New ARK Fintech Innovation ETF (ARKF) Set To Launch For Investors On NYSE Arca
ARK Investment Management Launches ETF To Give Investors Exposure To Financial Technology
ARK Investment Management is now launching the first fintech exchange-traded fund (ETF). In this way, investors interested in the financial technology market will be able to easily have exposure to it.
According to a report released by CNBC, the new financial tool is called ARK Fintech Innovation ETF and it began trading on the New York Stock Exchange Arca with the “ARKF” ticker. The fund includes public companies that are currently working in order to make transactions and payments faster and cheaper.
During a conversation with CNBC, the CEO Catherine Wood explained that they had in mind for several years the intention to launch a fintech ETF. The company took the decision to launch the ETF due to the rapid growth in mobile payments in Asia.
On the matter, Wood commented:
“China is really showing us the way – they didn’t have the older financial infrastructure so they could leapfrog us. That business is spreading like wildfire.”
The company that currently has $6.5 million under management is closely following giants such as Alibaba or Tencent. These firms, among others, are trying to improve the services of financial companies around the world by offering cheap, fast and more secure ways of transacting funds.
Some companies that the company is closely following are Square and PayPal. At the same time, they are also interested in Bitcoin (BTC) and blockchain technology. Although Bitcoin prices have been falling during the last year, ARK is interested in this digital asset. At the moment, each Bitcoin can be purchased for $3,465 and it has a market capitalization of over $60 billion.
Some other names that are currently included in the ETF are Amazon, Apple, Baidu, LendingTree and also Zillow.