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Ark ETF Trust

Filed: 1 Apr 22, 3:45pm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number 811-22883

 

            ARK ETF Trust           
(Exact name of registrant as specified in charter)

 

c/o ARK Investment Management LLC 

200 Central Avenue, Suite 1850
           St. Petersburg, FL 33701            
(Address of principal executive offices) (Zip code)

 

Corporation Service Company
2711 Centerville Road
Suite 400
           Wilmington, DE 19808          
(Name and address of agent for service)

 

Registrant’s telephone number, including area code: (212) 426-7040

 

Date of fiscal year end: July 31

 

Date of reporting period: January 31, 2022

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

Item 1. Reports to Stockholders.

 

(a)The Report to Shareholders is attached herewith.

 

 

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[MISSING IMAGE: ark_cov-bkg.jpg]
ARK ETF TRUST
SEMI-ANNUAL REPORT
JANUARY 31, 2022
INVESTING AT THE PACE OF INNOVATION
ARK Genomic Revolution ETF (ARKG)
ARK Autonomous Technology & Robotics ETF (ARKQ)
ARK Innovation ETF (ARKK)
ARK Next Generation Internet ETF (ARKW)
ARK Fintech Innovation ETF (ARKF)
ARK Space Exploration & Innovation ETF (ARKX)
ARK Transparency ETF (CTRU)
The 3D Printing ETF (PRNT)
The ARK Israel Innovative Technology ETF (IZRL)
ARK Invest | 200 Central Avenue, Suite 1850, St. Petersburg, FL 33701 | 212.426.7040 | info@ark-invest.com | ark-funds.com

Table of Contents
 
1
2
4
Schedule of Investments
6
9
11
14
16
18
20
22
24
26
29
32
37
46
51
52
 

 
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This report should be read in conjunction with the Trust’s prospectus.
The principal risks of investing in the ARK ETFs include: Market Risk. The value of the Funds’ assets will fluctuate as the markets in which the Funds invest fluctuate. The value of the Funds’ investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, such as inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, exchange trading suspensions and closures (including exchanges of a Fund’s underlying securities), infectious disease outbreaks or pandemics, terrorism, regulatory events and government controls, that affect large portions of the market. Equity Securities Risk: The value of the equity securities the Funds hold may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities the Funds hold participate or factors relating to specific companies in which the Funds invest (e.g., litigation or government regulation), among other factors. Equity securities may also be particularly sensitive to general movements in the stock market, and a decline in the broader market may affect the value of the Fund’s equity investments. The Funds may invest in stock of, warrants to purchase stock of, and other interests in special purpose acquisition companies (SPACs) or similar special purposes entities. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. Investments in SPACs and similar entities are subject to a variety of risks beyond those associated with other equity securities. Because SPACs and similar entities do not have any operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC’s management to identify a merger target and complete an acquisition. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. As a result, it is possible that an investment in a SPAC may lose value. Foreign Securities Risk: Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities such as risks of currency exchange rates, differences in foreign accounting and legal standards, the availability of less reliable financial information, and government restrictions on repatriation of capital. Geopolitical risks, including those arising from trade tension and/or the imposition of trade tariffs, terrorist activity or acts of civil or international hostility, are increasing. For instance, military conflict and escalating tensions between countries could result in geopolitical instability and adversely affect the global economy or specific markets. Strategic competition between the US and China and resulting tensions have also contributed to uncertainty in the geopolitical and regulatory landscapes. Similarly, other events outside of the Trust's control, including natural disasters, climate change-related events, pandemics (such as the COVID-19 pandemic) or health crises may arise from time to time and be accompanied by governmental actions that may increase international tension. Any such events and responses, including regulatory developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may adversely affect the global economy or capital markets and may cause the Trust's assets to decline. Health Care Sector Risk: Companies in the health care sector may be adversely affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Consumer Discretionary Risk: The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers’ disposable income and consumer preferences, social trends and marketing campaigns. Industrials Sector Risk: Companies in the industrials sector may be adversely affected by changes in government regulation (such as through the imposition or removal of tariffs), world events, economic conditions, environmental damages, product liability claims and exchange rates. Information Technology Sector Risk: Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The markets in which many information technology companies compete face rapidly evolving industry standards and government regulations, frequent new service and product announcements, introductions and enhancements, and changing customer demands. Communications Sector Risk: Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Financial Technology Sector Risk: Companies in the financial technology (“FinTech”) sector that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. FinTech companies may not currently derive any revenue, and there is no assurance that such companies will derive any revenue from innovative technologies in the future. Cryptocurrency Investment Risk: ARKK and ARKW may have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust (e.g., the Grayscale Bitcoin Trust (BTC)) that will experience any associated volatility of the underlying cryptocurrency. Shares of BTC may trade at a significant premium or discount to net asset value (“NAV”). To the extent BTC trades at a discount to NAV, the value of a Fund’s investment in BTC would typically decrease. ARKW may also have exposure to bitcoin through other pooled investment vehicles that invest in bitcoin, such as exchange-traded funds that are domiciled and listed for trading in Canada. The Funds’ exposure to cryptocurrencies may change over time and, accordingly, such exposure may not always be present in the Funds’ portfolios. Cryptocurrencies such as bitcoin are not “fiat” currencies of any central bank or government and currently are not subject to the authority of any central bank or government authority and are therefore not backed by any government, and regulatory and tax treatment of cryptocurrencies continues to develop. Disruptive Innovation Risk: Companies that the advisor believes create and capitalize on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. Companies that initially develop a novel technology may not be able to capitalize on the technology. The Fund may invest in a company that does not currently derive any revenue from disruptive innovations or technologies, and there is no assurance that a company will derive any revenue from disruptive innovations or technologies in the future. Non-Diversified Risk. As a non-diversified investment company, a Fund is subject to the risk that it will be more volatile than a diversified fund because the Fund may invest a relatively higher proportion of its assets in a relatively smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on a Fund’s NAV and may make the Fund more volatile than more diversified funds. Market Trading Risk. Each Fund faces numerous market trading risks, including disruptions to the creation and redemption processes
 

 
 
of the Fund, losses from trading in secondary markets, the existence of extreme market volatility, the potential lack of an active trading market for the Fund’s shares due to market stress, or trading halts impacting the Shares or the Fund’s underlying securities, which may result in the Fund’s shares trading at a significant premium or discount to NAV. Please see the ARK ETFs’ current prospectuses for more detailed descriptions of the risks of investing in the ARK ETFs.
The views expressed in the Shareholder Letter are those of ARK Investment Management LLC (“ARK”) as of January 31, 2022. The Shareholder Letter may not necessarily reflect the views or holdings on the date this Semi-Annual Report is first published or anytime thereafter. The information in the Shareholder Letter may change, and the ARK ETFs disclaim any obligation to advise shareholders of any such changes. Certain information was obtained from sources that ARK believes to be reliable; however, ARK does not guarantee the accuracy or completeness of any information obtained from any third party.
Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security. Please visit www.ark-funds.com for the most current list of portfolio holdings for the ARK ETFs.
 

Shareholder Letter
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(Unaudited)
Dear Shareholder:
This Semi-Annual Report for the ARK ETF Trust covers the period from August 1, 2021 through January 31, 2022, for each ARK exchange traded fund (“ETF” or collectively, “ARK ETFs”). The ARK ETF Trust, as of the period of this report, consists of six actively managed theme-based ETFs and three index-based ETFs:
ETFCommencement Date
ARK Genomic Revolution ETF10/31/14
ARK Autonomous Technology & Robotics ETF9/30/14
ARK Innovation ETF10/31/14
ARK Next Generation Internet ETF9/30/14
ARK Fintech Innovation ETF2/4/19
ARK Space Exploration & Innovation ETF3/30/21
ARK Transparency ETF12/8/21
The 3D Printing ETF7/19/16
The ARK Israel Innovative Technology ETF12/5/17
ARK Investment Management LLC (“ARK”), the investment advisor to the ARK ETFs, specializes in thematic investing in disruptive innovation. The ARK ETFs include portfolio companies that we believe are leading and benefiting from five innovation platforms: artificial intelligence (AI), energy storage, robotics, DNA sequencing, and blockchain technology. According to our research, these innovation platforms will transform our lives and the global economy radically, scaling their equity market capitalizations from roughly $10 trillion today to more than $200 trillion in 2030.
Investment strategies geared to the future, like ours, evaluate complex dynamics that can evolve rapidly. Take the coronavirus pandemic. Seemingly overnight, demand for innovations in such diverse areas as DNA sequencing, artificial intelligence, and e-commerce surged. In response, ARK’s analysts pivoted quickly and focused on the accelerated rate of adoption of the five innovation platforms and their fourteen underlying technologies. As a result, we increased our exposure to digital wallets, electric vehicles, genomic sequencing, molecular diagnostics, 3D printing, and drone delivery/robotic logistics. In our view, the coronavirus crisis permanently changed the way the world works, catapulting consumers and businesses into the digital age much faster and deeper than otherwise would have been the case. While many still are dismissing innovation stocks as “stay at home”, we believe this behavior glosses over a crucial point: innovation solves problems in a way that consumers and businesses adopt with relief, enthusiasm, and delight.
For this reason, ARK places significant focus on our five-year investment time horizon, communicating constantly with our clients that innovation solves problems and is expected to transform human lives at an accelerated rate during the next five to ten years. We also reiterate that we take advantage of volatility during corrections and concentrate our portfolios toward our highest conviction stocks. We believe the result of engaging with our clients has been asset retention better than many observers might have anticipated, suggesting that on balance, investors understand our active management investment process and long-term investment time horizon.
On the following pages, you will find information relating to your ARK ETF investment. If you have any questions, I encourage you to contact your financial advisor or ARK directly. You can find additional information, including our daily portfolio holdings, on the ARK ETF website located at: www.ark-funds.com.
We appreciate the opportunity to help you meet your investment goals and thank you for enabling us to invest for you at the pace of innovation!
Sincerely,
[MISSING IMAGE: sg_cathie-wood.jpg]
Catherine D. Wood
Chief Investment Officer and Chief Executive Officer
ARK Investment Management LLC
 
1

Shareholder Expense Examples
(Unaudited)
As a shareholder of an ARK ETF (each, a “Fund” and collectively, “Funds”) you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples below are based on an investment of  $1,000 invested at the beginning of the six-month period and held for the entire period (August 1, 2021 through January 31, 2022).
Actual Expenses
The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.
Hypothetical Example for Comparison Purposes
The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Beginning
Account Value
8/1/2021
Ending
Account Value
1/31/2022
Annualized
Expense Ratios
for the Period
Expenses Paid
During the
Period(a)
ARK Genomic Revolution ETF
Actual$1,000.00$592.900.75%$3.01
Hypothetical (5% return before expenses)$1,000.00$1,021.420.75%$3.82
ARK Autonomous Technology & Robotics ETF
Actual$1,000.00$820.300.75%$3.44
Hypothetical (5% return before expenses)$1,000.00$1,021.420.75%$3.82
ARK Innovation ETF
Actual$1,000.00$633.500.75%$3.09
Hypothetical (5% return before expenses)$1,000.00$1,021.420.75%$3.82
ARK Next Generation Internet ETF
Actual$1,000.00$661.400.75%$3.14
Hypothetical (5% return before expenses)$1,000.00$1,021.420.75%$3.82
ARK Fintech Innovation ETF
Actual$1,000.00$640.000.75%$3.10
Hypothetical (5% return before expenses)$1,000.00$1,021.420.75%$3.82
ARK Space Exploration & Innovation ETF
Actual$1,000.00$804.900.70%$3.18
Hypothetical (5% return before expenses)$1,000.00$1,021.680.70%$3.57
ARK Transparency ETF
Actual$1,000.00$846.500.55%$0.77(b)
Hypothetical (5% return before expenses)$1,000.00$1,022.430.55%$2.80
The 3D Printing ETF
Actual$1,000.00$794.400.66%$2.99
Hypothetical (5% return before expenses)$1,000.00$1,021.880.66%$3.36
 
2

Shareholder Expense Examples (continued)
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(Unaudited)
Beginning
Account Value
8/1/2021
Ending
Account Value
1/31/2022
Annualized
Expense Ratios
for the Period
Expenses Paid
During the
Period(a)
The ARK Israel Innovative Technology ETF
Actual$1,000.00$831.200.49%$2.26
Hypothetical (5% return before expenses)$1,000.00$1,022.740.49%$2.50
(a)
Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (the number of days in the period, then divided by 365).
(b)
ARK Transparency ETF commenced operations on December 8, 2021. Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period since the commencement of the Fund’s operations, multiplied by 55/365 (the number of days in the period, then divided by 365).
 
