An ARK for the Future: Communicating the Value of Innovation
- Sean Lee
- Apr 29, 2021
- 19 min read
Updated: May 4, 2021
Summary
With a focus on ‘investing in disruptive innovation’ as to ‘stay on the right side of change’ ARK Invest, founded by its CIO and CEO, Cathie D. Wood in 2014, has been a pioneer and populariser of the actively-managed innovation-themed Exchange Traded Fund(ETF). With a tremendous performance in 2020 with each of the five ARK ETFs[1] averaging 100%+ one-year returns despite a global pandemic, their success has served to both vindicate ARK’s investment thesis and elevate Cathie to the role of opinion leader in both mainstream and online media. With this newfound media spotlight, the adjacent matters of Investor Relations(IR) and the larger umbrella of financial communications it operates under grows increasingly instrumental in engaging the larger markets and a pandemic-induced influx of new retail(and institutional) investors. With the shifting investor expectations[2] and the notion of investing in innovation banking heavily on future prospects(and profit), the task that ARK faces is fundamentally one of persuasion and distribution of persuasive narratives. Despite its robust, accessible, and modern ongoing owned IR program, collaterals, and avenues, ARK has yet to leverage the attention it has been afforded to strengthen the distribution of its message across earned and owned channels. The following essay details the means which by ARK can grow its reach across earned and owned IR channels to cultivate conviction in its investment strategies, engage/persuade prospective/existing investors, primarily in the digital space, to ultimately give rise to the innovative technologies that shape our near and distant future – all while reaping the fruits of its labour(and conviction).
Table of Contents
An ARK for the Future
Despite a global pandemic, ARK Invests’ actively-managed ETFs have had a phenomenal 2020, each appreciating 100%+ in the same year[3]; serving to not only validate the then-scoffed-at views of its CIO, Cathie D. Wood, but also legitimize the approach of ‘investing in disruptive innovation’. Now an opinion leader and darling of markets that hang on her every move, the popularity of ARK’s ETFs makes salient the import of an ongoing IR program that manages and leverages its newfound attention to meet its audiences where they are.
Unlike stock of a publicly-listed company, ETF valuations, like REITs, take into account Expense Ratios[4], Historical Performance[5](Benchmarked), Institutional holdings[6], Net Assets[7], Premium to Net Asset Value(NAV)[8], and more[9]. However, for an actively-managed ETF, the quality of its leadership is given weighted consideration as well. Furthermore, given the nature of innovation where its key draw is cross-sector and future(and supposing Wright’s Law) exponential growth, projections of future performance through historical data while useful – are often lacking; with ARK positing that most traditional funds aren’t equipped to handle the macro, complex, cross-sector impact innovation would effectuate. Given the thematic nature of its ETFs, its primary goal would be to communicate the value of its leadership, investment thesis, and strategy; inspiring credibility and capital inflows amongst its current and prospective investors. Fundamentally a matter of persuasion, validation, and distribution of said communications; in explicating the value they recognize in an emerging sector/company, will they then have the capital necessary to realise a vision of both investing and engendering continued growth through technological innovation.
This paper aims to provide an evaluation of the IR message and methodologies employed by ARK across communications channels for its ETFs (ACRA: ARK(K/G/F/Q/W)). Beginning with an overview of ARK’s message in its Why Innovation tab. Next, a review of ongoing IR programs across owned channels such as ARK’s Research Centre and dedicated ARK Funds site. Following, an examination of the portrayal of ARK across earned media channels(news, social media and more) in terms of the frequency and sentiment of coverage. Lastly, concluding with recommendations to optimize ARK’s IR program.
What is ARK?
ARK Invest is an actively managed fund with a focus on investing in disruptive innovation, led by Wright’s Law[10], it does so through ten main strategies, each with differing froms of access (details summarized in Appendix A). This analysis will centre on its actively-managed ETFs.
Owned IR Channels: ARK Invest Website
Investment Solutions
Under this tab, investors can access the themes that ARK has identified under the Investment Strategies tab alongside relevant information about each Investor[11] and Product type[12]. This allows audiences to understand the value propositions, unique across products and investors, of ARK’s various strategies.
