AMC Is Hijacking a Tiny Meme ETF as Weighting Grows 4% an Hour
- SoFi 50 ETF has roughly 32% of assets in meme-stock darling
- Movie-theater company accounts for 21% of Invesco’s PEJ
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The wild surge in AMC Entertainment Holdings Inc. is quickly taking over a little-known ETF.
Shares of the movie-theater chain comprise roughly 32% of the $19 million SoFi 50 ETF (SFYF) -- up from 14% at the start of trading Wednesday, according to data compiled by Bloomberg. That’s an increase of roughly 4 percentage points per hour. AMC’s market value has swelled to $31 billion from about $13 billion on Friday, with the stock surging more than 140% this week.