What part of code is causing a new named range?

I have some VBA that connects to the internet to download a table.

The code:

        With ActiveSheet.QueryTables.Add(Connection:= _
        "URL;http://finance.yahoo.com/q/hl?s=" & Range("S3").Value & "+Holdings", Destination:=Range( _
        "$AD$1"))
        .RowNumbers = False
        .FillAdjacentFormulas = False
        .PreserveFormatting = True
        .RefreshOnFileOpen = False
        .BackgroundQuery = True
        .RefreshStyle = xlOverwriteCells
        .SavePassword = False
        .SaveData = True
        .AdjustColumnWidth = True
        .RefreshPeriod = 0
        .WebSelectionType = xlSpecifiedTables
        .WebFormatting = xlWebFormattingNone
        .WebTables = "11,13"
        .WebPreFormattedTextToColumns = True
        .WebConsecutiveDelimitersAsOne = True
        .WebSingleBlockTextImport = False
        .WebDisableDateRecognition = False
        .WebDisableRedirections = False
        .Refresh BackgroundQuery:=False
    End With

It's in a loop that ends up creating 1000+ new named ranges, all the same. I'm pretty sure it's this part:
With ActiveSheet.QueryTables.Add(Connection:= _
"URL;http://finance.yahoo.com/q/hl?s=" & Range("S3").Value & "+Holdings", Destination:=Range( _
"$AD$1"))

But I don't know if I should stop it, or just delete it after.