Why Innovation
‘Investing at the pace of Innovation’ encapsulates the tenets that underpin ARK’s investment strategy. Likewise, it also serves as the foundation for its key IR message; to communicate the value of its leadership and strategy, ARK outlines its investment thesis in its Why Innovation webpage. This section qualifies the precepts and vision guiding ARK’s strategy. The Why Innovation section on ARK’s webpage is split into three sections beginning with Invest in the future today, Taking advantage of market inefficiencies, and Making the world a better place. (A summary of each page is covered in Appendix B).
Investment Process & The Ark Difference
The About ARK section provides a detailed overview of ARK’s investment process. In reiterating their message of ‘Innovation is the Key to Growth’, it provides an overview of their Bottom-Up+Top-Down Research methodologies, Scoring Process and Open Research Ecosystem[13]. This is accompanied by The ARK Difference tab, where ARK presents its key differentiators from similar funds[14]. These sets of information provide transparency into how ARK applies its criteria in innovation to its investment strategies, engendering informed and confident inventors.
Owned IR Channels: ARK Funds Website and Email Updates
To separate its ETFs from its other offerings, a separate site is used to house the various resources related to its ETFs. The bulk of legal disclosures, IR reporting, and collaterals fall under the Investor Resources in ARK’s website. Within, ARK provides investors with a standard but comprehensive suite of disclosures[15], each updated to their most recent iterations. This is followed by a breakdown of each ETF’s details[16]. Despite the detail captured in such reporting, even reporting at every month’s[17] and day’s end its complexity and tedium unlikely to appeal to most investors – save the most invested. Anticipating so, ARK has included a companion quarterly report webinar that summarises each quarter in a more engaging and accessible manner for investors, of which investors can register for email alerts for when they are available.
ARK further leverages the immediacy, attention, and importance afforded to emails to provide updates on varying frequencies. From daily notifications of ARK’s intraday trades to weekly newsletters. The mix of IR touchpoints helps build trust amongst investors, in the short term granting them visibility to the daily adjustments made to each of the ARK funds and in the long term, insight into ARK’s investment thesis through a dedicated Newsletter and Quarterly reports/webinars.
Owned IR Channels: ARK Research Center
The ARK Research Center offers a comprehensive and frequently updated view on innovations on ARK’s radar. On top of the previously mentioned newsletters, it offers a mix of media from medium-length articles classified under the topics of Analyst Research, Market Commentary, Portfolio Construction, and Sustainable Investing to longer-form downloadable whitepapers that include, amongst others, ARK’s landmark yearly Big Ideas[18] and Bad Ideas[19] report where ARK shares its research into sunrise and sunset industries/technologies.
ARK also provides other forms of media such as podcasts, with the For Your Innovation series accessible on major streaming channels, as well as videos of related topics such as the In the Know series that alongside monthly mARKet update webinars, leaders at ARK provide market commentary, insight, and recommendations. The ARK’s yearly Big Ideas report is also accompanied by several interviews and panel discussions in the online #BIS2020 event in which notable industry experts and business leaders provide perspectives on the trajectory they see their respective fields advancing in.
Earned IR Channels
The tremendous performance of the ARK funds in 2020 have inspired media coverage across traditional and new media. From primetime news interviews celebrating its success, to search trends for the stocks its CIO advocates for[20], and even heated exchanges on social media both supporting and deriding ARK’s investment thesis. Coverage of the ARK funds has grown increasingly polarized due to the fundamental difference in investment strategies. Leaning into Wright’s Law, ARK has found success in investing in violative growth picks currently favoured by stimulated markets as opposed to stable value ones(save the ongoing reversal since February 2021), whereas its detractors have argued for “frothy” overstretched valuations and an overheated bull market as the cause of ARK’s success. Despite 2020 being ARK’s year, it has consistently presented the message for investing in companies on the ‘right side of change’ for the long term ever since its inception in 2014, while all forms of earned media have adjusted their interpretations of ARK’s message based on its success and market sentiment, ARK has constantly emphasized its long-term outlook over short-term price volatility. In contrast to its comprehensive owned IR program, ARK has yet to engage its growing number of supporter and detractors on earned platforms.
