ARK Invest, the New York-based investment management firm led by the popular money manager Cathie Wood, saw its five actively managed exchange-traded funds and two self-indexed ETFs underperform the S&P 500 index in the second quarter.
That said, Ark’s flagship fund ARK Innovation ETF ARKK, which counts electric vehicle maker Tesla Inc TSLA among its top holdings, outperformed the broad-based global indexes. ARKK returned 9.4% in the quarter compared to the S&P 500 Index's return of 8.5%.
For perspective, barring Roku Inc ROKU, which has risen 13% during the second quarter, all the other top four Ark ETF holdings have declined during the period.
Shares of Tesla, the largest holding for Ark, fell 7.44% in the second quarter, while Square Inc SQ, Teladoc Health Inc TDOC and Spotify Technology SA SPOT fell 2%, 17%, and 9.8%, respectively.
Here’s how each of the ARK ETFs performed in the second quarter:
Ark Autonomous Technology & Robotics ETF ARKQ: ARKQ, which counts Tesla and JD.com Inc JD among top holdings, underperformed the broad-based market indexes during the quarter led by detractors Workhorse Group Inc WKHS and Virgin Galactic Holdings Inc SPCE.
ARKQ completely shed its positions in both the stocks in the second quarter.
3D Systems Corporation DDD and Alphabet Inc GOOG were among the best performing holdings for ARKQ.
ARKQ returned 2.7% in the second quarter.
Ark Next Generation Internet ETF ARKW: ARKW underperformed the broad-based market indexes during the quarter with a return of 4.5%. Grayscale Bitcoin Trust GBTC and Coinbase Global Inc COIN were among the top detractors as both suffered from the drop in Bitcoin BTC/USD and other cryptocurrencies.
Roku and Trade Desk Inc TTD were among the top-performing holdings.
ARKW returned 4.5% in the second quarter.
Ark Genomic Revolution ETF ARKG: Yet another ETF that underperformed the broad-based market indexes during the quarter. Both Teladoc and Iovance Biotherapeutics Inc IOVA were among the top losers.
TDOC depreciated amid competitive incursions into the digital health space including that of Amazon.com Inc AMZN. Iovance disclosed that Maria Fardis, CEO for the last five years, would be leaving to pursue other opportunities.
ARKG surged 4.25% in the second quarter.
Ark Fintech Innovation ETF ARKF: ARKF too underperformed the broad-based market indexes during the quarter led by Silvergate Capital Corp SI and Coinbase. Silvergate Capital shares traded down, primarily in response to a sharp drop in the prices of cryptocurrencies.
Shopify Inc SHOP was among the top performers.
ARKF returned 5.9% in the second quarter.
Ark Space Exploration & Innovation ETF ARKX: ARKX underperformed the broad-based market indexes during the quarter led by Komatsu Ltd KMTUY, which suffered from a broader selloff in construction and mining stocks and SPCE.
Nvidia Corp NVDA was among the top contributors and appreciated in response to stronger than expected first-quarter earnings and guidance, a higher probability that it will succeed in acquiring ARM, sell-side upgrades, and a strong move in semiconductor stocks.
ARKX, the newest ETF which completed a quarter in June since it began trading, returned 2.14% in the second quarter.
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