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ARK ETF TRUST
ANNUAL REPORT
JULY 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)
The 3D Printing ETF (PRNT)
The ARK Israel Innovative Technology ETF (IZRL)
ARK Invest | 200 Central Avenue, Suite 1850, St. Petersburg, FL 33701 | 727.810.8160 | info@ark-invest.com | ark-funds.com

TABLE OF CONTENTS

Important Notice
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, shareholder reports will be made available on http://ark-funds.com/investor-resources, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary or, if you are a direct investor, by calling (727) 810-8160.
You may elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with a Fund, you can call (727) 810-8160 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive shareholder reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Funds.


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Schedule of Investments
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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, DNA sequencing, and blockchain technology. These platforms involve 14 technologies, including gene therapies, 3D printing, cloud computing, big data analytics, and cryptocurrencies. According to our estimates, the five innovation platforms and 14 technologies should generate more than $210 trillion in business value and wealth creation over the next decade. In 2020, ARK estimated these platforms accounted for roughly $14 trillion in global equity market capitalization, which is likely meaningfully lower after the market’s high growth selloff, allowing investors to capitalize on long term growth opportunities if they stay on the right side of change.
ARK’s research suggests that the global economy has entered a period of convulsive changes, some exceptionally good and others devastating, that will shape financial markets for years to come. Thanks to seeds planted during the tech and telecom bubble more than 20 years ago, record-breaking technological changes are creating not only exponential growth opportunities but also black holes in global economies and financial markets. Staying on the right side of change could determine success and failure not only in investment portfolios but also in careers, companies, and countries. As of this writing, the rotation from growth to value stocks coupled with a challenging macroeconomic backdrop has led to a turbulent year of risk-off sentiment for innovation-oriented equities. ARK believes that the magnitude and length of this drawdown has been unwarranted and that the disruptive innovation investment opportunity in the public equity markets continues to be misunderstood, underappreciated, and has become increasingly attractive.
Where are the black holes associated with technologically enabled innovation? In our view, any company not investing aggressively in one or more of five major innovation platforms and 14 technologies evolving today will lose its way. In harm’s way are companies that have spent the last 10-20 years engineering their financial results to satisfy the short-term demands of short-sighted investors. We believe those that have leveraged their balance sheets to buy back shares and pay dividends are at particular risk because deflation can ravage debt holders: technologically enabled innovation is deflationary. Stretching for yield, fixed income investors have enabled this behavior and, at some point, could have to pay for it.
So, investors beware. According to our research, innovation is evolving at such a rapid pace that traditional equity and fixed income benchmarks are being populated increasingly by so-called value traps, stocks and bonds that are “cheap” for a reason. We believe it is critical to investment success over the medium- to long-term to move to the right side of change, avoiding industries and companies in the crosshairs of  “creative destruction” and embracing those creating “disruptive innovation”.
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,
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Catherine D.Wood
Chief Investment Officer and Chief Executive Officer
ARK Investment Management LLC

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Management’s Discussion of Fund Performance
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(Unaudited)
Market Review and Investment Strategy
At the start of the fiscal period in August 2021, the broad markets1 were trudging to new highs reached in December 2021, unfortunately disguising worsening consumer sentiment and a flattening yield curve. During the following months and into the fiscal year ended July 31, 2022, global equity markets depreciated significantly, entering a bear market as global recession fears reached a tipping point and damaged consumer, business, and investor confidence. Innovation stocks, particularly those not listed on broad-based indexes, were punished disproportionately in response to investor fears of higher inflation and interest rates.
Between August 2021 and July 2022, the yield curve2 flattened 125 basis points, from 103 basis points to -22 basis points, suggesting that, if the Federal Reserve were to continue to raise interest rates, both real growth and inflation could surprise on the low side of expectations. As measured by the University of Michigan, US consumer sentiment plummeted to 50 – a historic low that undercut levels seen during the coronavirus pandemic, the 2008-2009 Global Financial Crisis, and the early 1980s when the economy suffered two recessions and both inflation and interest rates hit double digits.
In our view, long-term inflation fears have been misplaced because the gold price is trading at the low end of a two-year range, copper prices have broken down from a one-year range, and global inventories have piled up. Meanwhile, the US consumer savings rate has dropped to 5.1%, 3 the lowest since August 2009, which, when coupled with historically low consumer sentiment, suggests less room – if any – for growth in consumption. During the past year, in an overreaction to bottlenecks in the supply of goods and services, businesses and consumers appear to have accumulated inventory. In their 2022 first-quarter earnings releases, Walmart and Target – two companies that were thought by many analysts to have perfected supply chain management – reported that inventories increased 32% and 43% in nominal terms on a year-over-year basis, which likely translated into 20 – 25% and 30 – 35% in real terms, respectively. Meanwhile, for the first time since its launch in October 2020, the price of Nvidia’s RTX 3070 GPU has dropped more than 65% to hover near the GPU’s MSRP (manufacturer’s suggested resale price), and it was reported that customers of Taiwan Semiconductor Manufacturing Company are pulling semiconductor orders in response to excess inventory. ARK believes that in an attempt to satisfy stronger-than-expected demand, companies double- and triple-ordered goods, creating an inventory glut that will unwind as companies lower prices to clear their shelves. Finally, while the oil cartel and the Russia-Ukraine war have pushed oil prices to levels on the high end of expectations, prices declined to the lower end of the trading range in place since Russia invaded Ukraine. In our view, Energy – the strongest-performing sector during the fiscal year – will be disrupted and disintermediated by autonomous electric vehicles during the next five years, leaving many in the crowded “long oil and commodities” trade4 on the wrong side of innovation. The combination of geopolitical forces and inventory hoarding has pushed the US consumer price index – a lagging indicator of inflation – to 8.5%5 on a year-over-year basis, a rate that we believe deflationary forces – good, bad, and cyclical – are beginning to unwind.
If the economy continues to move into recession, the adoption of new technologies should accelerate as concerned businesses and consumers are more willing to change behavior patterns. In our view, after a significant correction in innovation-related stocks during the past year, many of the technology leaders to which they will turn now seem to be in deep value territory in the context of a five-year investment time horizon.
ARK continues to research and discover companies it believes are causing or embracing disruptive innovation, creating potential pockets of rapid growth in an otherwise uncertain growth environment. Relative to the S&P 500 Index and the MSCI World Index, ARK’s active and self-indexed ETFs underperformed these broad-based indexes during the fiscal year ended July 31, 2022.
1
As measured by the MSCI World Index and S&P 500 Index.
2
As measured by the difference between yields on the 10-year Treasury bond and the 2-year Treasury note.
3
As of July 2022.
4
“Long oil and commodities” is the second most crowded trade, per Bank of America’s July Fund Manager Survey.
5
As of July 2022.