Earned IR Channels: News Media, Finance Blogs and Social Media
From the financial blogs[21] to the traditional news media sites[22], there is no shortage of coverage of ARK, its funds, and the opinions of its CIO. As volatile as its investments, coverage is largely dependent on fickle markets and ARK’s performance of that day. Headlines are either negative[23], positive[24], optimistic[25] or mixed[26], hence, overall news sentiment is ultimately personalized to the audience member’s news sources and targeting algorithms.
Overtly, news articles and coverage seem to emphasize two issues, one ARK’s stock picks along with its daily buys and sells, two the opinions of its CIO. Often, most sites would use the social capital associated with Cathie’s name as a springboard to amplify their bull/bear case of the selected stock. It is important to keep in mind that such news sites and finance blogs are primarily profit-driven and will hence serve audiences’ content that supports their streams of ad revenue. Aided by ARK releasing a log of their daily trades, these news sites have various angles to amplify their agendas, hence aligning their agendas/messages to ARK’s own is paramount when considering their combined reach.
ARK and Cathie have been frequently approached to provide market commentary and insight into innovation. To their credit, ARK’s message as outlined above has been remarkably consistent. Google search trends[27] have indicated that across a three-year period, search interest for ‘ARK Invest’ has grown exponentially; this reinforces the fact that conviction and consistent messaging, when mixed with success inspires confidence across the board. However, the challenges ARK faces now is one of cutting through media noise to amplify its perspective on innovation.
On its socials, ARK maintains a strong presence on Twitter, Instagram, LinkedIn, Facebook, and YouTube. It caters content to each platform’s characteristics, amplifying analyses and whitepapers from their Research Center to funnel investors to their webpage. Despite a strong and diverse content strategy/mix across all platforms, the average engagement rate, when compared to their respective follower counts[28] and save outliers or paid amplification, lags behind the average engagement rate of 2%[29] on social media. Notably, their YouTube account disallows comments on their videos, stifling discussion. However, the same way news media amplifies Cathie’s comments for their own ends, the same is repeated amongst finance YouTubers[30] that do the same to appeal to their audience base, with many averaging above 100,000+ views and 1000+ comments per video. On their other platforms, ARK does not seem to actively engage with its audience publicly but instead uses its socials as a platform for content marketing, announcements and corporate updates.
Comparing to Peers
The success of the ARK funds in 2020 has inspired several lookalike ETFs from other major funds[31]. However, due to the relative recency of their debuts and being offshoots of larger and more diverse funds, they each lack the focused attention nor historical performance afforded by ARK. Despite providing comprehensive fund information, robust IR resources, and reporting, neither has in palace IR strategies to engage investors as ARK does.
Furthermore, ARK has a significant first-mover advantage over its would-be rivals[32]. Despite the relatively high expense ratio of 0.75% as compared to the average of 0.46% of the above funds, the cumulation of ARK’s messaging, strategies, and trailing performance have framed its expense ratios as an appropriate cost for access to ARK’s vision and expertise.
Recommendations
Through transparency, consistency, and conviction, ARK has established itself as a leader in the space of innovation-themed ETFs. Despite a strong owned IR program and weaker earned one, its attention can be mostly derived from its performance in 2020. With the recent market correction of February–March 2021, the ARK funds have experienced record outflows one week, sparking liquidity concerns, and with the eventual market recovery, record inflows the other(and repeat). This indicates that a large number of investments in the ARK funds are either speculative in nature or deficient in conviction. To mitigate volatility during such future events, leverage on the media spotlight afforded to them, and beef up its ongoing IR programs for the retail investor, below are recommendations that center on direct access to its digitally-native audiences.
Open Research, Open Communications
ARK relies on an Open Research Ecosystem(ORE), seeking to establish an open discussion on disruptive innovation. Through the open sharing of their research in its Research Centre and across social media, ARK believes in the value of a transparent, collaborative, and interdisciplinary information flow of insight and ideas between multiple data sources(Social Media, Crowdsourcing, and more) and perspectives(Analyst, Portfolio Management, and Theme Developers[33]). In engaging in an open dialogue, ARK aims to identify opportunities presented by innovation. However, a key component of this Ecosystem, their socials, have shown varying levels of low engagement across platforms.
