BMO Launches ARK-Managed ETF Series Focusing on Innovation

BMO Investments Inc. is introducing a suite of innovation-focused funds that will be overseen by Cathie Wood’s ARK Investment Management, in a bet that investor appetite for growth-centered products will persist even after this year’s slump.

The arm of the Canadian lender is expanding its thematic fund offerings with three ETFs and three mutual funds, according to a press release Thursday. They’ll have mirroring tickers -- BMO ARK Genomic Revolution Fund (ticker ARKG), BMO ARK Innovation Fund (ARKK) and BMO ARK Next Generation Internet Fund (ARKW).

The new offerings come as markets are grappling with the crucial question of whether inflation has ebbed enough to give the Federal Reserve room to slow its aggressive campaign of interest-rate hikes. Wood’s flagship ARKK ETF surged the most on record last week after a report of slower-than-expected US inflation data. It’s given back some of the gains this week.

“Based on the strength and expertise of the ARK team, these three new BMO ARK funds are expertly positioned to benefit from important long-term trends in the market,” Kevin Gopaul, president of ETFs at BMO Global Asset Management, said in the release.