Table of Contents

Table of Contents

 

   

Shareholder Letter

 

1

Shareholder Expense Examples

 

3

Sector Diversification

 

4

Schedule of Investments

 

6

ARK Genomic Revolution ETF

 

6

ARK Autonomous Technology & Robotics ETF

 

9

ARK Innovation ETF

 

11

ARK Next Generation Internet ETF

 

14

ARK Fintech Innovation ETF

 

16

ARK Space Exploration & Innovation ETF

 

18

The 3D Printing ETF

 

20

ARK Israel Innovative Technology ETF

 

22

Statements of Assets and Liabilities

 

24

Statements of Operations

 

26

Statements of Changes in Net Assets

 

28

Financial Highlights

 

32

Notes to Financial Statements

 

40

Supplemental Information

 

45

Risks Involved with Investing in the Funds

 

46

 

Table of Contents

Shareholder Letter

(Unaudited)

 

 

   

Dear Shareholder:

ARK Investment Management LLC (“ARK” or the “Adviser”), the investment adviser to the ARK ETF Trust (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, multiomic sequencing, and blockchain technology. These platforms involve 14 technologies, including neural networks, multiomic technologies, autonomous mobility, and cryptocurrencies. According to ARK’s research, these five innovation platforms are, in our view, converging to create unprecedented growth trajectories. AI is the most important catalyst, its velocity cascading through all other technologies. The market value of disruptive innovation platforms could scale 42% at an annual rate during this business cycle, from $19 trillion today to $220 trillion by 2030.1 In 2030, the market value associated with disruptive innovation could account for the majority of the global equity market capitalization.

In 2023, in particular the fourth quarter, investment strategies focused on disruptive innovation performed quite well, buoyed in part by the growing consensus that the U.S. Federal Reserve (Fed) will lower interest rates in 2024. In response to an unprecedented 24-fold hike in interest rates over 17 months, corporations seem to be losing pricing power and are beginning to downsize, which could cause a harder-than-expected landing. During the past two years, the U.S. economy seems to have been in a rolling recession that has depressed housing, autos, and commercial real estate, while inventories have continued to build in the aftermath of the double- and triple-ordering that took place in response to supply chain bottlenecks from 2020 through 2022. As inflation gives way to broad based deflation during the next year, companies associated with ARK’s Five Innovation Platforms could play an outsized role in salvaging corporate profit margins. Innovation solves problems!

While the bear market in 2022 punished companies investing aggressively to capitalize on technology breakthroughs, innovation continued apace in 2023 thanks to advances in artificial intelligence (AI), blockchain technology, multiomic technologies, robotics, and energy storage. Early last year, OpenAI’s GPT-4 unleashed the power of AI by achieving top-percentile scores across a range of standardized tests from law to calculus. On the Uniform Bar Exam, it scored in the 90th percentile, a leap from GPT-3.5’s 10th percentile in 2022.

As a reminder, bitcoin’s price appreciated 40%+ during the U.S. regional bank crisis of 2023, validating its role as an insurance policy against central points of failure in the U.S. and European banking systems. Indeed, since the peak of the FTX-related crisis in 2022, the Bitcoin network has not skipped a beat, facilitating $3.6 trillion in approximately 163 million transactions, issuing approximately 373,000 new bitcoin, and attracting approximately 187 million new addresses. Moreover, bitcoin continued to rally throughout the year as the SEC prepared to approve 11 spot Bitcoin ETFs in early 2024.

On December 8, 2023, the Food and Drug Administration (FDA) approved the first gene-editing therapy in the U.S. Developed and manufactured by CRISPR Therapeutics and Vertex Pharmaceuticals, Casgevy will treat patients with severe Sickle Cell Disease (SCD) and beta thalassemia. In our view, companies sacrificing short-term profitability to invest aggressively in innovative technologies should enjoy exponential and highly profitable long-term growth opportunities.

