Wood’s ARKK Is Epicenter of Market Rout as ETF Nears Covid Low

Cathie Wood’s flagship fund is in danger of plunging below its lowest close in the pandemic crash, threatening another ignominious milestone for the ETF at the heart of a market backlash against speculative tech.
Wood’s main ETF is the standard-bearer for the brutal selloff in expensive tech shares sweeping Wall Street as inflation surges and policy makers rush to raise interest rates aggressively. That pressure hurts bets on profitless companies that offer the promise of earnings years into the future, exposures typically favored by Wood and her team.
Remarkably, investors still show no sign of panic. Numbers overnight show only about $33 million exited the innovation fund on Tuesday, meaning it still boasts net inflows in May of more than $500 million. Because of the way the fund settles trades, flow data arrives with a one-day lag.
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