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By Staff Reporters
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Cathie Wood is closing down one of her exchange-traded funds, the first time her Ark Investment Management has pulled the plug on an ETF. The St. Petersburg, Florida-based firm is shutting down its ARK Transparency ETF (CTRU), which launched at the end of last year, according to a regulatory filing. With holdings like Teladoc Health Inc. and Spotify Technology SA, the fund aimed to invest in companies that received high scores on transparency.
Several big companies report earnings this week, including Netflix, Tesla, United Airlines, Verizon and Twitter, among others.
Finally, a closely watched Bank of America survey revealed a “dire level of investor pessimism” among 259 fund managers. A few data points:
- Investors’ asset allocation to stocks has hit its lowest level since the financial crisis of 2008, showing they have little appetite for risky assets.
- Expectations for global economic growth have hit an all-time low.
- And the share of investors who deemed a recession “likely” reached its highest point since the onset of COVID in April 2020.
To weather the storm, investors are piling into defensive sectors such as utilities and consumer staples, and hoarding cash at levels not seen in 21 years.
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