Barstool’s Portnoy backs new ETF after Robinhood stock controversy

National News

(WTAJ) — The founder and ‘El Presidente’ of Barstool Sports is introducing his own exchange-traded fund(ETF) on the heels of controversy over GameStop stock and Robinhood trading.

Dave Portnoy used to share his wins and losses in the sports betting world regularly until the COVID pandemic shut down sports. While he says he’s no financial genius, he took to it when sports betting wasn’t possible. Touting his wins and facing his losses in the stock market, he became a reasonable voice to many people when he started speaking out over the GameStop stock frenzy.

Now, Portnoy is backing up his words with the VanEck Vectors Social Sentiment ETF, or BUZZ as it will be referred to on the New York Stock Exchange (NYSE). It’s set to go public March 4, and Portnoy has touted the AI abilities that were developed a few years back, which he said uses artificial intelligence to determine what stocks to trade based on positive online posts.

BUZZ will hold stock in 75 companies, which reportedly have a market cap of $5 billion, and it’ll rotate stocks based on the AI hunting down and reading social media posts, news articles and blogs.

The top holdings in BUZZ are Twitter, Amazon, Facebook, Apple, Netflix, Ford, Draft Kings, AMD, Tesla and American Airlines. There’s also Disney, Starbucks, Coca-Cola and more.

Portnoy tweeted out a video saying the ETF started up five years ago and has outperformed the S&P 500 by 40% in 2020.

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