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2021-03-31
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Why Cathie Wood’s Space ETF Has Some Unexpected Holdings<blockquote>为什么Cathie Wood的Space ETF持有一些意想不到的股票</blockquote>
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But investors found some surprises in the fund’s portfolio: Some popular firms in space-exploration related fields were not included, while other seemingly unrelated names–including half a dozen internet tech giants–make up a significant weight.That is because ARK’s space fund isn’t limited to companies directly involved ","content":"<p>The ARK Space Exploration & Innovation exchange-traded fund –the eighth fund from Cathie Wood’s ARK Investment Management–attracted a lot of eyeballs at its launch on Tuesday. But investors found some surprises in the fund’s portfolio: Some popular firms in space-exploration related fields were not included, while other seemingly unrelated names–including half a dozen internet tech giants–make up a significant weight.</p><p><blockquote>方舟太空探索与创新交易所交易基金是凯西·伍德(Cathie Wood)方舟投资管理公司(ARK Investment Management)的第八只基金，在周二推出时吸引了众多眼球。但投资者在该基金的投资组合中发现了一些惊喜：太空探索相关领域的一些受欢迎的公司没有被包括在内，而其他看似不相关的公司——包括六家互联网科技巨头——却占据了很大的权重。</blockquote></p><p>That is because ARK’s space fund (ticker: ARKX) isn’t limited to companies directly involved in the space business, but also other innovations that have indirectly enabled the space boom. The ETF owns Google parent Alphabet (ticker: GOOG), for example, because it’s a leader in artificial intelligence. NVIDIA (NVDA), another holding, manufactures computer chips that allow rockets to operate efficiently.</p><p><blockquote>这是因为方舟的太空基金（股票代码：ARKX）不仅限于直接参与太空业务的公司，还包括间接推动太空繁荣的其他创新。例如，该ETF拥有谷歌母公司Alphabet（股票代码：GOOG），因为它是人工智能领域的领导者。另一家控股公司英伟达(NVDA)生产计算机芯片，使火箭能够高效运行。</blockquote></p><p>The fund’s second-largest position is another ARK product, the $548 million ARK 3D Printing ETF (PRNT). That’s because many rocket parts are 3D printed for reasons related to cost, weight, and durability, says Ren Leggi, client portfolio manager at ARK. To be sure, the 0.66% management fee of the ARK 3D Printing ETF is fully rebated back to ARKX investors. “We are not double dipping,” says Leggi, “You are not paying double-layer fees.”</p><p><blockquote>该基金的第二大头寸是另一只ARK产品，价值5.48亿美元的ARK 3D打印ETF(PRNT)。ARK客户投资组合经理Ren Leggi表示，这是因为出于成本、重量和耐用性等原因，许多火箭部件都是3D打印的。可以肯定的是，ARK 3D打印ETF的0.66%管理费全额返还给ARKX投资者。“我们不会二次探底，”莱吉说，“你不会支付双层费用。”</blockquote></p><p>The fund also holds companies that are well-positioned to benefit from the development in aerospace-related tech. E-commerce giants like Amazon.com (AMZN) and Alibaba (BABA) are included because they can save delivery costs and generate revenue from drones if that market matures and scales. Netflix (NFLX), another holding, could potentially unlock millions of new users as satellite broadband connects more people to the internet. “There are three billion people who do not have access to internet,” says Leggi. “Satellite connectivity opens up the market. It really is about anything above ground.”</p><p><blockquote>该基金还持有能够从航空航天相关技术发展中受益的公司。亚马逊（AMZN）和阿里巴巴-SW（BABA）等电子商务巨头也被包括在内，因为如果市场成熟并扩大规模，它们可以节省送货成本并从无人机中产生收入。随着卫星宽带将更多人连接到互联网，另一家控股公司Netflix(NFLX)可能会释放数百万新用户。“有30亿人无法访问互联网，”莱吉说。“卫星连接打开了市场。它确实与地面上的任何东西有关。”</blockquote></p><p>Still, there is one glaring omission in the fund: It doesn’t hold any of the new pure-play space companies set to go public via mergers with special purpose acquisition companies, or SPACs.</p><p><blockquote>尽管如此，该基金仍有一个明显的遗漏：它不持有任何将通过与特殊目的收购公司（SPAC）合并上市的新的纯太空公司。</blockquote></p><p>Those options would include Rocket Lab USA and Astra, two launch service companies that are currently sending commercial payloads into low Earth orbit. The pair is merging with Vector Acquisition (VACQ) and Holicity (HOL), respectively. BlackSky and Spire Global, two earth imaging businesses, are merging with Osprey Technology Acquisition (SFWT) and NavSight (NSH), respectively.