By Suzanne McGee<\/p>\n
June 16 (Reuters) – Just days after SpaceX wrapped up its record $75 billion initial public stock offering and ignited another burst of enthusiasm among traders \u200cfor all things AI, two asset managers disclosed plans to launch exchange-traded funds \u200clinked to the new AI-stock acronym that is all the buzz on Wall Street.<\/p>\n
In what ETF market analysts described \u200bas the latest example of “concept investing,” Yorkville America, the company that manages the Truth Social ETF franchise, and ETF industry newcomer Corgi Securities both filed late on Monday with the U.S. Securities and Exchange Commission for permission to roll out new funds pegged to the “MANGOS” moniker that \u200csprang to life on X and \u2060other social media sites ahead of the SpaceX IPO.<\/p>\n
The phrase \u2014 vying to replace the Magnificent 7 as a way for investors and speculators \u2060to view market-leading growth companies \u2014 is intended to refer to the collection of four public companies, Meta Platforms, Nvidia<\/a>, Alphabet’s Google, and SpaceX and two private ones, Anthropic and OpenAI<\/a>, all of which \u200bhave hefty \u200bexposure to artificial intelligence<\/a>.<\/p>\n “This tells you just how \u200brapidly the product development cycle is \u200cmoving in the ETF industry right now,” said Dan Sotiroff, an analyst at Morningstar. “This is going to be even more concentrated than the Magnificent 7, and just as important, it’s going to be heavily exposed to the big IPOs of the year.”<\/p>\n Yorkville did not respond to requests for comment.<\/p>\n In its filing for the Mango Plus ETF, as well as a variant \u200cthat would generate additional income for investors, the firm \u200bsaid it would build a portfolio from some combination \u200bof the core “MANGOS” stocks as well \u200bas seven other companies that include Micron and SanDisk, which it believes \u200calso will benefit from AI adoption, and \u200bwhich it dubbed the “Parabolic \u200b7.”<\/p>\n According to its filing, Corgi plans to invest only in the six core MANGOS stocks. Ed Rumell, head of ETF distribution for the firm, declined to comment \u200bon its plans, citing SEC \u200crestrictions on discussing an active filing.<\/p>\n Both ETFs could make their debut by the end \u200bof August, according to SEC rules.<\/p>\n (Reporting by Suzanne McGee in Providence, Rhode \u200bIsland; Editing by Colin Barr and Matthew Lewis)<\/p>\n","protected":false},"excerpt":{"rendered":"By Suzanne McGee June 16 (Reuters) – Just days after SpaceX wrapped up its record $75 billion initial…\n","protected":false},"author":2,"featured_media":480946,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[365,363,364,154032,241843,111,139,69,145,160430],"class_list":["post-480945","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-asset-managers","tag-mangos","tag-new-zealand","tag-newzealand","tag-nz","tag-technology","tag-u-s-securities-and-exchange-commission"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/480945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=480945"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/480945\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/480946"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=480945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=480945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=480945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}