A Meme ETF Has Surged. Gamestop and AMC Aren't The Reasons

MarketWatch2023-11-28

A meme-themed exchange-traded fund has been rising, but it has nothing to do with Gamestop or AMC Entertainment —two of the classic “meme stocks” in its portfolio.The Roundhill MEME ETF (ticker: MEME)...

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Gamestop and AMC Aren't The Reasons\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-28 16:27 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/meme-etf-gamestop-amc-tesla-da4fe894?mod=newsviewer_click><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>A meme-themed exchange-traded fund has been rising, but it has nothing to do with Gamestop or AMC Entertainment —two of the classic “meme stocks” in its portfolio.The Roundhill MEME ETF (ticker: MEME)...</p>\n\n<a href=\"https://www.marketwatch.com/articles/meme-etf-gamestop-amc-tesla-da4fe894?mod=newsviewer_click\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1923622291.USD","symbol_name":"Natixis Thematics Safety R/A USD","start_time":0,"source_url":"https://www.marketwatch.com/articles/meme-etf-gamestop-amc-tesla-da4fe894?mod=newsviewer_click","article_id":"2386404960","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2386404960","pubTimestamp":1701160076,"sourceInfo":{"source_id":"mwatch_stock","name":"Market Watch"},"weMediaInfo":null,"summary":"Shares of AMC are down more than 20% this month as investors remain cool to formerly hot “meme stocks.”              David Paul Morris/Bloomberg               A meme-themed exchange-traded fund has be","collect":0,"end_time":0,"defaultTopTitle":"marketwatch.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1923622291.USD":"Natixis Thematics Safety R/A USD","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU2063271972.USD":"富兰克林创新领域基金","MEME":"ROUNDHILL MEME ETF","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","RIOT":"Riot Platforms","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","APE":"AMC Entertainment Preferred","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4577":"网络游戏","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","GME":"游戏驿站","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","BK4588":"碎股","LU1861215975.USD":"贝莱德新一代科技基金 A2","BK4550":"红杉资本持仓","AMC":"AMC院线","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1548497426.USD":"安联环球人工智能AT Acc","BK4076":"电脑与电子产品零售","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4551":"寇图资本持仓","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4561":"索罗斯持仓","MARA":"Marathon Digital Holdings Inc","BK4560":"网络安全概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4099":"汽车制造商","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","BK4112":"金融交易所和数据","LU2125909759.SGD":"Natixis Thematics Safety H-R/A SGD","BK4023":"应用软件","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","BK4528":"SaaS概念","LU0056508442.USD":"贝莱德世界科技基金A2","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2125909916.SGD":"Natixis Thematics Safety R/A SGD","COIN":"Coinbase Global, Inc."},"translate_title":"一只迷因ETF激增。游戏驿站和AMC不是原因","themeId":"1c2c6c4d35d44c31970c95cd7e9e782e","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"APE":1.1,"RIOT":1.1,"MEME":1.1,"MARA":1.1,"GME":1.1,"COIN":1.1,"AMC":1.1},"content_text":"A meme-themed exchange-traded fund has been rising, but it has nothing to do with Gamestop or AMC Entertainment —two of the classic “meme stocks” in its portfolio.The Roundhill MEME ETF (ticker: MEME) is up 14% this month, outpacing the 7.5% gain in the S&P 500 and 9.2% return for the Nasdaq Composite Index. But a look under the hood reveals that the ETF may not be what you think, including stocks that stretch the meme concept like Tesla (TSLA), Palantir Technologies (PLTR), and Palo Alto Networks (PANW).AMC (AMC) and Gamestop (GME), two of the classic meme stocks, which are in the portfolio, have both declined this month.Enthusiasm for tech, combined with a return of the market’s “animal spirits,” rather than as return of meme-mania, may be driving the ETF’s latest returns, says Jessica Rabe, co-founder of DataTrek Research.“The whole notion of a meme stock is difficult to define precisely. They came and went with the speculative tech bubble in 2021,” she says.While the ETF is up 29.6% this year, it’s trailing the tech-heavy Nasdaq Composite, up 36.3%.The term “meme stock” emerged in early 2021, when beaten up names like GameStop and AMC surged as retail traders weaponized social-media platforms like Reddit and X, formerly called Twitter, aiming to drive up prices in heavily-shorted stocks. Short sellers were forced to quickly cover their bets, and traders pocketed big gains with well-timed buys and sells.Roundhill, which sponsors the fund, describes it as the “first and only ETF explicitly designed to track the performance of meme stocks.’ ” The fund tracks an index of 25-equally weighted stocks that exhibit a mix of “elevated social media activity and high short interest.” Roundhill says it rebalances the portfolio every two weeks to keep it equal weight.Some of the ETF’s holdings aren’t particularly meme-y. Holdings as of November 21 included Palo Alto Networks, Tesla, Palantir, and Datadog (DDOG). All have solid fundamentals and have been surging amid a rally in tech. AMC, by contrast, is off more than 20% and Gamestop is down 4% this month.As of last Tuesday, only four of the 25 holdings in the ETF were among the top 18 most-mentioned tickers on Wallstreetbets, the Reddit forum that drove meme frenzy nearly three years ago. Those stocks were Tesla, Palantir, AMC, and Rivian Automotive (RIVN).The phenomenon now feels like little more than a marketing term.The Roundhill MEME ETF launched in December 2021 as the meme-frenzy was coming off its peak. Since inception, the ETF is down 54.6% against a 7.2% drop in the Nasdaq Composite Index. It’s also failed to catch on with investors, attracting just $2.7 million in assets.Roundhill did not immediately respond to a request for comment.Part of the reason the meme idea may be dying is that retail trading levels are down sharply from 2021 when traders were flush with stimulus cash and had plenty of time on their hands during the pandemic. Robinhood Markets (HOOD), one of the most popular trading platforms for meme traders, saw a 36% drop in equity trading volume over the two-year period ending in October 2023, for instance.GameStop and AMC have lost luster as meme trades. GameStop shares are down 33.4% on the year. AMC’s fate has been worse with shares down 80.5% this year, including a 30% drop this month after announcing plans to sell up to $350 million of stock to pay off debts.One bright spot for the meme ETF has been crypto. The fund holds Coinbase Global (COIN), along with Bitcoin mining stocks Marathon Digital Holdings (MARA), and Riot Platforms (RIOT). All three stocks have gained more than 190% this year as Bitcoin rallied.It’s a similar story for payments company Block (SQ), another ETF holding, with shares up 34% over the past month, but that’s larger due to a solid earnings report earlier this month, rather than trading fever.Animal spirits may be back in the market, but it may take more than that to bring meme stocks back to life.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2386404960"}