Wedbush Securities’s first exchange-traded fund, the Dan IVES Wedbush AI Revolution ETF (IVES), surpassed $100 million in assets under management in just its first five trading days.
Launched on June 4, IVES is an artificial intelligence fund named after Wedbush analyst Dan Ives that holds 30 stocks identified in his “The AI Revolution Theme” research.
“Hitting $100 million so quickly shows how much demand there is for focused, pure-play AI exposure,” Cullen Rogers, chief investment officer at Wedbush Funds and portfolio manager of the ETF, told etf.com. “Investors aren’t just looking for broad tech anymore. They want tools that reflect where AI is today and where it’s heading in the future. That’s exactly what IVES was built to do.”
Wedbush’s expansion into the ETF market comes at a time when firms are racing to deliver AI ETFs that give investors exposure to the technology’s infrastructure—including semiconductors, robotics, cloud and cybersecurity—through holdings such as Nvidia Corp. (NVDA), Broadcom Inc. (AVGO) and Tesla Inc. (TSLA).
By attaching a well-known name, Wedbush is helping its new fund stand out from the crowd. Ives is often seen talking markets on CNBC and other financial news outlets (and is also known for his pink blazers).
The new fund represents a “unique extension of Wedbush’s longstanding technology expertise into the ETF market,” a press release announcing the fund’s early success states. The firm added that surpassing the $100 million mark reflects the demand for differentiated research through the liquid, cost-effective ETF vehicle.
“Wedbush’s entry into Investment Management is a natural strategic expansion for the firm,” Kevin White, executive vice president, senior advisor and head of investment management at Wedbush Financial Services, said via the press release. “We are committed to delivering bespoke, cutting-edge, research-driven investment opportunities for our Global Family Office Services, Wealth and RIA clients. IVES is simply our beginning.”
