Finance

Cathie Wood’s Ark Innovation ETF is down 10% this week, nearing new low for the year

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Star fund manager Cathie Wood’s flagship fund is getting hit this week and seeing big investor outflows amid a sell-off.

Shares of Ark Innovation dropped about 3% on Thursday, bringing its weekly losses to more than 10%. The “disruptive innovation” ETF bounced off its February low of the year earlier in the session, a level that many investors are watching as a barometer for the larger tech sector.

Nearly $770 million has left Ark Innovation in the last week. Ark Invest — including its five core ETFs — has lost about $1.1 billion in investor dollars in the past seven days, according to FactSet.

Ark Innovation is more than 32% off its high in February of 2021 after which the ETF spiraled…



Source cnbc.com

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