- Cathie Wood's flagship ARK Innovation ETF sank Friday as the sell-off in tech shares deepened.
- The actively managed fund slipped as much as 7.3% to its lowest in more than a year on Friday.
- Benefitting from Wood's slump, however, is the Tuttle Capital Short Innovation ETF, which is up by 6%.
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Cathie Wood's flagship ARK Innovation exchange-traded fund sank Friday as the sell-off in technology shares deepened.
The actively managed ETF, which trades under the ticker ARKK, slipped as much as 7.3% to its lowest in more than a year and has fallen 25% year-to-date.
Tech stocks have taken a beating as fears of rising inflation mount on top of concerns surrounding the emergence of the new Omicron coronavirus variant.
Wood's ARKK, which has $21 billion in assets, focuses on growth stocks with ''disruptive innovation" at their core. These encompass the fields of genomics, automation, robotics, and artificial intelligence.
The fund's biggest holdings include Tesla, which accounts for nearly 1o%, followed by Teladoc Health, Coinbase Global, Roku, and Zoom Communications, all at roughly 5% each.
ARKK top 10 Holdings
| TICKER | Name | Weight (%) | YTD Performance |
|---|---|---|---|
| TSLA | TESLA | 9.98% | UP 40.42% |
| TDOC | TELADOC HEALTH | 5.81% | DOWN 40.42% |
| COIN | COINBASE GLOBAL | 5.43% | DOWN 19.14% |
| ROKU | ROKU | 5.37% | DOWN 19.14% |
| ZM | ZOOM VIDEO COMMUNICATIONS | 5.34% | DOWN 45.18% |
| U | UNITY SOFTWARE | 4.85% | DOWN 1.08% |
| SPOT | SPOTIFY TECHNOLOGY | 4.02% | DOWN 27.01% |
| TWLO | TWILIO INC | 3.95% | DOWN 26.57% |
| EXAS | EXACT SCIENCES | 3.80% | DOWN 40.32% |
| SQ | SQUARE INC | 3.76% | DOWN 20.18% |
Wood's magic touch seems to be wearing off. The star stock picker shot to prominence in 2020 thanks to her blockbuster performance driven by bets on mega-growth stocks like Tesla. Her ETFs last year have delivered eye-popping returns, with her flagship fund up more than 150% in 2020.
Benefitting from Wood's ETF slump this year, however, is the Tuttle Capital Short Innovation ETF, which launched in November to gain inverse exposure to ARKK, according to Matthew Tuttle, CEO and CIO of Tuttle Capital Management, who serves as the adviser.
The Tuttle ETF, which trades under the ticker SARK, was up 6% Friday.