</p><p><blockquote>这些选择将包括美国火箭实验室和阿斯特拉，这两家发射服务公司目前正在将商业有效载荷送入近地轨道。这对组合分别与Vector Acquisition(VACQ)和Holicity(HOL)合并。BlackSky和Spire Global这两家地球成像公司将分别与Osprey Technology Acquisition(SFWT)和NavSight(NSH)合并。</blockquote></p><p>Others include AST & Science, which is merging with New Providence Acquisition (NPA). That company is putting up hundreds of satellites to provide mobile phone infrastructure. Momentus, along with Redwire, offer the infrastructure services supporting new commercial space players. Those two are merging with Stable Road Acquisition (SRAC) and Genesis Park Acquisition (GNPK), respectively.</p><p><blockquote>其他公司包括正在与New Providence Acquisition(NPA)合并的AST&Science。该公司正在安装数百颗卫星来提供移动电话基础设施。Momentus与Redwire一起提供支持新商业太空参与者的基础设施服务。这两家公司分别与Stable Road Acquisition(SRAC)和Genesis Park Acquisition(GNPK)合并。</blockquote></p><p>The market capitalization of those seven companies is roughly $16 billion based on the number of shares outstanding for each after their SPAC mergers close. But none of those names are included in the ARK Space fund’s portfolio—at least not yet.</p><p><blockquote>根据SPAC合并完成后每家公司的已发行股票数量计算，这七家公司的市值约为160亿美元。但这些名字都没有包含在方舟太空基金的投资组合中——至少现在还没有。</blockquote></p><p>ARK is open to investing in SPACs if the merger target has already been identified, says Leggi, but they need to review more financial data than is typically provided in SPAC merger presentations.</p><p><blockquote>Leggi表示，如果合并目标已经确定，ARK愿意投资SPAC，但他们需要审查比SPAC合并演示文稿中通常提供的更多的财务数据。</blockquote></p><p>High valuations have also caused ARK to wait on some names. “They fit our theme but from a valuation point, they don’t meet our hurdle rate for the next five years,” says Leggi, noting that the fund looks for companies that can provide investors with 15% annualized returns. “We will be patient and continue to track them. If we get an opportunity, we will leg into it. A lot of them are very interesting,” he adds.</p><p><blockquote>高估值也让ARK等待了一些名字。Leggi表示：“它们符合我们的主题，但从估值角度来看，它们没有达到我们未来五年的最低利率。”他指出，该基金寻找能够为投资者提供15%年化回报的公司。“我们将保持耐心，继续跟踪他们。如果我们有机会，我们会介入。他们中的很多人都非常有趣，”他补充道。</blockquote></p><p>ARK isn’t the only one hesitant to jump into space SPACs. The space fund’s rival, the $129 million Procure Space ETF (UFO), also doesn’t own any SPACs. Unlike the actively managed ARK ETF, the Procure fund tracks an underlying index with predetermined rules that prohibit investments in SPACs before the merger is complete.</p><p><blockquote>ARK并不是唯一一个对进入太空SPAC犹豫不决的公司。该太空基金的竞争对手、价值1.29亿美元的Procure Space ETF(UFO)也不拥有任何SPAC。与主动管理的ARK ETF不同，Procure基金跟踪基础指数，并制定预定规则，禁止在合并完成之前投资SPAC。</blockquote></p><p>“There is a tremendous risk to any SPAC,” Andrew Chanin, CEO of Procure ETFs, tells Barron’s. “That a target is announced and the deal doesn’t go through for a multitude of reasons. Then you are looking at a company that doesn’t have any space exposure other than a proposed target.”</p><p><blockquote>Procure ETF首席执行官安德鲁·查宁(Andrew Chanin)告诉《巴伦周刊》：“任何SPAC都面临巨大风险。”“宣布了一个目标，但由于多种原因交易没有通过。那么你看到的是一家除了提议的目标之外没有任何空间敞口的公司。”</blockquote></p><p>The Procure ETF has added newly public stocks to its holdings shortly after the SPAC merger was completed, such as space tourism pioneer Virgin Galactic (SPCE).</p><p><blockquote>在SPAC合并完成后不久，Procure ETF就在其持有的股票中增加了新的公开股票，例如太空旅游先驱维珍银河(SPCE)。</blockquote></p><p>The Procure ETF claims to be a “purer” play. More than 80% of its portfolio–per index mandate–has to be invested in companies whose majority revenues are derived from space-related businesses and activities. The remaining 20% are in diversified aerospace defense names such as Boeing (BA) and Lockheed Martin (LMT), which also generate a significant amount of revenue–albeit not the majority–from their space-related units.</p><p><blockquote>Procure ETF声称是一种“更纯粹”的游戏。