2023-03-17 11:19:35 ET
Investors rushed back into Cathie Wood’s flagship ARK Innovation ETF ( NYSEARCA: ARKK ) this week after it touched an 8-week trading low on Monday.
Shares of the innovation-focused ETF slipped in Friday's intraday action but have climbed more than 10% since hitting their intraday trough on Monday, which served as the fund's lowest mark since January 20. Meanwhile, the ETF saw an influx of $397.41M worth of funds on March 14, one day after the fund touched that nearly two-month low.
The one-day influx of capital on Tuesday marked ARKK’s most significant single day cash injection of the 2023 trading year. The next highest one-day inflow came on January 23, when the exchange traded fund brought in $164.28M, less than half the intake witnessed this week.
To start the 2023 trading year, ARKK’s share price ran up 42.8% before peaking on February 2. From there, the ETF has generally lost ground, falling 15.8% from its 2023 high.
See below a chart outlining the above data and details where investors came in to buy the dip:
For 2023 as a whole, ARKK now trades higher by 28.2% , well out pacing the benchmark averages. However, in the bigger picture the fund has fallen on a 1-year basis by 34.6% and is 8.4% lower over a 5-year span.
Year-to-date Wood’s other actively managed ETFs are also in the green, see 2023 price action below:
- ARK Next Generation Internet ETF ( ARKW ) +36.7% .
- ARK Fintech Innovation ETF ( ARKF ) +28.2% .
- ARK Autonomous Technology & Robotics ETF ( ARKQ ) +18.7% .
- ARK Space Exploration & Innovation ETF ( ARKX ) +10.5% .
- ARK Genomic Revolution ETF ( ARKG ) +6.6% .
Fund flow data is per etfdb.com .
In other related news, Cathie Wood recently stated that lithium will be in excess supply over the next handful of years, which in turn would drive down the price and provide a major cost relief for EV names.
For further details see:
Cathie Wood's ARKK is up 10% from recent 8-week low as investors bought the dip