Cathie Wood’s ARK Fintech Innovation ETF (NYSEARCA:ARKF) crashed 10.4% during Monday’s general sell-off, sending the exchange traded fund near its record trading low.
ARKF closed trading at 17.67 — a 26-month trading low. The last time the fintech ETF traded this low was when the fund touched 16.94 a share during its 2020 COVID low dating back to Mar. 18, 2020.
ARKF now trades just 0.73 cents above its record low.
Dragging down ARKF has been the crashing price of its top three holdings Block (SQ), Shopify (SHOP), and Coinbase Global (COIN). The three stocks together represent nearly a third of ARKF (29.46% to be exact), led by SQ at 11.72%, SHOP at 8.92% and COIN weighted at 8.92%.
In terms of the individual stocks, SQ closed out the day -12.8% and the stock touched a 52-week trading low. Year-to-date SQ is -48.4%.
SHOP concluded the session lower by 9.9% and has been absolutely crushed all year as the stock is -75.7% in 2022.
COIN sunk like a stone as the crypto exchange platform lost 35.8% over the last three trading days, losing 19.5% alone on Monday. Bigger picture, COIN is lower by 67.4% YTD and closed at a record low.
ARKF currently finds itself down 72.6% from its record high of 64.49 a share which it experienced on Feb. 16, 2021. In 2022, ARKF has underperformed, with the ETF down 57%.
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