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Management’s Discussion of Fund Performance (continued)
(Unaudited)
Investment Results: ARK Genomic Revolution ETF (ARKG)
The ARK Genomic Revolution ETF is an actively managed exchange-traded fund that invests in companies across multiple sectors, including health care, information technology, materials, energy, and consumer discretionary, that are relevant to the Fund’s Genomic Revolution investment theme.
During the fiscal year ended July 31, 2022, the ARK Genomic Revolution ETF (ARKG) underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to ARKG’s performance were Vertex Pharmaceuticals (VRTX), Ionis Pharmaceuticals (IONS), Pfizer (PFE), Caribou Biosciences (CRBU), and Regeneron Pharmaceuticals (REGN). VRTX experienced a solid year of performance after rallying on positive results from a Phase-2 proof-of-concept study focused on mid-stage focal glomerular sclerosis in fourth-quarter 2021. The company also announced that US and European regulators issued key designations for its kidney disease candidate, Inaxaplin (VX-147), in June 2022, enabling the company to expedite its regulatory work. Additionally, Vertex and CRISPR Therapeutics (CRSP) announced updated data for the gene-editing therapy Exagamglogene Autotemcel (Exacel), highlighting its potential to become a one-time therapy for beta-thalassemia and sickle cell disease. Shares of Ionis Pharmaceuticals were volatile throughout the year. In March, Ionis and Biogen terminated their C9orf72-associated amyotrophic lateral sclerosis (ALS) treatment. Despite the setback, both firms committed to continued research on the disease, and in June the FDA granted priority review for Tofersen, an antisense oligonucleotide intended to treat patients with amytrophic lateral sclerosis (ALS), which arises from a mutation in their superoxide dismutase 1 gene (SOD1). SOD1 mutations are the second most common cause of familial ALS. Shares of Pfizer had a volatile but positive year as the market took in new datapoints on the COVID vaccine market, including the continued outbreak of new variant and, more specifically, the performance of its COVID franchise, which continued to exceed consensus estimates.
The biggest detractors from ARKG’s performance were Teladoc Health (TDOC), Pacific Biosciences of California (PACB), Exact Sciences (EXAS), Fate Therapeutics (FATE), and CareDx (CDNA). Shares of Teladoc experienced several disappointing quarters. Most recently, shares fell significantly after the company projected that adjusted EBITDA would be 25% lower than its previous guidance, indicating that business challenges had increased the company’s customer acquisition costs,
particularly in its DTC (direct-to-consumer) mental health channels. To contextualize those results, however, recall that the last time its shares traded at these levels, in early 2018, Teladoc was cashflow negative, with visit volumes only 17% of current levels, paid members at 50% of the current number, and annual revenue equaling 20% of current levels. Today, Teladoc is the largest global digital health platform, 1 in 6 Americans is a full member of Teladoc, and the company is cashflow positive. Broadly speaking, we believe that the “stay-at-home” stock selloff unjustifiably punished TDOC and the market likely is missing the competitive differentiators that transcend Teladoc’s role as a dominant telemedicine provider. Our five-year thesis for Teladoc is built around its transition from a general telehealth provider to a business-to-business enterprise solution for whole-person healthcare. Shares of Pacific Biosciences were punished alongside the broader gene-sequencing space during the last twelve months, most likely because of macro pressures that resulted in many market participants selling equities that have longer-duration earnings. PACB experienced a notable drawdown in its first-quarter performance during a challenging environment for genomics-focused companies, which was exacerbated by the company’s weaker-than-expected 2022 revenue guidance. Management noted that Coronavirus Omicron variant caused widespread lab closures on the east coast in the US and in Europe during January, hurting the utilization of consumables. In our view, investors underappreciate the importance of HiFi sequencing, which laid the groundwork for the first full human genome in 2021. We also believe fears of competition from synthetic long-read sequencing are unfounded. Similar to smaller genomics stocks that are not in broad-based benchmarks, shares of Exact Sciences suffered during a risk-off period. The company owns two of the largest cancer diagnostic franchises, Cologuard and Oncotype, and has the potential to own the lion’s share of the oncology diagnostic funnel by linking screening and prognostics tests.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK Genomic Revolution ETF (ARKG)
Net Asset Value
-56.27% 3.59% 12.26% 9.23%
Market Price
-56.32% 3.45% 12.17% 9.21%
S&P 500 Index
-4.64% 13.36% 12.83% 11.94%
MSCI World Net Index
-9.16% 9.58% 8.81% 8.40%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
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*
ARKG’s inception date is 10/31/14.

