ARK Space Exploration & Innovation ETF (ARKX) on Tuesday will begin trading on the CBOE BZX Exchange, ARK Investment Management said.
ARK has gained fame in recent months as Chief Executive Cathie Wood has led the technology-heavy ARK Innovation ETF (ARKK) to a 152% return over the past year through Friday.
As for the new ETF, “ARK defines ‘space exploration’ as leading, enabling or benefitting from technologically enabled products and/or services that occur beyond the surface of the Earth,” the investment manager said.
This includes orbital and suborbital aerospace companies, enabling technologies companies, and aerospace beneficiary companies.
"[The] space industry is primed for takeoff," Wood said in a statement. "Thanks to advancements in deep learning, mobile connectivity, sensors, 3D printing, and robotics, costs that have been ballooning for decades are beginning to decline.”
Satellite launches and rocket landings are proliferating, she noted. ARK said satellite broadband revenue could approach $100 billion annually over the next five to 10 years. And hypersonic point-to-point travel could reach $270 billion.
Demonstrating the Wood effect, on March 16 LendingClub (LC) shares rose after ARK Fintech Innovation ETF (ARKF) increased its stake in the online lending company. The shares at last check were off 3% at $16.34.