Cathie Wood's space ETF fails to lift off in debut
(Reuters) – Shares of star investor Cathie Wood’s ARK Space Exploration & Innovation ETF failed to lift off on Tuesday in their Wall Street debut.
Ark Investment Management’s latest exchange traded fund focuses on companies related to orbital and sub-orbital space, enabling technologies, and also those that stand to benefit from aerospace activities, according to its prospectus. Its shares were last down 0.9%.
The actively managed fund’s top holding is software maker Trimble Inc, followed by 3D Printing ETF and Kratos Defense and Security Solutions Inc.
JD.com, Lockheed Martin Corp, Nvidia, Amazon, Alphabet and Boeing are also among the fund’s 38 holdings.
Wood’s flagship $22 billion Ark Innovation fund is popular with retail investors after more than doubling in the past 12 months, with top holdings including Tesla and Square.
The Ark Innovation fund was up 2.7% on Tuesday, but it remains down 8% so far in 2021, hit by a shift by investors toward companies viewed as likely to benefit the most from a recovering economy in the wake of the coronavirus pandemic.
Other ETFs run by Ark Investment Management focus on genomics, autonomous cars and financial technology.
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