Bets against Cathie Wood’s ARK Innovation ETF saw record inflows on Tuesday as the fund continues to lose steam, Market Watch reported.
The Tuttle Capital Short Innovation ETF (SARK) recorded $92 million worth of net inflows on Tuesday, bringing the fund’s total size to $334 million. The fund seeks to give opposite returns of ARK Innovation and is up 61% since its November debut.
The surge in the flows comes as ARKK has declined by almost 9% on Monday morning, before closing the trading day up 2.8%. It closed 3.7% lower on Tuesday, and 2.5% down on Wednesday, extending its months-long slump.
ARKK’s holdings have declined by over 10% so far this year, with the fund down 27%. It has since erased over half of its value in the past year and is down 43% since November.
Should ARKK rebound and provide returns over 100% as it did last year, the anti-ARK fund could plunge to nearly nothing. ARKK is up 1.26%, while SARK is down 1.48% premarket