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Management’s Discussion of Fund Performance (continued)
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(Unaudited)
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKG is 0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. 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. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (continued)
(Unaudited)
Investment Results: ARK Autonomous Technology & Robotics ETF (ARKQ)
The ARK Autonomous Technology & Robotics ETF is an actively managed exchange-traded fund that invests in securities of autonomous technology and robotics companies that are relevant to the Fund’s Robotics and Autonomous Technology investment theme.
During the fiscal year ended July 31, 2022, the ARK Robotics & Autonomous Technology ETF (ARKQ) underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to ARKQ’s performance were Tesla (TSLA), Elbit Systems (ESLT), Iridium Communications (IRDM), BYD Co (BYDDY), and AeroVironment (AVAV). Despite a volatile second-quarter 2022, shares of Tesla ended the twelve-month period in strong, positive territory, and quarterly earnings reports over the period impressed investors. The company surpassed consensus estimates of its top- and bottom-line results, accelerating vehicle sales and production associated with the rollout of new gigafactories, including in Berlin. Tesla also continued its expansion of the Shanghai gigafactory, inked large deals with companies like Hertz, and made progress in autonomous driving efforts. Shares of drone manufacturer and defense company Elbit Systems rallied during a period of geopolitical tension and uncertainty. In the recent second quarter, its stock appreciated on news that the company won contracts ranging from $70 million to more than $500 million. Shares of Iridium Communications fluctuated over the course of the year. Most recently, the company experienced record earnings that boosted its full-year forecast and moved the stock higher. Iridium is a prime example of a company leveraging “new space” for its business model, and declining launch and satellite costs have allowed it to offer global voice and data coverage at a price point low enough to attract a reliable and growing customer base. In our view, Iridium’s provision of global connectivity for drones and smartphones positions the company for much more growth.
The biggest detractors from ARKQ’s performance were UiPath (PATH), Kratos Defense & Security (KTOS), Markforged (MKFG), TuSimple Holdings (TSP), and 3D Systems (DDD). UiPath suffered from a harsh macro environment, a selloff in the broader Software as a Service (SaaS) market, concerns about the competitive landscape, a cut in forward guidance, and exposure to geopolitical turbulence in Eastern Europe. Despite these headwinds, we maintain high conviction in UiPath’s ability
to integrate Robotic Process Automation (RPA) into many business processes across large enterprises around the world. Our research suggests that, on average, artificial intelligence (AI) could increase the productivity of knowledge workers by 2.4-fold by 2030, potentially driving $14 trillion in annual AI software spend. Given its early success, unique data assets, and technology advantages, we believe UiPath is well-positioned to benefit from this trend. We are not presently concerned by the competitive landscape and believe its evolving support for unstructured data will strengthen UiPath’s competitive positioning. Shares of Kratos Defense & Security Solutions fell over the course of the year in light of the company’s mixed performance results. The firm issued soft guidance in its recent second-quarter earnings call, citing a challenging business environment that includes increased raw material costs, capacity issues, and a shortage of skilled labor. On the positive side, however, Kratos inked many meaningful deals, including: a contract to provide an advanced spectrum monitoring system for OneWeb’s low earth-orbiting satellite constellation, as well as contracts with the US Air Force to develop an Off Board Sensing Station (OBSS) Unmanned Aerial System (UAS) and unmanned aerial target drone system aircraft. ARK believes that Kratos is an emerging leader in space support systems and should continue to lead the burgeoning market for low-cost, high-performance jet drones. Markforged Holdings Corporation had a challenging year despite beating revenue and earnings estimates on several occasions. Macroeconomic factors and a drawdown in the 3D printing space likely affected the stock’s performance. Markforged is a 3D printing company that specializes in continuous carbon fiber 3D printing.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK Autonomous Technology & Robotics ETF (ARKQ)
Net Asset Value
-30.27% 19.96% 15.03% 15.09%
Market Price
-30.38% 19.92% 14.99% 15.09%
S&P 500 Index
-4.64% 13.36% 12.83% 11.95%
MSCI World Net Index
-9.16% 9.58% 8.81% 8.22%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
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*
ARKQ’s inception date is 9/30/14.

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Management’s Discussion of Fund Performance (continued)
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(Unaudited)
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKQ is 0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. 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. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (continued)
(Unaudited)
Investment Results: ARK Innovation ETF (ARKK)
The ARK Innovation ETF is an actively managed exchange-traded fund that invests in securities of companies that rely on or benefit from the development of new products or services, technological improvements, and scientific advancement related to ARK’s strategic platform areas of genomics (“Genomic Revolution Theme”), robotics and autonomous technology (“Robotics and Autonomous Technology Theme”), next generation internet (“Next Generation Internet Theme”), or financial technology (“Fintech Theme”).
During the fiscal year ended July 31, 2022, the ARK Innovation ETF underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to ARKK’s performance were Tesla (TSLA), Signify Health (SGFY), Cerus Corp (CERS), Seres Therapeutics (MCRB), and Nvidia (NVDA). Shares of Tesla contributed for reasons discussed above. Shares of Cerus finished a volatile year in positive territory. The biomedical products company supplies hardware and consumables under its flagship, blood transfusion safety brand, INTERCEPT. Following the FDA guidance effective October 1, 2021, INTERCEPT is the standard of care in the United States and France, where it is used to treat more than 50% of transfused platelets and 100% of blood supply, respectively. Cerus also plans a national roll-out of its INTERCEPT fibrinogen cryoprecipitate product, currently distributed in only five US states, for the treatment and control of bleeding and serious hemorrhage – a meaningful market expansion. In May, following the stock’s sharp sell-off, ARK initiated a new NVDA position in ARKK. We believe Nvidia’s AI Accelerators can become essential for processing deep-learning training and inference, allowing the company to enable gaming/metaverse applications, autonomous driving, and artificial general intelligence. While NVDA’s previous valuation prevented the stock from becoming a portfolio holding in the Disruptive Innovation Strategy, ARK continued to maintain high conviction in NVDA and held it in our thematic strategies. In our view, the selloff created an attractive entry point for NVDA. The positive contribution from NVDA came primarily from the active purchase timing of the stock.
The biggest detractors from ARKK’s performance were Roku (ROKU), Teladoc Health (TDOC), Coinbase Global (COIN), Zoom Video
Communications (ZM), and Twilio (TWLO). ROKU sold off throughout the year due to the rotation from growth to value, fears of weakened consumption and an associated pullback in advertising spending, and a recent earnings release that cited these headwinds and lowered guidance for the rest of the year. Despite the disappointing quarter and weak guidance, we believe Roku’s long-term growth story remains intact, particularly because consumers continue to adopt CTV and abandon linear TV. During the second quarter of 2022, Roku’s total active accounts increased to 63 million, or 15% on a year-over-year basis – an acceleration from 14% in the first quarter. Total hours streamed also grew 19% year-over-year to 21 billion, while average platform revenue per user increased 21% to $44.10 on a trailing twelve-month basis. Shares of Teladoc detracted for reasons discussed above. Shares of Coinbase depreciated following a steep drawdown in the cryptocurrency market, a series of  “blowups” – including the Terra ecosystem collapse – that caused contagion, increased regulatory pressure, and led to weak first-quarter earnings. As its first-quarter results fell short of analysts’ expectations, the company unveiled plans to forgo short-term profitability and increase investments. Despite those headwinds, Coinbase updated its crypto payment offering, Coinbase Commerce, and launched several new products, including Solana staking and its first derivatives product, Nano Bitcoin Futures. In our view, Coinbase is the premier, regulatory-compliant crypto platform with major competitive advantages in an industry that we believe will consolidate.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK Innovation ETF (ARKK)
Net Asset Value
-62.04% -1.34% 10.41% 12.44%
Market Price
-62.08% -1.42% 10.39% 12.45%
S&P 500 Index
-4.64% 13.36% 12.83% 11.94%
MSCI World Net Index
-9.16% 9.58% 8.81% 8.40%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
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*
ARKK’s inception date is 10/31/14.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKK is 0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares

