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Investors are continuing to abandon Cathie Wood's flagship fund, ARK Innovation ETF ARKK. Over the past week, ARKK lost $151.2 million in AUM, representing about 2% of the fund.
The ARK Innovation ETF is benefiting from the rise of Bitcoin and the cryptocurrency market. The ETF has struggled with its concentrated investment approach but has seen improved short-term performance due to its bet on Coinbase Global. The ETF's outflows may reverse as its investments tied to the Bitcoin rally could lead to a resurrection of the fund.
AXS Short Innovation Daily ETF SARK was trading near flat on Monday, while the Cathie Wood-led ARKK Innovation ETF ARKK was trading near Friday's closing price.
Cathie Wood rose to fame thanks to the incredible performance of the ARK Innovation ETF (NYSE: ARKK) from 2016 to early 2021.
iShares Exponential Technologies ETF is a go-to holding due to market volatility and potential for high returns. I prefer XT to the ARK Innovation ETF, given its smoother path due to a more diversified and passive/indexed approach. XT's lower volatility and diversified portfolio make it a buy, with potential for a price increase to its 2022 high and beyond.
The ARK Innovation ETF has experienced significant volatility but is showing signs of a bullish consolidation.
The AI revolution, with its expansion into neural networks and other novel fields, marks a dramatic shift away from traditional innovation models. ChatGPT and other platforms have made remarkable strides, with their undeniable conversational prowess.
Unless you're heavily invested in some of the hot semiconductor stocks or the more magnificent members of the Magnificent Seven (perhaps soon to be called the Fantastic Four), odds are you may be trailing the S&P 500 and Nasdaq 100 on a year-to-date basis. Indeed, it's nothing to beat yourself up over.
Cathie Wood seems to be having a bad start to 2024 considering investors have pulled close to $1.0 billion out of her flagship Ark Innovation ETF over the past two months.
It has been a great few months for Cathie Wood as her Ark Innovation Fund (ARKK) has bounced back from its lowest level in 2023. It has jumped by over 73% and is now hovering near its highest point since August 2022.