3

Sector Diversification (as a percentage of total investments) 
January 31, 2022
   
ARK Genomic Revolution ETF (ARKG)
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Health Care95.3%
Information Technology3.7
Financials0.6
Materials0.4
Money Market Fund0.0(a)
100.0
(a)
Less than 0.05%
ARK Autonomous Technology &
Robotics ETF (ARKQ)
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Industrials35.8%
Information Technology34.4
Consumer Discretionary19.7
Communication Services8.9
Health Care1.0
Money Market Fund0.2
100.0
ARK Innovation ETF (ARKK)
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Information Technology33.0%
Health Care32.8
Communication Services14.9
Consumer Discretionary11.3
Financials6.9
Industrials1.0
Money Market Fund0.1
100.0
ARK Next Generation
Internet ETF (ARKW)
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Information Technology36.5%
Communication Services24.5
Financials16.9
Consumer Discretionary15.4
Health Care6.6
Money Market Fund0.1
100.0
ARK Fintech Innovation ETF (ARKF)
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Information Technology45.6%
Financials27.4
Consumer Discretionary12.0
Communication Services7.0
Health Care4.0
Real Estate3.9
Money Market Fund0.1
100.0
ARK Space Exploration &
Innovation ETF (ARKX)
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Industrials51.8%
Information Technology26.5
Communication Services8.1
Equity Fund7.9
Consumer Discretionary5.6
Money Market Fund0.1
100.0
 
4

Sector Diversification (as a percentage of total investments) (concluded)
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January 31, 2022

ARK Transparency ETF (CTRU)
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Information Technology44.9%
Consumer Discretionary23.5
Industrials8.3
Health Care7.5
Communication Services6.8
Consumer Staples4.5
Materials2.2
Financials2.0
Money Market Fund0.3
100.0
The 3D Printing ETF (PRNT)
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Information Technology46.4%
Industrials29.3
Health Care9.2
Consumer Discretionary5.2
Money Market Fund3.6
Materials3.4
Financial Services2.8
Consumer Staples0.1
100.0
The ARK Israel Innovative
Technology ETF (IZRL)
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Information Technology55.8%
Health Care18.3
Industrials10.3
Communication Services9.4
Consumer Discretionary6.2
100.0
 
5

Schedule of Investments
ARK Genomic Revolution ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 99.7%
Biotechnology – 59.0%
AquaBounty Technologies, Inc.*3,357,823$5,943,347
Arcturus Therapeutics Holdings, Inc.*2,463,07664,360,176
Beam Therapeutics, Inc.*2,258,626156,319,505
Burning Rock Biotech Ltd. (China)*(a)1,472,69513,254,255
CareDx, Inc.*3,623,433151,459,499
Cellectis SA (France)*†(a)2,898,41017,999,126
CRISPR Therapeutics AG (Switzerland)*2,073,934132,213,293
Editas Medicine, Inc.*999,62019,032,765
Evogene Ltd. (Israel)*2,296,2023,191,721
Exact Sciences Corp.*4,661,181355,927,781
Fate Therapeutics, Inc.*4,368,208181,324,314
Ginkgo Bioworks Holdings, Inc.*18,381,781109,923,050
Incyte Corp.*1,639,416121,857,791
Intellia Therapeutics, Inc.*1,872,413177,074,097
Invitae Corp.*6,052,28768,027,706
Ionis Pharmaceuticals, Inc.*7,017,770223,165,086
Iovance Biotherapeutics, Inc.*3,138,06852,248,832
Nurix Therapeutics, Inc.*404,6817,535,160
Organovo Holdings, Inc.*209,508653,665
Recursion Pharmaceuticals, Inc., Class A*2,920,69734,581,053
Regeneron Pharmaceuticals, Inc.*69,28242,164,332
Repare Therapeutics, Inc. (Canada)*2,971,27945,846,835
Surface Oncology, Inc.*5,410,15020,288,063
Twist Bioscience Corp.*1,948,118115,757,172
Veracyte, Inc.*2,087,38563,477,378
Vertex Pharmaceuticals, Inc.*747,966181,793,136
Verve Therapeutics, Inc.*1,682,74148,496,596
Total Biotechnology2,413,915,734
Chemicals – 0.4%
Zymergen, Inc.*3,242,12716,859,060
Electronic Equipment, Instruments & Components – 1.2%
908 Devices, Inc.*3,107,33149,157,976
Financial Services – 0.6%
Dynamics Special Purpose Corp., Class A*
2,354,41823,308,738
Health Care Equipment & Supplies – 1.7%
Butterfly Network, Inc.*7,583,31443,983,221
Cerus Corp.*4,534,87224,306,914
Total Health Care Equipment & Supplies68,290,135
Health Care Providers & Services – 7.9%
1Life Healthcare, Inc.*5,444,61960,761,948
Accolade, Inc.*5,013,04095,749,064
Castle Biosciences, Inc.*1,208,74452,278,178
Signify Health, Inc., Class A*8,657,468115,404,049
Total Health Care Providers & Services324,193,239
Health Care Technology – 11.0%
Schrodinger, Inc.*2,927,22282,986,743
Teladoc Health, Inc.*4,166,263319,594,035
Veeva Systems, Inc., Class A*210,31849,748,620
Total Health Care Technology452,329,398
InvestmentsSharesValue
Life Sciences Tools & Services – 14.2%
10X Genomics, Inc., Class A*469,230$45,172,772
Adaptive Biotechnologies Corp.*5,674,38998,961,344
Berkeley Lights, Inc.*3,524,58034,223,672
Codexis, Inc.*3,228,13866,176,829
Compugen Ltd. (Israel)*3,318,58111,780,963
Pacific Biosciences of California, Inc.*13,026,974145,641,569
Personalis, Inc.*5,237,42959,654,316
Quantum-Si, Inc.*11,749,37456,279,502
SomaLogic, Inc.*7,444,54863,874,222
Total Life Sciences Tools & Services581,765,189
Pharmaceuticals – 1.2%
Pfizer, Inc.903,09547,584,076
Takeda Pharmaceutical Co. Ltd. (Japan)(a)
3,09044,681
Total Pharmaceuticals47,628,757
Software – 2.5%
Palantir Technologies, Inc., Class A*178,2322,443,561
UiPath, Inc., Class A*2,748,663100,408,659
Total Software102,852,220
Total Common Stocks
(Cost $7,717,132,398)
4,080,300,446
MONEY MARKET FUND – 0.0%(b)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)
(Cost $1,416,368)
1,416,3681,416,368
Total Investments – 99.7%
(Cost $7,718,548,766)
4,081,716,814
Other Assets in Excess of
Liabilities – 0.3%
10,465,527
Net Assets – 100.0%$4,092,182,341
See accompanying Notes to Financial Statements.
6

Schedule of Investments (continued)
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ARK Genomic Revolution ETF
January 31, 2022 (Unaudited)
Affiliated Issuer Transactions
A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:
Value ($) at
7/31/2021
Purchases
Cost
($)
Sales
Proceeds
($)
Net Realized
Gain/(Loss)
($)
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
Dividend
Income
($)
Capital Gain
Distributions
($)
Number of
Shares at
1/31/2022
Value ($) at
1/31/2022
Common Stocks – 21.6%
Biotechnology – 7.4%
AquaBounty Technologies, Inc.
32,699,2253,768,776(11,611,945)(15,572,311)(3,340,398)
Arcturus Therapeutics Holdings, Inc.
84,888,98738,053,854(46,295,335)12,833,202(25,120,532)2,463,07664,360,176
CareDx, Inc.
310,172,39589,533,944(90,538,206)3,080,418(160,789,052)3,623,433151,459,499
Cellectis SA
56,897,4317,518,689(24,736,585)(18,951,637)(2,728,772)2,898,41017,999,126
Evogene Ltd.
9,030,6191,260,274(3,030,704)203,793(4,272,261)2,296,2023,191,721
Fate Therapeutics, Inc.
357,383,678130,458,732(117,255,017)1,725,707(190,988,786)
Ionis Pharmaceuticals, Inc.
335,200,94271,228,676(136,074,277)(28,249,338)(18,940,917)
Repare Therapeutics, Inc.
93,387,20138,264,433(33,081,669)22,546(52,745,676)2,971,27945,846,835
Surface Oncology, Inc.
26,008,45521,592,501(13,339,613)(934,252)(13,039,028)5,410,15020,288,063
Twist Bioscience Corp.
303,792,36244,686,884(97,965,096)8,559,051(143,316,029)
Electronic Equipment, Instruments & Components – 1.2%
908 Devices, Inc.
81,883,53149,899,974(35,161,344)(1,415,556)(46,048,629)3,107,33149,157,976
Financial Services – 0.6%
Dynamics Special Purpose Corp.
19,718,8889,587,446(6,086,431)1,59387,2422,354,41823,308,738
Health Care Providers & Services – 5.2%
Accolade, Inc.
259,620,47756,592,116(73,772,398)(8,297,187)(138,393,944)5,013,04095,749,064
Castle Biosciences, Inc.
156,646,65819,315,415(69,811,729)(21,224,277)(32,647,889)
Signify Health, Inc.
139,077,091143,018,037(60,583,184)(4,344,446)(101,763,449)8,657,468115,404,049
Life Sciences Tools & Services – 7.2%
Berkeley Lights, Inc.
145,389,85348,953,983(33,763,469)(5,128,403)(121,228,292)3,524,58034,223,672
Codexis, Inc.
135,791,14728,063,739(124,943,179)26,562,833702,289
Pacific Biosciences of California, Inc.
460,481,139106,601,815(138,790,335)108,792,919(391,443,969)13,026,974145,641,569
Personalis, Inc.
97,468,70247,361,263(35,383,783)(2,443,664)(47,348,202)5,237,42959,654,316
Quantum-Si, Inc.
71,309,63570,230,761(35,987,724)72,530(49,345,700)11,749,37456,279,502
Molecular Diagnostics – 0.0%
CM Life Sciences II, Inc.
32,363,8291,149,934(1,108,561)(144,970)5,547,068
$3,209,212,245$1,027,141,246$(1,189,320,584)$55,148,551$(1,537,164,926)$$72,333,164$882,564,306
*
Non-income producing security

Affiliated security
(a)
American Depositary Receipt
(b)
Less than 0.05%
(c)
Rate shown represents annualized 7-day yield as of January 31, 2022.
See accompanying Notes to Financial Statements.
7

