5 ETFs Popular on Robinhood

3. First Trust US Equity Opportunities ETF (NYSE:FPX)

First Trust US Equity Opportunities ETF (NYSE:FPX) is an exchange traded fund that invests at least 90% of net assets in an index that tracks 100 of the largest and typically most liquid initial public offerings. The fund is non-diversified. 

One of the biggest holdings of the First Trust US Equity Opportunities ETF (NYSE:FPX) is Snap Inc. (NYSE:SNAP), a California-based camera company. Among the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm Lone Pine Capital is a leading shareholder in Snap Inc. (NYSE:SNAP) with 33 million shares worth more than $1.5 billion. 

In its Q4 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Snap Inc. (NYSE:SNAP) was one of them. Here is what the fund said:

“Snap Inc. (NYSE:SNAP) is the leading social network among teens and young adults in North America and a growing number of overseas markets, including Western Europe and India. Shares fell this quarter on a greater-thananticipated impact from Apple’s new privacy changes for iOS mobile devices. These changes made it more difficult for Snapchat to measure the effectiveness of ads shown on its platform. We believe this is a near-term, industry-wide issue for which Snap is already developing a solution. Longer term, we continue to view Snap Inc. (NYSE:SNAP) favorably as the company sustains its rapid pace of product innovation and expands its premium partnerships with advertisers.”