This ETF is Cathie Wood as much as it is just a massive amount of money investing in a smaller number of stocks than most funds of substantially less AUM. In 1Q24, for example, ARK is confirmed as buying A LOT of fintech/bank SOFI, which has many haters and hence, this stock is a bet with or against Cathie Wood's ability to buy big enough positions at a good enough price to make outsized returns (which individuals can do with tradable positions).