What part of code is causing a new named range?

[HalPlz]

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

The code:

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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.

[JBeaucaire]

I would suggest creating the querytable once (.Add) and after that, inside the loop, use a refresh instead (.Refresh) so you're effectively using the same table over and over.