Cathie Wood’s ARK Innovation ETF is taking another bruising in the U.S. stock market selloff Wednesday,

with the technology sector being hard hit amid concern the Federal Reserve is turning more hawkish in battling soaring inflation.

Shares of the ARK Innovation ETF ARKK, -4.63%, an exchange-traded fund managed by

Ark Investment Management founder Wood, was down around 5% Wednesday afternoon,

according to FactSet data, at last check. The ETF, which seeks to invest in shares of companies

that will benefit from “disruptive innovation,” has dropped around 33%

so far this year after sliding in Tuesday’s stock market slump as well.

All three major U.S. stock benchmarks were trading lower Wednesday afternoon,

with the tech-laden Nasdaq Composite COMP, -2.22% seeing the biggest losses,

as investors worried about the prospect of rising interest rates

Cathie Wood’s ARK