(Bloomberg) -- Cathie Wood’s flagship fund on Friday closed at its lowest level in five years, after suffering a 78% plunge from last year’s highs.

The ARK Innovation ETF (ticker ARKK) dropped 5.7%, finishing the day at $33.99 per share. The fund fell roughly 9.4% over the five-day stretch, its fifth straight weekly decline. 

“Nothing has changed in the larger macro backdrop -- a strong dollar is pressuring risk assets, inflation keeps surprising on the upside, rates are sticky and the Fed has to keep tightening,” said Todd Sohn, ETF strategist at Strategas Securities. “All of that is a bad combo for high-growth stocks.”

The year hasn’t been kind to the $6.7 billion ETF, as top holdings like Tesla Inc. and Zoom Video Communications Inc. were pummeled. Growth-oriented assets, like tech stocks or retail-trading favorite Tesla, have tanked as the Federal Reserve raises rates to knock down scorching levels of inflation. 

Wood took the central bank to task this week for its aggressive tightening campaign, penning an open letter to officials to express concern that they could be making a policy error. 

Speaking at a conference on Tuesday, Wood said the current risk-off environment means investors are looking for safety in passive benchmark-tracking products and failing to recognize that her fund’s investments are positioned for the long haul. Wood and her firm have often said they are focused on at least a five-year investment horizon.

Wood’s other funds have also been battered this year, with most dropping 40% or more. The ARK Fintech Innovation ETF (ARKF) dropped 5.1% on Friday and closed at a record low. 

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