Some brand new exchange-traded funds are dabbling in meme stocks, chasing returns in a bid to pull in assets.

Shares of GameStop, AMC Entertainment Holdings and BlackBerry have surged this year on the back of individual investors who talk up their trades on social media. Many professional stock-pickers have largely sat out the mania, with some on Wall Street, like Morgan Stanley chief executive James Gorman, calling the dramatic run-up in share prices dangerous.