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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (continued)
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(Unaudited)
outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

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TABLE OF CONTENTS
Management’s Discussion of Fund Performance (continued)
(Unaudited)
Investment Results: ARK Next Generation Internet ETF (ARKW)
The ARK Next Generation Internet ETF is an actively managed exchange-traded fund that invests in securities of companies that are relevant to the Fund’s Next Generation Internet investment theme.
During the fiscal year ended July 31, 2022, the ARK Next Generation Internet ETF (ARKW) underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to ARKW’s performance were Tesla (TSLA), LendingClub (LC), Netflix (NFLX), Meta Platforms (META), and Pinduoduo (PDD). Shares of Tesla contributed for reasons discussed above. Shares of Netflix held up well as traditional managers fled to benchmark exposures during a period of risk-off sentiment. Despite mixed earnings across quarters, the company experienced several notable successes, including its launch of Squid Game, and began strategizing new offerings through key partnerships. Similar to NFLX, shares of Meta Platforms (formerly Facebook) held up relatively well, partly due to its prominence in common benchmarks. ARK Invest used the strength of the stock’s performance to reallocate into higher conviction names. The stock then experienced subsequent shakiness most likely due to fierce competition, decreasing popularity, and broad macro pressures.
The biggest detractors from ARKW’s performance were Coinbase Global (COIN), Roku (ROKU), Shopify (SHOP), Grayscale Bitcoin Trust
(GBTC), and Teladoc Health (TDOC). Shares of Coinbase and Roku detracted for reasons discussed above. Shares of Shopify depreciated over the twelve-month period, much of it during the first half of 2022, because of soft guidance, an earnings miss, and an increase in investment spending for 2022. Investors seem concerned that a recession will hit consumer spending, exacerbating the post-COVID slowdown in Shopify’s sales. In our view, the coronavirus crisis accelerated the adoption of e-commerce, and we believe that merchants of all sizes will require either a purely digital or omnichannel storefront and distribution platform as digital commerce becomes the norm. We believe Shopify is uniquely positioned as an operating system that enables merchants to sell direct-to-consumer across marketplaces and social media platforms.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK Next Generation Internet ETF (ARKW)
Net Asset Value
-61.95% 2.78% 12.25% 16.71%
Market Price
-62.04% 2.64% 12.20% 16.70%
S&P 500 Index
-4.64% 13.36% 12.83% 11.95%
MSCI World Net Index
-9.16% 9.58% 8.81% 8.22%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
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*
ARKW’s inception date is 9/30/14.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKW is 0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

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Management’s Discussion of Fund Performance (continued)
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(Unaudited)
Investment Results: ARK Fintech Innovation ETF (ARKF)
The ARK Fintech Innovation ETF is an actively managed exchange-traded fund that invests in securities of companies that are relevant to the Fund’s investment theme of financial technology (“Fintech”) innovation.
During the fiscal year ended July 31, 2022, the ARK Fintech Innovation ETF (ARKF) underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to ARKF’s performance were Opendoor Technologies (OPEN), Twitter (TWTR), HDFC Bank (HDB), Meituan (3690 HK), and Tencent Holdings (TCEHY). Despite depreciating over the twelve-month period, we believe shares of Opendoor Technologies contributed to the fund because of ARK’s trading decisions. Motivating ARK’s exit of OPEN was Zillow’s announcement to shut down its service, Zillow Offers, which we believe highlights the complexity of forecasting home prices, even with ample data. Shares of Twitter appreciated in second-quarter 2022 after Elon Musk disclosed a significant stake in the company and then bid to purchase it. In our view, Musk is a visionary entrepreneur and active Twitter user whose involvement would have had the potential to benefit the company in unexpected ways. Because M&A arbitrage is not ARK Invest’s core investment strategy, ARK Invest subsequently trimmed the position and reallocated to higher conviction names. Similar to the situation with Opendoor, much of the contribution from Tencent Holdings came from the active timing of the stock by ARK Invest. Although Tencent is exciting given its position as China’s most wide-reaching internet company that includes fintech services, the thesis risk for Chinese
names increased due to the Chinese Government’s focus on common prosperity and led us to reallocate into higher conviction names.
The biggest detractors from ARKF’s performance were Shopify (SHOP), Block (SQ), Coinbase Global (COIN), Twilio (TWLO), and Sea (SE). Shares of Shopify detracted for reasons discussed above. In December 2021, Square changed its name to Block, signaling its increased focus on blockchain payment solutions. Even so, the market reacted negatively to Block’s third-quarter earnings report, including the reported slowdown in Cash App’s growth to pre-government-stimulus levels and lower-than-expected bitcoin trading revenue. Earnings continued to be squeezed in the first half of 2022, particularly the first quarter. We maintain high conviction in Block Inc. and believe Digital Wallets will upend traditional banks by offering superior user experience and more cost-effective products and services while acquiring users at a fraction of the cost that banks are paying today. We believe shares of Coinbase detracted for reasons discussed above.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK Fintech Innovation ETF (ARKF)
Net Asset Value
-64.66% -7.30% -2.67%
Market Price
-64.72% -7.37% -2.71%
S&P 500 Index
-4.64% 13.36% 12.83% 14.81%
MSCI World Net Index
-9.16% 9.58% 8.81% 10.88%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
[MISSING IMAGE: tm2224421d1-lc_arkfbw.jpg]
*
ARKF’s inception date is 2/4/19.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKF is 0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

