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2021-03-30

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ARK Funds Amend ETF Prospectus To Remove Investment Concentration Limits

We have been following the volatility with flows in and out of ARK Funds over the last few months, make note of Cathie Wood's performance and "proprietary" investing style as the NASDAQ has whipsawed back and forth for the better part of 2021.Now, it looks like ARK is making some changes in its disclosures commensurate with its recent "active investing style", wherein it has been rotating out of large cap tech names and into smaller, more speculative names, especially in its ARKK flagship fund.A

ARK Funds Amend ETF Prospectus To Remove Investment Concentration Limits

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First, on a perfunctory note, it specifies risks related to investing in SPACs, noting that they are \"subject to a variety of risks beyond those associated with other equity securities\".</p>\n<blockquote>\n <i>Special Purpose Acquisition Companies (SPACs)</i>. The Fund may invest in stock of, warrants to purchase stock of, and other interests in SPACs or similar special purposes entities. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. Investments in SPACs and similar entities are subject to a variety of risks beyond those associated with other equity securities. Because SPACs and similar entities do not have any operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC’s management to identify a merger target and complete an acquisition. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. As a result, it is possible that an investment in a SPAC may lose value.\n</blockquote>\n<p>But then the filing gets<i>very</i>interesting - language is removed that allows ARK funds to take&nbsp;<i>even larger</i>concentrations in names - in addition to over-the-counter traded ADRs, which are notoriously riskier products than normal equity.</p>\n<p>The amendment&nbsp;removes&nbsp;ARK's limit to invest 10% of its total assets in any active fund in ADRs that are traded over-the-counter.</p>\n<p><img src=\"https://static.tigerbbs.com/2bce1e8e9b6703975f8c9e2d9074a96d\" tg-width=\"500\" tg-height=\"121\">On top of that, the amended prospectus removes language that formerly limited ARK to investing no more than 30% of a fund's&nbsp;total assets into securities issued by a single company. Another \"rule\" removed was language preventing ARK from investing in more than 20% of a company's total outstanding shares.</p>\n<p><img src=\"https://static.tigerbbs.com/cce6710dda8e17521ae59148059b26a1\" tg-width=\"500\" tg-height=\"205\">The amendments portend ARK piling further into concentrated, high-risk names that dominate their respective funds. Wood's recent rotation out of big cap names like Microsoft and into \"speculative\" smaller cap companies like Workhorse and Vuzix has made it clear that the firm's appetite for risk continues to grow as NASDAQ volatility continues.</p>\n<p>Obviously, if a pin is finally going to prick the NASDAQ gamma bubble that has blown up over the last 12 months, the higher Wood's concentration in speculative names, the more spectacular a crash would be for ARK funds.</p>\n<p>But for now, ARK continues to hold up - we noted itwill be launchingits Space ETF as soon as this week. And despite noting that theNASDAQ gamma squeezeappears to be over, Wood and her team seem hell bent on continuing to tempt fate. We'll keep a close eye on the situation going forward.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ARK Funds Amend ETF Prospectus To Remove Investment Concentration Limits</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nARK Funds Amend ETF Prospectus To Remove Investment Concentration Limits\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-29 23:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/ark-funds-amend-etf-prospectus-remove-investment-concentration-limits?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>We have been following the volatility with flows in and out of ARK Funds over the last few months, make note of Cathie Wood's performance and \"proprietary\" investing style as the NASDAQ has whipsawed ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/ark-funds-amend-etf-prospectus-remove-investment-concentration-limits?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.zerohedge.com/markets/ark-funds-amend-etf-prospectus-remove-investment-concentration-limits?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108487611","content_text":"We have been following the volatility with flows in and out of ARK Funds over the last few months, make note of Cathie Wood's performance and \"proprietary\" investing style as the NASDAQ has whipsawed back and forth for the better part of 2021.\nNow, it looks like ARK is making some changes in its disclosures commensurate with its recent \"active investing style\", wherein it has been rotating out of large cap tech names and into smaller, more speculative names, especially in its ARKK flagship fund.\nARK funds filed an amendment to its prospectuses for its ETFs on Friday, making some little recognized changes that were caught by @syouth1 on Twitterover the weekend.\nAs the tweet notes, the new ARKSEC filing does several things. First, on a perfunctory note, it specifies risks related to investing in SPACs, noting that they are \"subject to a variety of risks beyond those associated with other equity securities\".\n\nSpecial Purpose Acquisition Companies (SPACs). The Fund may invest in stock of, warrants to purchase stock of, and other interests in SPACs or similar special purposes entities. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. Investments in SPACs and similar entities are subject to a variety of risks beyond those associated with other equity securities. Because SPACs and similar entities do not have any operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC’s management to identify a merger target and complete an acquisition. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. As a result, it is possible that an investment in a SPAC may lose value.\n\nBut then the filing getsveryinteresting - language is removed that allows ARK funds to take even largerconcentrations in names - in addition to over-the-counter traded ADRs, which are notoriously riskier products than normal equity.\nThe amendment removes ARK's limit to invest 10% of its total assets in any active fund in ADRs that are traded over-the-counter.\nOn top of that, the amended prospectus removes language that formerly limited ARK to investing no more than 30% of a fund's total assets into securities issued by a single company. Another \"rule\" removed was language preventing ARK from investing in more than 20% of a company's total outstanding shares.\nThe amendments portend ARK piling further into concentrated, high-risk names that dominate their respective funds. Wood's recent rotation out of big cap names like Microsoft and into \"speculative\" smaller cap companies like Workhorse and Vuzix has made it clear that the firm's appetite for risk continues to grow as NASDAQ volatility continues.\nObviously, if a pin is finally going to prick the NASDAQ gamma bubble that has blown up over the last 12 months, the higher Wood's concentration in speculative names, the more spectacular a crash would be for ARK funds.\nBut for now, ARK continues to hold up - we noted itwill be launchingits Space ETF as soon as this week. And despite noting that theNASDAQ gamma squeezeappears to be over, Wood and her team seem hell bent on continuing to tempt fate. We'll keep a close eye on the situation going forward.","news_type":1},"isVote":1,"tweetType":1,"viewCount":569,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"hasMoreComment":false,"orderType":2}