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Toronto-headquartered exchange-traded fund provider Sprott Asset Management has launched a new fund on the NYSE Arca that attempts to pick outperforming US equities based upon investor sentiment trends on social media sites.
The Sprott BUZZ Social Media Insights ETF (BUZ) provides exposure to the BUZZ Social Media Insights Index, a selection of US equities which contain significant bullish investor perception determined by current social media analysis. Each month the index identifies the 100 most talked about stocks on social media platforms, ranks them using a proprietary analytics model, and selects the 25 stocks with the most bullish insight scores to be included in the index.
John Ciampaglia, Head of ETFs at Sprott, commented in a statement: “We are very excited to offer investors another industry first with the launch of the Sprott BUZZ Social Media Insights ETF. This new ETF provides investors with access to an investment strategy that has been embraced by institutional money managers, within a convenient ETF.”
According to Sprott, online investment posts and discussions have grown by 500% over 3 years. This ETF gives the ability to harness the power of investment insights from the social media community in one convenient solution
“The Sprott BUZZ Social Media Insights ETF is the first ETF to use social media sentiment to identify potential investment opportunities,” added Ciampaglia. This ETF brings together the powerful combination of social media and big data analytics. Not only does the BUZZ Index measure investor sentiment, it also identifies and ranks social media members who have historically been the most successful in their forecasting accuracy.”
As of 19 April 2016, the index has significant exposure to Alphabet (14.2%), Apple (8.2%), Alcoa (7.3%), Walt Disney (6.4%) and Gilead Sciences (5.5%). The fund has a total expense ratio of 0.75%