You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?_老虎社区_美港股上老虎

You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?

Barrons2021-08-05

For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them. Tuttle Capital Management, a small fund company with 10 ETFs ...

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Felibhai
·2021-08-05
Make use of the opportunity that ARK is not doing well
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- tidehunter:
  okay
  2021-08-05
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IcySilver
·2021-08-05
$ARK Innovation ETF(ARKK)$investment objectives and horizon may not be suitable for everyone. But having an instrument to hold alternative view against ARKK could diversify trading strategy.
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moonlightbae
·2021-08-05
i love Cathie
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KL8388
·2021-08-05
[捂脸]
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1
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geraldzhang
·2021-08-05
imagine wanting to make money from the loss ofrespectable tech companies.gross......
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3
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leyvancs
·2021-08-05
Cheers
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2
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- Huathk:
  Gd
  2021-08-08
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ivanlam
·2021-08-05
[微笑]
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2
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- ivanlam:
  [微笑]
  2021-08-05
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- ZStarWyvernZ:
  cool
  2021-08-05
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HuiBing
·2021-08-05
Like and comment
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7
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- Liha:
  Hi
  2021-08-05
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- geraldwwx:
  Hello
  2021-08-05
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- LawrenceHK:
  Like n comment
  2021-08-05
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慢的老人
·2021-08-05
An inverse ETF based on ARK means it will always be led by the nose by Cathie Woods. Where is the added value of such an ETF?
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- Viboon:
  👍
  2021-08-05
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- HMHu:
  Exactly. Its useless.
  2021-08-05
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StarGate
·2021-08-05
Take your bet...think wisely before doing it
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KH321
·2021-08-05
Ark might not be able to repeat the good performance last year. But to bet against it is absolutely foolish.
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Davidgoh18
·2021-08-05
Not a good idea. Very high risk with limited return
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But Is It a Good Idea?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 11:11 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7>Barrons</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs ...\n\n<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ARKK","symbol_name":"ARK Innovation ETF","start_time":0,"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","article_id":"1187380753","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","pubTimestamp":1628133104,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"translate_title":"你可以做空凯茜·伍德的方舟创新基金。但这是个好主意吗？","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9},"content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":899011961,"gmtCreate":1628141735353,"gmtModify":1631887074221,"author":{"id":"3572525068356972","authorId":"3572525068356972","name":"Felibhai","avatar":"https://static.tigerbbs.com/c5e03838c0be547dae0f418260a1d8d3","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3572525068356972","idStr":"3572525068356972"},"htmlText":"Make use of the opportunity that ARK is not doing well","listText":"Make use of the opportunity that ARK is not doing well","text":"Make use of the opportunity that ARK is not doing