. (The fund, though, currently holds just 32 shares of GME.) AMC, another popular meme stock and a holding of the fund, was up 12.4% to $18.51.
The companies making up the current biggest percentage of the fund include Keurig Dr. Pepper, United Health Group and Cisco Systems.
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