Robinhood ETF closed down 16% on its first day of listing on the NYSE, raising less than targeted

According to Odaily, the Robinhood Ventures Fund I, an exchange-traded fund launched by Robinhood, made its debut on the New York Stock Exchange this week. However, it closed its first day at $21, down 16%. The fund aims to provide retail investors with access to investment opportunities in popular private companies, with a fundraising target of $1 billion, but has only raised $658.4 million so far (which could reach $705.7 million if underwriters exercise their full allotment). The fund's holdings include companies such as Databricks, Stripe, Mercor, Oura, Ramp, Airwallex, and Revolut, but it lacks exposure to highly anticipated, high-valuation companies expected to go public soon (such as OpenAI, Anthropic, and SpaceX), which is considered a main reason for the lack of retail investor interest. Robinhood stated that it plans to expand the fund in the future to include 15-20 high-quality late-stage growth companies and is actively seeking to add equity in popular startups such as OpenAI. (TechCrunch)