Moreover, innovation should be a source of good deflation, as learning curves cut costs and increase productivity. Yet, many legacy companies that have catered to risk-averse short-term oriented shareholders have leveraged their balance sheets to buy back stock, bolster earnings, and increase dividends. In so doing, many have curtailed research and development (R&D) and capital spending and, now, could be ill-prepared for the potential disintermediation associated with disruptive innovation. For these and other reasons, we believe disruptive innovation taking place outside the remit of broad-based equity benchmarks could transform the playing field in 2024 and beyond.

As such, it may be prudent to complement, hedge, or diversify core benchmark exposures by investing in alternative public equity exposures. Since 2014, with tech-specific domain expertise, ARK analysts have focused on the industries, companies, and stocks that ARK believes are likely to be prime beneficiaries of the AI revolution. Given ARK analysts’ understanding of hardware, software, and applications, ARK portfolios offer significant exposure to the AI opportunity.

1             ARK Investment Management LLC. 2024. “Big Ideas – Technological Convergence.”

1

 

Table of Contents

Shareholder Letter (concluded)

(Unaudited)

 

   

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,

Catherine D. Wood
Chief Investment Officer and Chief Executive Officer
ARK Investment Management LLC

2

 

Table of Contents

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, 2023 through January 31, 2024).

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
/1/2023

Ending
Account Value
1
/31/2024

Annualized
Expense Ratios
Based on the
Six-Month Period

Expenses Paid
During the
Six-Month Period*

ARK Genomic Revolution ETF

       

Actual

$1,000.00

$750.70

0.75%

$3.30

Hypothetical (5% return before expenses)

$1,000.00

$1,021.37

0.75%

$3.81

ARK Autonomous Technology & Robotics ETF

       

Actual

$1,000.00

$892.20

0.75%

$3.57

Hypothetical (5% return before expenses)

$1,000.00

$1,021.37

0.75%

$3.81

ARK Innovation ETF

       

Actual

$1,000.00

$901.10

0.75%

$3.58

Hypothetical (5% return before expenses)

$1,000.00

$1,021.37

0.75%

$3.81

ARK Next Generation Internet ETF

       

Actual

$1,000.00

$1,034.40

0.75%

$3.84

Hypothetical (5% return before expenses)

$1,000.00

$1,021.37

0.75%

$3.81

ARK Fintech Innovation ETF

       

Actual

$1,000.00

$1,058.30

0.75%

$3.88

Hypothetical (5% return before expenses)

$1,000.00

$1,021.37

0.75%

$3.81

ARK Space Exploration & Innovation ETF

       

Actual

$1,000.00

$916.30

0.72%

$3.47

Hypothetical (5% return before expenses)

$1,000.00

$1,021.52

0.72%

$3.66

The 3D Printing ETF

       

Actual

$1,000.00

$903.00

0.66%

$3.16

Hypothetical (5% return before expenses)

$1,000.00

$1,021.82

0.66%

$3.35

ARK Israel Innovative Technology ETF

       

Actual

$1,000.00

$972.70

0.49%

$2.43

Hypothetical (5% return before expenses)

$1,000.00

$1,022.67

0.49%

$2.49

*        Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 366 (the number of days in the period, then divided by 366).

3

 

Table of Contents

Sector Diversification (as a percentage of total investments)

January 31, 2024 (Unaudited)

 

   

4

 

Table of Contents

Sector Diversification (as a percentage of total investments) (concluded)

January 31, 2024 (Unaudited)

 

 

   

5

 

Table of Contents

Schedule of Investments

ARK Genomic Revolution ETF

 

January 31, 2024 (Unaudited)

   

Investments

 

Shares

 

Value

COMMON STOCKS – 99.7%

Biotechnology – 60.3%

     

 

 

Absci Corp.*

 

430,916

 

$

     1,706,427

Amgen, Inc.