Schedule of Investments (continued)
ARK Genomic Revolution ETF
January 31, 2022 (Unaudited)
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
ARK
Genomic
Revolution
ETF
Level 1Level 2Level 3Total
Assets
Common Stocks‡
$4,080,300,446$   —$   —$4,080,300,446
Money Market
Fund
1,416,3681,416,368
Total$4,081,716,814$$$4,081,716,814

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
8

Schedule of Investments
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Autonomous Technology & Robotics ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 99.7%
Aerospace & Defense – 14.5%
AeroVironment, Inc.*837,787$47,686,836
Archer Aviation, Inc., Class A*8,355,72026,320,518
Elbit Systems Ltd. (Israel)183,08330,347,838
Kratos Defense & Security Solutions, Inc.*
7,020,820117,668,943
Lockheed Martin Corp.39,67515,438,733
Total Aerospace & Defense237,462,868
Airlines – 2.3%
Blade Air Mobility, Inc.*6,106,73437,312,145
Auto Components – 2.7%
Magna International, Inc. (Canada)549,08044,261,339
Automobiles – 15.3%
BYD Co. Ltd. (China)(a)275,30116,405,187
Niu Technologies (China)*(a)2,848,56040,022,268
Tesla, Inc.*182,533170,982,312
XPeng, Inc. (China)*(a)683,18323,972,891
Total Automobiles251,382,658
Biotechnology – 0.0%(b)
Organovo Holdings, Inc.*104,918327,344
Diversified Consumer Services – 0.7%
2U, Inc.*731,54211,807,088
Diversified Telecommunication – 5.0%
Iridium Communications, Inc.*2,265,76181,295,504
Electronic Equipment, Instruments & Components – 8.6%
Teledyne Technologies, Inc.*50,37221,228,272
Trimble, Inc.*1,666,369120,245,187
Total Electronic Equipment, Instruments &
Components
141,473,459
Health Care Equipment & Services – 1.0%
Intuitive Surgical, Inc.*60,24917,121,561
Household Durables – 1.0%
Vuzix Corp.*2,520,44316,458,493
Interactive Media & Services – 3.9%
Alphabet, Inc., Class C*12,65734,350,718
Baidu, Inc. (China)*(a)182,66229,178,428
Total Interactive Media & Services63,529,146
Internet & Direct Marketing Retail – 0.0%(b)
JD.com, Inc. (China)*(a)1,26794,873
Machinery – 16.7%
Caterpillar, Inc.128,40225,880,707
Deere & Co.181,20468,205,186
Komatsu Ltd. (Japan)(a)3,023,47576,131,101
Markforged Holding Corp.*9,705,16745,905,440
Proto Labs, Inc.*432,46321,700,993
Velo3D Inc.*5,538,32535,722,196
Total Machinery273,545,623
Road & Rail – 2.3%
TuSimple Holdings, Inc., Class A*1,984,16237,222,879
Semiconductors & Semiconductor Equipment – 1.8%
Teradyne, Inc.258,31230,333,578
InvestmentsSharesValue
Software – 17.2%
ANSYS, Inc.*57,086$19,409,811
Materialise NV (Belgium)*(a)1,184,45924,293,254
Palantir Technologies, Inc., Class A*2,479,03833,987,611
Synopsys, Inc.*58,19718,070,168
UiPath, Inc., Class A*3,642,039133,043,685
Unity Software, Inc.*510,62153,691,798
Total Software282,496,327
Technology Hardware, Storage & Peripherals – 6.7%
3D Systems Corp.*3,269,34558,521,275
Nano Dimension Ltd. (Israel)*(a)7,796,48628,613,104
Stratasys Ltd.*935,35122,298,768
Total Technology Hardware, Storage & Peripherals109,433,147
Total Common Stocks
(Cost $2,203,854,604)
1,635,558,032
MONEY MARKET FUND – 0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)
(Cost $2,769,469)2,769,4692,769,469
Total Investments – 99.9%
(Cost $2,206,624,073)
1,638,327,501
Other Assets in Excess of Liabilities – 0.1%1,991,732
Net Assets – 100.0%$1,640,319,233
See accompanying Notes to Financial Statements.
9

Schedule of Investments (continued)
ARK Autonomous Technology & Robotics ETF
January 31, 2022 (Unaudited)
Affiliated Issuer Transactions
A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:
Value ($) at 7/31/2021Purchases
Cost
($)
Sales
Proceeds
($)
Net Realized
Gain/(Loss)
($)
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
Dividend
Income
($)
Capital Gain
Distributions
($)
Number of
Shares at
1/31/2022
Value ($) at
1/31/2022
Common Stocks – 16.0%
Aerospace & Defense – 8.8%
Archer Aviation, Inc.
28,560,81556,903,659(14,463,027)(1,109,202)(43,571,727)8,355,72026,320,518
Kratos Defense & Security Solutions, Inc.
192,932,86456,243,438(52,773,662)(4,856,570)(73,877,127)7,020,820117,668,943
Airlines – 2.2%
Blade Air Mobility, Inc.
29,954,01235,640,858(15,015,159)617,266(13,884,832)6,106,73437,312,145
Machinery – 5.0%
Markforged Holding Corp.
28,017,64276,960,291(17,561,969)(328,642)(41,181,882)9,705,16745,905,440
Velo3D Inc.
26,430,75241,939,406(12,394,936)592,243(20,845,269)
$305,896,085$233,235,358$(102,076,926)$(5,694,151)$(171,358,490)$$31,188,441$227,207,046

Affiliated security
*
Non-income producing security
(a)
American Depositary Receipt
(b)
Less than 0.05%
(c)
Rate shown represents annualized 7-day yield as of January 31, 2022.
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
ARK
Autonomous
Technology &
Robotics ETF
Level 1Level 2Level 3Total
Assets
Common Stocks‡
$1,635,558,032$   —$   —$1,635,558,032
Money Market
Fund
2,769,4692,769,469
Total$1,638,327,501$$$1,638,327,501

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
10

Schedule of Investments
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Innovation ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 99.9%
Automobiles – 8.2%
Tesla, Inc.*1,139,789$1,067,663,152
Biotechnology – 21.9%
Beam Therapeutics, Inc.*6,060,272419,431,425
CRISPR Therapeutics AG (Switzerland)*
6,129,474390,753,968
Editas Medicine, Inc.*70,0401,333,562
Exact Sciences Corp.*8,025,361612,816,566
Fate Therapeutics, Inc.*5,946,682246,846,770
Ginkgo Bioworks Holdings, Inc.*31,731,889189,756,696
Intellia Therapeutics, Inc.*5,710,522540,044,066
Invitae Corp.*17,416,439195,760,774
Iovance Biotherapeutics, Inc.*1502,497
Twist Bioscience Corp.*1,686,945100,238,272
Veracyte, Inc.*4,722,315143,605,599
Total Biotechnology2,840,590,195
Capital Markets – 6.9%
Coinbase Global, Inc., Class A*3,457,191657,384,869
Robinhood Markets, Inc., Class A*16,469,317233,040,835
Total Capital Markets890,425,704
Diversified Consumer Services – 0.7%
2U, Inc.*5,718,33492,293,911
Diversified Telecommunication – 1.4%
Iridium Communications, Inc.*5,023,494180,242,965
Electronic Equipment, Instruments & Components – 1.2%
Trimble, Inc.*2,066,649149,129,392
Entertainment – 11.3%
ROBLOX Corp., Class A*1,299,78885,604,038
Roku, Inc.*4,974,186816,015,213
Sea Ltd. (Taiwan)*(a)24,1253,626,229
Skillz, Inc.*3,384,56716,279,767
Spotify Technology SA*2,802,634550,044,949
Total Entertainment1,471,570,196
Health Care Equipment & Supplies – 0.4%
Cerus Corp.*9,915,89253,149,181
Health Care Providers & Services – 1.1%
Signify Health, Inc., Class A*11,121,843148,254,167
Health Care Technology – 6.5%
Teladoc Health, Inc.*11,013,932844,878,724
Hotels Restaurants & Leisure – 2.4%
DraftKings, Inc., Class A*13,971,698308,634,809
Interactive Media & Services – 2.1%
Twitter, Inc.*7,422,233278,407,960
IT Services – 11.1%
Block, Inc.*4,067,790497,450,039
Shopify, Inc., Class A (Canada)*410,005395,343,221
Twilio, Inc., Class A*2,619,229539,875,482
Total IT Services1,432,668,742
InvestmentsSharesValue
Life Sciences Tools & Services – 2.9%
10X Genomics, Inc., Class A*1,837,892$176,933,863
Berkeley Lights, Inc.*4,641,57545,069,693
Compugen Ltd. (Israel)*5,682,80220,173,947
Pacific Biosciences of California, Inc.*11,929,108133,367,428
Total Life Sciences Tools & Services375,544,931
Road & Rail – 1.0%
TuSimple Holdings, Inc., Class A*6,847,843128,465,534
Software – 19.9%
Materialise NV (Belgium)*†(a)3,772,33777,370,632
PagerDuty, Inc.*7,299,320241,023,546
Palantir Technologies, Inc., Class A*24,474,907335,550,975
UiPath, Inc., Class A*14,129,740516,159,402
Unity Software, Inc.*5,433,778571,361,757
Zoom Video Communications, Inc., Class A*5,441,019839,440,411
Total Software2,580,906,723
Technology Hardware, Storage & Peripherals – 0.9%
3D Systems Corp.*75,3331,348,460
Stratasys Ltd.*4,617,180110,073,571
Total Technology Hardware, Storage &
Peripherals
111,422,031
Total Common Stocks
(Cost $20,657,820,823)
12,954,248,317
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management
Fund, Institutional Shares, 0.03%(b)
(Cost $17,592,362)
17,592,36217,592,362
Total Investments – 100.0%
(Cost $20,675,413,185)
12,971,840,679
Liabilities in Excess of Other Assets – (0.0)%(c)
(3,561,337)
Net Assets – 100.0%$12,968,279,342
See accompanying Notes to Financial Statements.
11

