The ARK Innovation ETF has gained just 2% year to date, masking a five-year loss of 37% as concentrated bets on unprofitable innovation struggle in a high-rate environment. Tesla, the fund’s largest holding at roughly 10% of assets, is down 16% year to date, neutralizing gains from other top holdings like AMD, which has more than doubled. The 10-year Treasury yield at 4.40% is the single most important variable to watch, as a break below 4.00% would sharply rerate ARKK’s biotech and fintech holdings. A crypto-adjacent cluster including Coinbase, Robinhood, Circle, and Bullish together approaches 15% of assets, adding crypto cycle risk that many AI-focused investors may overlook. The next ARK weekly trade disclosure for Tesla will be a key signal of Cathie Wood’s conviction in the fund’s fate-driving bet.
Bullish
Coinbase Global Inc
Circle Internet Group, Inc.
Robinhood Markets Inc
Advanced Micro Devices Inc
CoreWeave, Inc. Class A Common Stock
Beam Therapeutics Inc
Crispr Therapeutics AG
Tesla Inc