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

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

 

Investment Company Act file number 811-22883

 

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

 

c/o ARK Investment Management LLC

3 East 28th Street, 7th Floor
New York, NY 10016
(Address of principal executive offices) (Zip code)

 

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

 

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

 

Date of fiscal year end: July 31

 

Date of reporting period: January 31, 2020

 

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

 

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

 

 

 

 

Item 1. Reports to Stockholders.

 

The Report to Shareholders is attached herewith.

 

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ARK ETF TRUST
SEMI-ANNUAL REPORT
JANUARY 31, 2020
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)
The 3D Printing ETF (PRNT)
The ARK Israel Innovative Technology ETF (IZRL)
ARK Invest | 3 E. 28th Street, 7th Floor, New York, NY 10016 | 212.426.7040 | info@ark-invest.com | ark-funds.com
 
 
​ ​
Important Notice
​ ​
​ ​
Beginning on January 1, 2021, 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 (212) 426-7040.
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 (212) 426-7040 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.
​ ​
 
Table of Contents
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​ ​ ​ ​ ​ 1 ​ ​
​ ​ ​ ​ ​ 2 ​ ​
​ ​ ​ ​ ​ 3 ​ ​
​ Schedule of Investments ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ 5 ​ ​
​ ​ ​ ​ ​ 7 ​ ​
​ ​ ​ ​ ​ 9 ​ ​
​ ​ ​ ​ ​ 11 ​ ​
​ ​ ​ ​ ​ 13 ​ ​
​ ​ ​ ​ ​ 15 ​ ​
​ ​ ​ ​ ​ 17 ​ ​
​ ​ ​ ​ ​ 19 ​ ​
​ ​ ​ ​ ​ 21 ​ ​
​ ​ ​ ​ ​ 23 ​ ​
​ ​ ​ ​ ​ 27 ​ ​
​ ​ ​ ​ ​ 34 ​ ​
​ ​ ​ ​ ​ 39 ​ ​
 
 
 
The principal risks of investing in the ARK ETFs include: Market Risk. The value of the Funds’ assets will fluctuate as the markets in which the Fund invests fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, such as inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, exchange trading suspensions and closures (including exchanges of a Fund’s underlying securities), infectious disease outbreaks or pandemics, terrorism, regulatory events and government controls, that affect large portions of the market. Equity Securities Risk: The value of the equity securities the Funds hold may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities the Funds hold operate or factors relating to specific companies in which the Funds invest (e.g., litigation or government regulation), among other factors. Foreign Securities Risk: Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities such as risks of currency exchange rates, differences in foreign accounting and legal standards, and government restrictions on repatriation of capital. Health Care Sector Risk: Companies in the health care sector may be adversely affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Consumer Discretionary Risk: The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers’ disposable income and consumer preferences, social trends and marketing campaigns. Industrials Sector Risk: Companies in the industrials sector may be adversely affected by changes in government regulation (such as through the imposition or removal of tariffs), world events, economic conditions, environmental damages, product liability claims and exchange rates. Information Technology Sector Risk: Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. The markets in which many information technology companies compete face rapidly evolving industry standards and government regulations, frequent new service and product announcements, introductions and enhancements, and changing customer demands. Communications Sector Risk: Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Financial Technology Sector Risk: Companies in the financial technology (“FinTech”) sector that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. FinTech companies may not currently derive any revenue, and there is no assurance that such companies will derive any revenue from innovative technologies in the future. Cryptocurrency Investment Risk: The Funds may have exposure to cryptocurrency, such as bitcoin, indirectly through an investment in a grantor trust (e.g., the Grayscale Bitcoin Trust (BTC)) that will experience any associated volatility of the underlying cryptocurrency. The Funds’ exposure to cryptocurrencies may change over time and, accordingly, such exposure may not always be present in the Funds’ portfolios. Cryptocurrencies such as bitcoin are not “fiat” currencies of any central bank or government and currently are not subject to the authority of any central bank or government authority and are therefore not backed by any government, and regulatory and tax treatment of cryptocurrencies continues to develop. Please see the ARK ETFs’ current prospectuses for more detailed descriptions of the risks of investing in the ARK ETFs.
The views expressed in the Shareholder Letter are those of ARK Investment Management LLC (“ARK”) as of January 31, 2020. 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 January 31, 2020. 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.
 