Schedule of Investments (continued)
ARK Innovation ETF
January 31, 2022 (Unaudited)
Affiliated Issuer Transactions
A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:
Value ($) at 7/31/2021Purchases
Cost
($)
Sales
Proceeds
($)
Net Realized
Gain/(Loss)
($)
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
Dividend
Income
($)
Capital Gain
Distributions
($)
Number of
Shares at
1/31/2022
Value ($) at
1/31/2022
Common Stocks – 28.5%
Biotechnology – 14.9%
Beam Therapeutics, Inc.
429,666,220377,485,328(259,713,176)25,753,440(153,760,387)6,060,272419,431,425
CRISPR Therapeutics AG
590,141,202395,738,354(279,812,333)54,615,163(369,928,418)6,129,474390,753,968
Editas Medicine, Inc.
179,157,87060,448,693(168,105,312)(22,191,880)(47,975,809)
Fate Therapeutics, Inc.
368,294,731302,629,751(188,518,666)(8,698,230)(226,860,816)5,946,682246,846,770
Intellia Therapeutics, Inc.
588,966,306503,715,195(337,412,833)265,862,472(481,087,074)5,710,522540,044,066
Invitae Corp.
331,826,516314,351,089(175,128,732)39,254,286(314,542,385)17,416,439195,760,774
Iovance Biotherapeutics, Inc.
189,057,13436,882,663(203,368,496)(164,615,118)142,046,314
Veracyte, Inc.
146,417,966150,829,544(91,432,915)24,676,740(86,885,736)4,722,315143,605,599
Diversified Consumer Services – 0.7%
2U, Inc.
223,797,13487,329,285(76,204,621)13,435,801(156,063,688)5,718,33492,293,911
Diversified Telecommunication – 0.0%
Iridium Communications, Inc.
351,317,071123,485,266(256,202,296)(6,087,469)(32,269,607)
Health Care Equipment & Supplies – 0.4%
Cerus Corp.
61,502,12722,020,315(36,776,562)2,330,8864,072,4159,915,89253,149,181
Health Care Providers & Services – 1.1%
Signify Health, Inc.
321,243,136(76,611,190)(1,173,170)(95,204,609)11,121,843148,254,167
Health Care Technology – 6.5%
Teladoc Health, Inc.
1,309,104,544867,940,252(611,506,284)(11,819,785)(708,840,003)11,013,932844,878,724
Life Sciences Tools & Services – 1.5%
Berkeley Lights, Inc.
158,277,14390,104,092(52,918,469)(1,994,950)(148,398,123)4,641,57545,069,693
Compugen Ltd.
43,591,66410,386,472(16,207,883)1,910,812(19,507,118)5,682,80220,173,947
Pacific Biosciences of California, Inc.
246,859,499227,915,477(124,140,933)62,950,308(280,216,923)11,929,108133,367,428
Machinery – 0.0%
Proto Labs, Inc.
155,624,21512,316,665150,882,022(120,312,087)103,253,229
Software – 2.5%
Materialise NV
80,375,73346,320,752(43,500,051)1,983,714(7,809,516)���3,772,33777,370,632
PagerDuty, Inc.
224,620,189212,015,324(140,437,856)39,649,195(94,823,306)7,299,320241,023,546
Technology Hardware, Storage & Peripherals – 0.9%
Stratasys Ltd.
81,818,21467,201,592(55,780,223)9,439,4627,394,5264,617,180110,073,571
$5,760,415,478$4,230,359,245$(3,042,896,809)$204,969,590$(2,967,407,034)$$121,698,027$3,702,097,402

Affiliated security
*
Non-income producing security
(a)
American Depositary Receipt
(b)
Rate shown represents annualized 7-day yield as of January 31, 2022.
(c)
Less than 0.05%
See accompanying Notes to Financial Statements.
12

Schedule of Investments (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Innovation ETF
January 31, 2022 (Unaudited)
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
ARK Innovation
ETF
Level 1Level 2Level 3Total
Assets
Common Stocks$12,954,248,317$   —$   —$12,954,248,317
Money Market
Fund
17,592,36217,592,362
Total$12,971,840,679$$$12,971,840,679

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
13

Schedule of Investments
ARK Next Generation Internet ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 93.4%
Automobiles – 7.8%
Tesla, Inc.*223,908$209,739,102
Banks – 0.5%
NU Holdings Ltd/Cayman Islands (Brazil)*1,684,77612,501,038
Biotechnology – 1.2%
Veracyte, Inc.*1,054,35032,062,783
Capital Markets – 10.2%
Coinbase Global, Inc., Class A*999,403190,036,481
Concord Acquisition Corp., Class A*3,114,18430,986,131
Robinhood Markets, Inc., Class A*3,865,62954,698,650
Total Capital Markets275,721,262
Diversified Consumer Services – 0.7%
2U, Inc.*1,227,34019,809,268
Entertainment – 17.5%
Endeavor Group Holdings, Inc., Class A*497,50915,606,857
ROBLOX Corp., Class A*1,194,42478,664,765
Roku, Inc.*957,906157,144,479
Sea Ltd. (Taiwan)*(a)332,81750,025,723
Skillz, Inc.*1,381,3496,644,289
Spotify Technology SA*684,386134,317,596
Walt Disney Co. (The)*198,21328,338,513
Total Entertainment470,742,222
Health Care Technology – 5.4%
Teladoc Health, Inc.*1,901,573145,869,665
Hotels Restaurants & Leisure – 3.3%
DraftKings, Inc., Class A*3,975,96087,828,956
Household Durables – 1.1%
Vuzix Corp.*4,452,06629,071,991
Interactive Media & Services – 7.0%
Genius Sports Ltd (United Kingdom)*5,534,56435,863,975
Nextdoor Holdings, Inc.*4,305,13324,367,053
Snap, Inc., Class A*1,16037,746
Twitter, Inc.*3,420,518128,303,630
Total Interactive Media & Services188,572,404
Internet & Direct Marketing Retail – 2.3%
Etsy, Inc.*180,13128,294,978
MercadoLibre, Inc. (Argentina)*31,04935,149,331
Total Internet & Direct Marketing Retail63,444,309
IT Services – 15.4%
Adyen NV (Netherlands)*(a)1,213,88224,666,082
Block, Inc.*793,48597,035,281
Cloudflare, Inc., Class A*345,16933,274,291
Okta, Inc.*145,81128,854,539
Shopify, Inc., Class A (Canada)*107,162103,329,887
Snowflake, Inc., Class A*9125,107
Twilio, Inc., Class A*618,843127,555,919
Total IT Services414,741,106
InvestmentsSharesValue
Leisure Products – 0.0%(b)
Peloton Interactive, Inc., Class A*9,044$247,173
Software – 19.9%
DocuSign, Inc.*34543,391
LivePerson, Inc.*942,808
Monday.com Ltd.*60,84812,736,703
PagerDuty, Inc.*1,592,16552,573,288
Palantir Technologies, Inc., Class A*2,980,99140,869,387
Splunk, Inc.*779,65696,614,971
UiPath, Inc., Class A*2,295,67283,860,898
Unity Software, Inc.*889,54493,535,552
Zoom Video Communications, Inc., Class A*1,004,325154,947,261
Total Software535,184,259
Technology Hardware, Storage & Peripherals – 1.1%
Nano Dimension Ltd. (Israel)*(a)8,122,63629,810,074
Total Common Stocks
(Cost $4,031,424,693)
2,515,345,612
UNIT TRUST – 6.2%
Financials – 6.2%
Grayscale Bitcoin Trust BTC*
(Cost $239,469,341)
6,387,460167,606,950
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c)
(Cost $1,799,225)
1,799,2251,799,225
Total Investments – 99.7%
(Cost $4,272,693,259)
2,684,751,787
Other Assets in Excess of Liabilities – 0.3%7,940,057
Net Assets – 100.0%$2,692,691,844
See accompanying Notes to Financial Statements.
14

Schedule of Investments (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Next Generation Internet ETF
January 31, 2022 (Unaudited)
Affiliated Issuer Transactions
A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:
Value ($) at 7/31/2021Purchases
Cost
($)
Sales
Proceeds
($)
Net Realized
Gain/(Loss)
($)
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
Dividend
Income
($)
Capital Gain
Distributions
($)
Number of
Shares at
1/31/2022
Value ($) at
1/31/2022
Common Stocks – 3.1%
Capital Markets – 1.1%
Concord Acquisition Corp.
28,340,69218,772,935(15,018,160)121,190(1,230,526)3,114,18430,986,131
Household Durables – 1.1%
Vuzix Corp.
59,763,79131,634,114(23,101,707)(3,459,216)(35,764,991)4,452,06629,071,991
Interactive Media & Services – 0.9%
Nextdoor Holdings, Inc.
44,079,85820,834,690(18,987,284)(976,414)(20,583,797)4,305,13324,367,053
$132,184,341$71,241,739$(57,107,151)$(4,314,440)$(57,579,314)$$11,871,383$84,425,175

Affiliated security
*
Non-income producing security
(a)
American Depositary Receipt
(b)
Less than 0.05%
(c)
Rate shown represents annualized 7-day yield as of January 31, 2022.
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
ARK Next
Generation
Internet ETF
Level 1Level 2Level 3Total
Assets
Common Stocks‡
$2,515,345,612$   —$   —$2,515,345,612
Unit Trust167,606,950167,606,950
Money Market
Fund
1,799,2251,799,225
Total$2,684,751,787$$$2,684,751,787

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
15

Schedule of Investments
ARK Fintech Innovation ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 98.9%
Banks – 6.7%
NU Holdings Ltd, Class A (Brazil)*1,842,995$13,675,023
Silvergate Capital Corp., Class A*450,47148,533,745
TCS Group Holding PLC, Class Reg S (Russia)(a)
622,10844,294,090
Total Banks106,502,858
Capital Markets – 14.0%
Coinbase Global, Inc., Class A*749,657142,547,279
Concord Acquisition Corp., Class A*68,331679,893
Intercontinental Exchange, Inc.134,36817,019,051
Robinhood Markets, Inc., Class A*4,550,96664,396,169
Total Capital Markets224,642,392
Consumer Finance – 2.9%
Kaspi.KZ JSC (Kazakhstan)(a)200,62817,053,380
LendingClub Corp.*1,525,06928,610,294
Total Consumer Finance45,663,674
Entertainment – 4.5%
Sea Ltd. (Taiwan)*(b)477,06971,708,241
Health Care Technology – 4.0%
Teladoc Health, Inc.*835,94364,125,188
Hotels Restaurants & Leisure – 3.0%
DraftKings, Inc., Class A*2,196,94248,530,449
Insurance – 3.6%
Discovery Ltd. (South Africa)*5,614,72256,833,991
Interactive Media & Services – 2.4%
Snap, Inc., Class A*9,195299,205
Twitter, Inc.*458,00917,179,917
Z Holdings Corp. (Japan)4,305,18421,589,518
Total Interactive Media & Services39,068,640
Internet & Direct Marketing Retail – 8.8%
Etsy, Inc.*203,75532,005,836
Farfetch Ltd., Class A (United Kingdom)*695,36315,096,331
Global-e Online Ltd. (Israel)*110,8623,958,882
JD.com, Inc. (China)*(b)337,05625,238,753
MercadoLibre, Inc. (Argentina)*57,50565,099,110
Pinduoduo, Inc. (China)*(b)28216,875
Total Internet & Direct Marketing Retail141,415,787
IT Services – 33.9%
Adyen NV (Netherlands)*(c)28,46557,210,135
Block, Inc.*1,251,071152,993,473
PayPal Holdings, Inc.*159,83427,481,858
Shopify, Inc., Class A (Canada)*134,358129,553,358
StoneCo Ltd., Class A (Brazil)*2,519,55239,254,620
Toast, Inc., Class A*1,240,00728,371,360
Twilio, Inc., Class A*523,986108,003,994
Total IT Services542,868,798
InvestmentsSharesValue
Real Estate Management & Development – 3.9%
Opendoor Technologies, Inc.*1,474,855$14,645,310
Zillow Group, Inc., Class C*933,25147,110,511
Total Real Estate Management & Development61,755,821
Software – 11.2%
Bill.com Holdings, Inc.*148,48127,945,609
DocuSign, Inc.*150,79718,965,739
Intuit, Inc.35,56119,744,534
Palantir Technologies, Inc., Class A*83,3301,142,454
UiPath, Inc., Class A*2,289,05983,619,325
Workday, Inc., Class A*112,38828,435,288
Total Software179,852,949
Total Common Stocks
(Cost $2,408,502,695)
1,582,968,788
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(d)
(Cost $2,308,378)
2,308,3782,308,378
Total Investments – 99.0%
(Cost $2,410,811,073)
1,585,277,166
Other Assets in Excess of Liabilities – 1.0%16,781,994
Net Assets – 100.0%$1,602,059,160
*
Non-income producing security
(a)
Global Depositary Receipt
(b)
American Depositary Receipt
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)
Rate shown represents annualized 7-day yield as of January 31, 2022.
See accompanying Notes to Financial Statements.
16

