Cathie Wood’s ARKK Hits Pandemic Low With 62% Plunge This Year

The drubbing in Cathie Wood’s flagship exchange-traded fund has taken it back to lows reached during the depths of the pandemic.
The $7.1 billion ARK Innovation ETF ( $ARK Innovation ETF(ARKK.US)$ ) closed on Tuesday at its lowest level since March 2020. The fund has plummeted 62% so far in 2022, more than twice the pace of the plunge in $S&P 500 Index(.SPX.US)$.
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It’s not only ARKK that has been hit. Short sellers have been targeting Wood’s ARK Investment Management family recently, even paying up to wage against the funds.
Things weren’t always like this for ARKK and other growth stocks and funds. Wood’s flagship ETF surged almost 150% in 2020, becoming a darling of retail traders and others who had bought into Wood’s vision of innovation.
Those investors largely appear to have stayed loyal this year, and the fund has posted net inflows of $1.3 billion in 2022, according to data compiled by Bloomberg. That puts it in the top 10 of actively managed ETFs for new cash -- even as it has struggled in terms of performance.
October has been less kind, however, with outflows of $244 million for the month -- through the latest session for which data is available.
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