根据指数要求，其投资组合的80%以上必须投资于大部分收入来自太空相关业务和活动的公司。其余20%属于多元化的航空航天国防公司，例如波音(BA)和洛克希德·马丁公司(LMT)，这些公司也从其太空相关部门产生了大量收入（尽管不是大部分）。</blockquote></p><p></p><p>“Anyone can argue that almost every publicly traded company has some exposure to space, or space plays a role in that company’s ability to succeed,” says Chanin. “For us, it’s not about making nuanced arguments about how maybe a company could potentially benefit from space.”</p><p><blockquote>“任何人都可以说，几乎每家上市公司都涉足太空，或者太空在该公司的成功能力中发挥着作用，”查宁说。“对我们来说，这并不是要就一家公司如何从太空中受益进行细致入微的争论。”</blockquote></p><p><b>Differing Exposures</b></p><p><blockquote><b>不同的暴露</b></blockquote></p><p>Percentage of portfolio in selected industries.</p><p><blockquote>所选行业投资组合的百分比。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7610169c4e1c63baad57b034b647f2ef\" tg-width=\"1242\" tg-height=\"975\" referrerpolicy=\"no-referrer\">Despite their differences, both funds share the same top holding, Trimble (TRMB), with an 8.6% weight in the ARK fund and a 5.2% weight in the Procure fund. The company is tapping into multiple space-related areas, offering software, data, and sensors for drones, as well as fleet management services for space construction and logistics.</p><p><blockquote>尽管存在差异，但两只基金均持有相同的顶级持股Trimble(TRMB)，在ARK基金中的权重为8.6%，在Procure基金中的权重为5.2%。该公司正在进军多个太空相关领域，为无人机提供软件、数据和传感器，以及为太空建设和物流提供车队管理服务。</blockquote></p><p>Procure’s space fund was launched in April 2019. It dipped 2% in 2020, while the S&P 500 returned 18.4%. Year to date, the Procure fund has gained 11.1%, beating the broader index by five percentage points.</p><p><blockquote>Procure的太空基金于2019年4月启动。2020年下跌2%，而标普500则上涨18.4%。今年迄今为止，Procure基金已上涨11.1%，比整体指数高出5个百分点。</blockquote></p><p>The ARK space fund finished its first trading day on Tuesday down 1%. The S&P 500 fell less than 1%.</p><p><blockquote>ARK space基金周二首个交易日收盘下跌1%。标普500跌不到1%。</blockquote></p><p>And although neither funds have exposure to space SPACs, investors can still own a piece of them by buying shares of their SPACs. Barron’s recently wrote positively about Rocket Labs, believing it’s the best option for growth investors looking for new space exposure. The company is already carrying payloads into space and has the ability to build and manage satellites.</p><p><blockquote>尽管这两只基金都没有投资太空SPAC，但投资者仍然可以通过购买其SPAC的股票来拥有其中的一部分。《巴伦周刊》最近对火箭实验室进行了积极评价，认为它是寻求新太空投资的成长型投资者的最佳选择。该公司已经将有效载荷送入太空，并有能力建造和管理卫星。</blockquote></p><p></p>","source":"lsy1610680873436","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Cathie Wood’s Space ETF Has Some Unexpected Holdings<blockquote>为什么Cathie Wood的Space ETF持有一些意想不到的股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Cathie Wood’s Space ETF Has Some Unexpected Holdings<blockquote>为什么Cathie Wood的Space ETF持有一些意想不到的股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barron's</strong><span class=\"h-time small\">2021-03-31 18:14</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The ARK Space Exploration & Innovation exchange-traded fund –the eighth fund from Cathie Wood’s ARK Investment Management–attracted a lot of eyeballs at its launch on Tuesday. But investors found some surprises in the fund’s portfolio: Some popular firms in space-exploration related fields were not included, while other seemingly unrelated names–including half a dozen internet tech giants–make up a significant weight.</p><p><blockquote>方舟太空探索与创新交易所交易基金是凯西·伍德(Cathie Wood)方舟投资管理公司(ARK Investment Management)的第八只基金，在周二推出时吸引了众多眼球。但投资者在该基金的投资组合中发现了一些惊喜：太空探索相关领域的一些受欢迎的公司没有被包括在内，而其他看似不相关的公司——包括六家互联网科技巨头——却占据了很大的权重。</blockquote></p><p>That is because ARK’s space fund (ticker: ARKX) isn’t limited to companies directly involved in the space business, but also other innovations that have indirectly enabled the space boom. The ETF owns Google parent Alphabet (ticker: GOOG), for example, because it’s a leader in artificial intelligence. NVIDIA (NVDA), another holding, manufactures computer chips that allow rockets to operate efficiently.