FANG is last year's trade, according to one expert.

FANG stands for Facebook (FB - Get Report) , Amazon (AMZN - Get Report) , Netflix (NFLX - Get Report) and Alphabet's (GOOGL - Get Report) - an acronym coined by TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer.

The FANG trade has performed exceptionally well in recent years, but Phil Bak, CEO of Exponential ETFs, sees some divergence between the names.

That was illustrated in Facebook's disappointing Juily 25 earnings report, where the stock wiped out its 2018 gains. 

Within FANG, Bak is bullish on Amazon - even with it's high price-to-earnings ratio.