Shareholder Letter
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(Unaudited)
Dear Shareholder:
This Semi-Annual Report for the ARK ETF Trust covers the period from August 1, 2019 through January 31, 2020 for each ARK exchange-traded fund (“ETF’ or collectively, “ARK ETFs”). The ARK ETF Trust, as of the period of this report, consists of five actively-managed theme-based ETFs and two index-based ETFs:
ETF
​ ​
Commencement Date
​
ARK Genomic Revolution ETF ​ ​
10/31/14
​
ARK Autonomous Technology & Robotics ETF ​ ​
9/30/14
​
ARK Innovation ETF ​ ​
10/31/14
​
ARK Next Generation Internet ETF ​ ​
9/30/14
​
ARK Fintech Innovation ETF ​ ​
2/4/19
​
The 3D Printing ETF ​ ​
7/19/16
​
The ARK Israel Innovative Technology ETF ​ ​
12/5/17
​
ARK Investment Management LLC (“ARK”), the investment adviser to the ARK ETFs, specializes in thematic investing in disruptive innovation. The ARK ETFs include portfolio companies that we believe are leading and benefiting from cross-sector innovations centered around artificial intelligence (AI), energy storage, robotics, DNA sequencing, and blockchain technology.
We believe that AI learning systems will transform not only retail, media and telecom, as did the Internet, but all sectors in the economy, even those impervious to disruption, notably health care and financial services. Declining battery costs should cause an explosion in mobile form factors. These innovations should increase the demand for electrical energy, displacing fossil fuels and reducing not only the vulnerability of grids but also operating expenses and the capital intensity of transmission and distribution. Advances in software and sensors should enable robots to operate alongside humans in all sorts of environments. If their unit costs decline by more than 50% while their capabilities increase, as we anticipate will be the case, robots should transform every business that depends upon physical processes and workflows. As the cost to sequence a whole human genome falls precipitously, DNA sequencing, a test once limited to the research lab, should see widespread clinical adoption and a hundred-fold increase in volumes, transforming health care entirely. With blockchain technology, we believe that more of everything in the world will become money-like: fungible, liquid, and quantified. Every corporation and consumer will have to adapt, calling into question the very structure of a corporation.
As of this writing, we are facing the global economic consequences of a virus named “SARS-CoV-2” and the disease it causes, “coronavirus disease 2019”, abbreviated as “COVID-19”. While these are difficult times, we remain committed to helping our employees and clients stay safe and productive, while making sense of the markets. For our employees, we quickly enacted a pandemic plan, suspending all travel and instituting a work remotely policy. I am proud of how seamlessly our business transitioned, and we are confident in its health and wellbeing. For our clients, we believe that now, more than ever, trusted communication is key. While ARK always seeks to foster an open, transparent, and collaborative exchange of insights, we increased our client communication during this volatile period, tailoring content specifically to address concerns about the coronavirus, market volatility, government policy, and the role that innovation plays during tumultuous times. We remain committed to helping our clients navigate through this period of exceptional uncertainty.
We believe that the turbulence caused by the coronavirus is giving innovation another opportunity to break through the traditional world order. As is typical during periods of turbulence and fear, consumers and businesses are willing to think differently and change their behavior. As both look for cheaper, more productive, or more creative ways to satisfy their needs, we believe that disruptive innovation will take root and gain significant market share.
According to our estimates, the five innovation platforms should generate more than $50 trillion in business value and wealth creation over the next 10-15 years. Today, we believe these platforms account for less than $6 trillion in global equity market capitalization, giving investors an opportunity to capitalize on long term growth opportunities.
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 also 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 investing with us to capture the pace of innovation.
Sincerely,
Catherine D. Wood
Chief Investment Officer and Chief Executive Officer
ARK Investment Management LLC
 
