Shares in Cathie Wood’s flagship Ark Innovation ETF (ARKK) plunged by more than half but the tech-focused fund still attracted net inflows of $1.5bn with some investors betting on a rebound for the volatile strategy.
Assets under management at ARKK have shrunk to less than $9bn from a peak of close to $28bn in February 2021 with some of ETF’s most prominent holdings, such as Tesla, hit badly by the sell-off in technology stocks.
Todd Rosenbluth, head of research at VettaFi, a New York-based consultancy, said ARKK’s focus on “disruptive innovation” as a long-term investment theme had attracted strong interest from US financial advisers.
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