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Management’s Discussion of Fund Performance (continued)
(Unaudited)
Investment Results: ARK Space Exploration & Innovation ETF (ARKX)
The ARK Space Exploration & Innovation ETF is an actively managed exchange-traded fund that invests in securities of companies that are relevant to the Fund’s Space Exploration investment theme. ARK defines “Space Exploration” as leading, enabling, or benefitting from technologically-enabled products and/or services that occur beyond the surface of the Earth.
During the fiscal year ended July 31, 2022, the ARK Space Exploration & Innovation ETF (ARKX) underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to ARKX’s performance were Elbit Systems (ESLT), Iridium Communications (IRDM), AeroVironment (AVAV), L3Harris Technologies (LHX), and Synopsys (SNPS). We believe shares of Elbit Systems and Iridium Communications contributed for reasons discussed above. Shares of AeroVironment rebounded in 2022 after Russia’s invasion of Ukraine and the Biden Administration’s announcement that it would consider providing Ukraine and European allies with AeroVironment’s Switchblade drones.
The biggest detractors from ARKX’s performance were Kratos Defense & Security (KTOS), The 3D Printing ETF (PRNT), UiPath (PATH), Markforged (MKFG), and JD Logistics (2618 HK). We believe shares of Kratos, UiPath and Markforged Holdings Corporation detracted for reasons discussed above.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK Space Exploration & Innovation ETF (ARKX)
Net Asset Value
-26.64% -19.64%
Market Price
-26.60% -19.64%
S&P 500 Index
-4.64% 13.36% 12.83% 4.73%
MSCI World Net Index
-9.16% 9.58% 8.81% -0.10%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
[MISSING IMAGE: tm2224421d1-lc_arkxbw.jpg]
*
ARKX's inception date is 3/30/21.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKX is 0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. 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. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

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Management’s Discussion of Fund Performance (continued)
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(Unaudited)
Investment Results: The 3D Printing ETF (PRNT)
The 3D Printing ETF is an indexed exchange-traded fund that seeks investment results corresponding6 to the performance of the Total 3D-Printing Index, which tracks the price movements of the stocks in the industry. The 3D Printing ETF is the only pure-play ETF dedicated to the 3D printing ecosystem.
During the fiscal year ended July 31, 2022, the 3D Printing ETF (PRNT) underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to PRNT’s performance were ExOne Co (XONE), HP Inc. (HPQ), Moog Inc. (MOG), ATI Inc. (ATI), and United Parcel Service (UPS). Shares of ExOne, the market leader in binder jetting 3D printing, popped after Desktop Metal (DM) continued its spree of acquisitions and announced its intent to acquire the company.
The biggest detractors from PRNT’s performance were Desktop Metal (DM), Bico Group (BICO), ConforMIS (CFMS) Inc., 3D
Systems (DDD), and SLM Solutions Group (SLGRF). A selloff in innovation stocks and 3D Printing impacted 3D Systems. The company lowered second-quarter guidance as its earnings lagged expectations and the departure of its Chief Financial Officer (CFO). 3D Systems provides comprehensive 3D products and services focused on healthcare.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK The 3D Printing ETF (PRNT)
Net Asset Value
-39.14% 1.68% -1.33% 2.97%
Market Price
-39.05% 1.37% -1.33% 2.98%
S&P 500 Index
-4.64% 13.36% 12.83% 13.33%
MSCI World Net Index
-9.16% 9.58% 8.81% 10.13%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
[MISSING IMAGE: tm2224421d1-lc_prntbw.jpg]
*
PRNT’s inception date is 7/19/16.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for PRNT is 0.66%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. 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. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.
6
Before Fund fees and expenses.

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Management’s Discussion of Fund Performance (concluded)
(Unaudited)
Investment Results: The ARK Israel Innovative Technology ETF (IZRL)
The ARK Israel Innovative Technology ETF is an indexed exchange-traded fund that seeks investment results corresponding7 to the performance of the ARK Israeli Innovation Index, which is designed to track the price movements of exchange-listed Israeli companies whose main business operations are causing disruptive innovation in the areas of genomics, biotechnology, industrials, manufacturing, the Internet, and/or information technology.
During the fiscal year ended July 31, 2022, the ARK Israel Innovative Technology ETF (IZRL) underperformed the S&P 500 Index and the MSCI World Index.
The top positive contributors to IZRL’s performance were Partner Communications (PTNR), Elbit Systems (ESLT), Bezeq Israeli Telecom (BEZQ), Cellcom Israel (CELJF), and Tower Semiconductor (TSEM). Shares of Elbit Systems contributed for reasons discussed above.
The biggest detractors from IZRL’s performance were Fiverr International (FVRR), Cognyte Software (CGNT), Augwind Energy Tech Storage (AUGN), Wix.com Ltd. (WIX), and Compugen Ltd. (CGEN). Shares of Fiverr International experienced a challenging 2022 as management lowered full-year guidance in light of a harsh economic environment that could impact its top-line forecasts. Fiverr is an online, freelance marketplace company.
Average Annual Total Returns as of 7/31/22
1 Year
3 Year
5 Year
Since
Inception
(Annualized)
ARK Israel Innovative Technology ETF (IZRL)
Net Asset Value
-35.79% -1.14% 0.50%
Market Price
-35.57% -1.31% 0.49%
S&P 500 Index
-4.64% 13.36% 12.83% 12.05%
MSCI World Net Index
-9.16% 9.58% 8.81% 8.09%
Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/22 (At Net Asset Value)
[MISSING IMAGE: tm2224421d1-lc_izrlbw.jpg]
*
IZRL’s inception date is 12/5/17.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for IZRL is 0.49%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. 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. Market performance does not represent the returns you would receive if you traded shares at other times.
The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares. Returns for less than one year are not annualized.
7
Before Fund fees and expenses.