1
Shareholder Expense Examples
(Unaudited)
As a shareholder of an ARK ETF (each, a “Fund” and collectively, “Funds”) you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
The examples below are based on an investment of  $1,000 invested at the beginning of the six-month period and held for the entire period (August 1, 2019 through January 31, 2020).
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
8/1/2019
​ ​
Ending
Account Value
1/31/2020
​ ​
Annualized
Expense Ratios
for the Period
​ ​
Expenses Paid
During the
Period(a)
​
ARK Genomic Revolution ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 977.83 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 3.73 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.37 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 3.81 ​ ​
ARK Autonomous Technology & Robotics ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,167.04 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 4.09 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.37 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 3.81 ​ ​
ARK Innovation ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,074.16 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 3.91 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.37 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 3.81 ​ ​
ARK Next Generation Internet ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,207.02 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 4.16 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.37 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 3.81 ​ ​
ARK Fintech Innovation ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,120.45 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 4.00 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.37 ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ $ 3.81 ​ ​
The 3D Printing ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,011.98 ​ ​ ​ ​ ​ 0.66% ​ ​ ​ ​ $ 3.34 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,021.82 ​ ​ ​ ​ ​ 0.66% ​ ​ ​ ​ $ 3.35 ​ ​
The ARK Israel Innovative Technology ETF ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Actual
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,131.99 ​ ​ ​ ​ ​ 0.49% ​ ​ ​ ​ $ 2.63 ​ ​
Hypothetical (5% return before expenses)
​ ​ ​ $ 1,000.00 ​ ​ ​ ​ $ 1,022.67 ​ ​ ​ ​ ​ 0.49% ​ ​ ​ ​ $ 2.49 ​ ​
(a)
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.)
​
 
2
Sector Diversification (as a percentage of total investments) 
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January 31, 2020
   
ARK Genomic Revolution ETF (ARKG)
​
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​
■
​ ​ Health Care ​ ​ ​ ​ 99.5% ​ ​
​
■
​ ​ Information Technology ​ ​ ​ ​ 0.4 ​ ​
​
■
​ ​ Money Market Fund ​ ​ ​ ​ 0.1 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 ​ ​
ARK Autonomous Technology
& Robotics ETF (ARKQ)
​
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​
■
​ ​ Information Technology ​ ​ ​ ​ 48.1% ​ ​
​
■
​ ​ Consumer Discretionary ​ ​ ​ ​ 24.7 ​ ​
​
■
​ ​ Industrials ​ ​ ​ ​ 16.5 ​ ​
​
■
​ ​ Communication Services ​ ​ ​ ​ 8.7 ​ ​
​
■
​ ​ Health Care ​ ​ ​ ​ 1.4 ​ ​
​
■
​ ​ Money Market Fund ​ ​ ​ ​ 0.6 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 ​ ​
ARK Innovation ETF (ARKK)
​
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​
■
​ ​ Health Care ​ ​ ​ ​ 34.7% ​ ​
​
■
​ ​ Information Technology ​ ​ ​ ​ 31.5 ​ ​
​
■
​ ​ Communication Services ​ ​ ​ ​ 15.1 ​ ​
​
■
​ ​ Consumer Discretionary ​ ​ ​ ​ 11.4 ​ ​
​
■
​ ​ Financials ​ ​ ​ ​ 4.0 ​ ​
​
■
​ ​ Industrials ​ ​ ​ ​ 3.2 ​ ​
​
■
​ ​ Money Market Fund ​ ​ ​ ​ 0.1 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 ​ ​
ARK Next Generation
Internet ETF (ARKW)
​
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​
■
​ ​ Information Technology ​ ​ ​ ​ 41.0% ​ ​
​
■
​ ​ Communication Services ​ ​ ​ ​ 27.4 ​ ​
​
■
​ ​ Consumer Discretionary ​ ​ ​ ​ 20.4 ​ ​
​
■
​ ​ Financials ​ ​ ​ ​ 6.0 ​ ​
​
■
​ ​ Health Care ​ ​ ​ ​ 5.1 ​ ​
​
■
​ ​ Money Market Fund ​ ​ ​ ​ 0.1 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 ​ ​
   
ARK Fintech Innovation ETF (ARKF)
​
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​
■
​ ​ Information Technology ​ ​ ​ ​ 42.9% ​ ​
​
■
​ ​ Communication Services ​ ​ ​ ​ 19.3 ​ ​
​
■
​ ​ Financials ​ ​ ​ ​ 18.2 ​ ​
​
■
​ ​ Consumer Discretionary ​ ​ ​ ​ 17.2 ​ ​
​
■
​ ​ Industrials ​ ​ ​ ​ 2.2 ​ ​
​
■
​ ​ Money Market Fund ​ ​ ​ ​ 0.2 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 ​ ​
The 3D Printing ETF (PRNT)
​
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​
■
​ ​ Information Technology ​ ​ ​ ​ 64.6% ​ ​
​
■
​ ​ Industrials ​ ​ ​ ​ 24.4 ​ ​
​
■
​ ​ Health Care ​ ​ ​ ​ 8.7 ​ ​
​
■
​ ​ Materials ​ ​ ​ ​ 1.9 ​ ​
​
■
​ ​ Money Market Fund ​ ​ ​ ​ 0.3 ​ ​
​
■
​ ​ Consumer Staples ​ ​ ​ ​ 0.1 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 ​ ​
​
 