</p><p><blockquote>这是因为方舟的太空基金（股票代码：ARKX）不仅限于直接参与太空业务的公司，还包括间接推动太空繁荣的其他创新。例如，该ETF拥有谷歌母公司Alphabet（股票代码：GOOG），因为它是人工智能领域的领导者。另一家控股公司英伟达(NVDA)生产计算机芯片，使火箭能够高效运行。</blockquote></p><p>The fund’s second-largest position is another ARK product, the $548 million ARK 3D Printing ETF (PRNT). That’s because many rocket parts are 3D printed for reasons related to cost, weight, and durability, says Ren Leggi, client portfolio manager at ARK. To be sure, the 0.66% management fee of the ARK 3D Printing ETF is fully rebated back to ARKX investors. “We are not double dipping,” says Leggi, “You are not paying double-layer fees.”</p><p><blockquote>该基金的第二大头寸是另一只ARK产品，价值5.48亿美元的ARK 3D打印ETF(PRNT)。ARK客户投资组合经理Ren Leggi表示，这是因为出于成本、重量和耐用性等原因，许多火箭部件都是3D打印的。可以肯定的是，ARK 3D打印ETF的0.66%管理费全额返还给ARKX投资者。“我们不会二次探底，”莱吉说，“你不会支付双层费用。”</blockquote></p><p>The fund also holds companies that are well-positioned to benefit from the development in aerospace-related tech. E-commerce giants like Amazon.com (AMZN) and Alibaba (BABA) are included because they can save delivery costs and generate revenue from drones if that market matures and scales. Netflix (NFLX), another holding, could potentially unlock millions of new users as satellite broadband connects more people to the internet. “There are three billion people who do not have access to internet,” says Leggi. “Satellite connectivity opens up the market. It really is about anything above ground.”</p><p><blockquote>该基金还持有能够从航空航天相关技术发展中受益的公司。亚马逊（AMZN）和阿里巴巴-SW（BABA）等电子商务巨头也被包括在内，因为如果市场成熟并扩大规模，它们可以节省送货成本并从无人机中产生收入。随着卫星宽带将更多人连接到互联网，另一家控股公司Netflix(NFLX)可能会释放数百万新用户。“有30亿人无法访问互联网，”莱吉说。“卫星连接打开了市场。它确实与地面上的任何东西有关。”</blockquote></p><p>Still, there is one glaring omission in the fund: It doesn’t hold any of the new pure-play space companies set to go public via mergers with special purpose acquisition companies, or SPACs.</p><p><blockquote>尽管如此，该基金仍有一个明显的遗漏：它不持有任何将通过与特殊目的收购公司（SPAC）合并上市的新的纯太空公司。</blockquote></p><p>Those options would include Rocket Lab USA and Astra, two launch service companies that are currently sending commercial payloads into low Earth orbit. The pair is merging with Vector Acquisition (VACQ) and Holicity (HOL), respectively. BlackSky and Spire Global, two earth imaging businesses, are merging with Osprey Technology Acquisition (SFWT) and NavSight (NSH), respectively.</p><p><blockquote>这些选择将包括美国火箭实验室和阿斯特拉，这两家发射服务公司目前正在将商业有效载荷送入近地轨道。这对组合分别与Vector Acquisition(VACQ)和Holicity(HOL)合并。BlackSky和Spire Global这两家地球成像公司将分别与Osprey Technology Acquisition(SFWT)和NavSight(NSH)合并。</blockquote></p><p>Others include AST & Science, which is merging with New Providence Acquisition (NPA). That company is putting up hundreds of satellites to provide mobile phone infrastructure. Momentus, along with Redwire, offer the infrastructure services supporting new commercial space players. Those two are merging with Stable Road Acquisition (SRAC) and Genesis Park Acquisition (GNPK), respectively.</p><p><blockquote>其他公司包括正在与New Providence Acquisition(NPA)合并的AST&Science。该公司正在安装数百颗卫星来提供移动电话基础设施。Momentus与Redwire一起提供支持新商业太空参与者的基础设施服务。这两家公司分别与Stable Road Acquisition(SRAC)和Genesis Park Acquisition(GNPK)合并。</blockquote></p><p>The market capitalization of those seven companies is roughly $16 billion based on the number of shares outstanding for each after their SPAC mergers close. But none of those names are included in the ARK Space fund’s portfolio—at least not yet.</p><p><blockquote>根据SPAC合并完成后每家公司的已发行股票数量计算，这七家公司的市值约为160亿美元。但这些名字都没有包含在方舟太空基金的投资组合中——至少现在还没有。</blockquote></p><p>ARK is open to investing in SPACs if the merger target has already been identified, says Leggi, but they need to review more financial data than is typically provided in SPAC merger presentations.</p><p><blockquote>Leggi表示，如果合并目标已经确定，ARK愿意投资SPAC，但他们需要审查比SPAC合并演示文稿中通常提供的更多的财务数据。