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The views expressed in the Shareholder Letter are those of ARK Investment Management LLC (“ARK”) as of July 31, 2022. Management’s Discussion of Fund Performance presents information about the ARK ETFs’ holdings that is believed to be accurate, and the views of the Funds’ portfolio manager, as of July 31, 2022. The Shareholder Letter and Management’s Discussion of Fund Performance may not necessarily reflect the views or holdings on the date this Annual Report is first published or anytime thereafter. The information in the Shareholder Letter and Management’s Discussion of Fund Performance 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.
The S&P 500 Index is a widely recognized capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market. The MSCI World Index represents large and mid-cap equity performance across 23 developed markets. Returns shown for the MSCI World Index are net of foreign withholding taxes applicable to U.S. investors. Securities indexes assume reinvestment of all distributions and interest payments and do not take into account brokerage fees or taxes. Index performance information was furnished by sources deemed reliable and is believed to be accurate, however, no warranty or representation is made as to the accuracy thereof and the information is subject to correction. You cannot invest directly in an index, securities in an ARK ETF will not exactly match those in an index, and performance of an ARK ETF will differ from the performance of an index. Although reinvestment of dividend and interest payments is assumed, no expenses are netted against an index’s returns.

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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 (February 1, 2022 through July 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
2/1/2022
Ending
Account Value
7/31/2022
Annualized
Expense Ratios
for the Period
Expenses Paid
During the
Period(a)
ARK Genomic Revolution ETF
Actual
$ 1,000.00 $ 736.60 0.75% $ 3.23
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,021.08 0.75% $ 3.76
ARK Autonomous Technology & Robotics ETF
Actual
$ 1,000.00 $ 850.70 0.75% $ 3.44
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,021.08 0.75% $ 3.76
ARK Innovation ETF
Actual
$ 1,000.00 $ 599.20 0.75% $ 2.97
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,021.08 0.75% $ 3.76
ARK Next Generation Internet ETF
Actual
$ 1,000.00 $ 575.30 0.75% $ 2.93
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,021.08 0.75% $ 3.76
ARK Fintech Innovation ETF
Actual
$ 1,000.00 $ 552.10 0.75% $ 2.89
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,021.08 0.75% $ 3.76
ARK Space Exploration & Innovation ETF
Actual
$ 1,000.00 $ 910.40 0.70% $ 3.32
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,021.32 0.70% $ 3.51
The 3D Printing ETF
Actual
$ 1,000.00 $ 767.20 0.66% $ 2.89
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,021.52 0.66% $ 3.31
The ARK Israel Innovative Technology ETF
Actual
$ 1,000.00 $ 772.50 0.49% $ 2.15
Hypothetical (5% return before expenses)
$ 1,000.00 $ 1,022.36 0.49% $ 2.46
(a)
Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (the number of days in the period, then divided by 365).

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Sector Diversification (as a percentage of total investments)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
July 31, 2022 (Unaudited)
ARK Genomic Revolution
ETF (ARKG)
[MISSING IMAGE: tm2224421d1-pc_arkgbw.jpg]
Health Care
91.5%
Information Technology 4.9
Materials 3.2
Money Market Fund 0.4
100.0
ARK Autonomous Technology
& Robotics ETF (ARKQ)
[MISSING IMAGE: tm2224421d1-pc_arkqbw.jpg]
Industrials 38.7%
Information Technolorgy 30.2
Consumer Discretionary 21.8
Communication Services 7.9
Health Care 1.1
Money Market Fund 0.3
100.0
ARK Innovation ETF (ARKK)
[MISSING IMAGE: tm2224421d1-pc_arkkbw.jpg]
Health Care 35.4%
Information Technology 32.5
Consumer Discretionary 13.1
Communication Services 10.1
Financials 5.5
Materials 2.2
Industrials 1.2
Money Market Fund 0.0(a)
100.0
(a)
Less than 0.05%
ARK Next Generation
Internet ETF (ARKW)
[MISSING IMAGE: tm2224421d1-pc_arkwbw.jpg]
Information Technology 42.3%
Consumer Discretionary 19.2
Communication Services 17.7
Financials 14.5
Health Care 6.3
Money Market Fund 0.0(a)
100.0
(a)
Less than 0.05%
ARK Fintech Innovation
ETF (ARKF)
[MISSING IMAGE: tm2224421d1-pc_arkfbw.jpg]
Information Technology 49.5%
Financials 24.3
Consumer Discretionary 13.4
Communication Services 5.6
Health Care 3.5
Real Estate 3.1
Money Market Fund 0.6
100.0
ARK Space Exploration
& Innovation ETF (ARKX)
[MISSING IMAGE: tm2224421d1-pc_arkxbw.jpg]
Industrials 53.3%
Information Technology 26.1
Communication Services 9.7
Equity Fund 5.5
Consumer Discretionary 5.3
Money Market Fund 0.1
100.0

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Sector Diversification (as a percentage of total investments) (concluded)
July 31, 2022 (Unaudited)
The 3D Printing ETF (PRNT)
[MISSING IMAGE: tm2224421d1-pc_prntbw.jpg]
Information Technology 52.4%
Industrials 28.4
Health Care 7.4
Consumer Discretionary 5.5
Materials 3.3
Financial Services 2.8
Money Market Fund 0.1
Consumer Staples 0.1
100.0
The ARK Israel Innovative
Technology ETF (IZRL)
[MISSING IMAGE: tm2224421d1-pc_izrlbw.jpg]
Information Technology 64.2%
Health Care 12.9
Communication Services 12.4
Industrials 6.5
Consumer Discretionary 4.0
100.0