3
Sector Diversification (as a percentage of total investments) (concluded)
January 31, 2020
The ARK Israel Innovative
Technology ETF (IZRL)
​
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​
■
​ ​ Information Technology ​ ​ ​ ​ 49.6% ​ ​
​
■
​ ​ Health Care ​ ​ ​ ​ 23.1 ​ ​
​
■
​ ​ Communication Services ​ ​ ​ ​ 11.2 ​ ​
​
■
​ ​ Industrials ​ ​ ​ ​ 10.6 ​ ​
​
■
​ ​ Consumer Discretionary ​ ​ ​ ​ 5.3 ​ ​
​
■
​ ​ Money Market Fund ​ ​ ​ ​ 0.2 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ 100.0 ​ ​
 
4
Schedule of Investments
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ARK Genomic Revolution ETF
January 31, 2020 (Unaudited)
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Biotechnology – 67.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
AquaBounty Technologies, Inc.* ​ ​ ​ ​ 410,875 ​ ​ ​ ​ $ 838,185 ​ ​
Arcturus Therapeutics Holdings, Inc.*† ​ ​ ​ ​ 1,389,097 ​ ​ ​ ​ ​ 14,307,699 ​ ​
Bellicum Pharmaceuticals, Inc.* ​ ​ ​ ​ 462 ​ ​ ​ ​ ​ 564 ​ ​
CareDx, Inc.* ​ ​ ​ ​ 618,286 ​ ​ ​ ​ ​ 14,937,790 ​ ​
Castle Biosciences, Inc.* ​ ​ ​ ​ 208,138 ​ ​ ​ ​ ​ 6,418,976 ​ ​
Cellectis SA (France)*(a) ​ ​ ​ ​ 1,187,521 ​ ​ ​ ​ ​ 18,370,950 ​ ​
Cellular Biomedicine Group, Inc.* ​ ​ ​ ​ 416,125 ​ ​ ​ ​ ​ 7,094,931 ​ ​
CRISPR Therapeutics AG (Switzerland)* ​ ​ ​ ​ 806,920 ​ ​ ​ ​ ​ 41,919,494 ​ ​
Editas Medicine, Inc.* ​ ​ ​ ​ 939,773 ​ ​ ​ ​ ​ 24,838,200 ​ ​
Evogene Ltd. (Israel)* ​ ​ ​ ​ 229,554 ​ ​ ​ ​ ​ 362,695 ​ ​
Fate Therapeutics, Inc.* ​ ​ ​ ​ 464,085 ​ ​ ​ ​ ​ 11,769,196 ​ ​
Incyte Corp.* ​ ​ ​ ​ 183,100 ​ ​ ​ ​ ​ 13,379,117 ​ ​
Inovio Pharmaceuticals, Inc.* ​ ​ ​ ​ 4,005,998 ​ ​ ​ ​ ​ 18,147,171 ​ ​
Intellia Therapeutics, Inc.* ​ ​ ​ ​ 2,133,007 ​ ​ ​ ​ ​ 25,404,113 ​ ​
Intrexon Corp.* ​ ​ ​ ​ 428,912 ​ ​ ​ ​ ​ 1,994,441 ​ ​
Invitae Corp.* ​ ​ ​ ​ 2,333,811 ​ ​ ​ ​ ​ 43,525,575 ​ ​
Ionis Pharmaceuticals, Inc.* ​ ​ ​ ​ 205,380 ​ ​ ​ ​ ​ 11,977,762 ​ ​
Iovance Biotherapeutics, Inc.* ​ ​ ​ ​ 788,957 ​ ​ ​ ​ ​ 17,151,925 ​ ​
Organovo Holdings, Inc.* ​ ​ ​ ​ 5,857,089 ​ ​ ​ ​ ​ 1,853,183 ​ ​
Pluristem Therapeutics, Inc.* ​ ​ ​ ​ 591,725 ​ ​ ​ ​ ​ 2,195,300 ​ ​
Regeneron Pharmaceuticals, Inc.* ​ ​ ​ ​ 89 ​ ​ ​ ​ ​ 30,077 ​ ​
Rubius Therapeutics, Inc.* ​ ​ ​ ​ 512,798 ​ ​ ​ ​ ​ 3,999,824 ​ ​
Seres Therapeutics, Inc.* ​ ​ ​ ​ 1,865,142 ​ ​ ​ ​ ​ 6,080,363 ​ ​
Syros Pharmaceuticals, Inc.* ​ ​ ​ ​ 1,656,522 ​ ​ ​ ​ ​ 11,695,045 ​ ​
Twist Bioscience Corp.* ​ ​ ​ ​ 440,097 ​ ​ ​ ​ ​ 10,932,009 ​ ​
Veracyte, Inc.* ​ ​ ​ ​ 659,212 ​ ​ ​ ​ ​ 17,304,315 ​ ​
Total Biotechnology
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 326,528,900 ​ ​
Health Care Equipment & Supplies – 2.1% ​
Cerus Corp.* ​ ​ ​ ​ 2,550,210 ​ ​ ​ ​ ​ 10,226,342 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
