Cathie Wood’s Ark Investment Management LLC launched a new exchange-traded fund it’s calling the Ark Transparency ETF on Wednesday.
What’s the theme for the new ETF?
The new ETF is now live on the Cboe BZX Exchange under the ticker symbol CTRU, the investment management company revealed in a press release on Wednesday.
Wood’s exchange-traded funds are known to be thematic, and the idea behind the new one is to make it simpler for investors to put their money in the world’s most transparent companies. CTRU will closely track the “Transparency Index (TRANSPCY)”.
ARK Transparency marks the 9th ETF for the wealth manager. The other eight, in total, have assets under management of more than $30 billion with an average expense ratio of 0.72%. The largest is the ARK Innovation ETF (ARKK), with about $16 billion in AUM.
CEO Cathie Wood’s remarks
According to CEO Wood, transparency is a “catalyst” for innovation and positive change. Commenting on the launch of CTRU, she said:
Transparency implies openness, communication, accountability, and trust, and should be a cornerstone of modern society and business. We were impressed by the methodology developed by Transparency LLC to determine the most transparent companies in the world, and we are excited to bring this truly innovative fund to the market.
Cathie Wood’s ETFs have underperformed this year, with the flagship ARKK down close to 20% year-to-date as her bets on technology came under strain. The worst performing, however, is the ARK Genomic Revolution ETF that’s now down more than 40% from its high in mid-February.
The post Cathie Wood is out with a new exchange-traded fund appeared first on Invezz.