Ron Day
2 min read
In This Article:
Wedbush Securities has launched its first ETF, an artificial intelligence fund that takes its name from a Wall Street analyst known as much for his style as his stock picks.
The $1 million Dan IVES Wedbush AI Revolution ETF (IVES) holds 30 stocks identified in Ives’s “The AI Revolution Theme” research, according to a statement. The exchange-traded fund’s top holdings include a 5.7% allocation to Microsoft Corp. (MSFT), followed by Nvidia Corp. (NVDA), Broadcom Inc. (AVGO) and Tesla Inc. (TSLA).
The fund was little-changed in its first day of trading.
IVES joins a growing list of AI ETFs, which frequently count NVDA, MSFT and Palantir Technologies Inc. (PLTR) among top holdings. Adding Ives’s name would be one way for the Wedbush fund to stand out from the growing crowd, which, according to FactSet, stands at 54 funds today.
Ives is a popular face on CNBC and other financial news networks. A year ago he was featured on the New York Post’s “Fashion and Beauty” page sporting his tropical-hued fashion choices, including a pink blazer, flowered shirt, yellow pants and neon sneakers. He said the clothes help him reduce stress.
AI ETFs List—Source: FactSet
As Wedbush’s Global Head of Technology Research has lately offered bullish commentary on AI stocks, saying products from Microsoft, Nvidia and Palantir are pulling off the biggest technology transformation in decades.
“AI is the most transformational force in the global economy in our lifetime,” Wedbush CEO Gary Wedbush said in the statement. “Dan’s track record speaks for itself. He’s been identifying the drivers of tech disruption for years.”
The fund carries a 75-basis-point expense ratio, which is nearly four times the 20-basis-point fee carried by the tech-focused Invesco QQQ Trust (QQQ). That fund has gained 3.3% this year.
Los Angeles-based Wedbush announced in February plans to issue the fund through its Wedbush Funds unit.
