Is Cathie Wood having the last laugh?
Wood, the founder and chief investment officer of the ARK family of exchange-traded funds, grabbed a lot of media attention in February, when she published an investment thesis that said shares of Tesla Inc /zigman2/quotes/203558040/composite TSLA +3.50% could zoom to $7,000 by 2024.
Tesla stock is up again on Friday, and if shares close in positive territory, it would mark the company’s longest string of gains ever. While Tesla shares are off their all-time high, they are still more than 80% higher for the year to date, while the major stock benchmarks are in the red. The tech-heavy NASDAQ /zigman2/quotes/210598365/realtime COMP +1.19% , where Tesla trades, is down just over 4% in that period, but the broader S&P 500 /zigman2/quotes/210599714/realtime SPX +0.93% has lost 12%.
But while MarketWatch referred to Wood as “Tesla’s biggest bull” in a story about her forecast, there are ETFs that have an even heftier weighting of the stock than hers do. Tesla shares account for nearly one-quarter of the First Trust NASDAQ Global Auto Index Fund, for example.
|ETF name and ticker||Tesla shares as % of holdings|
|First Trust NASDAQ Global Auto Index Fund /zigman2/quotes/202256379/composite CARZ||23.1%|
|First Trust NASDAQ Clean Edge Green Energy Index Fund /zigman2/quotes/205893823/composite QCLN||19.5%|
|ARK Autonomous Technology & Robotics fund /zigman2/quotes/201937883/composite ARKQ||14.2%|
|Global X Lithium Battery Tech fund /zigman2/quotes/208067690/composite LIT||14.%|
|ARK Next Generation Internet fund /zigman2/quotes/201846852/composite ARKW||13.3%|
|ARK Innovation fund /zigman2/quotes/204808965/composite ARKK||13%|
|VanEck Vectors Low Carbon Energy /zigman2/quotes/209443812/composite SMOG||10.8%|
|Source: FactSet, company fund disclosures|
The table above shows the U.S.-domiciled ETFs with the biggest allocations to Tesla.
On Friday, all were higher, with CARZ up the most, at 4.2%. But for the year to date, only two of the ARK funds, ARKW and ARKK, are in the black.