Cathie Wood’s ARK Invest announced that it will be terminating its transparency-themed ETF, the first fund closure for the firm. The fund, trading under the symbol “CTRU”, is set to have its last trading day on the Cboe BZX Exchange on July 26.
The investment firm’s board of trustees “unanimously approved the liquidation, winding down, and termination” of the fund in a July 15 meeting.
As early as July 21, the fund will no longer accept creation orders.
The move is said to have come after Transparency Global said it would stop calculating The Transparency Index. The investment firm said it has failed to find a replacement to track its transparency ETF with.
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The fund, which started in December 2021, has seen its net asset value fall 37.8% since its inception. It was devised to target 100 companies it defines as the “most transparent.” The top holdings of the fund include Teladoc Health (1.17%), Spotify (1.10%), and Netflix (1.09%).
Wood’s ARK Innovation has also been deemed the “worst-performing fund” in Q1 2022, according to analytics firm Morningstar.
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