June 2, 2021
Cathie Wood’s Fintech ETF, ARK Innovation (ARKK), has had a rough couple of months. Most of ARK’s ETFs were in a similar position, but recently they have rebounded and then some. Their headline ETF is up 13% over the past two weeks crushing the S&P’s 2% gain over the same period. The fund has nailed picks on the dips such as Tesla and Teladoc when most were struggling with tech stocks. Across their funds, they have averaged a 10.3% gain in the past two weeks. It doubled down on biotech firms Beam Therapeutics and Fate Therapeutics while releasing it on PayPal and LendingTree. They have been on the ‘innovation’ bullseye Cathie Wood set out to hit when she started ARK.
(New York)
FINSUM + Magnifi: It’s been difficult to gauge the tech market, which seems to be in turmoil due to macro factors, but this Fintech ETF is turning things around and a great opportunity for those looking to diversify their portfolio.
Other news today: SEC is Dramatically Escalating Reg BI Enforcement and Find the Right Gold Stocks for Your Portfolio
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