Swedish brokerage firm Avanza has partnered with ARK Invest to bring the high-profile US manager’s flagship ARK Innovation ETF to European investors.
The new product – the Avanza Disruptive Innovation Fund – will be managed by ARK invest and available for a fee of 0.94%.
The strategy will try to emulate its US-domiciled peer by investing in 30 and 80 companies across the technology sector, namely in robotics, energy storage, blockchain, artificial intelligence and DNA sequencing.
The fund will have no restrictions on the size, sector or geography of its portfolio companies.
“According to our analysis, the global economy is currently undergoing some of the greatest technological changes in history. We want to give more investors the opportunity to take part in the long-term investment opportunity that arises from the change,” said Cathie Wood, CEO and founder of ARK Invest which has $14.1 billion in AUM.
“We think Avanza’s work and vision are well in line with our focus on ground-breaking innovation and look forward to making our strategy available to Swedish investors together with Avanza,” she added.
A number of ARK’s funds have already migrated to Europe. In December 2021, Leverage Shares launched a cohort of nine exchange-traded products (ETPs) built upon strategies generated by ARK, including its next-generation internet and genomic revolution strategies.
But Leverage Shares was forced to remove the ARK ETF tickets from its products amid a dispute over intellectual property with ARK.
The ARK Innovation ETF found acclaim during the pandemic, with Wood gaining notoriety for being bullish on sectors including crypto and electric vehicles. The investment manager has lost almost $50 billion in assets since its peak in 2021.
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