Meme-Stock ETF Is Now So Dull Manager Says It ‘Puts Me to Sleep’
- FOMO fund aiming to ride hot shares has dropped GameStop, AMC
- Struggling ETF now 38% in cash; Chevron is biggest holding
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An ETF that sought to tap into the day-trading boom by riding the hottest meme-friendly stocks is now packed with cash and so many dull names that its own manager says the strategy “puts me to sleep.”
The FOMO exchange-traded fund (ticker FOMO) was named after the famous acronym for “fear of missing out” and was designed to buy stocks that reflected current or emerging trends, according to its prospectus. But right now almost 40% of the fund is in cash and its biggest holding is in Chevron Corp.