The investing approach favored by the Robinhood-powered cohort is in stark contrast to those systematic players who tend toward cheap equities and profitable companies.

Short interest on the ARKK ETF has risen since the end of June to 4.6% of outstanding shares, close to a record high of 5.3% set in March

Wood laid out the thinking behind Ark Investment Management’s approach and called out Michael Burry directly.

Burry’s Scion Asset Management owned bearish put contracts against 235,500 shares of the ARK Innovation ETF (ARKK) at the end of the second quarter.

In this week's fund news, direct indexing platform Veriti nears $1 billion in AUM; J.P. Morgan to convert four mutual funds to ETFs; and Hartford enters the ESG ETF market.

J.P. Morgan follows in the footsteps of Guinness Atkinson and Dimensional Fund Advisors with its plan to convert four equity mutual funds into similar active transparent ETFs next year.

Digital-asset investment products from Grayscale, Bitwise, 21Shares and others saw outflows for the fifth straight week, the longest such streak since January 2018.