与科技类基准的比较很常见，但ARKK的投资组合与传统行业指数存在明显差异。该基金在基因组学和 数字资产等领域敞口庞大，而这些在纳斯达克100指数中占比并不高。 在新冠时期投资热潮高点的2021年2月，ARKK资产规模一度膨胀至约280亿美元；如今约为60亿美元， 较峰值缩水约80%。数据显示，该基金今年迄今下跌了9%，年初至今净流出约1.2亿美元。 这些数字共同说明，市场领涨板块轮动的速度之快，以及对于迟到的投资者而言，这种轮动的代价之 大。自成立之初买入，在所有波动期间一直持有的投资者总体回报不错；但资金流向数据则讲述了一个 不同的故事：大部分资金是在接近峰值时涌入的。 ETF.com总裁兼研究主管Dave Nadig表示："主动型投资管理人能在很长一段时间里持续'押对'的情况极 为罕见。主动管理的数学现实是，平均而言投资者往往会跑输市场。" ARK Innovation ETF（代码ARKK）本月早些时候录得连续10个交易日的下跌，为该基金史上最长连跌 纪录。过去五年左右 —— 覆盖疫情后期、利率飙升以及此后市场反弹的阶段 —— ARKK累计下跌逾 50%，而纳斯达克100指数同期上涨了80%。 回报高低 ...

Core Insights - The flagship product managed by Wood, ARK Innovation ETF (ARKK), has experienced a significant decline, with a cumulative drop of over 50% in the past five years, contrasting sharply with the approximately 80% rise of the Nasdaq 100 index during the same period [1] - ARKK's assets have drastically decreased from around $28 billion at its peak in February 2021 to approximately $6 billion now, representing an 80% reduction [1] - The fund has faced a net outflow of about $120 million this year, highlighting the rapid market style rotation and the costs borne by investors who entered at high valuations [2] Performance Comparison - While ARKK has shown an annualized return of over 18% in the past three years, it ranks near the bottom among its peers over a five-year period, although it remains in the top 5% over a ten-year horizon with an annualized return exceeding 17% [2][3] - Morningstar has assigned a negative rating to Wood's investment strategy, indicating that the fund may underperform its benchmark and most peers on a risk-adjusted basis [3] Investment Strategy and Market Conditions - Wood emphasizes that ARKK's investment process is not confined to traditional frameworks, and the fund is designed to complement a portfolio rather than replicate market indices [4] - The fund's high concentration in companies reliant on future earnings expectations makes it particularly sensitive to rising financing costs, which has amplified net asset value volatility [3] - The significant drop in ARKK's asset size indicates a substantial wealth erosion for investors, with approximately $6 billion of the nearly $12 billion net inflow since inception having "evaporated" due to market fluctuations [4]

ARKK ETF Performance - ARK Innovation ETF (ARKK) has dropped 9.58% year-to-date as of early February 2026, following a strong 35.49% return in 2025 that outperformed the S&P 500 [1] - The decline is attributed to weaknesses in the fund's largest holdings and a broader market repricing of growth stocks [1] Tesla's Impact - Tesla remains the largest position in ARKK at 11.12%, with the stock down 7.18% year-to-date, closing at $417.44 [1] - Tesla reported Q4 2025 earnings of $0.50, beating estimates but showing a 60.6% year-over-year decline in earnings growth, with revenue falling 3.1% year-over-year to $94.83 billion [1] - Tesla dropped out of China's top 10 NEV makers in January 2026, marking its lowest monthly sales since November 2022 [1] Coinbase's Performance - Coinbase, representing 3.55% of ARKK, has seen a significant decline of 27.34% year-to-date, with shares trading at $164.32, down from $226.14 at year-end [1] - The decline is attributed to both the overall weakness in the crypto market and a Q4 earnings miss [1] - Cathie Wood has been actively buying Coinbase shares, adding $26.1 million in December 2025 [1] Other Holdings - Palantir, a 3.19% position in ARKK, reported Q4 2025 earnings of $0.25, beating estimates, but the stock is down 26.07% year-to-date [1] - Shopify, representing 4.31% of ARKK, is down 29.99% year-to-date but reported strong Q4 results with revenue of $11.56 billion, up 30.6% year-over-year [1] Strategic Changes - Cathie Wood is reshaping ARKK's portfolio, with healthcare now the largest sector allocation at 22.8%, surpassing Information Technology at 20.0% [2] - The fund's top 10 holdings account for 52.4% of assets, indicating a high concentration that amplifies both gains and losses [2] - ARKK's expense ratio is 0.75%, which is high compared to passive alternatives, but Wood's active management has historically delivered differentiated returns [2]