</blockquote></p><p>High valuations have also caused ARK to wait on some names. “They fit our theme but from a valuation point, they don’t meet our hurdle rate for the next five years,” says Leggi, noting that the fund looks for companies that can provide investors with 15% annualized returns. “We will be patient and continue to track them. If we get an opportunity, we will leg into it. A lot of them are very interesting,” he adds.</p><p><blockquote>高估值也让ARK等待了一些名字。Leggi表示：“它们符合我们的主题，但从估值角度来看，它们没有达到我们未来五年的最低利率。”他指出，该基金寻找能够为投资者提供15%年化回报的公司。“我们将保持耐心，继续跟踪他们。如果我们有机会，我们会介入。他们中的很多人都非常有趣，”他补充道。</blockquote></p><p>ARK isn’t the only one hesitant to jump into space SPACs. The space fund’s rival, the $129 million Procure Space ETF (UFO), also doesn’t own any SPACs. Unlike the actively managed ARK ETF, the Procure fund tracks an underlying index with predetermined rules that prohibit investments in SPACs before the merger is complete.</p><p><blockquote>ARK并不是唯一一个对进入太空SPAC犹豫不决的公司。该太空基金的竞争对手、价值1.29亿美元的Procure Space ETF(UFO)也不拥有任何SPAC。与主动管理的ARK ETF不同，Procure基金跟踪基础指数，并制定预定规则，禁止在合并完成之前投资SPAC。</blockquote></p><p>“There is a tremendous risk to any SPAC,” Andrew Chanin, CEO of Procure ETFs, tells Barron’s. “That a target is announced and the deal doesn’t go through for a multitude of reasons. Then you are looking at a company that doesn’t have any space exposure other than a proposed target.”</p><p><blockquote>Procure ETF首席执行官安德鲁·查宁(Andrew Chanin)告诉《巴伦周刊》：“任何SPAC都面临巨大风险。”“宣布了一个目标，但由于多种原因交易没有通过。那么你看到的是一家除了提议的目标之外没有任何空间敞口的公司。”</blockquote></p><p>The Procure ETF has added newly public stocks to its holdings shortly after the SPAC merger was completed, such as space tourism pioneer Virgin Galactic (SPCE).</p><p><blockquote>在SPAC合并完成后不久，Procure ETF就在其持有的股票中增加了新的公开股票，例如太空旅游先驱维珍银河(SPCE)。</blockquote></p><p>The Procure ETF claims to be a “purer” play. More than 80% of its portfolio–per index mandate–has to be invested in companies whose majority revenues are derived from space-related businesses and activities. The remaining 20% are in diversified aerospace defense names such as Boeing (BA) and Lockheed Martin (LMT), which also generate a significant amount of revenue–albeit not the majority–from their space-related units.</p><p><blockquote>Procure ETF声称是一种“更纯粹”的游戏。根据指数要求，其投资组合的80%以上必须投资于大部分收入来自太空相关业务和活动的公司。其余20%属于多元化的航空航天国防公司，例如波音(BA)和洛克希德·马丁公司(LMT)，这些公司也从其太空相关部门产生了大量收入（尽管不是大部分）。</blockquote></p><p></p><p>“Anyone can argue that almost every publicly traded company has some exposure to space, or space plays a role in that company’s ability to succeed,” says Chanin. “For us, it’s not about making nuanced arguments about how maybe a company could potentially benefit from space.”</p><p><blockquote>“任何人都可以说，几乎每家上市公司都涉足太空，或者太空在该公司的成功能力中发挥着作用，”查宁说。“对我们来说，这并不是要就一家公司如何从太空中受益进行细致入微的争论。”</blockquote></p><p><b>Differing Exposures</b></p><p><blockquote><b>不同的暴露</b></blockquote></p><p>Percentage of portfolio in selected industries.</p><p><blockquote>所选行业投资组合的百分比。</blockquote></p><p><img src=\"https://static.tigerbbs.com/7610169c4e1c63baad57b034b647f2ef\" tg-width=\"1242\" tg-height=\"975\" referrerpolicy=\"no-referrer\">Despite their differences, both funds share the same top holding, Trimble (TRMB), with an 8.6% weight in the ARK fund and a 5.2% weight in the Procure fund. The company is tapping into multiple space-related areas, offering software, data, and sensors for drones, as well as fleet management services for space construction and logistics.</p><p><blockquote>尽管存在差异，但两只基金均持有相同的顶级持股Trimble(TRMB)，在ARK基金中的权重为8.6%，在Procure基金中的权重为5.2%。该公司正在进军多个太空相关领域，为无人机提供软件、数据和传感器，以及为太空建设和物流提供车队管理服务。</blockquote></p><p>Procure’s space fund was launched in April 2019. It dipped 2% in 2020, while the S&P 500 returned 18.4%. Year to date, the Procure fund has gained 11.1%, beating the broader index by five percentage points.