Many investors follow Cathie Wood's latest trades for her ARK Innovation ETF (NYSEMKT: ARKK), but it's been a wild ride over the past two years. The famed growth investor's flagship exchange-traded fund suffered a 67% drawdown in 2022 as rising interest rates pummeled growth stocks -- but it's rallied 36% this year as many of her top holdings bounced back.

Two of those top holdings are Coinbase Global (NASDAQ: COIN) and UiPath (NYSE: PATH), which saw their shares rise 50% and 35%, respectively, since the beginning of 2023. Coinbase is currently Ark Innovation's sixth largest holding, with a weight of 5.7%, while UiPath is its fourth largest position and accounts for 6.6% of its portfolio. Should investors buy either of these Cathie Wood-approved growth stocks right now?

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Source Fool.com