 

28,490

 

 

8,953,268

Arcturus Therapeutics Holdings, Inc.*

 

1,738,717

 

 

57,325,500

Beam Therapeutics, Inc.*

 

2,204,760

 

 

53,796,144

CareDx, Inc.*

 

6,033,617

 

 

51,647,761

Compass Pathways PLC (United Kingdom)*(a)

 

2,223,490

 

 

25,058,732

CRISPR Therapeutics AG (Switzerland)*

 

1,736,173

 

 

109,292,090

Exact Sciences Corp.*

 

2,069,857

 

 

135,368,648

Incyte Corp.*

 

451,315

 

 

26,523,783

Intellia Therapeutics, Inc.*

 

2,073,352

 

 

49,387,245

Ionis Pharmaceuticals, Inc.*

 

1,471,354

 

 

75,612,882

Moderna, Inc.*

 

348,084

 

 

35,173,888

Nurix Therapeutics, Inc.*

 

2,710,369

 

 

21,411,915

Prime Medicine, Inc.*

 

2,522,247

 

 

16,016,269

Recursion Pharmaceuticals, Inc., Class A*

 

8,614,106

 

 

81,058,737

Regeneron Pharmaceuticals, Inc.*

 

21,479

 

 

20,249,972

Repare Therapeutics, Inc. (Canada)*

 

2,750,042

 

 

17,985,275

Senti Biosciences, Inc.*

 

1,905,324

 

 

857,586

Twist Bioscience Corp.*

 

2,662,495

 

 

86,264,838

Veracyte, Inc.*

 

1,941,183

 

 

48,568,399

Vertex Pharmaceuticals, Inc.*

 

100,707

 

 

43,644,400

Verve Therapeutics, Inc.*

 

2,912,709

 

 

31,515,511

Total Biotechnology

 

 

 

 

997,419,270

Chemicals – 3.7%

     

 

 

Ginkgo Bioworks Holdings, Inc.*

 

50,199,129

 

 

60,740,946

Electronic Equipment, Instruments & Components – 1.6%

908 Devices, Inc.*

 

3,644,629

 

 

25,803,973

Health Care Equipment & Supplies – 1.3%

Butterfly Network, Inc.*

 

11,621,014

 

 

10,471,695

Cerus Corp.*

 

5,913,672

 

 

10,703,746

Total Health Care Equipment & Supplies

 

 

 

 

21,175,441

Health Care Providers & Services 4.6%

     

 

 

Accolade, Inc.*

 

5,773,197

 

 

65,352,590

Guardant Health, Inc.*

 

371,516

 

 

8,147,346

Invitae Corp.*

 

8,354,015

 

 

3,258,066

Total Health Care Providers & Services

 

 

 

 

76,758,002

Health Care Technology 11.0%

     

 

 

Schrodinger, Inc.*

 

2,590,832

 

 

68,527,506

Teladoc Health, Inc.*

 

3,773,575

 

 

73,320,562

Veeva Systems, Inc., Class A*

 

192,424

 

 

39,910,662

Total Health Care Technology

 

 

 

 

181,758,730

Investments

 

Shares

 

Value

Life Sciences Tools & Services – 13.6%

10X Genomics, Inc., Class A*

 

1,296,562

 

$

      54,027,739

Adaptive Biotechnologies Corp.*

 

10,871,678

 

 

39,899,058

Pacific Biosciences of California, Inc.*

 

11,216,232

 

 

73,017,670

Personalis, Inc.*

 

5,594,307

 

 

7,496,372

Quantum-Si, Inc.*

 

13,137,145

 

 

20,493,946

Standard Biotools, Inc.*

 

13,415,701

 

 

30,453,641

Total Life Sciences Tools & Services

 

 

 

 

225,388,426

Pharmaceuticals – 0.2%

Pfizer, Inc.

 

118,286

 

 

3,203,185

Semiconductors & Semiconductor Equipment 1.2%

NVIDIA Corp.