Leveraging Social: Community Management and Influencer Networks
Across platforms, only ARK’s Twitter has seen significant engagement levels, however, due to the transient and limited nature of tweets, conversations rarely add value to the topic at hand. Hence, ARK could focus on platforms that support longer-form content and substantiative engagement. Beginning with YouTube, ARK could look to enable comments on its videos, utilizing content moderation to manage the conversations. Furthermore, various financial Youtubers have amplified and responded to ARK’s comments in their own videos, generating interest in ARK amongst their viewers while adding value with their unique perspectives. While many Youtubers have indicated a desire to interview Cathie and ARK’s, ARK has yet to engage with those opportunities. Hence to leverage the reach, personalities, and knowledge of these YouTubers in support of ARK’s ORE, ARK could look to host interviews and/or live Q&As on their channels to engage each Youtuber’s following[34]. With audiences largely investors(of varying sophistication) in the ARK ETFs, these collaborations could present a more approachable side to ARK. Engaging in healthy discourse, sharing insight, and clarifying doubts amongst audiences – even inspiring new advocates. Doing so, ARK would be able to sidestep the difficulty and legal hazards of planning/executing their own social media strategy. With such partners that advocate and challenge ARK’s views, ARK can utilize their combined reach to promote its owned media channels, growing its following, generating further interest and investment in its ETFs while furthering the narrative and discourse around innovation.
Leveraging Social: Appropriate Medium
Besides YouTube, a social platform that has yet to be tapped by ARK includes Reddit. Spotlighted by its role in the ‘GME Short Squeeze’ by the Redditors of r/wallstreetbets, Reddit has historically been a platform centred around topics and communities. ARK’s views have been a frequent topic in popular subreddits[35], and ARK has inspired many lookalike communities with little moderation[36]. With long-form content and discussion supported in its user interface and observed in similar subreddits, ARK could look to create and moderate its own as a means to build its community of investors, providing a platform for informal discussion and strengthening crowdsourced research channels.
New Platforms, New Perspectives
Despite numerous forms of research and content, ARK lacks distribution channels outside of its website, newsletter/email, and social media. With the current news, analyst coverage of disruptive companies at an all-time high, ARK could utilise its position in media and industry to access other notable opinion leaders, C-suite executives, funds, and academics with a similar focus. In a series of interviews and/or talks, similar to those of BIS2020, ARK could seek to have these individuals share how innovation is changing/has changed their fields of expertise. Leveraging on the visibility of such conversations in the online and public sphere, combined with a strong distribution and ensuing network effect via an established influencer network and active audience, leading to both increased attention to ARK and its funds while strengthening partnerships with opinion leaders.
An adjacent field could include the startup scene, with innovation and risk being central to entrepreneurial endeavours, VCs/Accelerators/Founders[37] would prove to provide an interesting perspective on disruption and risk. Given its shared beliefs, abliet on different scales, the views of the entrepreneurs and VCs would likely appeal to ARK’s current investor base. Given their newfound visibility, even catapult a few promising start-ups into IPOs of their own – whilst indebted to ARK who gave them the platform to do so.
Website and Collateral Redesign
ARK’s could consider personalizing the site to visitors’ investor type, investment products, and theme. By directing first-time visitors(tracked by cookies) to a landing page or chatbot that enquires visitors of their visit’s purpose and displaying information relevant to them(Investment products/themes); possibly entailing separate sites for each investor type and products. Of which designs can be further iterated upon by employing data-driven and user-cantered methodologies[38] such as quantitive eye tracking, qualitative diverse/representative interviewing, and aggregated browsing habits(click through rate, time spent, bounce rate, etc) to optimize the site’s interface based user input to inform the condensing, simplifying and humanizing[39] of key information and site architecture to not only present pages with the highest traffic more prominently, but also break up information(like webinars and reports) into easier to consume “chucks”/segments.
ARK could also consider the addition of other features found on other corporate sites such as an investment calculator for visitors to calculate share appreciation as per ARK’s models, a feed of news coverage and social conversations and more.