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Schedule of Investments
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Genomic Revolution ETF
July 31, 2022
Investments
Shares
Value
COMMON STOCKS – 99.7%
Biotechnology – 56.4%
Arcturus Therapeutics Holdings, Inc.* 2,268,443 $ 39,811,175
Beam Therapeutics, Inc.* 2,028,004 127,723,692
CareDx, Inc.* 4,390,146 104,441,573
CRISPR Therapeutics AG (Switzerland)* 1,741,089 130,581,675
Exact Sciences Corp.* 4,661,910 210,252,141
Fate Therapeutics, Inc.* 4,232,814 129,227,811
Incyte Corp.* 1,199,915 93,209,397
Intellia Therapeutics, Inc.* 1,763,198 114,184,703
Ionis Pharmaceuticals, Inc.* 3,860,299 144,992,830
Iovance Biotherapeutics, Inc.* 2,890,128 33,669,991
Moderna, Inc.* 170,027 27,899,730
Nurix Therapeutics, Inc.* 915,927 14,618,195
Organovo Holdings, Inc.* 192,850 566,979
Recursion Pharmaceuticals, Inc., Class A* 3,440,074 29,103,026
Regeneron Pharmaceuticals, Inc.* 54,859 31,910,932
Repare Therapeutics, Inc. (Canada)* 2,736,630 34,591,003
Senti Biosciences, Inc.* 2,168,372 6,787,004
Senti Biosciences, Inc.*(b) 243,471 647,755
Surface Oncology, Inc.* 6,323,533 10,813,242
Twist Bioscience Corp.* 2,605,186 113,950,836
Veracyte, Inc.* 1,843,569 48,559,608
Vertex Pharmaceuticals, Inc.* 233,047 65,348,709
Verve Therapeutics, Inc.* 2,232,863 54,973,087
Total Biotechnology
1,567,865,094
Chemicals – 3.2%
Ginkgo Bioworks Holdings, Inc.* 23,831,222 68,157,295
Zymergen, Inc.* 7,778,905 19,213,895
Total Chemicals
87,371,190
Electronic Equipment, Instruments & Components – 2.9%
908 Devices, Inc.* 3,570,847 80,344,058
Health Care Equipment & Supplies – 2.1%
Butterfly Network, Inc.* 8,513,595 36,949,002
Cerus Corp.* 4,176,664 22,553,986
Total Health Care Equipment & Supplies
59,502,988
Health Care Providers & Services – 9.4%
1Life Healthcare, Inc.* 1,828,917 30,981,854
Accolade, Inc.* 6,151,729 56,841,976
Guardant Health, Inc.* 563,761 28,283,889
Invitae Corp.* 5,369,358 10,201,780
Signify Health, Inc., Class A* 7,973,716 136,430,281
Total Health Care Providers & Services
262,739,780
Health Care Technology – 10.8%
Schrodinger, Inc.* 3,432,098 107,424,667
Teladoc Health, Inc.* 3,767,146 138,819,330
Veeva Systems, Inc., Class A* 238,328 53,285,375
Total Health Care Technology
299,529,372
Investments
Shares
Value
Life Sciences Tools & Services – 11.3%
10X Genomics, Inc., Class A* 799,103 $ 32,083,986
Adaptive Biotechnologies Corp.* 8,641,074 79,152,238
Berkeley Lights, Inc.* 3,112,910 13,976,966
Codexis, Inc.* 4,443,013 30,479,069
Compugen Ltd. (Israel)* 2,636,012 4,243,979
Pacific Biosciences of California, Inc.* 12,013,661 52,499,699
Personalis, Inc.* 5,415,838 19,984,442
Quantum-Si, Inc.* 11,680,602 37,961,956
SomaLogic, Inc.* 8,695,220 43,910,861
Total Life Sciences Tools & Services
314,293,196
Pharmaceuticals – 1.6%
ATAI Life Sciences NV (Germany)* 4,534,456 17,503,000
Pfizer, Inc. 553,501 27,957,336
Total Pharmaceuticals
45,460,336
Software – 2.0%
UiPath, Inc., Class A* 3,085,604 56,559,121
Total Common Stocks
(Cost $7,067,975,705)
2,773,665,135
MONEY MARKET FUND – 0.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.83%(a)
(Cost $9,967,734)
9,967,734 9,967,734
Total Investments – 100.1%
(Cost $7,077,943,439)
2,783,632,869
Liabilities in Excess of Other Assets – (0.1)% (3,607,145)
Net Assets – 100.0% $ 2,780,025,724

Affiliated security
*
Non-income producing security
(a)
Rate shown represents annualized 7-day yield as of July 31, 2022.
(b)
Restricted security; security may not be publicly sold without registration under the Securities Act of 1933, as amended. As of July 31, 2022, total investments in restricted securities were $647,755 and are classified as Level 2.
See accompanying Notes to Financial Statements.
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Schedule of Investments (continued)
ARK Genomic Revolution ETF
July 31, 2022
Affiliated Issuer Transactions
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Fiscal year to date transactions with companies which are or were affiliates are as follows:
Value ($) 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
7/31/2022
Value ($) at
7/31/2022
Common Stocks — 24.2%
Biotechnology — 6.8%
AquaBounty Technologies, Inc.
32,699,225
4,009,148 (16,947,272) (29,687,800) 9,926,699     —     —
Arcturus Therapeutics Holdings, Inc.
84,888,987
56,107,146 (67,886,484) 8,446,450 (41,744,924) 2,268,443 39,811,175
CareDx, Inc.
310,172,395
157,455,943 (141,292,075) (1,641,017) (220,253,673) 4,390,146 104,441,573
Cellectis SA
56,897,431
8,557,317 (37,117,817) (67,316,016) 38,979,085
Evogene Ltd.
9,030,619
1,370,733 (5,974,805) (1,103,073) (3,323,474)
Fate Therapeutics, Inc.^
357,383,678
187,569,734 (178,190,322) (4,338,123) (233,197,156) 4,232,814 129,227,811
Ionis Pharmaceuticals, Inc.^
335,200,942
146,728,426 (325,753,351) (87,138,228) 75,955,041 3,860,299 144,992,830
Repare Therapeutics, Inc.
93,387,201
52,361,878 (49,805,988) (4,852,726) (56,499,362) 2,736,630 34,591,003
Surface Oncology, Inc.
26,008,455
29,632,544 (19,457,716) (1,532,441) (23,837,600) 6,323,533 10,813,242
Twist Bioscience Corp.^
303,792,362
117,653,886 (141,976,792) 9,526,597 (175,045,217) 2,605,186 113,950,836
Chemicals — 0.7%
Zymergen, Inc.
36,723,976
43,782,640 (18,785,592) 878,423 (43,385,552) 7,778,905 19,213,895
Electronic Equipment, Instruments & Components — 2.9%
908 Devices, Inc.
81,883,531
85,898,782 (62,273,212) (390,933) (24,774,110) 3,570,847 80,344,058
Financial Services — 0.0%
Dynamics Special Purpose Corp.
19,718,888
15,447,878 (29,907,929) (5,579,469) 320,632
Health Care Providers & Services — 2.0%
Accolade, Inc.
259,620,477
88,944,236 (102,484,784) (14,069,197) (175,168,756) 6,151,729 56,841,976
Castle Biosciences, Inc.
156,646,658
27,282,880 (108,453,903) (73,104,934) (2,370,701)
Signify Health, Inc.^
139,077,091
187,506,352 (115,490,111) (5,120,662) (69,542,389) 7,973,716 136,430,281
Health Care Technology — 3.9%
Schrodinger, Inc.
169,891,016
138,702,351 (109,632,033) (16,510,304) (75,026,363) 3,432,098 107,424,667
Life Sciences Tools & Services — 7.9%
Adaptive Biotechnologies Corp.
153,890,542
188,211,846 (105,355,447) (1,022,016) (156,572,687) 8,641,074 79,152,238
Berkeley Lights, Inc.^
145,389,853
55,665,395 (42,605,054) (19,381,040) (125,092,188) 3,112,910 13,976,966
See accompanying Notes to Financial Statements.
19

