Cathie Wood’s Main ETF Rebounds After $4.9 Billion Asset Plunge
- ARK Innovation ETF rises on Friday, halting four-day slide
- Fund has seen assets slump to $23.3 billion since last week
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Ark Investment Management’s miserable week showed signs of easing on Friday, with its flagship exchange-traded fund halting a four-day slide.
The ARK Innovation ETF (ticker ARKK) closed higher, after swinging between gains and losses throughout the session. It still dropped 15% this week amid a technology selloff that was triggered by rising Treasury yields, putting pressure on high-flying stocks. One of those shares is electric-car maker Tesla Inc., which remains as the ETF’s biggest holding and has faced intense volatility.