 

33,157

 

 

20,400,507

Software – 2.2%

UiPath, Inc., Class A*

 

1,600,220

 

 

36,773,056

Total Common Stocks
(Cost $5,326,384,169)

 

 

 

 

1,649,421,536

MONEY MARKET FUND – 0.1%

Goldman Sachs Financial Square Treasury Obligations Fund, 5.21%(b)
(Cost $2,158,025)

 

2,158,025

 

 

2,158,025

Total Investments – 99.8%
(Cost $5,328,542,194)

 

 

 

 

1,651,579,561

Other Assets in Excess of Liabilities – 0.2%

     

 

3,428,149

Net Assets – 100.0%

 

 

 

$

1,655,007,710

*     Non-income producing security

     Affiliated security

(a)   American Depositary Receipt

(b)  Rate shown represents annualized 7-day yield as of January 31, 2024.

See accompanying Notes to Financial Statements.

6

 

Table of Contents

Schedule of Investments (continued)
ARK Genomic Revolution ETF

 

 

January 31, 2024 (Unaudited)

   

Affiliated Issuer Transactions

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Period-to-date transactions with companies which are or were affiliates are as follows:

Value ($) at 7/31/2023

Purchases
Cost
($)

Sales
Proceeds
($)

Net Realized
Gain
/(Loss)
($)

Net Change in
Unrealized
Appreciation
(Depreciation)
($)

Dividend
Income
($)

Capital Gain Distributions
($)

Number of
Shares at
1
/31/2024

Value ($) at
1
/31/2024

Common Stocks  19.2%

Biotechnology — 9.0%

Arcturus Therapeutics Holdings, Inc.

68,837,324

14,331,214

(21,617,847)

(1,802,147)

(2,423,044)

1,738,717

57,325,500

CareDx, Inc.

75,455,294

16,977,404

(24,404,603)

(4,409,929)

(11,970,405)

6,033,617

51,647,761

Compass Pathways PLC^

23,469,503

5,036,059

(7,893,815)

68,680

4,378,305

2,223,490

25,058,732

Nurix Therapeutics, Inc.

22,662,383

11,788,641

(8,960,471)

934,968

(5,013,606)

2,710,369

21,411,915

Repare Therapeutics, Inc.

24,961,228

7,657,831

(7,470,757)

(650,828)

(6,512,199)

2,750,042

17,985,275

Twist Bioscience Corp.^

72,213,227

23,197,063

(31,893,549)

3,420,267

19,327,830

2,662,495

86,264,838

Electronic Equipment, Instruments & Components — 1.6%

908 Devices, Inc.

28,538,589

9,076,997

(11,199,117)

(1,360,507)

748,011

3,644,629

25,803,973

Health Care Equipment & Supplies — 0.6%

Butterfly Network, Inc.

33,824,279

4,022,379

(5,972,001)

(1,568,681)

(19,834,281)

11,621,014

10,471,695

Health Care Providers & Services — 3.9%

Accolade, Inc.

89,210,554

24,106,739

(27,914,217)

1,933,906

(21,984,392)

5,773,197

65,352,590

Health Care Technology — 0.0%

Schrodinger, Inc.^

183,463,620

25,659,768

(54,139,834)

(24,064,275)

(62,391,773)

2,590,832

68,527,506

Life Sciences Tools & Services — 4.1%

Adaptive Biotechnologies Corp.

93,226,864

23,306,420

(22,238,592)

(2,094,964)

(52,300,670)

10,871,678

39,899,058

Codexis, Inc.^

12,541,558

120,195

(6,342,749)

(62,218,482)

55,899,478

Personalis, Inc.

13,973,286

2,900,045

(3,607,839)

(67,451)

(5,701,669)

5,594,307

7,496,372

Quantum-Si, Inc.

57,609,356

7,302,002

(10,004,523)

(155,437)

(34,257,452)

13,137,145

20,493,946

SomaLogic, Inc.^

32,105,075

9,611,802

(123,265,543)

(63,466)

81,612,132

Standard Biotools, Inc.^

116,446,198

(5,134,989)

(153,170)

(80,704,398)

13,415,701

30,453,641

$832,092,140

$301,540,757

$(372,060,446)

$(92,251,516)

$(141,128,133)

$    

$    

84,767,233

$528,192,802

^     As of January 31, 2024, the company was no longer considered to be an affiliated security.

