Ark’s Flagship Fund Slips in Early Trading as Flows Stabilize
(Bloomberg) -- Cathie Wood’s flagship exchange-traded fund edged lower in early trading on Thursday, poised to extend its decline into a fourth day.
The ARK Innovation ETF (ticker ARKK) was down about 1.3% as of 5:22 a.m. in New York, as futures for the tech-heavy Nasdaq 100 Index retreated 0.6%. The fund has fallen 9.4% this week through Wednesday amid a broader selloff in pricier-looking parts of the stock market.
The latest figures show that ARKK attracted $27.7 million on Tuesday. That’s a tiny amount compared with recent inflows to the Ark Investment Management ETF, but follows a record $465 million exit posted a day earlier.
The ARK Genomic Revolution ETF (ARKG) and the ARK Next Generation Internet fund (ARKW) continued to see withdrawals, losing $128 million and $51 million, respectively. That follows a record outflow for each product on Monday. ARKG edged lower in early trading.
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