Health Care Providers & Services – 2.4% ​ ​ ​ ​ ​ ​ ​
Guardant Health, Inc.* ​ ​ ​ ​ 153,369 ​ ​ ​ ​ $ 11,662,179 ​ ​
Health Care Technology – 4.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Teladoc Health, Inc.* ​ ​ ​ ​ 194,837 ​ ​ ​ ​ ​ 19,816,871 ​ ​
Life Sciences Tools & Services – 23.1% ​ ​ ​ ​ ​ ​ ​
Codexis, Inc.* ​ ​ ​ ​ 654,077 ​ ​ ​ ​ ​ 10,255,928 ​ ​
Compugen Ltd. (Israel)*† ​ ​ ​ ​ 3,339,600 ​ ​ ​ ​ ​ 24,045,120 ​ ​
Illumina, Inc.* ​ ​ ​ ​ 163,005 ​ ​ ​ ​ ​ 47,282,860 ​ ​
NanoString Technologies, Inc.* ​ ​ ​ ​ 537,712 ​ ​ ​ ​ ​ 14,609,635 ​ ​
Pacific Biosciences of California, Inc.* ​ ​ ​ ​ 1,524,964 ​ ​ ​ ​ ​ 7,121,582 ​ ​
Personalis, Inc.* ​ ​ ​ ​ 712,066 ​ ​ ​ ​ ​ 7,775,761 ​ ​
Total Life Sciences Tools & Services
​ ​ ​ ​ 111,090,886 ​ ​
Technology Hardware, Storage & Peripherals – 0.4% ​
Pure Storage, Inc., Class A* ​ ​ ​ ​ 114,979 ​ ​ ​ ​ ​ 2,046,626 ​ ​
Total Common Stocks
(Cost $458,044,288)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 481,371,804 ​ ​
MONEY MARKET FUND – 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Morgan Stanley Institutional Liquidity Fund – Government Portfolio, 1.48%(b)
(Cost $669,847)
​ ​ ​ ​ 669,847 ​ ​ ​ ​ ​ 669,847 ​ ​
Total Investments – 100.1%
(Cost $458,714,135)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 482,041,651 ​ ​
Liabilities in Excess of Other Assets – (0.1)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (656,584) ​ ​
Net Assets – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 481,385,067 ​ ​
​
Affiliated Issuer Transactions
A summary of the Fund’s transactions with affiliated issuers during the period ended January 31, 2020 is as follows:
Value ($) at 7/31/2019
​ ​
Purchases
Cost
($)
​ ​
Sales
Proceeds
($)
​ ​
Net Realized
Gain/(Loss)
($)
​ ​
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
​ ​
Dividend
Income
($)
​ ​
Capital Gain
Distributions
($)
​ ​
Number of
Shares at
1/31/2020
​ ​
Value ($) at
1/31/2020
​
Common Stocks – 8.0% ​
Biotechnology  –  3.0% ​
Arcturus Therapeutics Holdings, Inc.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
13,607,577
​ ​ ​ ​ 5,626,639 ​ ​ ​ ​ ​ (1,117,208) ​ ​ ​ ​ ​ 383,780 ​ ​ ​ ​ ​ (4,193,089) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,389,097 ​ ​ ​ ​ ​ 14,307,699 ​ ​
Life Sciences Tools & Services  – 5.0%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Compugen Ltd.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
9,974,321
​ ​ ​ ​ 2,556,777 ​ ​ ​ ​ ​ (980,495) ​ ​ ​ ​ ​ 335,403 ​ ​ ​ ​ ​ 12,159,114 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,339,600 ​ ​ ​ ​ ​ 24,045,120 ​ ​
23,581,898