well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/899011961","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5433961,"gmtCreate":1628146785471,"gmtModify":1631895903273,"authorId":4088048277781100,"author":{"id":4088048277781100,"idStr":"4088048277781100","authorId":4088048277781100,"name":"tidehunter","avatar":"https://static.tigerbbs.com/054762626e1a434c87bd55fb2f049570","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899011961,"type":1,"supId":0,"prevId":0,"content":"okay","text":"okay","html":"okay"}],"langContent":"EN"},{"id":899039960,"gmtCreate":1628140603450,"gmtModify":1631887074224,"author":{"id":"3574577404599862","authorId":"3574577404599862","name":"IcySilver","avatar":"https://static.tigerbbs.com/484d3b69652c2ca3d6cd65bc1007a60b","vip":2,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3574577404599862","idStr":"3574577404599862"},"htmlText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>investment objectives and horizon may not be suitable for everyone. But having an instrument to hold alternative view against ARKK could diversify trading strategy.","listText":"<a href=\"https://laohu8.com/S/ARKK\">$ARK Innovation ETF(ARKK)$</a>investment objectives and horizon may not be suitable for everyone. But having an instrument to hold alternative view against ARKK could diversify trading strategy.","text":"$ARK Innovation ETF(ARKK)$investment objectives and horizon may not be suitable for everyone. But having an instrument to hold alternative view against ARKK could diversify trading strategy.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899039960","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":899030451,"gmtCreate":1628140578573,"gmtModify":1633753187029,"author":{"id":"3575016656391852","authorId":"3575016656391852","name":"moonlightbae","avatar":"https://static.tigerbbs.com/9e8bead30ce122327046cb50ca725a77","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3575016656391852","idStr":"3575016656391852"},"htmlText":"i love Cathie","listText":"i love Cathie","text":"i love Cathie","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/899030451","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":890747807,"gmtCreate":1628137706109,"gmtModify":1633753212403,"author":{"id":"3576828470442075","authorId":"3576828470442075","name":"KL8388","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3576828470442075","idStr":"3576828470442075"},"htmlText":"[捂脸]&nbsp;","listText":"[捂脸]&nbsp;","text":"[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890747807","repostId":1187380753,"repostType":2,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":890748876,"gmtCreate":1628137394395,"gmtModify":1633753216238,"author":{"id":"3586925174439094","authorId":"3586925174439094","name":"geraldzhang","avatar":"https://static.tigerbbs.com/a6ee4e3782e4a4ac9a9642f37d663fbc","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3586925174439094","idStr":"3586925174439094"},"htmlText":"imagine wanting to make money from the loss ofrespectable tech companies.gross......","listText":"imagine wanting to make money from the loss ofrespectable tech companies.gross......","text":"imagine wanting to make money from the loss ofrespectable tech companies.gross......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890748876","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":890762807,"gmtCreate":1628135239109,"gmtModify":1633753237997,"author":{"id":"3586649461380855","authorId":"3586649461380855","name":"leyvancs","avatar":"https://static.tigerbbs.com/c6d87f92e942c5a0c3b06281e083a51a","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3586649461380855","idStr":"3586649461380855"},"htmlText":"Cheers","listText":"Cheers","text":"Cheers","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/890762807","repostId":1187380753,"repostType":2,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5464233,"gmtCreate":1628436443890,"gmtModify":1635156897820,"authorId":3573472992263411,"author":{"id":3573472992263411,"idStr":"3573472992263411","authorId":3573472992263411,"name":"Huathk","avatar":"https://static.tigerbbs.com/43c7168c646d9ea6805194ed0003f1cc","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890762807,"type":1,"supId":0,"prevId":0,"content":"Gd","text":"Gd","html":"Gd"}],"langContent":"EN"},{"id":890787238,"gmtCreate":1628134719424,"gmtModify":1633753241687,"author":{"id":"3582016577975526","authorId":"3582016577975526","name":"ivanlam","avatar":"https://static.tigerbbs.com/b69aadeaeb7dadd4cee48a1d48771644","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3582016577975526","idStr":"3582016577975526"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890787238","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5432515,"gmtCreate":1628134731546,"gmtModify":1635159632568,"authorId":3582016577975526,"author":{"id":3582016577975526,"idStr":"3582016577975526","authorId":3582016577975526,"name":"ivanlam","avatar":"https://static.tigerbbs.com/b69aadeaeb7dadd4cee