In a move that’s captured the imagination of investors everywhere, investment management firm ARK Invest announced the creation of a new ETF that will put it all on Black 28.
“It was clear in talking to focus groups that retail investors lacked the option of staking their fortune on the spin of a roulette wheel,” said CEO Cathie Wood. “With the new Black 28 fund, Main Street can play at the same table as Wall Street.”
ARK Invest hopes that Black 28 fund will eventually lead to an entire family of funds focused on high stakes gambling. “I’m not saying you should stop investing in Tesla,” said Wood. “But what if you could invest in Tesla while also doubling down on a soft 16? Or wager your nest egg against the world’s greatest poker players?”
The announcement sees ARK venturing into an increasingly crowded marketplace. Vanguard’s instant-win scratch-off IRA has been wildly successful with investors looking to jazz up their retirement savings. And Fidelity’s “You Betcha!” account allows wagering on sporting events as well as the stock market.
ARK’s fund, however, is the first vehicle for Vegas-style table games. And to CEO Cathie Wood, the future looks bright. “With the new ETF, ARK continues to be at the forefront of technological and investment disruption. To those of you who say that this is too ‘risky’, all I can say is this: have fun being poor!” said Wood.