Barstool’s Portnoy-Backed BUZZ ETF Stumbles On Debut

To bee or not to bee, that is the question… 

For days Barstool Sports’ Dave Portnoy pumped VanEck Vectors Social Sentiment ETF (ticker BUZZ) to his 2.4 million followers. Telling everyone how he’s putting his “face behind,” his “reputation behind,” and everything he represents behind this new ETF. 

Well, on opening day, VanEck Vectors Social Sentiment ETF (ticker BUZZ) plunged 3% in early trading, rebounding slightly after 1015 ET. 

The ETF (something we previewed to readers weeks ago) searches online sources such as social media, news articles, and blogs for highly spoken about stocks to trade. It then uses AI to identify patterns, trends, and changing sentiment, affecting market-based outcomes. It trades 75 US large-cap stocks with the highest degree of positive investor sentiment and bullish perception from the portfolio, which is rebalanced monthly.

Here’s a partial list of BUZZ’s basket. 

With a dismal start to trading, Portnoy starts the pump. 

Hey @WebullGlobal wake up. I’m dealing with your angry customers. $buzz

— Dave Portnoy (@stoolpresidente) March 4, 2021

Portnoy and the “suits” at VanEck Vectors ring the NYSE opening bell.

The market is BUZZing about $BUZZ. Watch our CEO @JanvanEck3 and @stoolpresidente from @InvestwithBUZZ open the market this morning by ringing the @NYSE opening bell #ETFs #Stockstowatch #jointheswarm #investwithbuzz https://t.co/kLro7tk48o pic.twitter.com/EHYPgJ7NYL

— VanEck (@vaneck_us) March 4, 2021

On Mar. 2, Portnoy posted an “emergency press conference” video on his Twitter telling everyone the great news about his new ETF venture. 

Emergency Press Conference – Introducing $BUZZ ETF pic.twitter.com/sgTc4MUS8e

— Dave Portnoy (@stoolpresidente) March 2, 2021

The internet has gone incredibly crazy about BUZZ:

$BUZZ to the moon

— George the Florida Man (@gdelosreyes44) March 4, 2021

Bought a good amount of $BUZZ because I believe in @stoolpresidente ‘s vision

— Fabby (@Fabby631) March 4, 2021

@stoolpresidente we’re fighting back!! $buzz!!!!!

— Chris Koch (@chriskochrunner) March 4, 2021

However, there are skeptics…

@jimcramer Don’t be so sure about $BUZZ, ETF with the same index was launched five years ago and ended up closing. Performance was basically inline with the S&P 500 $SPY

Chart from https://t.co/0huoYAQIfv pic.twitter.com/a1etbsdj64

— Brad Kenagy (@bradk8605) March 4, 2021

People are very confused about what $buzz is.

— Steve Kuntz (@Mijos_Magic) March 4, 2021

To bee or not to bee, that is the question…