See accompanying Notes to Financial Statements.

7

 

Table of Contents

Schedule of Investments (continued)

ARK Genomic Revolution ETF

 

January 31, 2024 (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, 2024, based upon the three levels defined above:

ARK Genomic Revolution ETF

Level 1

Level 2

Level 3

Total

Assets

       

Common Stocks

$1,649,421,536

$       

$     

$1,649,421,536

Money Market Fund

2,158,025

2,158,025

Total

$1,651,579,561

$       

$     

$1,651,579,561

     Please refer to the Schedule of Investments to view securities segregated by industry type.

See accompanying Notes to Financial Statements.

8

 

Table of Contents

Schedule of Investments
ARK Autonomous Technology & Robotics ETF

 

 

January 31, 2024 (Unaudited)

   

Investments

 

Shares

 

Value

COMMON STOCKS – 99.8%

     

 

 

Aerospace & Defense – 20.7%

     

 

 

AeroVironment, Inc.*

 

318,110

 

$

   38,376,791

Archer Aviation, Inc., Class A*

 

7,420,110

 

 

35,839,131

Elbit Systems Ltd. (Israel)

 

75,275

 

 

15,566,870

Kratos Defense & Security Solutions, Inc.*

 

4,464,085

 

 

75,576,959

Lockheed Martin Corp.

 

21,972

 

 

9,434,997

Rocket Lab USA, Inc.*

 

3,542,384

 

 

17,180,562

Total Aerospace & Defense

 

 

 

 

191,975,310

Automobile Components – 1.8%

     

 

 

Magna International, Inc. (Canada)

 

298,901

 

 

16,992,522

Automobiles – 11.1%

     

 

 

BYD Co. Ltd. (China)(a)

 

171,286

 

 

7,694,167

Tesla, Inc.*

 

508,939

 

 

95,319,185

Total Automobiles

 

 

 

 

103,013,352

Diversified Consumer Services – 0.1%

     

 

 

2U, Inc.*

 

654,477

 

 

556,764

Diversified Telecommunication – 7.1%

     

 

 

Iridium Communications, Inc.

 

1,828,675

 

 

66,307,756

Electronic Equipment, Instruments & Components – 9.0%

Teledyne Technologies, Inc.*

 

29,422

 

 

12,312,224

Trimble, Inc.*

 

1,327,490

 

 

67,516,142

Vuzix Corp.*

 

2,366,666

 

 

3,952,332

Total Electronic Equipment, Instruments & Components

 

 

 

 

83,780,698

Health Care Equipment & Supplies – 1.7%

 

 

 

Intuitive Surgical, Inc.*

 

40,535

 

 

15,331,148

Interactive Media & Services – 2.5%

     

 

 

Alphabet, Inc., Class C*

 

165,158

 

 

23,419,404

Machinery – 11.6%

     

 

 

3D Systems Corp.*

 

1,757,291

 

 

8,417,424

Caterpillar, Inc.

 

63,884

 

 

19,185,004

Deere & Co.

 

87,058

 

 

34,264,288

Komatsu Ltd. (Japan)(a)

 

1,269,256

 

 

36,072,255

Markforged Holding Corp.*

 

11,280,629

 

 

7,638,114

Stratasys Ltd.*

 

5,948

 

 

78,633

Velo3D, Inc.*

 

7,564,898

 

 

2,371,595

Total Machinery

 

  

 

 

108,027,313

Oil, Gas & Consumable Fuels – 1.6%

     

 

 

Cameco Corp. (Canada)

 

311,766

 

 

14,886,826

Passenger Airlines – 2.8%

     

 

 

Blade Air Mobility, Inc.*

 

4,760,135

 

 

14,185,202

Joby Aviation, Inc.*

 

2,200,637

 

 

12,015,478

Total Passenger Airlines

 

  

 

 

26,200,680

Investments

 

Shares

 

Value

Semiconductors & Semiconductor Equipment – 14.9%

 

 

 

 

Advanced Micro Devices, Inc.*

 

107,908

 

$

   18,095,093

 

NVIDIA Corp.

