Alternative Investments/ESG: ARK To Shutter Its Transparency ETF

The index provider will stop calculating the index by July-end.

Cathie Wood’s ARK Investment Management LLC announced the closure of its ARK Transparency ETF (BATS: CTRU) with effect from July 26, on which date it will stop trading on the CBOE. The investment manager said it decided to shutter the ETF because Transparency Global, the provider of the ETF’s index, will stop calculating the Transparency Index (TRANSPCY) effective July 31, 2022. (CISION PR NEWSWIRE)

“While ARK investigated alternative Index providers, it did not find a suitable solution and decided to close the Fund effective July 26, 2022, or as soon as practical thereafter,” the Fund said in a statement.

The ETF, which commenced December 8, 2021, will stop accepting creation units of the fund effective the close of business Thursday July 21, 2022.

ARK Transparency ETF

The Transparency Index tracks the top 100 transparent companies in the world as measured by the six key performance Indicators of transparency – have less friction, superior cultures, greater innovation and create impact that results in higher level growth.

Some of the companies featuring on the index include Apple (NASDAQ: AAPL), Netflix (NASDAQ: NFLX), Canadian Solar (NASDAQ: CSIQ), Amazon (NASDAQ: AMZN), and Tesla (NASDAQ: TSLA).

On the news of the filing, Bloomberg analyst Eric Balchunas had said this was “kind of Ark’s version of ESG.” However, ARK chose for the ETF to be a passive, index-tracking fund, rather than the actively managed kind for which ARK is best known.

According to Bloomberg, the ETF gained assets of only around $12 million, while its value declined about 30% since inception.

This is the first time that ARK has closed one of its ETFs.

Related Story: Cathie Wood’s ARK Investment To Launch Transparency ETF

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