ETFs

In this week's fund news, a new Morningstar report shows investors are more likely to allocate to funds based on diversity data; Wave Financial Group launches an NFT fund; and Wells Fargo, JP Morgan bring Bitcoin funds to wealthy clients.

SoFi moved client assets without properly taking into account the tax consequences for its clients, according to the SEC. 

The investing approach favored by the Robinhood-powered cohort is in stark contrast to those systematic players who tend toward cheap equities and profitable companies.

Short interest on the ARKK ETF has risen since the end of June to 4.6% of outstanding shares, close to a record high of 5.3% set in March

Wood laid out the thinking behind Ark Investment Management’s approach and called out Michael Burry directly.

Burry’s Scion Asset Management owned bearish put contracts against 235,500 shares of the ARK Innovation ETF (ARKK) at the end of the second quarter.

In this week's fund news, direct indexing platform Veriti nears $1 billion in AUM; J.P. Morgan to convert four mutual funds to ETFs; and Hartford enters the ESG ETF market.