Cathie Wood’s miserable month looked set to continue on Tuesday, as her flagship exchange-traded fund slipped in pre-market trading and assets dropped below $20 billion to the lowest since January.
The Ark Innovation ETF (ticker ARKK) slid 4% as of 7:35 a.m. New York time. Caught in a broad tech selloff, the product has fallen for nine of the past 10 sessions, a decline that accelerated on Monday in the biggest slide in about seven weeks.
Tesla Inc., the fund’s biggest holding, was down 6.7% in the premarket. Roku Inc. and Teladoc Inc., also heavily weighted in the ETF, each dropped around 5%.
The stock rotation out of speculative tech names is proving tough for Wood and her firm, Ark Investment Management, with investors pulling more than $500 million from the main fund in May so far.
Big bets on the likes of Tesla and Bitcoin lured billions to Ark’s ETFs, but more recently investors have been souring on the kind of pricey shares the firm favors in companies with often unproven technologies.
Read more: Rout Lands on Nasdaq Where Shorts Are Massing, Bulls Getting Out
With ARKK down 34% from its February peak, options activity paints an increasingly gloomy picture. The number of bearish put contracts outstanding has jumped to a record.
Meanwhile, short interest remains near an all-time high, according to data from IHS Markit Ltd.
This article originally appeared on Yahoo! Finance.