Schedule of Investments (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Fintech Innovation ETF
January 31, 2022 (Unaudited)
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
ARK Fintech
Innovation
ETF
Level 1Level 2Level 3Total
Assets
Common Stocks‡
$1,582,968,788$   —$   —$1,582,968,788
Money Market
Fund
2,308,3782,308,378
Total$1,585,277,166$$$1,585,277,166

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
17

Schedule of Investments
ARK Space Exploration & Innovation ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 91.7%
Aerospace & Defense – 29.8%
AeroVironment, Inc.*284,852$16,213,776
Airbus SE (France)*36,4624,592,773
Archer Aviation, Inc., Class A*1,792,9495,647,789
Elbit Systems Ltd. (Israel)37,9476,290,095
HEICO Corp.35,5704,851,392
Kratos Defense & Security Solutions, Inc.*1,707,28928,614,164
L3Harris Technologies, Inc.108,27422,660,666
Lockheed Martin Corp.15,5616,055,252
Mynaric AG (Germany)*(a)439,5084,847,773
Spirit AeroSystems Holdings, Inc., Class A188,7768,274,052
Thales SA (France)52,7814,829,107
Total Aerospace & Defense112,876,839
Air Freight & Logistics – 3.5%
JD Logistics, Inc. (China)*(b)4,496,32613,349,914
Airlines – 4.0%
Blade Air Mobility, Inc.*1,772,09510,827,501
Joby Aviation, Inc.*1,004,5274,168,787
Total Airlines14,996,288
Diversified Telecommunication – 6.0%
Iridium Communications, Inc.*634,46022,764,425
Electronic Equipment, Instruments & Components – 10.7%
Teledyne Technologies, Inc.*9,4463,980,828
Trimble, Inc.*509,52536,767,324
Total Electronic Equipment, Instruments &
Components
40,748,152
Entertainment – 0.0%(c)
Netflix, Inc.*10343,995
Household Durables – 2.5%
Garmin Ltd.75,8719,439,870
Industrial Conglomerates – 1.3%
Honeywell International, Inc.24,1154,931,035
Interactive Media & Services – 2.0%
Alphabet, Inc., Class C*2,8637,770,096
Internet & Direct Marketing Retail – 3.1%
Amazon.com, Inc.*3,96711,867,161
Machinery – 13.1%
Deere & Co.27,47010,339,708
Komatsu Ltd. (Japan)859,48820,956,929
Markforged Holding Corp.*1,847,6298,739,285
Velo3D Inc.*1,467,2549,463,788
Total Machinery49,499,710
Semiconductors & Semiconductor Equipment – 1.4%
Teradyne, Inc.45,0635,291,748
Software – 13.3%
ANSYS, Inc.*12,0904,110,721
Dassault Systemes SE (France)251,97312,016,642
Palantir Technologies, Inc., Class A*477,4536,545,881
Synopsys, Inc.*12,7593,961,669
UiPath, Inc., Class A*351,35112,834,852
Unity Software, Inc.*104,05110,940,963
Total Software50,410,728
InvestmentsSharesValue
Technology Hardware, Storage & Peripherals – 1.0%
3D Systems Corp.*216,277$3,871,358
Total Common Stocks
(Cost $436,509,965)
347,861,319
EXCHANGE-TRADED FUND – 7.9%
Equity Fund – 7.9%
The 3D Printing ETF
(Cost $38,824,372)
987,00829,797,772
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(d)
(Cost $283,896)
283,896283,896
Total Investments – 99.7%
(Cost $475,618,233)
377,942,987
Other Assets in Excess of Liabilities – 0.3%1,311,379
Net Assets – 100.0%$379,254,366
See accompanying Notes to Financial Statements.
18

Schedule of Investments (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Space Exploration & Innovation ETF
January 31, 2022 (Unaudited)
Affiliated Issuer Transactions
A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:
Value ($) at 7/31/2021Purchases
Cost
($)
Sales
Proceeds
($)
Net Realized
Gain/(Loss)
($)
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
Dividend
Income
($)
Capital Gain
Distributions
($)
Number of
Shares at
1/31/2022
Value ($) at
1/31/2022
Exchange-Traded Fund – 7.9%
Equity Fund – 7.9%
The 3D Printing ETF
41,642,6046,315,301(9,763,808)(566,410)(7,829,915)604987,00829,797,772
$41,642,604$6,315,301$(9,763,808)$(566,410)$(7,829,915)$604$987,008$29,797,772

Affiliated security
*
Non-income producing security
(a)
American Depositary Receipt
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)
Less than 0.05%
(d)
Rate shown represents annualized 7-day yield as of January 31, 2022.
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
ARK Space
Exploration &
Innovation ETF
Level 1Level 2Level 3Total
Assets
Common Stocks$347,861,319$   —$   —$347,861,319
Exchange-Traded Fund29,797,77229,797,772
Money Market Fund283,896283,896
Total$377,942,987$$$377,942,987

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
19

Schedule of Investments
ARK Transparency ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 99.7%
Aerospace & Defense – 2.1%
AeroVironment, Inc.*3,460$  196,943
Axon Enterprise, Inc.*1,387194,083
Total Aerospace & Defense391,026
Auto Components – 1.1%
Autoliv, Inc. (Sweden)2,085206,498
Automobiles – 1.0%
Tesla, Inc.*202189,217
Biotechnology – 2.8%
Abcam PLC (United Kingdom)*(a)9,127163,464
CareDx, Inc.*4,702196,544
Twist Bioscience Corp.*2,762164,118
Total Biotechnology524,126
Capital Markets – 1.1%
Cboe Global Markets, Inc.1,655196,167
Commercial Services & Supplies – 2.3%
Brady Corp., Class A3,997207,524
Steelcase, Inc., Class A18,363226,600
Total Commercial Services & Supplies434,124
Communications Equipment – 0.9%
Radware Ltd. (Israel)*5,158173,464
Construction Materials – 1.1%
CRH PLC (Ireland)(a)4,091206,227
Containers & Packaging – 1.1%
Sonoco Products Co.3,723210,871
Diversified Consumer Services – 0.9%
2U, Inc.*10,550170,277
Electrical Equipment – 1.8%
ChargePoint Holdings, Inc.*11,254155,868
TPI Composites, Inc.*14,229171,744
Total Electrical Equipment327,612
Electronic Equipment, Instruments & Components – 2.1%
CDW Corp.1,051198,692
Knowles Corp.*9,219195,535
Total Electronic Equipment, Instruments & Components394,227
Entertainment – 3.3%
Netflix, Inc.*356152,062
ROBLOX Corp., Class A*2,074136,594
Roku, Inc.*930152,566
Spotify Technology SA*915179,578
Total Entertainment620,800
Food Products – 2.4%
Beyond Meat, Inc.*3,258212,193
McCormick & Co., Inc.2,238224,494
Total Food Products436,687
Health Care Technology – 1.9%
Omnicell, Inc.*1,194179,267
Teladoc Health, Inc.*2,327178,504
Total Health Care Technology357,771
Hotels, Restaurants & Leisure – 1.0%
Starbucks Corp.1,839180,811
Household Durables – 4.2%
Garmin Ltd.1,579196,459
iRobot Corp.*3,241212,351
Sonos, Inc.*7,244182,694
Sony Group Corp. (Japan)(a)1,705190,380
Total Household Durables781,884
InvestmentsSharesValue
Household Products – 1.0%
Spectrum Brands Holdings, Inc.2,136$190,916
Industrial Conglomerates – 1.0%
Roper Technologies, Inc.436190,602
Insurance – 0.9%
Lemonade, Inc.*5,071161,917
Interactive Media & Services – 1.2%
TripAdvisor, Inc.*7,858213,345
Internet & Direct Marketing Retail – 4.1%
Amazon.com, Inc.*63188,463
Fiverr International Ltd.*1,876160,041
JD.com, Inc. (China)*(a)3,059229,058
Stitch Fix, Inc., Class A*11,252184,870
Total Internet & Direct Marketing Retail762,432
IT Services – 6.1%
Adyen NV (Netherlands)*(a)8,213166,888
Cloudflare, Inc., Class A*1,623156,457
DigitalOcean Holdings, Inc.*2,634151,034
Globant SA*683174,288
Shopify, Inc., Class A (Canada)*155149,457
Snowflake, Inc., Class A*627172,989
Twilio, Inc., Class A*809166,751
Total IT Services1,137,864
Leisure Products – 2.1%
Acushnet Holdings Corp.4,034188,388
Hasbro, Inc.2,120196,057
Total Leisure Products384,445
Life Sciences Tools & Services – 2.8%
Bio-Techne Corp.412155,081
Bruker Corp.2,549169,763
Thermo Fisher Scientific, Inc.320186,016
Total Life Sciences Tools & Services510,860
Machinery – 1.1%
Proto Labs, Inc.*4,151208,297
Media – 2.3%
Cardlytics, Inc.*3,176213,110
Pearson PLC (United Kingdom)(a)25,682218,297
Total Media431,407
Personal Products – 1.1%
Natura & Co. Holding SA (Brazil)*(a)23,198200,895
Semiconductors & Semiconductor Equipment – 5.8%
ASML Holding NV (Netherlands)270182,844
Canadian Solar, Inc. (Canada)*6,801190,360
MaxLinear, Inc., Class A*2,864171,897
NVIDIA Corp.731178,993
Skyworks Solutions, Inc.1,381202,344
Teradyne, Inc.1,310153,833
Total Semiconductors & Semiconductor Equipment1,080,271
Software – 25.6%
Adobe, Inc.*379202,500
Agora, Inc. (China)*(a)12,895147,390
Atlassian Corp. PLC, Class A*559181,306
Autodesk, Inc.*759189,591
Bill.Com Holdings, Inc.*855160,920
Crowdstrike Holdings, Inc., Class A*1,043188,407
Datadog, Inc., Class A*1,207176,355
DocuSign, Inc.*1,403176,455
Dropbox, Inc., Class A*8,742216,364
See accompanying Notes to Financial Statements.
20

Schedule of Investments (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Transparency ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
Dynatrace, Inc.*3,536$   193,985
Elastic NV*1,734161,695
Five9, Inc.*1,570197,349
Gitlab, Inc., Class A*2,520161,305
HubSpot, Inc.*322157,394
Intuit, Inc.333184,892
Momentive Global, Inc.*10,053172,208
Nutanix, Inc., Class A*6,748184,490
PagerDuty, Inc.*6,169203,700
Qualys, Inc.*1,553199,001
Rapid7, Inc.*1,829176,188
salesforce.com, Inc.*844196,340
Splunk, Inc.*1,872231,978
Sprout Social, Inc., Class A*2,344161,384
Synopsys, Inc.*582180,711
Unity Software, Inc.*1,499157,620
Workday, Inc., Class A*785198,613
Total Software4,758,141
Specialty Retail – 4.1%
Best Buy Co., Inc.2,113209,779
Buckle, Inc. (The)5,115192,528
Hibbett, Inc.2,995184,642
Warby Parker, Inc., Class A*4,589170,573
Total Specialty Retail757,522
Technology Hardware, Storage & Peripherals – 4.4%
Apple, Inc.1,214212,183
Corsair Gaming, Inc.*10,165198,624
HP, Inc.5,713209,839
NetApp, Inc.2,345202,866
Total Technology Hardware, Storage & Peripherals823,512
Textiles, Apparel & Luxury Goods – 5.0%
Canada Goose Holdings, Inc. (Canada)*5,789177,780
Lululemon Athletica, Inc.*547182,567
PVH Corp.2,025192,395
Steven Madden Ltd.4,668192,042
VF Corp.2,943191,913
Total Textiles, Apparel & Luxury Goods936,697
Total Common Stocks
(Cost $21,525,679)
18,550,912
MONEY MARKET FUND – 0.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)
(Cost $49,028)
49,02849,028
Total Investments – 100.0%
(Cost $21,574,707)
18,599,940
Liabilities in Excess of Other Assets – (0.0)%(c)(6,778)
Net Assets – 100.0%$18,593,162
*
Non-income producing security
(a)
American Depositary Receipt
(b)
Rate shown represents annualized 7-day yield as of January 31, 2022.
(c)
Less than 0.05%
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
ARK Transparency ETFLevel 1Level 2Level 3Total
Assets
Common Stocks$18,550,912$   —$   —$18,550,912
Money Market Fund49,02849,028
Total$18,599,940$$$18,599,940

