Ark Invest’s Cathie Wood said the ETF that bets against her funds is “ridiculous” in an interview on CNBC on Thursday. Wood responded to the launch of the Short Innovation (SARK) ETF, an ETF created by Tuttle Capital Management. “Tuttle Capital is shorting innovation and that seems to me, over time, that’s not going to be a business if you ask me. But they’re also not doing any research. They’re simply shorting innovation. If they were doing research and could point us to reasons why what we own is not going to participate in the new world order, then we might have a conversation about it. But the idea of shorting innovation is, in America, ridiculous I think,” Wood said
ETF Newz Says: CEO Matthew Tuttle has no problem with offering an ETF that bets against Ark Invest’s innovation strategy. Much of this has to do with timing, obviously we are seeing some form of correction in the market and SARK has performed well up 40% YTD, while ARKK is down 34% YTD.