Cathie Wood-Led ARKK Struggles To Hold Steady Amid Tesla's Slide: When A Bounce Takes Place, This ETF Offers Leverage
Portfolio Pulse from Melanie Schaffer
The AXS 2x Innovation ETF (TARK) and ARK Innovation ETF (ARKK), both led by Cathie Wood, experienced volatility due to Tesla's (TSLA) price action. TARK aims to return 200% of ARKK's daily performance. Despite bullish price action from Coinbase Global, ARKK's second-largest holding, the ETF was affected by Tesla's price drop. A larger bounce may be imminent for ARKK, and when it rebounds, TARK will offer 2X the gains.
October 30, 2023 | 4:15 pm
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NEUTRAL IMPACT
ARKK ETF has been under pressure due to Tesla's price action. A bounce may be imminent as it is bouncing up from the bottom of a falling channel pattern.
ARKK ETF has been affected by Tesla's price action, which holds the highest weighting within ARKK. Despite this, a bounce may be imminent as it is bouncing up from the bottom of a falling channel pattern.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
TARK ETF, which tracks ARKK, has been volatile. It aims to offer 2X the gains of ARKK when it rebounds.
TARK ETF has been volatile in tandem with ARKK. It aims to offer 2X the gains of ARKK when it rebounds.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Tesla's price action has been affecting ARKK and TARK ETFs. It has been falling since reporting a Q3 earnings miss.
Tesla's price action has been affecting ARKK and TARK ETFs. It has been falling since reporting a Q3 earnings miss.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100