An exchange-traded fund is benefitting from the recent change of Facebook as investors continue to flock due to mistaken identity, Bloomberg reported.
The Roundhill Ball Metaverse exchange-traded fund, which trades under the ticker META, saw inflows of $12.5 million after Facebook changed its name.
The inflows were the biggest for the $142-million fund since the start of September, with the trading volume in the fund’s shares surging to the highest on record.
Researchers believe that some investors likely invested in the ticker, believing it to be connected to Facebook, without doing sufficient studies. Time will tell if the assets will stick or be pulled out.
Researchers also cited that investors may be accidentally trading the wrong symbol, given that most of the volume in META happened after the Facebook announcement.
Facebook Chief Executive Officer Mark Zuckerberg on Thursday announced the rebranding of the firm to Meta Platforms Inc., which will adopt the ticker MVRS. META is up 0.07%, while FB is up 2.57%.