Cathie Wood’s Ark Invest, this week, announced a deal with Canadian investment manager BMO Capital Markets.
What Happened: Ark, based out of St. Petersburg, Florida said it will partner with BMO to offer three of its existing ETFs to investors in Canada.
The three Ark ETFs that launched on the Toronto Stock Exchange include the fund’s flagship Ark Innovation ETF ARKK, the Ark Genomic Revolution Fund ARKG and the Ark Next Generation Internet Fund ARKW.
The funds, managed by ARK, began trading on Thursday.
Zoom Video Communications, Inc. ZM, Tesla, Inc. TSLA and Roku, Inc. ROKU are among the top holding of both ARKK and ARKW.
See also: How To Invest Like Cathie Wood
Why It’s Important: BMO ETF has been one of the leading ETF providers in Canada with over 100 strategies and over 25% market share in Canada and $80.6 million in assets under management, the companies said in the release announcing the partnership.
“Leveraging BMO's powerful scale and distribution network, we are proud to make our existing ETF strategies available for more investors in Canada by launching the BMO ARK Funds," said Wood.
Ark Invest predominantly invests in technology, specifically technical disruptors, given their ability to throw the incumbents out of business.
Ark already has a presence in Canada, having struck a partnership with Emerge, an independent ETF provider. Since distribution is key to accessing customers, Ark chose to partner with BMO, Globe and Mail reported.
U.S.-traded ARKK closed Friday's session at $36.56, down 1.51%, according to Benzinga Pro data.
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