TABLE OF CONTENTS
Schedule of Investments (continued)
[MISSING IMAGE: lg_arketfnew-bw.jpg]
ARK Genomic Revolution ETF
July 31, 2022
Value ($) at 7/31/2021
Purchases
Cost
($)
Sales
Proceeds
($)
Net Realized
Gain/(Loss)
($)
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
Dividend
Income
($)
Capital Gain
Distributions
($)
Number of
Shares at
7/31/2022
Value ($) at
7/31/2022
Life Sciences Tools & Services — 7.9% (continued)
Codexis, Inc.
135,791,147
71,326,574 (149,599,335) 26,198,412 (53,237,729) 4,443,013 30,479,069
Pacific Biosciences of California, Inc.
460,481,139
141,956,876 (182,088,086) 111,328,451 (479,178,681) 12,013,661 52,499,699
Personalis, Inc.
97,468,702
64,254,700 (51,206,844) (3,572,137) (86,959,979) 5,415,838 19,984,442
Quantum-Si, Inc.
71,309,635
90,635,483 (56,445,287) (1,105,650) (66,432,225) 11,680,602 37,961,956
Molecular Diagnostics — 0.0%
CM Life Sciences II, Inc.
32,363,829
1,149,934 (1,108,561) (144,970) 5,547,068
$3,569,717,779
$ 1,962,212,682 $ (2,119,838,800) $ (181,232,403) $ (1,980,914,241) $    — $    — 100,631,444 $ 1,212,137,717
^
As of July 31, 2022, the company was no longer considered to be an affiliated security.
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 July 31, 2022, based upon the three levels defined above:
ARK Genomic
Revolution ETF
Level 1
Level 2
Level 3
Total
Assets
Common Stocks $ 2,773,017,380 $ 647,755 $ $ 2,773,665,135
Money Market Fund
9,967,734    —    — 9,967,734
Total $ 2,782,985,114 $ 647,755 $ $ 2,783,632,869

Please refer to the Schedule of Investments to view securities segregated by industry type.
See accompanying Notes to Financial Statements.
20

TABLE OF CONTENTS
Schedule of Investments
ARK Autonomous Technology & Robotics ETF
July 31, 2022
Investments
Shares
Value
COMMON STOCKS – 99.7%
Aerospace & Defense – 18.4%
AeroVironment, Inc.* 626,183 $ 54,252,495
Archer Aviation, Inc., Class A* 7,874,850 31,814,394
Elbit Systems Ltd. (Israel) 126,102 29,221,616
Kratos Defense & Security Solutions, Inc.*
6,696,343 96,360,376
Lockheed Martin Corp. 27,586 11,415,363
Total Aerospace & Defense
223,064,244
Airlines – 2.6%
Blade Air Mobility, Inc.* 5,777,135 32,091,985
Auto Components – 1.9%
Magna International, Inc. (Canada) 364,678 23,288,337
Automobiles – 17.5%
BYD Co. Ltd. (China)(a) 353,288 25,804,156
General Motors Co.* 146,319 5,305,527
Nio, Inc. (China)*(a) 376,456 7,427,477
Niu Technologies (China)*(a) 2,389,963 15,486,960
Tesla, Inc.* 152,562 136,001,395
XPeng, Inc., Class A (China)*(a) 916,936 22,400,746
Total Automobiles
212,426,261
Biotechnology – 0.0%(b)
Organovo Holdings, Inc.* 91,146 267,969
Diversified Consumer Services – 0.5%
2U, Inc.* 644,176 6,306,483
Diversified Telecommunication – 5.9%
Iridium Communications, Inc.* 1,594,400 71,285,624
Electronic Equipment, Instruments & Components – 9.6%
Teledyne Technologies, Inc.* 35,889 14,046,955
Trimble, Inc.* 1,478,944 102,683,082
Total Electronic Equipment, Instruments
& Components
116,730,037
Health Care Equipment & Services – 1.1%
Intuitive Surgical, Inc.* 56,396 12,980,668
Household Durables – 1.9%
Vuzix Corp.* 2,795,601 22,840,060
Interactive Media & Services – 2.0%
Alphabet, Inc., Class C* 211,520 24,671,693
Machinery – 15.0%
Caterpillar, Inc. 99,885 19,802,201
Deere & Co. 157,480 54,043,986
Komatsu Ltd. (Japan)(a) 1,837,672 42,652,367
Markforged Holding Corp.* 9,711,229 21,267,591
Proto Labs, Inc.* 423,809 20,720,022
Velo3D Inc.* 7,055,650