Cathie Wood’s ETFs Ditch Ownership Caps, Add SPAC Warning
- Limits on single-company exposure removed from prospectuses
- Reference to blank-check companies is added to risk section
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Cathie Wood has spent months defending Ark Investment Management from critics who say the money manager has too much cash tied up in too few stocks. The firm’s latest move is handing them fresh ammunition.
In a filing late last week, Ark altered the prospectuses for its exchange-traded funds to remove clauses limiting its exposure and concentration risks.