Core Insights - Cathie Wood's investment strategy focuses on long-term technology cycles rather than short-term gains, emphasizing a unique approach during risk-off market conditions [1][2][8] - The strategy prioritizes sectors related to the "future of finance" and "future of compute," indicating a strong belief in the potential of stablecoins and AI infrastructure [2][3] Investment Strategy - Wood's approach is characterized by aggressive investment during risk-off periods, suggesting a willingness to lean into market downturns [2] - The emphasis on stablecoins is highlighted by their transaction value of $15 trillion last year, surpassing both Visa and MasterCard, indicating a significant shift in financial infrastructure [3] Market Performance - As of February 11, ARKK was trading at approximately $70.17, reflecting a decline of about 2.9% from an opening price of $72.73, with an intraday low of $69.36 [4] - The performance of related sectors shows small caps down by 0.96% and software down by 3.30%, while the tech sector saw a slight increase of 0.19% [6] Volatility and Risk Tolerance - Wood's investment philosophy accepts volatility as a natural part of innovation, suggesting that significant profits can be made by being early in the investment cycle [8] - Traditional fund managers often stick closely to benchmarks, particularly in risk-off environments, contrasting with Wood's more flexible approach [9]

Core Insights - Cathie Wood, CEO of Ark Investment Management, has recently invested in a major technology leader ahead of its February earnings, reflecting her strategy of balancing small- and mid-cap technology stocks with larger growth stocks to enhance fund stability [1] Performance Overview - The Ark Innovation ETF achieved a remarkable 153% return in 2020 and a 35.49% return in the previous year, significantly outperforming the S&P 500, which returned 17.88% during the same period [2] - However, the ETF experienced a decline of over 60% in 2022, highlighting the volatility of Wood's investment style [2] - As of January 30, the Ark Innovation ETF has a five-year annualized return of -11.29%, contrasting with the S&P 500's annualized return of 14.99% over the same timeframe [3] Investment Philosophy - Wood focuses on emerging high-tech sectors, including artificial intelligence, blockchain, biomedical technology, and robotics, believing these areas hold significant long-term growth potential despite their inherent volatility [4] - She does not anticipate an imminent AI "bubble," asserting that the most powerful capital spending cycle in history is forthcoming, driven by advancements in various technologies [7] Market Sentiment - Despite Wood's optimism, the Ark Innovation ETF faced approximately $1.11 billion in net outflows over the 12 months leading up to January 28, indicating skepticism among some investors [8] - As of January 30, the ETF is down 3.85% year-to-date, while the S&P 500 has increased by 1.37% during the same period [8] Wealth Impact - From 2014 to 2024, the Ark Innovation ETF has resulted in a loss of $7 billion in investor wealth, ranking it as the third-largest wealth destroyer among mutual funds and ETFs according to Morningstar's analysis [5]

Group 1 - The Ark Innovation ETF (ARKK) remains popular among growth-oriented investors and has performed strongly by capitalizing on various growth trends [1] - Analyst Julian Lin focuses on identifying undervalued companies with secular growth potential, emphasizing strong balance sheets and management teams [1] - Lin leads the investing group Best Of Breed Growth Stocks, sharing high-conviction stock positions that have a high probability of outperforming the S&P 500 [1] Group 2 - The investment strategy combines growth-oriented principles with strict valuation hurdles to enhance the margin of safety [1] - Features of the investment group include exclusive access to top stock picks, comprehensive research reports, real-time trade alerts, macro market analysis, and community chat with continuous access to the analyst [1]