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
21

Schedule of Investments
The 3D Printing ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 96.4%
Aerospace & Defense – 2.3%
Aerojet Rocketdyne Holdings, Inc.85,665$3,305,813
Hexcel Corp.*6,441336,027
Moog, Inc., Class A47,9133,652,887
Total Aerospace & Defense7,294,727
Air Freight & Logistics – 1.2%
United Parcel Service, Inc., Class B18,5643,753,826
Auto Components – 2.4%
Cie Generale des Etablissements Michelin SCA (France)21,7933,616,171
Exco Technologies Ltd. (Canada)481,4773,723,336
Total Auto Components7,339,507
Chemicals – 0.8%
5N Plus, Inc. (Canada)*183,698330,935
Arkema SA (France)2,351344,547
DuPont de Nemours, Inc.4,456341,330
Eastman Chemical Co.2,890343,708
Evonik Industries AG (Germany)10,663344,883
Koninklijke DSM NV (Netherlands)1,735323,660
Toray Industries, Inc. (Japan)55,325348,594
Total Chemicals2,377,657
Commercial Services & Supplies – 0.9%
PyroGenesis Canada, Inc. (Canada)*138,307378,640
Shapeways Holdings, Inc.*722,7792,312,893
Total Commercial Services & Supplies2,691,533
Electrical Equipment – 1.8%
AMETEK, Inc.38,4175,254,293
SGL Carbon SE (Germany)*45,502313,359
Total Electrical Equipment5,567,652
Electronic Equipment, Instruments & Components – 11.0%
FARO Technologies, Inc.*186,51710,129,738
Hexagon AB, Class B (Sweden)386,4235,146,919
Renishaw PLC (United Kingdom)140,2258,554,376
Trimble, Inc.*145,75910,517,970
Total Electronic Equipment, Instruments &
Components
34,349,003
Health Care Equipment & Supplies – 6.9%
Align Technology, Inc.*10,7105,301,021
Conformis, Inc.*13,494,6088,036,039
Straumann Holding AG (Switzerland)5,0448,249,266
Total Health Care Equipment & Supplies21,586,326
Industrial Conglomerates – 2.4%
3M Co.2,035337,851
General Electric Co.38,2373,612,632
Siemens AG (Germany)22,5993,551,373
Total Industrial Conglomerates7,501,856
Internet & Direct Marketing Retail – 2.8%
Xometry, Inc., Class A*168,7808,709,048
Life Sciences Tools & Services – 2.3%
BICO Group AB (Sweden)*358,7967,110,700
Machinery – 20.7%
Desktop Metal, Inc., Class A*2,519,38810,304,297
Fathom Digital Manufacturing C*859,7077,659,989
InvestmentsSharesValue
Lincoln Electric Holdings, Inc.29,024$3,710,428
Markforged Holding Corp.*1,820,8048,612,403
Massivit 3d Printing Technologies Ltd. (Israel)*200,6801,169,693
OC Oerlikon Corp. AG (Switzerland)367,8503,536,981
Proto Labs, Inc.*175,3058,796,805
Sandvik AB (Sweden)13,032338,632
SLM Solutions Group AG (Germany)*621,2849,925,244
Velo3D Inc.*1,620,71710,453,625
Total Machinery64,508,097
Metals & Mining – 2.6%
Allegheny Technologies, Inc.*17,411318,447
Arconic Corp.*117,3113,628,429
Carpenter Technology Corp.11,767337,948
Kaiser Aluminum Corp.37,4733,588,040
voestalpine AG (Austria)9,316307,910��
Total Metals & Mining8,180,774
Shell Companies – 2.8%
Atlantic Coastal Acquisition Corp., Class A*895,6608,840,164
Software – 23.6%
Altair Engineering, Inc., Class A*176,62411,113,182
ANSYS, Inc.*31,76610,800,758
Autodesk, Inc.*43,17710,785,183
Dassault Systemes SE (France)202,4639,655,501
Materialise NV (Belgium)*(a)464,3889,524,598
Microsoft Corp.35,09410,913,532
PTC, Inc.*91,44310,631,163
Total Software73,423,917
Technology Hardware, Storage & Peripherals – 11.9%
3D Systems Corp.*480,2078,595,705
Eastman Kodak Co.*84,415331,751
HP, Inc.243,3458,938,062
Nano Dimension Ltd. (Israel)*(a)2,606,2779,565,036
Stratasys Ltd.*390,7909,316,434
Xerox Holdings Corp.15,725331,955
Total Technology Hardware, Storage & Peripherals37,078,943
Total Common Stocks
(Cost $383,621,074)
300,313,730
PREFERRED STOCK – 0.1%
Household Products – 0.1%
Henkel AG & Co. KGaA (Germany)
(Cost $431,677)
4,013326,677
MONEY MARKET FUND – 3.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)
(Cost $11,092,963)
11,092,96311,092,963
Total Investments – 100.1%
(Cost $395,145,714)
311,733,370
Liabilities in Excess of Other Assets – (0.1)%(429,804)
Net Assets – 100.0%$311,303,566
See accompanying Notes to Financial Statements.
22

Schedule of Investments (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
The 3D Printing ETF
January 31, 2022 (Unaudited)
Affiliated Issuer Transactions
A summary of the Fund’s period to date transactions with companies which are or were affiliated issuers during the period are as follows:
Value ($) at 7/31/2021Purchases
Cost
($)
Sales
Proceeds
($)
Net Realized
Gain/(Loss)
($)
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
Dividend
Income
($)
Capital Gain
Distributions
($)
Number of
Shares at
1/31/2022
Value ($) at
1/31/2022
Common Stocks – 2.6%
Health Care Equipment & Supplies – 2.6%
Conformis, Inc.
19,209,5755,406,416(3,701,934)(532,871)(12,345,147)13,494,6088,036,039
Machinery – 0.0%
ExOne (The) Co.
18,815,801(35,228,058)(6,866,123)23,278,380
$38,025,376$5,406,416$(38,929,992)$(7,398,994)$10,933,233$$13,494,608$8,036,039
*
Non-income producing security

Affiliated security
(a)
American Depositary Receipt
(b)
Rate shown represents annualized 7-day yield as of January 31, 2022.
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
The 3D Printing
ETF
Level 1Level 2Level 3Total
Assets
Common Stocks$300,313,730$   —$   —$300,313,730
Preferred Stock326,677326,677
Money Market Fund11,092,96311,092,963
Total$311,733,370$$$311,733,370

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
23

Schedule of Investments
The ARK Israel Innovative Technology ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
COMMON STOCKS – 101.5%
Aerospace & Defense – 3.1%
Elbit Systems Ltd. (Israel)15,508$2,576,501
RADA Electronic Industries Ltd. (Israel)*272,1782,612,909
Total Aerospace & Defense5,189,410
Auto Components – 1.5%
REE Automotive Ltd., Class A (Israel)*597,4652,479,480
Biotechnology – 8.5%
BioLine RX Ltd. (Israel)*(a)6761,230
Chemomab Therapeutics Ltd. (Israel)*(a)97,537477,931
Collplant Biotechnologies Ltd. (Israel)*235,6672,314,250
Enlivex Therapeutics Ltd. (Israel)*473,3002,527,422
Entera Bio Ltd. (Israel)*233,361534,397
Gamida Cell Ltd. (Israel)*878,1832,924,350
Kamada Ltd. (Israel)*434,2142,614,557
UroGen Pharma Ltd.*343,7032,653,387
Vascular Biogenics Ltd. (Israel)*277,216363,153
Total Biotechnology14,410,677
Communications Equipment – 9.4%
AudioCodes Ltd. (Israel)89,2242,642,815
Ceragon Networks Ltd. (Israel)*1,147,5932,639,464
Gilat Satellite Networks Ltd. (Israel)*353,7882,678,175
Ituran Location and Control Ltd. (Israel)107,8652,595,232
Radware Ltd. (Israel)*80,6032,710,679
Silicom Ltd. (Israel)*59,9572,693,868
Total Communications Equipment15,960,233
Diversified Telecommunication – 1.5%
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)*1,533,6702,624,594
Electrical Equipment – 2.5%
Augwind Energy Tech Storage Ltd. (Israel)*218,1242,149,266
Gencell Ltd. (Israel)*816,8582,067,822
Total Electrical Equipment4,217,088
Electronic Equipment, Instruments & Components – 5.7%
Arbe Robotics Ltd. (Israel)*250,8052,076,665
Innoviz Technologies Ltd. (Israel)*707,5822,858,631
Nayax Ltd. (Israel)*845,8742,171,738
Priortech Ltd. (Israel)*79,5112,531,973
Total Electronic Equipment, Instruments &
Components
9,639,007
Entertainment – 1.4%
Playtika Holding Corp.*142,4972,426,724
Health Care Equipment & Supplies – 3.3%
Check Cap Ltd.*1,178671
Inmode Ltd.*60,8542,934,989
Nano-X Imaging Ltd. (Israel)*235,8572,676,977
Total Health Care Equipment & Supplies5,612,637
Hotels, Restaurants & Leisure – 1.7%
Fattal Holdings 1998 Ltd. (Israel)*24,1532,881,970
Household Durables – 1.6%
Electra Consumer Products 1970 Ltd. (Israel)42,4582,657,146
InvestmentsSharesValue
Interactive Media & Services – 1.6%
Taboola.com Ltd. (Israel)*436,097$2,638,387
Internet & Direct Marketing Retail – 1.7%
Fiverr International Ltd.*33,1122,824,785
IT Services – 6.3%
Malam – Team Ltd. (Israel)78,8202,641,942
Matrix IT Ltd. (Israel)98,0642,731,504
One Software Technologies Ltd. (Israel)151,8322,647,730
Wix.com Ltd. (Israel)*20,4282,683,626
Total IT Services10,704,802
Life Sciences Tools & Services – 1.5%
Compugen Ltd. (Israel)*719,6982,554,928
Machinery – 3.2%
Kornit Digital Ltd. (Israel)*26,5302,787,242
Plasson Industries Ltd. (Israel)35,4862,654,667
Total Machinery5,441,909
Media – 1.7%
Perion Network Ltd. (Israel)*140,9842,890,172
Pharmaceuticals – 5.2%
Intercure Ltd. (Israel)*2571,576
MediWound Ltd. (Israel)*236,756589,522
PolyPid Ltd. (Israel)*142,382635,024
Purple Biotech Ltd. (Israel)*(a)103,464264,868
Redhill Biopharma Ltd. (Israel)*(a)738,3141,941,766
Taro Pharmaceutical Industries Ltd.*57,2682,681,288
Teva Pharmaceutical Industries Ltd. (Israel)*(a)
309,2102,606,640
Total Pharmaceuticals8,720,684
Professional Services – 1.6%
Danel Adir Yeoshua Ltd. (Israel)11,5682,748,560
Semiconductors & Semiconductor Equipment – 6.3%
Camtek Ltd. (Israel)*70,3752,615,839
Nova Ltd. (Israel)*22,2242,629,099
SolarEdge Technologies, Inc.*11,7642,802,420
Tower Semiconductor Ltd. (Israel)*73,8632,537,194
Total Semiconductors & Semiconductor Equipment10,584,552
Software – 25.4%
Allot Ltd. (Israel)*270,8612,600,266
Cellebrite DI Ltd. (Japan)*422,1462,532,876
Check Point Software Technologies Ltd. (Israel)*22,0992,674,200
Cognyte Software Ltd. (Israel)*220,8112,395,799
CyberArk Software Ltd.*19,3862,658,790
Hilan Ltd. (Israel)44,2772,835,328
ironSource Ltd., Class A (Israel)*399,9402,763,586
JFrog Ltd. (Israel)*109,0112,912,774
Magic Software Enterprises Ltd. (Israel)143,0542,722,428
Monday.com Ltd.*12,9952,720,113
Nice Ltd. (Israel)*(a)10,7662,756,742
Riskified Ltd., Class A*396,0892,760,740
Sapiens International Corp. NV (Israel)88,1982,808,224
See accompanying Notes to Financial Statements.
24

