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Cathie Wood’s magic touch is so powerful these days she can trigger gains for funds she doesn’t even run.
News on Wednesday that Ark Investment Management has filed to launch the ARK Space Exploration ETF (ticker ARKX) sparked a rally for similar funds as well as for companies linked to everything from intergalactic travel to out-of-this-world broadband.
The Procure Space exchange-traded fund (UFO) jumped in after-hours trading and was up another 8 per cent ahead of the Thursday open in New York. The SPDR S&P Kensho Final Frontiers ETF (ROKT) added almost 7 per cent in the pre-market. Shares in Richard Branson-founded Virgin Galactic Holdings Inc. soared 14 per cent.
The new fund from New York-based Ark will primarily track U.S. and global companies engaged in space exploration and innovation, according to its filing with the Securities and Exchange Commission.
It’s a striking demonstration of just how hot Ark and founder Wood have become in the past few months. The active manager has been luring new cash by the billions after high profile bets on the likes of Tesla Inc. and Bitcoin made its ETFs among the best performing of 2020. The Ark Innovation ETF (ARKK) became the largest active ETF in the world last month, while Ark itself entered the top 10 issuers.