(Bloomberg) -- The wild surge in AMC Entertainment Holdings Inc. is quickly taking over a little-known ETF.
Shares of the movie-theater chain comprise roughly 32% of the $19 million SoFi 50 ETF (SFYF) -- up from 14% at the start of trading Wednesday, according to data compiled by Bloomberg. That’s an increase of roughly 4 percentage points per hour. AMC’s market value has swelled to $31 billion from about $13 billion on Friday, with the stock surging more than 140% this week.
The fund’s top holdings also include GameStop Corp. -- another Reddit favorite that has soared this year, pacing a rally of over 40% for SFYF. That compares with an advance of 12% for the S&P 500 in the span. Electric-vehicle maker Tesla Inc. is also among the ETF’s biggest positions.
“ETFs are simply reflective of the market, and right now, that means meme stocks like AMC are taking center stage,” said Nate Geraci, president of the ETF Store, an advisory firm.
Another ETF currently getting whipsawed by the meme-stock phenomenon is the $2.1 billion Invesco Dynamic Leisure and Entertainment ETF (PEJ), with AMC’s weighting at 21%.
The $69 billion iShares Russell 2000 ETF (IWM) also has the movie-theater company among its top 10 holdings. AMC and GameStop have helped drive the rally in small caps this year, with the benchmark gauge notching an eighth consecutive monthly advance -- the longest run since 1995.
--With assistance from Katie Greifeld and Vildana Hajric.