Ark Invest Launches New ETF Focused On ‘Transparency’

Ark Investment Management is launching a new exchange traded fund (ETF) that is focused on transparency.

The Transparency ETF will closely track an index that excludes industries such as alcohol, banking, gambling and oil and gas.

The top holdings in the 100 stock ETF are largely technology and consumer firms such as Salesforce (NYSE:CRM), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Nike (NYSE:NKE) and Chipotle Mexican Grill (NYSE:CMG).

Ark Invest, which is led by famed investor Cathie Wood, announced the new ETF in a regulatory application. If approved, the Transparency ETF would be the second that the fund manager has launched this year.

In March, Ark Invest started a fund focused on space-related investments, which has risen about 4% since its debut and drawn more than $600 million U.S. in assets. Meanwhile, the firm’s flagship ARK Innovation ETF is up to $22.5 billion U.S. in assets, although it is down 2% year-to-date, compared with a gain of more than 20% for the S&P 500 stock index.

The transparency fund will join eight other ETFs managed by Ark Invest, six that are actively managed and two that passively track stock indexes. Ark currently has about $45 billion U.S. in its ETFs, making it the 11th largest ETF issuer in the U.S.