 

49,914

 

 

30,710,587

 

QUALCOMM, Inc.

 

35,337

 

 

5,247,898

 

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)(a)

 

184,241

 

 

20,811,863

 

Teradyne, Inc.

 

659,170

 

 

63,669,230

 

Total Semiconductors & Semiconductor Equipment

 

  

 

 

138,534,671

 

Software – 14.9%

     

 

 

 

ANSYS, Inc.*

 

38,078

 

 

12,483,111

 

Materialise NV (Belgium)*(a)

 

948,124

 

 

5,375,863

 

Synopsys, Inc.*

 

28,376

 

 

15,134,339

 

UiPath, Inc., Class A*

 

3,817,129

 

 

87,717,624

 

Unity Software, Inc.*

 

537,969

 

 

17,430,196

 

Total Software

 

  

 

 

138,141,133

 

Total Common Stocks
(Cost $1,425,290,020)

     

 

927,167,577

 

MONEY MARKET FUND – 0.2%

     

 

 

 

Goldman Sachs Financial Square Treasury Obligations Fund 5.21%(b)
(Cost $2,228,590)

 

2,228,590

 

 

2,228,590

 

Total Investments – 100.0%
(Cost $1,427,518,610)

     

 

929,396,167

 

Liabilities in Excess of Other Assets – (0.0)%(c)

 

 

(386,625

)

Net Assets – 100.0%

 

  

 

$

929,009,542

 

      Affiliated security

*      Non-income producing security

(a)   American Depositary Receipt

(b)   Rate shown represents annualized 7-day yield as of January 31, 2024.

(c)   Less than 0.05%

See accompanying Notes to Financial Statements.

9

 

Table of Contents

Schedule of Investments (continued)
ARK Autonomous Technology & Robotics ETF

 

January 31, 2024 (Unaudited)

   

Affiliated Issuer Transactions

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Period-to-date transactions with companies which are or were affiliates are as follows:

Value ($) at 7/31/2023



Purchases
Cost

($)



Sales
Proceeds
($)



Net Realized
Gain
/(Loss)
($)

Net Change in
Unrealized
Appreciation
(Depreciation)
($)



Dividend
Income
($)



Capital Gain
Distributions
($)



Number
of
Shares at
1/31/2024




Value ($) at
1/31/
2024

Common Stocks — 2.3%

               

Machinery — 0.8%

               

Markforged Holding Corp.

               

24,905,366

1,033,667

(1,420,428)

(223,169)

(16,657,322)

11,280,629

7,638,114

Passenger Airlines — 1.5%

               

Blade Air Mobility, Inc.

               

22,198,478

141,557

(1,790,309)

(1,769,253)

(4,595,271)

4,760,135

14,185,202

$47,103,844

$1,175,224

$(3,210,737)

$(1,992,422)

$(21,252,593)

$   

$   

16,040,764

$21,823,316

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, 2024, based upon the three levels defined above:

ARK Autonomous
Technology &
Robotics ETF

 



Level 1

 



Level 2

 



Level 3

 



Total

Assets

               

Common Stocks

 

$927,167,577

 

$    

 

$    

 

$927,167,577

Money Market Fund

 

2,228,590

 

 

 

2,228,590

Total

 

$929,396,167

 

$    

 

$     

 

$929,396,167

     Please refer to the Schedule of Investments to view securities segregated by industry type.

See accompanying Notes to Financial Statements.

10

 

Table of Contents

Schedule of Investments
ARK Innovation ETF

 

 

January 31, 2024 (Unaudited)

   

Investments

 

Shares

 

Value

COMMON STOCKS – 99.9%

     

 

 

Aerospace & Defense – 0.8%

     

 

 

Archer Aviation, Inc., Class A*†

 

12,999,367

 

$

      62,786,943

Automobiles – 8.0%

     

 

 

Tesla, Inc.*