2022 was a very tough year for the ARK Innovation ETF (ARKK). Cathie Wood’s flagship fund saw a nearly 70% share price drop for the year. A 40,000 lot of short calls that traded last week in ARK options suggests there could be some (but not a lot) of upside for the embattled ETF early in 2023. The calls are likely part of a rolling covered call trade that seeks to generate a return from premiums collected while possibly waiting for the stock to rebound.