48a1d48771644","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890787238,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"},{"id":5432624,"gmtCreate":1628135602620,"gmtModify":1635159623582,"authorId":3563667976523421,"author":{"id":3563667976523421,"idStr":"3563667976523421","authorId":3563667976523421,"name":"ZStarWyvernZ","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890787238,"type":1,"supId":5432515,"prevId":0,"content":"cool","text":"cool","html":"cool"}],"langContent":"CN"},{"id":890784357,"gmtCreate":1628134590679,"gmtModify":1631891625457,"author":{"id":"3583806200035507","authorId":"3583806200035507","name":"HuiBing","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3583806200035507","idStr":"3583806200035507"},"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/890784357","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5432499,"gmtCreate":1628134613771,"gmtModify":1635159634132,"authorId":3580021038510346,"author":{"id":3580021038510346,"idStr":"3580021038510346","authorId":3580021038510346,"name":"Liha","avatar":"https://static.tigerbbs.com/a4ba484754a4e8fc7a7c54ab52161218","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890784357,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"},{"id":5432763,"gmtCreate":1628136749050,"gmtModify":1635159612243,"authorId":3555322280934257,"author":{"id":3555322280934257,"idStr":"3555322280934257","authorId":3555322280934257,"name":"geraldwwx","avatar":"https://static.tigerbbs.com/bccdb31724278699a26408ea1426d1d2","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890784357,"type":1,"supId":0,"prevId":0,"content":"Hello","text":"Hello","html":"Hello"},{"id":5432788,"gmtCreate":1628136946520,"gmtModify":1635159610490,"authorId":3574370931879602,"author":{"id":3574370931879602,"idStr":"3574370931879602","authorId":3574370931879602,"name":"LawrenceHK","avatar":"https://static.tigerbbs.com/e791088ad59aadbb3eca7742f1e73576","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890784357,"type":1,"supId":0,"prevId":0,"content":"Like n comment","text":"Like n comment","html":"Like n comment"}],"langContent":"EN"},{"id":890784943,"gmtCreate":1628134589482,"gmtModify":1631883959087,"author":{"id":"3582028884093480","authorId":"3582028884093480","name":"慢的老人","avatar":"https://static.tigerbbs.com/d8809bb976396889eb133162af0901b8","vip":1,"crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3582028884093480","idStr":"3582028884093480"},"htmlText":"An inverse ETF based on ARK means it will always be led by the nose by Cathie Woods. Where is the added value of such an ETF?","listText":"An inverse ETF based on ARK means it will always be led by the nose by Cathie Woods. Where is the added value of such an ETF?","text":"An inverse ETF based on ARK means it will always be led by the nose by Cathie Woods. Where is the added value of such an ETF?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/890784943","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5432726,"gmtCreate":1628136477576,"gmtModify":1635159615076,"authorId":4087270675600580,"author":{"id":4087270675600580,"idStr":"4087270675600580","authorId":4087270675600580,"name":"Viboon","avatar":"https://static.tigerbbs.com/5d09f36a9730d96a3396498f4bc5453b","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890784943,"type":1,"supId":0,"prevId":0,"content":"👍","text":"👍","html":"👍"},{"id":5433199,"gmtCreate":1628139796228,"gmtModify":1635159576882,"authorId":3572311447359724,"author":{"id":3572311447359724,"idStr":"3572311447359724","authorId":3572311447359724,"name":"HMHu","avatar":"https://static.tigerbbs.com/888bfb834561a78ede559705b3ce7ca8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":890784943,"type":1,"supId":0,"prevId":0,"content":"Exactly. Its useless.","text":"Exactly. Its useless.","html":"Exactly. Its useless."}],"langContent":"EN"},{"id":890715244,"gmtCreate":1628133748688,"gmtModify":1633753250410,"author":{"id":"3586990023332519","authorId":"3586990023332519","name":"StarGate","avatar":"https://static.tigerbbs.com/9db084b2eae373a6cc56043329defb07","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3586990023332519","idStr":"3586990023332519"},"htmlText":"Take your bet...think wisely before doing it","listText":"Take your bet...think wisely before doing it","text":"Take your bet...think wisely before doing it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890715244","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":890712432,"gmtCreate":1628133688926,"gmtModify":1633753250980,"author":{"id":"3586451610703869","authorId":"3586451610703869","name":"KH321","avatar":"https://static.tigerbbs.com/c1bb8bd7d6d5df5f9732871fe60999ea","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3586451610703869","idStr":"3586451610703869"},"htmlText":"Ark might not be able to repeat the good performance last year. But to&nbsp;bet against it is absolutely foolish.