[6] Wood was born in Los Angeles, the eldest child of Gerald and Mary Duddy, immigrants from Ireland.

[7] Wood's father served in the Irish Army and the United States Air Force as a radar systems engineer.

[9][10] In 1981, Wood graduated summa cum laude from the University of Southern California, with a Bachelor of Science degree in finance and economics.

[8] In 1998, along with Lulu C. Wang, Wood co-founded Tupelo Capital Management, a hedge fund based in New York City.

[8][3][12] In 2014, after her idea for actively managed exchange-traded funds (ETFs) based on disruptive innovation was deemed too risky by AllianceBernstein, Wood left the company and founded ARK Invest.

[22] The annual returns for ARKK, according to Morningstar:[23] in category Wood was selected for the inaugural 2021 Forbes 50 Over 50; made up of entrepreneurs, leaders, scientists, and creators who are over the age of 50.