Cathie Wood’s ARKK ETF near losing all of its gains this year

Cathie Wood’s flagship exchange traded fund (ARKK) is caught up in the tech selloff on Wall Street.

A 20% drop from its all-time high has left Cathie Wood’s flagship exchange-traded fund with the slenderest of gains for 2021. That looked increasingly at risk on Thursday. The Ark Innovation ETF (ticker ARKK) fell 5.2% at 10:18 a.m. in New York. Assuming that drop holds it will easily see the $22.9 billion fund erase all of its price advance for the year – the latest marker on the way down for what is still one of Wall Street’s hottest products. ARKK has been caught up in a selloff across pricey parts of the market, in particular the tech sector, as inflation fears grow and bond yields rise. ARKK’s largest holding, Tesla Inc., turned lower on Thursday following a steep drop a day earlier. Among some of the fund’s other big investments Square Inc. slumped 7% and Roku Inc. fell 4.9%.