&nbsp;","listText":"Ark might not be able to repeat the good performance last year. But to&nbsp;bet against it is absolutely foolish.&nbsp;","text":"Ark might not be able to repeat the good performance last year. But to bet against it is absolutely foolish.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890712432","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":890713594,"gmtCreate":1628133418518,"gmtModify":1633753254342,"author":{"id":"3569149523842919","authorId":"3569149523842919","name":"Davidgoh18","avatar":"https://static.tigerbbs.com/71f448e2dc5894b50df2e08bdf98ded4","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3569149523842919","idStr":"3569149523842919"},"htmlText":"Not a good idea. Very high risk with limited return","listText":"Not a good idea. Very high risk with limited return","text":"Not a good idea. Very high risk with limited return","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/890713594","repostId":1187380753,"repostType":4,"repost":{"id":"1187380753","kind":"news","pubTimestamp":1628133104,"share":"https://www.laohu8.com/m/news/1187380753?lang=zh_CN&edition=full","pubTime":"2021-08-05 11:11","market":"us","language":"en","title":"You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187380753","media":"Barrons","summary":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that ","content":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>You Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nYou Can Short Cathie Wood’s ARK Innovation Fund. But Is It a Good Idea?<blockquote>你可以做空凯西·伍德的方舟创新基金。但这是个好主意吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-08-05 11:11\n\n</h4>\n</header>\n<article>\nFor those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.<blockquote>对于那些看跌ARK Invest创新驱动型股票的人来说，可能很快就会有一只新的ETF允许投资者做空它们。</blockquote> Tuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.<blockquote>Tuttle Capital Management是一家小型基金公司，管理着10只ETF和2.28亿美元，已申请推出空头ARKK ETF，股票代码为SARK。根据向美国证券交易委员会提交的文件，该基金将寻求通过掉期合约跟踪价值230亿美元的ARK Innovation ETF（股票代码：ARKK）的反向表现。</blockquote> Inverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.<blockquote>反向ETF已经存在很长时间了，但大多数都做空大盘指数或特定行业，而不是像ARK这样的主动管理投资组合。“据我所知，这是前所未有的，”晨星公司全球交易所交易基金研究总监本·约翰逊表示。</blockquote> It’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.<blockquote>这并不是华尔街第一次打破规范，以利用投资者对ARK及其选股首席执行官凯西·伍德(Cathie Wood)日益高涨的兴趣（无论是看涨还是看跌）。</blockquote> Earlier this year, big investment banks started issuing&nbsp;structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the&nbsp;S&amp;P 500.<blockquote>今年早些时候，大型投资银行开始发行与该公司主动管理型ETF挂钩的结构性票据。这些债务证券涉及复杂的衍生品交易，承诺在一定程度上参与基础资产的收益，但提供一定程度的下行保护.传统上，它们与单一股票或标准普尔500指数等指数挂钩。</blockquote> The filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.<blockquote>申请做空ARKK ETF之际，ARK基金正在努力重复去年的出色表现。例如，ARK Innovation ETF在2020年上涨了约150%，成为当年表现最好的ETF之一。今年迄今为止，该指数已下跌4.4%，较2月份的峰值暴跌24%。</blockquote> Some investors think Wood’s heavy bets on&nbsp;highflying tech stockslike&nbsp;Tesla(TSLA) and&nbsp;Square(SQ) have made the fund’s portfolio&nbsp;too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.<blockquote>一些投资者认为，伍德对特斯拉(TSLA)和Square(SQ)等飞速发展的科技股的大举押注使得该基金的投资组合过于昂贵且风险太大，这影响了其今年的业绩，因为投资者青睐可能受益于疫情后复苏的廉价周期性股票。</blockquote> ARK did not respond to a request for comment.<blockquote>方舟没有回应置评请求。</blockquote> Even for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.<blockquote>不过，即使对于对伍德对创新股的偏好持怀疑态度的投资者来说，购买反方舟ETF可能也不是最明智的做法。任何不喜欢方舟基金的人都不能购买。做空它们可能会带来比潜在回报更多的风险。</blockquote> “The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”<blockquote>晨星公司的约翰逊表示：“你通过卖空这些基金从这些看跌信念中获利的可能性非常小，上涨空间有限，你能获得的最好结果是100%的投资回报，这是假设ARK将把其投资组合搞得一团糟，这是不会发生的。另一方面，可能发生的最糟糕的情况是，如果ARK又像去年那样度过一年。”你绝对会被烧伤的。”</blockquote> Still, ARK doubters already&nbsp;are borrowing shares and selling the short&nbsp;themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.<blockquote>尽管如此，方舟的怀疑者已经在借入股票并卖空自己。FactSet的数据显示，ARK Innovation ETF的空头兴趣已增至其总流通股的近10%，高于年初的2%。</blockquote> Many noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”<blockquote>许多非机构投资者本身没有能力或渠道做空股票或ETF，塔特尔资本管理公司在这里看到了机会。该公司首席执行官马特·塔特尔(Matt Tuttle)在一封电子邮件中告诉《巴伦周刊》：“显然，做空无利可图的科技公司的兴趣有所增加，其目标是为投资者创造表达观点的工具。”</blockquote> The newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”<blockquote>新提交的空头ARKK ETF计划收取0.75%的运营费用，反映了ARK Innovation ETF的费用比率。