ARK Innovation ETF ARKK hit new five-year lows on Tuesday, led by declines in the top holdings of Ark's flagship fund. As ARKK continued its two-year slide, it appeared some investors have finally had enough.

What Happened: Ark's flagship fund was seeing net outflows in December after having net inflows the month before, a trend that held for the last eight months. It seems now the trend is starting to take a turn.

In May, Ark's Innovation fund reported net inflows of $657.84 million. The next month, the fund saw net outflows to the tune of $107.29 million. 

In July, Ark Innovation had net inflows of $384.92 million, followed by net outflows of $834.75 million in August. In September, the fund again saw net inflows of around $400 million, but net outflows took a sharp drop in October. 

Ark Innovation reported net inflows of just $13.11 million in November, and just 20 days into December, the fund has already seen net outflows of nearly $40 million. 

Ark Invest founder and CEO Cathie Wood continued to reaffirm her expectations for significant price appreciation in the innovation space over a five-year period, but it looked like a lot of her supporters aren't willing to stick around after seeing the fund's top holdings significantly underperform in 2022. 

Check This Out: How Much $100 In Bitcoin Today Could Be Worth In 2030 If Cathie Wood's Price Prediction Comes True

ARKK Top Holdings: Ark's top five innovation holdings represent close to a 40% weighting in the flagship fund. As these continue to trend lower, Wood continued to add to positions. 

Here's a look at how Wood's top picks have fared in 2022.

• Zoom Video Communications Inc ZM: -62.5% YTD
• Exact Sciences Corp EXAS: -33.51% YTD
• Tesla Inc TSLA: -59.52% YTD
• Roku Inc ROKU: -81.1% YTD
• Block Inc SQ: -61.75% YTD

What About SARK? On the other hand, the AXS Short Innovation Daily ETF SARK was up close to 80% since the start of the year. SARK is an actively managed fund that aims to achieve -1 times the return of the ARK Innovation ETF for a single day. 

ARKK Price Action: ARKK has a 52-week high of $99.88. It hit new 52-week lows on Tuesday before bouncing back.

ARKK was down 0.25% at $32.14 Tuesday afternoon, according to Benzinga Pro.

Read Next: Cathie Wood Stays Firm On Tesla With $4M Buy Even As Stock Slips Below Key Level — Also Loads Up On These 2 Crypto Stocks

Photo: Lee Rosario from Pixabay