Not many investors captured the fund’s biggest gains. An immense crowd of newcomers suffered its worst losses.

As a result, estimates Simon Lack of SL Advisors, an asset manager in Westfield, N.J., ARK Innovation’s investors as a whole have lost money since it launched in 2014—even though the fund gained an average of more than 31% annualized over the past five years.

https://www.wsj.com/articles/cathie-wood-ar...nce-11642175833