约翰逊表示，与跟踪股票指数或大宗商品的简单反向基金相比，该基金可能更难实现与ARK Innovation业绩完全相反的回报：“你押注的是一个移动的目标，从理论上讲，当你尝试这样做时，会出现一定程度的下滑。”</blockquote> To be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.<blockquote>可以肯定的是，做空ARKK ETF仍在备案中。鉴于该基金是同类基金中的第一只，美国证券交易委员会可能不会批准它。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"ARKK":"ARK Innovation ETF","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/short-ark-innovation-fund-etf-51628035888?mod=hp_DAY_7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187380753","content_text":"For those bearish on ARK Invest’s innovation-driven stock picks, there might soon be a new ETF that allows investors to bet against them.\nTuttle Capital Management, a small fund company with 10 ETFs and $228 million under management, has filed to launch the Short ARKK ETF under the ticker SARK. The fund would seek to track the inverse performance of the $23 billion ARK Innovation ETF (ticker: ARKK) through swaps contracts, according to a filing with the Securities and Exchange Commission.\nInverse ETFs have been around a long time, but most bet against a broad-market index or particular sector, rather than an actively managed portfolio like ARK’s. “As far as I’m aware, it’s unprecedented,” said Ben Johnson, director of global exchange-traded fund research for Morningstar.\nIt’s not the first time that Wall Street broke norms in order to tap on investors’ surging interest—whether bullish or bearish—in ARK and its stock-picking CEO, Cathie Wood.\nEarlier this year, big investment banks started issuing structured notes tied to the firm’s actively managed ETFs. These debt securities involve complicated derivatives trades that promise some participation in the underlying assets’ gains but a certain level of downside protection.They are traditionally tied to single stocks or indexes like the S&P 500.\nThe filing for the Short ARKK ETF came as ARK funds are struggling to repeat their spectacular performance of last year. The ARK Innovation ETF, for example, gained roughly 150% in 2020 as one of the top-performing ETFs of the year. Year to date, it’s down 4.4%,after plunging 24% from the February peak.\nSome investors think Wood’s heavy bets on highflying tech stockslike Tesla(TSLA) and Square(SQ) have made the fund’s portfolio too expensive and risky, which has weighed on its performance this year as investors favored the cheaper cyclical stocks that could benefit from the postpandemic recovery.\nARK did not respond to a request for comment.\nEven for investors skeptical about Wood’s penchant for innovation stocks, though, buying an anti-ARK ETF might not be the smartest thing to do. Anyone that doesn’t like the ARK funds can simply not buy them. Shorting them could bring more risks than the potential rewards.\n“The odds you’re going to profit from those bearish beliefs by short selling these funds are pretty small,” said Morningstar’s Johnson, “The upside is limited, the best you can get is a 100% return on your investment, and that’s assuming ARK will run its portfolios to the ground, which isn’t going to happen. On the other hand, the worst that could happen is that if ARK has another year like they did last year. You’ll get absolutely torched.”\nStill, ARK doubters already are borrowing shares and selling the short themselves. According to data from FactSet, short interest in the ARK Innovation ETF has increased to nearly 10% of its total floating shares, up from 2% at the beginning of the year.\nMany noninstitutional investors don’t have the capability or channel to short stocks or ETFs themselves, and Tuttle Capital Management sees an opportunity here. “Clearly there is an increased appetite to short unprofitable tech,” Matt Tuttle, the firm’s chief executive officer, told Barron’s in an email, “The goal there was to create tools for investors to express a view.”\nThe newly filed Short ARKK ETF plans to charge a 0.75% operating expense, mirroring the expense ratio of the ARK Innovation ETF. Compared to a simple inverse fund tracking a stock index or commodity, the fund might have a harder time returning the exact inverse of ARK Innovation’s performance, said Johnson:“You are betting against a moving target, and in theory, there’s going to be some degree of slippage when you try to do that.”\nTo be sure, the Short ARKK ETF is still in filing. There is a chance that the SEC might not approve it, given that the fund is the first of its kind.","news_type":1,"symbols_score_info":{"ARKK":0.9,"TSLA":0.9,"SQ":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":73,"commentSize":12,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}