Point of Communications, Spokespersons, and Bench Strength
With the spotlight squarely on its CIO as its spokesperson, ARK faces a lack in the number of individuals that can speak on its behalf. This single point of contact also invites a possibility of failure in that ARK’s success is viewed to be as reliant on Cathie’s leadership, which was challenged recently[40], adversely affecting its share prices. To display its bench strength and bolster its roster of spokespersons, I recommend that ARK takes steps to elevate its lead analysts and other C-suite executives into such roles. Doing so by first providing them with media training and having them appear/speak alongside Cathie in media interviews alongside various thought-leadership strategies to elevate their share of voice across new and traditional media.
Conclusion and Limitations
“Amazon has redefined the relationship between investors and shareholders, it has replaced profit with vision and growth, and that has changed the entire ecosystem (of Businesses and Investor Relations; investors and companies are no longer satisfied with a company that’s is not growing and profitable or growing slowly and profitable.” – Adjunct Professor Scott Galloway, NYU Stern School of Business
Being a collection of buy-side analysts headed by an opinion leader, ARK’s focus lies in both identifying opportunities whilst simultaneously persuading the larger markets of the validity of said opportunity. Despite great interest in their funds, ARK has yet to fully leverage its position and network to target investors and advocates on their most frequented platforms. Despite so, due to a lack of insight into ARK’s overall IR strategy and goals, the above is based largely on conjecture. With critical information such as a shareholder analysis, research coverage, legal implication/limitations of recommendations, and so on being inaccessible, the proposed IR recommendations stem from my observations of how ARK could engage its audience.
ARK’s role in heralding this new age relies largely on its success in establishing a narrative paradigm[41]. Backed by data and models, its strategy is communicated via an ongoing narrative of future growth. With a minimum time horizon of 5 years, ARK’s IR emphasises on long term prospects as opposed to short term price volatility. Referencing Galloway’s quote, much like Amazon, the larger theme of innovative technologies follows an S-curve of adoption, capturing market share in markets yet to exist; with a strong IR program, ARK Invest, a pioneer in its own right, stands to be both its greatest prophet, shepherd, and benefactor.
Appendix A – ARK Invest Strategies
ARK Disruptive Innovation (ARCA:ARKK)
Provides broad exposure fund to disruptive innovation, comprised of parts from the other ARK funds.
Next Generation Internet (ARCA:ARKW)
Provides exposure to artificial intelligence, deep learning, big data, cloud computing, cybersecurity, and blockchain technology; innovations that are changing the way the world communicates, manages information, analyzes data, purchases and consumes goods.
Genomic Revolution (ARCA:ARKG)
Provides exposure to DNA sequencing technology, gene editing, CRISPR, therapeutics, agricultural biology, and molecular diagnostics. These innovations can help us restructuring health care, agriculture, pharmaceuticals, and enhancing the quality of life.
Autonomous Tech & Robotics (ARCA:ARKQ)
Provides exposure to autonomous mobility, electric vehicles, robotics and automation, 3D printing, and space exploration. Advancements in these areas are enhancing productivity while reducing costs and transforming manufacturing, production, and infrastructure.
Fintech Innovation (ARCA:ARKF)
Provides exposure to fintech innovations including mobile payments, digital wallets, peer-to-peer lending, blockchain technology, and financial risk transformation. These innovations should revolutionize the financial industry, impacting every sector of the global economy.
Space Exploration (ARCA:ARKX)
Provides exposure to companies involved in space-related businesses like reusable rockets, satellites, drones, and other orbital and sub-orbital aircraft. These innovations should transform logistics, observation, agriculture, telecom, drones, and may even put humans on Mars.
Mobility-as-a-Service
Provides exposure to companies involved in self-driving vehicles, electric vehicles, autonomous ridesharing platforms, and aerial drones. These innovations should spur a transformative boost in economic productivity and subsume the traditional automotive industry.
3D Printing (AMEX:PRNT)
Provides targeted exposure to companies in the 3D printing ecosystem, including 3D printing hardware, software, measurement, and materials. 3D printing should transform manufacturing by providing greater design complexity, accuracy, efficiency, and customization.
Israel Innovation (BATS:IZRL)
Provides targeted exposure to Israeli companies at the forefront of innovation across health care, manufacturing, communications, and information technology. These companies are working to enhance many sectors of the global economy.