Schedule of Investments (concluded)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
The ARK Israel Innovative Technology ETF
January 31, 2022 (Unaudited)
InvestmentsSharesValue
SimilarWeb Ltd. (Israel)*164,430$2,366,148
Tufin Software Technologies Ltd. (Israel)*300,7842,661,938
WalkMe Ltd. (Israel)*164,3082,863,889
Total Software43,033,841
Technology Hardware, Storage & Peripherals – 3.4%
Nano Dimension Ltd. (Israel)*(a)814,0132,987,428
Stratasys Ltd.*117,5672,802,797
Total Technology Hardware, Storage & Peripherals5,790,225
Wireless Telecommunication Services – 3.4%
Cellcom Israel Ltd. (Israel)*477,5062,786,231
Partner Communications Co. Ltd. (Israel)*332,2222,937,668
Total Wireless Telecommunication Services5,723,899
Total Common Stocks
(Cost $215,407,450)
171,755,710
Total Investments – 101.5%
(Cost $215,407,450)
171,755,710
Liabilities in Excess of Other Assets – (1.5)%(2,536,306)
Net Assets – 100.0%$169,219,404
*
Non-income producing security
(a)
American Depositary Receipt
CountryValue% of Net Assets
Israel$141,956,13083.9%
Japan2,532,8761.5
United States27,266,70416.1
Total Investments171,755,710101.5
Liabilities in Excess of Other Assets(2,536,306)(1.5)
Net Assets$169,219,404100.0%
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of January 31, 2022, based upon the three levels defined above:
The ARK Israel
Innovative
Technology ETF
Level 1Level 2Level 3Total
Assets
Common Stocks$171,755,710$   —$   —$171,755,710
Total$171,755,710$$$171,755,710

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
25

Statements of Assets and Liabilities
 
January 31, 2022 (Unaudited)
ARK
Genomic
Revolution
ETF
ARK
Autonomous
Technology &
Robotics ETF
ARK
Innovation
ETF
ARK Next
Generation
Internet ETF
ASSETS:
Investments in non-affiliated securities at market value (Note 2)$3,199,152,508$1,411,120,455$9,269,743,277$2,600,326,612
Investments in affiliated securities at market value (Note 2)882,564,306227,207,0463,702,097,40284,425,175
Receivables:
Dividends and interest379,779367,53034295
Capital shares sold17,401,905297,558,536
Investment securities sold61,798,65113,874,555133,372,17376,344,067
Reclaims5,173,4339,1771,778,642
Total Assets4,166,470,5821,652,578,76313,404,550,3722,761,095,949
LIABILITIES:
Due to custodian84,14525,033392,943728
Payables:
Capital shares purchased35,216,0276,405,66655,475,33439,688,378
Investment securities purchased36,253,5064,627,879371,739,23826,727,257
Management fees (Note 3)2,734,5631,200,9528,663,5151,987,742
Total Liabilities74,288,24112,259,530436,271,03068,404,105
NET ASSETS$4,092,182,341$1,640,319,233$12,968,279,342$2,692,691,844
NET ASSETS CONSIST OF:
Paid-in capital$7,893,648,545$2,086,196,576$19,854,499,336$4,156,727,174
Total accumulated loss(3,801,466,204)(445,877,343)(6,886,219,994)(1,464,035,330)
NET ASSETS$4,092,182,341$1,640,319,233$12,968,279,342$2,692,691,844
Shares outstanding82,305,00024,850,000172,150,00028,400,000
Net asset value, per share$49.72$66.01$75.33$94.81
Investments in non-affiliated securities at cost$5,682,513,703$1,774,294,972$14,185,722,040$4,117,953,745
Investments in affiliated securities at cost$2,036,035,063$432,329,101$6,489,691,145$154,739,514
See accompanying Notes to Financial Statements.
26

Statements of Assets and Liabilities (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
 
January 31, 2022 (Unaudited)
ARK Fintech
Innovation ETF
ARK Space
Exploration &
Innovation ETF
ARK
Transparency
ETF
The 3D
Printing ETF
ASSETS:
Investments in non-affiliated securities at market value (Note 2)$1,585,277,166$348,145,215$18,599,940$303,697,331
Investments in affiliated securities at market value
(Note 2)
29,797,7728,036,039
Cash100,96334
Receivables:
Dividends and interest651,57531,0202,06233,379
Investment securities sold53,424,0834,619,9905,319,632
Reclaims76,142120,428
Prepaid expenses
Total Assets1,639,453,787382,670,17318,602,002317,206,809
LIABILITIES:
Due to custodian45104,306
Due to custodian for foreign currency3,3963,4768,931
Payables:
Capital shares purchased1,583,2814,349,290
Investment securities purchased36,253,2581,583,6831,244,714
Management fees (Note 3)1,137,973245,3678,795193,027
Other accrued expenses2,975
Total Liabilities37,394,6273,415,8078,8405,903,243
NET ASSETS$1,602,059,160$379,254,366$18,593,162$311,303,566
NET ASSETS CONSIST OF:
Paid-in capital$2,861,850,326$490,404,879$21,582,673$485,769,207
Total accumulated loss(1,259,791,166)(111,150,513)(2,989,511)(174,465,641)
NET ASSETS$1,602,059,160$379,254,366$18,593,162$311,303,566
Shares outstanding49,400,00123,150,0011,100,00110,300,001
Net asset value, per share$32.43$16.38$16.90$30.22
Investments in non-affiliated securities at cost$2,410,811,073$436,793,861$21,574,707$379,554,665
Investments in affiliated securities at cost$$38,824,372$$15,591,049
See accompanying Notes to Financial Statements.
27

Statements of Assets and Liabilities (concluded)
 
January 31, 2022 (Unaudited)
The ARK Israel
Innovative
Technology ETF
ASSETS:
Investments in non-affiliated securities at market value (Note 2)$171,755,710
Receivables:
Dividends and interest12
Capital shares sold1,253,487
Investment securities sold1,001,205
Total Assets174,010,414
LIABILITIES:
Due to custodian3,457,599
Due to custodian for foreign currency3,130
Payables:
Investment securities purchased1,250,175
Management fees (Note 3)78,463
Other accrued expenses1,643
Total Liabilities4,791,010
NET ASSETS$169,219,404
NET ASSETS CONSIST OF:
Paid-in capital$253,437,241
Total accumulated loss(84,217,837)
NET ASSETS$169,219,404
Shares outstanding6,750,001
Net asset value, per share$25.07
Investments in non-affiliated securities at cost$215,407,450
See accompanying Notes to Financial Statements.
28

Statements of Operations
[MISSING IMAGE: lg_arketfnew-bw.jpg]
 
For the Period Ended January 31, 2022 (Unaudited)
ARK
Genomic
Revolution
ETF
ARK
Autonomous
Technology &
Robotics ETF
ARK
Innovation
ETF
ARK Next
Generation
Internet ETF
INVESTMENT INCOME:
Unaffiliated dividend income$6,542,345$4,320,552$640,025$1,677
Foreign withholding tax(603,721)(363,290)(79,832)
Total Income5,938,6243,957,262560,1931,677
EXPENSES:
Management fees (Note 3)25,139,9599,305,25072,452,56118,367,657
Overdraft expense71293
Total Expenses25,140,0309,305,27972,452,56118,367,660
Net Investment Loss(1)
(19,201,406)(5,348,017)(71,892,368)(18,365,983)
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSLATION:
Net realized gain (loss) on:
Investments in non-affiliated securities(243,198,057)66,647,038(375,109,909)(77,166,667)
Investments in affiliated securities(65,041,148)(364,293,941)(1,630,780)
In-kind redemptions – non-affiliated securities120,091,965107,186,6701,272,446,220349,366,370
In-kind redemptions – affiliated securities120,189,699(5,084,904)569,263,532(2,683,660)
Net realized gain (loss)(67,957,541)168,748,8041,102,305,902267,885,263
Change in unrealized appreciation (depreciation) on:
Investments in non-affiliated securities(1,897,874,149)(387,722,833)(5,702,213,377)(1,799,008,078)
Investments in affiliated securities(1,138,909,155)(173,980,697)(2,819,070,950)(57,579,314)
Change in unrealized depreciation(3,036,783,304)(561,703,530)(8,521,284,327)(1,856,587,392)
Net realized and unrealized loss on investments and foreign currency translation(3,104,740,845)(392,954,726)(7,418,978,425)(1,588,702,129)
Net Decrease in Net Assets Resulting From Operations$(3,123,942,251)$(398,302,743)$(7,490,870,793)$(1,607,068,112)
(1)
Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
See accompanying Notes to Financial Statements.
29

Statements of Operations (continued)
 
For the Period Ended January 31, 2022 (Unaudited)
ARK Fintech
Innovation
ETF
ARK
Space Exploration &
Innovation ETF
ARK
Transparency ETF(1)
The 3D
Printing ETF
INVESTMENT INCOME:
Unaffiliated dividend income$1,473,140$1,272,955$40,921$926,294
Affiliated dividend income604
Foreign withholding tax(13,222)(57,787)(16,339)
Total Income1,459,9181,215,77240,921909,955
EXPENSES:
Management fees (Note 3)11,352,3091,997,40514,4781,480,272
Overdraft expense51923,685
Other expenses22,710
Total Expenses11,352,3601,997,49714,4781,506,667
Less expense waivers and reimbursements(136,454)(3)
Net Expenses11,352,3601,861,04314,4781,506,667
Net Investment Income (Loss)(2)
(9,892,442)(645,271)26,443(596,712)
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY TRANSLATION:
Net realized gain (loss) on:
Investments in non-affiliated securities(301,437,099)(1,831,971)(9,827)(66,580,676)
Investments in affiliated securities(8,006,682)
Foreign currency transactions(369,300)(5,199)(100,588)
In-kind redemptions – non-affiliated securities131,536,2196,411,2563,716,073
In-kind redemptions – affiliated securities(566,410)607,688
Net realized gain (loss)(170,270,180)4,007,676(9,827)(70,364,185)
Change in unrealized appreciation (depreciation) on:
Investments in non-affiliated securities(851,235,389)(94,422,441)(2,974,767)(32,870,049)
Investments in affiliated securities(7,829,915)10,933,233
Foreign currency translation14,332(3,578)(3,453)
Change in unrealized depreciation(851,221,057)(102,255,934)(2,974,767)(21,940,269)
Net realized and unrealized loss on investments
and foreign currency translation
(1,021,491,237)(98,248,258)(2,984,594)(92,304,454)
Net Decrease in Net Assets Resulting From Operations$(1,031,383,679)$(98,893,529)$(2,958,151)$(92,901,166)
(1)
Represents the period December 8, 2021 (commencement of operations) to January 31, 2022.
(2)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
(3)
See Notes to Financial Statements (Note 3).
See accompanying Notes to Financial Statements.
30

