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Cathie Wood’s ARK Innovation ETF (NYSE:ARKK) saw its largest monthly outflows in nearly a year, a report from Bloomberg on Thursday claims.
Investors pulled money out of the fund as it continues to struggle, with the Ark Innovation ETF seeing $803 million in outflows in August, the most considerable amount since last September, according to data gathered by Bloomberg, who added that the ETF only saw inflows on six days of the month.
Bloomberg explained that the data for ARKK is delivered with a one-day time lag. This indicates that the data spans the time from the previous month’s final trading day to the current month’s second-to-last day. For example, July 29 to August 30.
The move marks a shift in sentiment with money flowing in most of the year, despite the Innovation ETF plummeting. But, with markets continuing to decline, investors may be growing impatient. The ETF has declined 60% this year.
Wood and ARKK have stuck with the theme of disruptive technology stocks. However, with rates rising and inflation soaring, the stocks have experienced substantial declines.