Cryptocurrency
Provides exposure to cryptocurrencies governed by open-source networks, of which are enabling a new paradigm for monetary systems and mechanisms to store and transfer value. The Investment Manager believes that cryptocurrency value and market share dynamics will be ‘power-law distributed’, meaning that a few cryptocurrencies will capture the majority of value. Primarily this strategy involves positions in the Grayscale Bitcoin Trust(ATCMKTS:GBTC) and is only available for Accredited and Institutional Investors.
The above strategies are accessed by different investors types(Finical Advisers, Individual and Intuitional investors) through a number of product types, actively/passively-managed Exchange Traded Funds(ETFs), Mutual Funds, Model Portfolio, Undertakings for the Collective Investment in Transferable Securities(UCTIS) and more.
Appendix B – ‘Why Innovation’ Summaries
Invest in the future today
This page illustrates how a prior confluence of three innovations platforms (Telephone, Automobiles, and Electricity) collectively increased global productivity, lowered costs, drove demand and generated value. With that historical precedent, ARK foresees a re-enactment of the same confluence, but this time with five major innovations platforms(Artificial Intelligence, Energy Storage, Robotics, DNA Sequencing, Blockchain), of which they are invested in.
With an unspoken understanding that ‘history repeats itself’, it further highlights its three criteria for transformative innovation which includes Declining Cost with Rising Production/Demand, which adheres to Wright’s Law. Cross-Sector Impact which implies how innovation would prove relevant across various sectors, increasing the addressable markets of the innovators. Lastly, also serve as a Platform for Additional Innovations which amplifies the feedback loop of value creation for both ARK and its stakeholders.
The above can be grounded in with examples of how Artificial Intelligence(AI) has changed the way we consume content(Netflix/YouTube, Spotify) and conduct commerce(Algorithmic Trading). How advancements in Energy Storage/Battery Technology allowed for the rise of Electric Vehicles that not only allows for the reduction in carbon emissions but also when combined with AI’s computer-vision and image recognition is poised to introduce Autonomous Full Self Driving to both the private and commercial sectors transforming the way people and goods are transported. Which when paired with appropriate energy storage solutions and a smart electricity grid could allow for decentralised powerplants that will redefine how we consume and produce energy.
Taking Advantage of Market Inefficiencies
In defining innovation, ARK follows by highlighting the market inefficiencies it plans to capitalize on. In summary, ARK believes that the market, as a whole, tends towards a short-term time horizon, and is hence easily distracted by transient price fluctuations. This when combined with a contrasting influx of investors into private markets(Venture Capital) and increasing passivity in the public markets leads to innovations being grossly undervalued. This inefficiency can be attributed to a Soli-ization of Wall Street and a Closed-Off Approach to Research/Investment amongst its analysts, as such leading to an inability to recognize the growth potential present of innovations, further exacerbating existing market inefficiencies.
However, it is noted that recent attention afforded to the value of innovations, such as those in the AI, Fintech, DNA Sequencing and Electric/Autonomous Vehicle space alongside ARK’s performance of the last year has rapidly shifted the larger market’s perspectives on investing in innovation and growth.
Sustainable Investing
The last argument ARK presents for investing in innovation lies in their approach to Sustainable Investing, which is defined as the active pursuit of investing in areas/companies that are positioned to solve the world’s biggest problems. This also takes into account environmental, social and corporate governance (ESG) principles and the United Nations Sustainable Development Goals (SDGs). Arguing with a moralistic slant, ARK aims to involve its stakeholders in its mission of ‘spurring economic growth for all, reducing inequality, improving ways of doing business, and securing environmental sustainability for generations to come.’ They aim to do so by aligning investments with purpose, allocating capital to innovations that matter, in doing so capturing potential long-term growth as these innovations work to resolve the world’s most pressing problems and thus driving positive change for future generations through purposeful investment.
This message while exceedingly true, presents an emotional appeal to ARK’s stakeholders, painting both investment strategies and stakeholder involvement as a force for good. Through the ‘creation’ for intangible value by aligning the value systems of the investor and ARK, present and prospective investors of ARK’s funds would have a multitude of reasons, besides financial gain, to buy into ARK’s vision.
