Electric vehicle manufacturer Tesla (TSLA) is no longer the top holding in the ARK Innovation ETF (NYSEArca: ARKK). Per a report from Barron’s, Roku (ROKU) has usurped Elon Musk’s electric vehicle company as king of ARKK mountain, as the video streaming service provider now accounts for 8.4% of ARKK’s holdings. Tesla now accounts for 8.2% of ARKK, putting it at the No.2 spot within Ark Invest’s flagship fund.

Rounding out ARKK’s top five holdings are Zoom Video Communications (ZM), at 7.9%; Exact Sciences (EXAS), at 5.9%; and Block SQ (SQ), at 5.7%.

Recent stock performance appears to be the cause for the change in rankings within the ETF. Since the recent tech selloff and Musk’s potential purchase of Twitter (TWTR), Tesla’s shares have dropped 27% over the past month as of Friday morning. Meanwhile, Roku’s stock price has declined by only 12%.

Despite shares of Tesla being in decline, Ark Invest’s founding CEO and CIO Cathie Wood has remained a Tesla bull, having recently come to the company’s defense when Musk’s company was removed from its S&P 500 ESG Index. After S&P Dow Jones Indices revealed that Tesla was dropped from the index due to “a decline in criteria level scores related to Tesla’s (lack of) low carbon strategy and codes of business conduct,” as well as “claims of racial discrimination and poor working conditions at Tesla’s Fremont factory,” and “its handling of the NHTSA investigation after multiple deaths and injuries were linked to its autopilot vehicles,” Wood tweeted: “Ridiculous. Not worthy of any other response.”

In an interview at Exchange: An ETF Experience with Bob Pisani, senior markets correspondent for CNBC, Wood said that while she doesn’t agree with all of Musk’s “antics,” she’s focused on Tesla, its technology, and Musk’s vision.

ARKK is an actively managed ETF that invests at least 65% of its assets in companies relevant to the investment theme of disruptive innovation.

ARKK’s value has dropped 74% from its peak in February 2021. But despite this, Wood’s conviction in the strategy has only increased. “Our expectation has tripled over the last year for where AI-related market cap will be in 2030,” Wood told Pisani at Exchange, before adding: “Our estimates actually have gone up, and the prices have gone down. At the same time, in the private markets, we’re seeing innovation treated very differently.”

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