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Our weekly roundup of new fund launches.
Ark Investment Management plans fintech ETF
Ark Investment Management, which currently runs the two top-performing ETFs over the last three years, announced plans to launch a new ETF focused on fintech, according to Bloomberg News.
The Ark Fintech Innovation ETF, which plans to charge $7.50 for every $1,000 invested, will invest in companies that aim to change the way the financial sector operates, the regulatory filing says. Ark currently manages a similar fund in Japan, where the firm is a subadvisor for various mutual funds from Nikko Asset Management.
Although fees for the new fund are significantly higher than the $5.76 for every $1,000 charged by the average thematic fund, the similarly priced Ark Web x.O ETF (ARKW), which has a 0.75% expense ratio, returned more than all other unleveraged funds, gaining 34% over the last three years, Bloomberg News reports. The Ark Innovation ETF (ARKK), which has a 0.75% expense ratio, is the second-highest ranked with a 30% return over the same period.
ProShares announces new pet care ETF
A new ETF from ProShares aims to track the FactSet Pet Care Index, which is comprised of companies that generate half their revenues from the pet care industry; a sector that has grown an average of 7.6% since 2005 and is projected to reach more than $72 billion this year, according to Bloomberg News.
The ProShares Pet Care ETF (PAWZ), which will charge a fee of $5 for every $1,000 invested, is the industry's second pet-related ETF, following the Gabelli Pet Parent Fund NextShares (PETZC), which...