</p><p><blockquote>Procure的太空基金于2019年4月启动。2020年下跌2%，而标普500则上涨18.4%。今年迄今为止，Procure基金已上涨11.1%，比整体指数高出5个百分点。</blockquote></p><p>The ARK space fund finished its first trading day on Tuesday down 1%. The S&P 500 fell less than 1%.</p><p><blockquote>ARK space基金周二首个交易日收盘下跌1%。标普500跌不到1%。</blockquote></p><p>And although neither funds have exposure to space SPACs, investors can still own a piece of them by buying shares of their SPACs. Barron’s recently wrote positively about Rocket Labs, believing it’s the best option for growth investors looking for new space exposure. The company is already carrying payloads into space and has the ability to build and manage satellites.</p><p><blockquote>尽管这两只基金都没有投资太空SPAC，但投资者仍然可以通过购买其SPAC的股票来拥有其中的一部分。《巴伦周刊》最近对火箭实验室进行了积极评价，认为它是寻求新太空投资的成长型投资者的最佳选择。该公司已经将有效载荷送入太空，并有能力建造和管理卫星。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/the-ark-space-etf-has-some-unexpected-holdings-51617150050?mod=hp_LEAD_1\">Barron's</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/55e4b11e868aab2bd1399f8a1e0cd685","relate_stocks":{},"source_url":"https://www.barrons.com/articles/the-ark-space-etf-has-some-unexpected-holdings-51617150050?mod=hp_LEAD_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126047060","content_text":"The ARK Space Exploration & Innovation exchange-traded fund –the eighth fund from Cathie Wood’s ARK Investment Management–attracted a lot of eyeballs at its launch on Tuesday. But investors found some surprises in the fund’s portfolio: Some popular firms in space-exploration related fields were not included, while other seemingly unrelated names–including half a dozen internet tech giants–make up a significant weight.That is because ARK’s space fund (ticker: ARKX) isn’t limited to companies directly involved in the space business, but also other innovations that have indirectly enabled the space boom. The ETF owns Google parent Alphabet (ticker: GOOG), for example, because it’s a leader in artificial intelligence. NVIDIA (NVDA), another holding, manufactures computer chips that allow rockets to operate efficiently.The fund’s second-largest position is another ARK product, the $548 million ARK 3D Printing ETF (PRNT). That’s because many rocket parts are 3D printed for reasons related to cost, weight, and durability, says Ren Leggi, client portfolio manager at ARK. To be sure, the 0.66% management fee of the ARK 3D Printing ETF is fully rebated back to ARKX investors. “We are not double dipping,” says Leggi, “You are not paying double-layer fees.”The fund also holds companies that are well-positioned to benefit from the development in aerospace-related tech. E-commerce giants like Amazon.com (AMZN) and Alibaba (BABA) are included because they can save delivery costs and generate revenue from drones if that market matures and scales. Netflix (NFLX), another holding, could potentially unlock millions of new users as satellite broadband connects more people to the internet. “There are three billion people who do not have access to internet,” says Leggi. “Satellite connectivity opens up the market. It really is about anything above ground.”Still, there is one glaring omission in the fund: It doesn’t hold any of the new pure-play space companies set to go public via mergers with special purpose acquisition companies, or SPACs.Those options would include Rocket Lab USA and Astra, two launch service companies that are currently sending commercial payloads into low Earth orbit. The pair is merging with Vector Acquisition (VACQ) and Holicity (HOL), respectively. BlackSky and Spire Global, two earth imaging businesses, are merging with Osprey Technology Acquisition (SFWT) and NavSight (NSH), respectively.Others include AST & Science, which is merging with New Providence Acquisition (NPA). That company is putting up hundreds of satellites to provide mobile phone