Cathie Wood, head of Ark Investment Management, likes to lock in gains when her tech darlings rally. In 2025, the flagship Ark Innovation ETF gained 35.49%, far outpacing the S&P 500's return of 17.88% in the same period. Wood gained a reputation after the Ark Innovation ETF delivered a 153% return in 2020. But her style also brings painful losses in bearish markets, as seen in 2022, when the Ark Innovation ETF tumbled more than 60%. Over the decade ended 2025, the Ark Innovation ETF wiped out nearly $5 billion in investor wealth, according to an analysis by Morningstar's analyst Amy Arnott.