[1] Appendix B
[2] Galloway on Amazon
[3] 5 Top-Performing ARK ETFs Worth Your Attention Now
[4] ARK(K/G/F/Q/W): 0.75% per annum
[5] 2020 Performance: ARKK: 169.9% / ARKG: 208.4% / ARKF: 102.9% / ARKQ: 119.4% / ARKW: 156.9%
Benchmarks: S&P 500: 16.26% / MSCI World Index USD: 15.90%
[6] % Institutional Holdings: ARKK: 26.03% / ARKG: 18.37% / ARKF: 8.45% / ARKQ: 13.57% / ARKW: 17.2% (MarketWatch and Fintel)
[7] Net Assets: ARKK: $22.996B/ $ARKG: 9.452B / ARKF: $3.987B / ARKQ: $6.875B / ARKW: $6.875B
[8] Premium to NAV(Five-Year Average):
· ARKK: -2.06% to 3.05%(Mean: 0.09%)
· ARKG: -2.80% to 1.90%( (Mean: 0.09%)
· ARKF: : -1.11% to 1.77%(Mean: 0.14%)
· ARKQ: -1.59% to 2.05%(Mean: 0.07%)
· ARKW: : -1.17% to 2.86%(Mean: 0.03%)
[9] How to Calculate the Value of an ETF
[10] (Y=aXb)Wright’s Law states that ‘For every cumulative doubling of units produced, costs will fall by a constant percentage.’
[11] Financial Advisers, Individual, and Institutional investors
[12]Actively or passively managed Exchange Traded Funds (ETFs), Mutual Funds, Model Portfolio, and Undertakings for the Collective Investment in Transferable Securities(UCTIS).
[13] Ark Investment Process (Documentation)
[14] The Ark Difference
[15]Consolidated Income/Capital Gain distributions, Month-End performance, Quarterly, Semi-Annual, and Annual reports
[16]Fact Sheet, Investment Case, Prospectus(and summary of), and Fund holdings
[17] ARKK Month-End Performance Reports (Repeated across all ARK ETFs)
[18] Big Ideas 2021
[19] Bad Ideas 2021
[20] Search Trends
[21] Motley Fool, Barons, and Marketwatch
[22] Bloomberg, CNBC, Financial Times, and Business Insider
[23] Cathie Wood's flagship Ark Innovation fund suffers worst outflows on record amid tech decline, Wood's ARK Innovation ETF continues slide, down nearly 25% from high
[24] Cathie Wood’s ‘Phenomenal Rise’ Brings ETF Assets to $60 Billion
[25] ARK's Wood says rotation to value a long-term positive despite tech selloff
[26] Cathie Wood’s ARK Finds Gains and Pain in Money-Losing Companies
[27] 'ARK Invest' Google Search Trends from 2018 to Present
[28] Facebook: 21,902 followers / Twitter: 434,000 followers / Instagram:71,600 followers / YouTube: 373,000 / LinkedIn: 31,121 followers
[29] What is a Good Social Media Engagement Rate?
[30] Meet Kevin, Tom Nash, ZipTrader, Graham Stephan, Chicken Genuis Singapore, HyperChange, and others
[31] SPDR® S&P Kensho New Economies Composite ETF (KOMP) Goldman Sachs Innovate Equity ETF (GINN) and BlackRock Future Tech (BTEK), Future Innovators (BFTR US) and Future Health ETFs (BMED US)
[32] As ARK soars (and spars), competitors line up rival ETFs
[33] Thought leaders from academia, think tanks, startups, venture capital, and established companies.
[34] Youtube Search Trends
[35] r/stocks, r/investing, and the divisive r/wallstreetsbets
[36] r/ArKInvestorsClub, r/ArkInvestment, and r/CathieWood
[37] Sequoia Capital, Accel, Andreessen Horowitz, YCombinator, and other notables in the scene (I.e. Elon Musk, Mark Cuban, Peter Thiel, Ray Dalio and more)
[38] Nielsen Norman Group: IR on Corporate websites
[39] Use words, not the numbers to tell a investment narrative
[40] Cathie Wood Might Lose Control of ARK, the Company She Founded
[41] Walter Fisher’s Narrative Paradigm is a theory that suggests that human beings are natural storytellers and that a good story is more convincing than a good argument.
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