ARKK Swings $10.8 Billion as Fund Buys 1.7 Million SpaceX IPO Shares
Updated
Updated · Bloomberg · Jun 17
ARKK Swings $10.8 Billion as Fund Buys 1.7 Million SpaceX IPO Shares
3 articles · Updated · Bloomberg · Jun 17
Summary
$6.9 billion ARKK logged a record $4.6 billion inflow late last week, then its biggest-ever $6.2 billion outflow in the next session as it acquired about 1.7 million SpaceX shares on listing day.
Those unusual multibillion-dollar moves suggest large investors used the ETF as a conduit to gain exposure to the contentious SpaceX IPO rather than buying shares directly.
The pattern mirrors activity seen around several IPOs over the past year, highlighting how ETF creation and redemption can be used to access newly listed stocks.
At least one fund manager has already imposed temporary restrictions on its product to curb the practice, underscoring broader strain in the ETF market around hot listings.