Ark Investment Management no longer holds a stake bigger than 20% in any stock, down from three companies in February.

The rebalancing of MTUM's quant strategy will push the weighting of financial stocks to a third from less than 2% currently. The technology sector will slide to 17% from 40%.

Cryptos have suffered a range of blows in recent days, from Elon Musk’s criticism of Bitcoin’s energy use and about face on accepting it for payments, to heightened regulatory rhetoric from China.

SEC Commissioner Hester Peirce’s open mind on digital tokens has earned her the nickname “Crypto Mom” among enthusiasts.

The frenzy for raw materials now accounts for more than half of the 20 best-performing exchange-traded products this year.

“You’re looking at volatility levels that are four times that of gold or of equities, and this is going to make it prohibitive for a lot of corporate treasurers and institutional investors who think that they can do a significant size holding in...