Statements of Operations (concluded)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
 
For the Period Ended January 31, 2022 (Unaudited)
The ARK Israel
Innovative
Technology ETF
INVESTMENT INCOME:
Unaffiliated dividend income$542,425
Foreign withholding tax(128,428)
Total Income413,997
EXPENSES:
Management fees (Note 3)601,115
Overdraft expense1,710
Other expenses12,525
Total Expenses615,350
Net Investment Loss(1)
(201,353)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:
Net realized gain (loss) on:
Investments in non-affiliated securities(23,854,962)
Foreign currency transactions(172,369)
In-kind redemptions – non-affiliated securities5,369,828
Net realized loss(18,657,503)
Change in unrealized appreciation (depreciation) on:
Investments in non-affiliated securities(20,045,950)
Foreign currency translation508
Change in unrealized depreciation(20,045,442)
Net realized and unrealized loss on investments and foreign currency translation(38,702,945)
Net Decrease in Net Assets Resulting From Operations$(38,904,298)
(1)
Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
See accompanying Notes to Financial Statements.
31

Statements of Changes in Net Assets
 
   
ARK Genomic Revolution ETFARK Autonomous Technology & Robotics ETF
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
OPERATIONS:
Net investment loss(1)
$(19,201,406)$(19,302,419)$(5,348,017)$(8,696,574)
Net realized gain (loss) on investments and foreign currency transactions(67,957,541)1,031,287,805168,748,804327,433,269
Net change in unrealized appreciation
(depreciation) on investments and foreign
currency translations
(3,036,783,304)(1,002,959,757)(561,703,530)(98,689,408)
Net increase (decrease) in net assets resulting
from operations
(3,123,942,251)9,025,629(398,302,743)220,047,287
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from distributable earnings(32,103,552)(62,384,714)(17,227,749)(14,434,200)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold1,413,617,21610,605,437,47227,404,7503,123,783,591
Cost of shares redeemed(2,753,402,821)(3,553,920,853)(778,194,762)(970,644,388)
Net increase (decrease) in net assets resulting
from shareholder transactions
(1,339,785,605)7,051,516,619(750,790,012)2,153,139,203
Increase (decrease) in net assets(4,495,831,408)6,998,157,534(1,166,320,504)2,358,752,290
NET ASSETS:
Beginning of period8,588,013,7491,589,856,2152,806,639,737447,887,447
End of period$4,092,182,341$8,588,013,749$1,640,319,233$2,806,639,737
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period101,755,00029,605,00034,600,0008,500,000
Shares sold22,550,000113,400,000400,00038,100,000
Shares redeemed(42,000,000)(41,250,000)(10,150,000)(12,000,000)
Shares outstanding, end of period82,305,000101,755,00024,850,00034,600,000
(1)
Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
See accompanying Notes to Financial Statements.
32

Statements of Changes in Net Assets (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
 
   
ARK Innovation ETFARK Next Generation Internet ETF���
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
OPERATIONS:
Net investment loss(1)
$(71,892,368)$(112,129,063)$(18,365,983)$(35,094,816)
Net realized gain on investments and foreign currency transactions1,102,305,9024,139,590,008267,885,2631,184,280,101
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations(8,521,284,327)(1,127,085,783)(1,856,587,392)(245,805,204)
Net increase (decrease) in net assets resulting from operations(7,490,870,793)2,900,375,162(1,607,068,112)903,380,081
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from distributable earnings(133,975,984)(291,314,175)(106,224,276)(68,580,176)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold8,183,224,27124,078,752,000557,610,0226,018,769,322
Cost of shares redeemed(10,085,527,006)(10,324,983,217)(1,965,265,706)(2,959,974,254)
Net increase (decrease) in net assets resulting from shareholder transactions(1,902,302,735)13,753,768,783(1,407,655,684)3,058,795,068
Increase (decrease) in net assets(9,527,149,512)16,362,829,770(3,120,948,072)3,893,594,973
NET ASSETS:
Beginning of period22,495,428,8546,132,599,0845,813,639,9161,920,044,943
End of period$12,968,279,342$22,495,428,854$2,692,691,844$5,813,639,916
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period187,600,00076,300,00039,450,00019,300,000
Shares sold83,100,000198,750,0004,400,00041,000,000
Shares redeemed(98,550,000)(87,450,000)(15,450,000)(20,850,000)
Shares outstanding, end of period172,150,000187,600,00028,400,00039,450,000
(1)
Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
See accompanying Notes to Financial Statements.
33

Statements of Changes in Net Assets (continued)
 
   
ARK Fintech Innovation ETFARK Space Exploration & Innovation ETF
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
Six Months Ended
January 31, 2022
(Unaudited)
March 30, 2021(1) to
July 31, 2021
OPERATIONS:
Net investment loss(2)
$(9,892,442)$(15,112,557)$(645,271)$(527,856)
Net realized gain (loss) on investments and foreign currency transactions(170,270,180)50,001,8714,007,676(15,013,887)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations(851,221,057)(57,496,048)(102,255,934)4,575,517
Net decrease in net assets resulting from operations(1,031,383,679)(22,606,734)(98,893,529)(10,966,226)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from distributable earnings(7,191,728)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold34,884,9954,293,672,073692,463,575
Cost of shares redeemed(1,011,711,216)(1,000,941,520)(129,405,409)(73,944,045)
Net increase (decrease) in net assets resulting from shareholder transactions(976,826,221)3,292,730,553(129,405,409)618,519,530
Increase (decrease) in net assets(2,008,209,900)3,262,932,091(228,298,938)607,553,304
NET ASSETS:
Beginning of period3,610,269,060347,336,969607,553,304
End of period$1,602,059,160$3,610,269,060$379,254,366$607,553,304
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period71,250,0019,600,00129,850,001
Shares sold900,00081,600,00033,500,001
Shares redeemed(22,750,000)(19,950,000)(6,700,000)(3,650,000)
Shares outstanding, end of period49,400,00171,250,00123,150,00129,850,001
(1)
Commencement of operations.
(2)
Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
See accompanying Notes to Financial Statements.
34

Statements of Changes in Net Assets (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
 
   
ARK Transparency ETFThe 3D Printing ETF
December 8, 2021(1) to
January 31, 2022
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
OPERATIONS:
Net investment income (loss)(2)
$26,443$(596,712)$15,921
Net realized gain (loss) on investments and foreign currency transactions(9,827)(70,364,185)37,422,039
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations(2,974,767)(21,940,269)(65,606,758)
Net decrease in net assets resulting from operations(2,958,151)(92,901,166)(28,168,798)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from distributable earnings(31,360)(6,526)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold21,582,673660,321,260
Cost of shares redeemed(111,292,268)(157,866,003)
Net increase (decrease) in net assets resulting from shareholder transactions21,582,673(111,292,268)502,455,257
Increase (decrease) in net assets18,593,162(204,199,960)474,286,459
NET ASSETS:
Beginning of period515,503,52641,217,067
End of period$18,593,162$311,303,566$515,503,526
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period13,550,0011,850,001
Shares sold1,100,00115,800,000
Shares redeemed(3,250,000)(4,100,000)
Shares outstanding, end of period1,100,00110,300,00113,550,001
(1)
Commencement of operations.
(2)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
See accompanying Notes to Financial Statements.
35

Statements of Changes in Net Assets (concluded)
 
   
The ARK Israel Innovative Technology ETF
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
OPERATIONS:
Net investment income (loss)(1)
$(201,353)$287,036
Net realized loss on investments and foreign currency transactions(18,657,503)(5,519,914)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations(20,045,442)(28,479,379)
Net decrease in net assets resulting from operations(38,904,298)(33,712,257)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from distributable earnings(731,187)
SHAREHOLDER TRANSACTIONS:
Proceeds from shares sold1,273,459347,145,781
Cost of shares redeemed(76,134,916)(77,840,654)
Net increase (decrease) in net assets resulting from shareholder transactions(74,861,457)269,305,127
Increase (decrease) in net assets(114,496,942)235,592,870
NET ASSETS:
Beginning of period283,716,34648,123,476
End of period$169,219,404$283,716,346
CHANGES IN SHARES OUTSTANDING:
Shares outstanding, beginning of period9,375,0011,925,001
Shares sold50,00010,100,000
Shares redeemed(2,675,000)(2,650,000)
Shares outstanding, end of period6,750,0019,375,001
(1)
Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
See accompanying Notes to Financial Statements.
36

Financial Highlights
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Genomic Revolution ETF
For a share outstanding throughout each period presented.
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
Year Ended
July 31, 2020
Year Ended
July 31, 2019
Year Ended
July 31, 2018
For the
Period Ended
July 31, 2017(1)
Year Ended
August 31, 2016
Per Share Data:
Net asset value, beginning of period$84.40$53.70$34.50$29.36$22.24$18.03$20.85
Net investment loss(2)
(0.21)(0.24)(0.28)(0.19)(0.18)(0.12)(0.12)
Net realized and unrealized gain (loss)
on investments
(34.09)31.7320.535.807.634.33(2.70)
Total gain (loss) from investment operations(34.30)31.4920.255.617.454.21(2.82)
Distributions to shareholders:
Net realized gains(0.38)(0.79)(1.05)(0.47)(0.33)
Total distributions(0.38)(0.79)(1.05)(0.47)(0.33)
Net asset value, end of period$49.72$84.40$53.70$34.50$29.36$22.24$18.03
Market value, end of period$49.70$84.35$53.70$34.58$29.40$22.29$18.01
Total Return at Net Asset Value(3)
(40.71)%58.48%60.41%19.87%33.80%23.34%(13.52)%
Total Return at Market Value(3)
(40.71)%58.39%60.05%20.00%33.66%23.77%(14.77)%
Ratios/Supplemental Data:
Net assets, end of period
(000’s omitted)
$4,092,182$8,588,014$1,589,856$465,966$232,115$23,460$7,302
Ratio to average net assets of:
Expenses0.75%(4)0.75%0.75%0.75%0.75%0.75%(4)0.90%
Net investment loss(5)
(0.57)%(4)(0.28)%(0.73)%(0.63)%(0.64)%(0.67)%(4)(0.67)%
Portfolio turnover rate(6)
31%45%50%64%80%65%77%
(1)
The Trust changed its fiscal and tax reporting period from August 31 to July 31.
(2)
Based on average daily shares outstanding.
(3)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
(4)
Annualized.
(5)
Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
(6)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
See accompanying Notes to Financial Statements.
37

Financial Highlights (continued)
ARK Autonomous Technology & Robotics ETF
For a share outstanding throughout each period presented.
Six Months Ended
January 31, 2022
(Unaudited)
Year Ended
July 31, 2021
Year Ended
July 31, 2020
Year Ended
July 31, 2019
Year Ended
July 31, 2018
For the
Period Ended
July 31, 2017(1)
Year Ended
August 31, 2016
Per Share Data:
Net asset value, beginning of period$81.12$52.69$33.05$34.93$29.59$21.14$18.33
Net investment loss(2)
(0.17)(0.33)(0.13)(0.13)