infrastructure. Momentus, along with Redwire, offer the infrastructure services supporting new commercial space players. Those two are merging with Stable Road Acquisition (SRAC) and Genesis Park Acquisition (GNPK), respectively.The market capitalization of those seven companies is roughly $16 billion based on the number of shares outstanding for each after their SPAC mergers close. But none of those names are included in the ARK Space fund’s portfolio—at least not yet.ARK is open to investing in SPACs if the merger target has already been identified, says Leggi, but they need to review more financial data than is typically provided in SPAC merger presentations.High valuations have also caused ARK to wait on some names. “They fit our theme but from a valuation point, they don’t meet our hurdle rate for the next five years,” says Leggi, noting that the fund looks for companies that can provide investors with 15% annualized returns. “We will be patient and continue to track them. If we get an opportunity, we will leg into it. A lot of them are very interesting,” he adds.ARK isn’t the only one hesitant to jump into space SPACs. The space fund’s rival, the $129 million Procure Space ETF (UFO), also doesn’t own any SPACs. Unlike the actively managed ARK ETF, the Procure fund tracks an underlying index with predetermined rules that prohibit investments in SPACs before the merger is complete.“There is a tremendous risk to any SPAC,” Andrew Chanin, CEO of Procure ETFs, tells Barron’s. “That a target is announced and the deal doesn’t go through for a multitude of reasons. Then you are looking at a company that doesn’t have any space exposure other than a proposed target.”The Procure ETF has added newly public stocks to its holdings shortly after the SPAC merger was completed, such as space tourism pioneer Virgin Galactic (SPCE).The Procure ETF claims to be a “purer” play. More than 80% of its portfolio–per index mandate–has to be invested in companies whose majority revenues are derived from space-related businesses and activities. The remaining 20% are in diversified aerospace defense names such as Boeing (BA) and Lockheed Martin (LMT), which also generate a significant amount of revenue–albeit not the majority–from their space-related units.“Anyone can argue that almost every publicly traded company has some exposure to space, or space plays a role in that company’s ability to succeed,” says Chanin. “For us, it’s not about making nuanced arguments about how maybe a company could potentially benefit from space.”Differing ExposuresPercentage of portfolio in selected industries.Despite their differences, both funds share the same top holding, Trimble (TRMB), with an 8.6% weight in the ARK fund and a 5.2% weight in the Procure fund. The company is tapping into multiple space-related areas, offering software, data, and sensors for drones, as well as fleet management services for space construction and logistics.Procure’s space fund was launched in April 2019. It dipped 2% in 2020, while the S&P 500 returned 18.4%. Year to date, the Procure fund has gained 11.1%, beating the broader index by five percentage points.The ARK space fund finished its first trading day on Tuesday down 1%. The S&P 500 fell less than 1%.And although neither funds have exposure to space SPACs, investors can still own a piece of them by buying shares of their SPACs. Barron’s recently wrote positively about Rocket Labs, believing it’s the best option for growth investors looking for new space exposure. The company is already carrying payloads into space and has the ability to build and manage satellites.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2154,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":6,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/354408713"}
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