Business & Finance
Billions in SpaceX Trades Jolt ETFs Including Cathie Wood’s ARKK
Key Points
Billions in SpaceX Trades Jolt ETFs Including Cathie Wood’s ARKK A series of unusual multibillion-dollar flows has rippled through the exchange-traded fund market in the past week, suggesting some major investors used a contentious method to get exposure to the initial public offering of SpaceX. At least one fund manager placed temporary restrictions on its product in a bid to curb the practice. The biggest flows were in Cathie Wood’s flagship strategy. The $6.9 billion ARK Innovation ETF...
Billions in SpaceX Trades Jolt ETFs Including Cathie Wood’s ARKK
A series of unusual multibillion-dollar flows has rippled through the exchange-traded fund market in the past week, suggesting some major investors used a contentious method to get exposure to the initial public offering of SpaceX. At least one fund manager placed temporary restrictions on its product in a bid to curb the practice.
The biggest flows were in Cathie Wood’s flagship strategy. The $6.9 billion ARK Innovation ETF (ticker ARKK) posted a record $4.6 billion inflow late last week before recording its largest-ever outflow of $6.2 billion in the following session, data compiled by Bloomberg show. That activity coincided with ARKK acquiring roughly 1.7 million shares of SpaceX on the day the rocket maker listed, and echoes similar patterns seen during a number of IPOs in the past year.