Cathie Wood’s Main ETF Drops in Premarket After Holdings Slump

Cathie Wood’s Ark Innovation ETF looked set for another difficult day on Tuesday as it extended losses in early trading after suffering its worst drop in seven weeks.

The ARKK exchange-traded fund fell 2.9% as of 5:38 a.m. in New York. The product, which makes concentrated bets on tech companies aiming to disrupt industries, plunged 5.2% on Monday to a six-month low with all but five of its 58 holdings retreating in a broad tech selloff.

That was double the loss of the Nasdaq 100 Index, and took ARKK’s decline from a February peak to 34%.

ARKK falls to its lowest level since November