Core Viewpoint - Concerns about an AI bubble may lead to a slowdown in market gains, but Cathie Wood believes a "Golden Age" for markets is possible in the next three years due to a favorable business environment under the Trump administration [1][6]. Economic Projections - Wood predicts that falling interest rates, tax cuts, and deregulation, which she describes as "Reaganomics on steroids," could result in U.S. GDP growth accelerating to 6% to 8% annually in the coming years [2]. Investment Focus - Cathie Wood's investment strategy emphasizes companies that are at the forefront of industry-disrupting innovations, particularly in technology, which has garnered her a significant following in the tech investment community [3]. - Heavy capital spending by major U.S. companies is expected to lead to productivity boosts driven by technological advancements, including AI, with operational costs for running models anticipated to decline [3]. Technological Developments - Advancements in AI, robotics, energy storage, blockchain, and biological technology are expected to drive productivity growth to new sustainable highs and create significant wealth [4]. Market Outlook - Wood's outlook for 2026 is more optimistic than many Wall Street analysts, who expect more modest gains for the S&P 500 compared to last year, although she did not provide a specific target for the index [4]. Performance of ARK Innovation ETF - The ARK Innovation ETF (ARKK), which includes major holdings like Tesla, Crispr Therapeutics, Roku, and Coinbase, achieved a total return of approximately 35% last year, outperforming the S&P 500's 18% return [5].

Core Insights - Ark Invest's ETFs significantly outperformed the S&P 500 in 2025, with the Autonomous Technology & Robotics ETF leading the gains [1][2] Performance Comparison - The S&P 500, tracked by the SPDR S&P 500 ETF Trust (SPY), had a gain of +16.6% in 2025, while the following Ark Invest ETFs showed the following gains: - Ark Autonomous Technology & Robotics ETF (ARKQ): +49.8% - Ark Space & Defense Innovation ETF (ARKX): +49.2% - Ark Next Generation Internet ETF (ARKW): +35.4% - Ark Innovation ETF (ARKK): +35.2% - Ark Blockchain & Fintech Innovation ETF (ARKF): +27.2% - Ark Genomic Revolution ETF (ARKG): +18.4% [5] Sector Focus - The top-performing Ark Invest ETFs were heavily weighted in sectors such as AI, robotics, and space, which experienced strong returns in 2025 [3] Upcoming Opportunities - A potential SpaceX IPO in 2026 could enhance the visibility and performance of the Ark Space & Defense Innovation ETF and other space-related investments [3] Holdings Analysis - The top 10 holdings of the Ark Autonomous Technology & Robotics ETF (ARKQ) and the Ark Space & Defense Innovation ETF (ARKX) show significant overlap, with both funds sharing nine of the same stocks. The only differences are Tesla as the top holding in ARKQ and L3Harris as the second-largest holding in ARKX [8] Future Trends - AI, autonomous technology, and robotics are expected to remain key trends, potentially benefiting ARKQ in 2026. Increased revenue for defense companies due to global tensions may also position ARKX for strong performance [9]

Core Viewpoint - The ARKK ETF has significantly outperformed other funds, including those tracking the Nasdaq 100 and S&P 500 indices, with a total return of approximately 40% this year, compared to 20% for QQQ and VOO [1] Performance Comparison - ARKK ETF's total return this year stands at around 40% [1] - In contrast, the Nasdaq 100 (QQQ) and S&P 500 (VOO) have each returned about 20% [1]

Core Insights - The ARK Innovation ETF has underperformed significantly compared to the S&P 500, with a 28% decline over the past five years, while the S&P 500 has gained 86% [2][4] - The Vanguard Information Technology ETF is highlighted as a better investment option due to its diversification and strong performance, having risen 124% over the same period [8][9] Performance Comparison - ARK Innovation ETF's share price has decreased by 28% over five years, contrasting sharply with the S&P 500's 86% increase [2][4] - The Vanguard Information Technology ETF has achieved a 124% increase over the past five years, benefiting from investments in semiconductor and software companies [8] Fund Composition - ARK Innovation ETF is highly concentrated, with its top 10 holdings accounting for over 50% of the fund's weight, leading to increased risk [4] - The fund includes speculative and unprofitable companies, such as Archer Aviation, which has not generated revenue or profit [5] Investment Strategy - The Vanguard Information Technology ETF is well-diversified, tracking the MSCI US Investable Market Information Technology 25/50 Index, which includes 300 companies [7][8] - The Vanguard fund has an average annual return of over 14% since its inception in 2004, indicating consistent performance [8] Cost Efficiency - The Vanguard Information Technology ETF has a low annual expense ratio of 0.09%, significantly lower than ARK Innovation's 0.75%, making it a more cost-effective investment choice [9]