​ ​ ​ ​ 8,183,416 ​ ​ ​ ​ ​ (2,097,703) ​ ​ ​ ​ ​ 719,183 ​ ​ ​ ​ ​ 7,966,025 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,728,697 ​ ​ ​ ​ ​ 38,352,819 ​ ​
*
Non-income producing security
​
†
Affiliated security
​
(a)
American Depositary Receipt
​
(b)
Rate shown represents annualized 7-day yield as of January 31, 2020.
​
See accompanying Notes to Financial Statements.
5
Schedule of Investments (continued)
ARK Genomic Revolution ETF
January 31, 2020 (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, 2020, based upon the three levels defined above:
ARK Genomic
Revolution ETF 		​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks* ​ ​ ​ $ 481,371,804 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 481,371,804 ​ ​
Money Market Fund
​ ​ ​ ​ 669,847 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 669,847 ​ ​
Total ​ ​ ​ $ 482,041,651 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 482,041,651 ​ ​
*
Please refer to the Schedule of Investments to view securities segregated by industry type.
​
See accompanying Notes to Financial Statements.
6
Schedule of Investments​
[MISSING IMAGE: LG_ARK-ETF.JPG]
ARK Autonomous Technology & Robotics ETF
January 31, 2020 (Unaudited)
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 99.9% ​ ​ ​
Aerospace & Defense – 7.0% ​ ​ ​
AeroVironment, Inc.* ​ ​ ​ ​ 100,886 ​ ​ ​ ​ $ 6,720,016 ​ ​
Elbit Systems Ltd. (Israel) ​ ​ ​ ​ 14,093 ​ ​ ​ ​ ​ 2,147,069 ​ ​
Kratos Defense & Security Solutions, Inc.* ​ ​ ​ ​ 189,399 ​ ​ ​ ​ ​ 3,473,578 ​ ​
Total Aerospace & Defense
​ ​ ​ ​ 12,340,663 ​ ​
Auto Components – 3.8% ​ ​ ​
Aptiv PLC ​ ​ ​ ​ 80,132 ​ ​ ​ ​ ​ 6,794,392 ​ ​
Automobiles – 14.5% ​ ​ ​
General Motors Co. ​ ​ ​ ​ 40,993 ​ ​ ​ ​ ​ 1,368,756 ​ ​
Tesla, Inc.* ​ ​ ​ ​ 37,316 ​ ​ ​ ​ ​ 24,276,670 ​ ​
Total Automobiles
​ ​ ​ ​ 25,645,426 ​ ​
Biotechnology – 0.3% ​ ​ ​
Organovo Holdings, Inc.* ​ ​ ​ ​ 1,657,904 ​ ​ ​ ​ ​ 524,561 ​ ​
Diversified Telecommunication – 2.0% ​
Iridium Communications, Inc.* ​ ​ ​ ​ 137,498 ​ ​ ​ ​ ​ 3,513,074 ​ ​
Electronic Equipment, Instruments & Components – 4.1% ​
FLIR Systems, Inc. ​ ​ ​ ​ 45,756 ​ ​ ​ ​ ​ 2,358,264 ​ ​
Trimble, Inc.* ​ ​ ​ ​ 115,105 ​ ​ ​ ​ ​ 4,894,265 ​ ​
Total Electronic Equipment, Instruments & Components
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7,252,529 ​ ​
Health Care Equipment & Supplies – 1.1% ​
Intuitive Surgical, Inc.* ​ ​ ​ ​ 3,607 ​ ​ ​ ​ ​ 2,019,126 ​ ​
Interactive Media & Services – 6.7% ​ ​ ​
Alphabet, Inc., Class C* ​ ​ ​ ​ 2,039 ​ ​ ​ ​ ​ 2,924,395 ​ ​
Baidu, Inc. (China)*(a) ​ ​ ​ ​ 47,075 ​ ​ ​ ​ ​ 5,816,587 ​ ​
Tencent Holdings Ltd. (China)(a) ​ ​ ​ ​ 67,013 ​ ​ ​ ​ ​ 3,210,593 ​ ​
Total Interactive Media & Services
​ ​ ​ ​ 11,951,575 ​ ​
Internet & Direct Marketing Retail – 6.5% ​
Amazon.com, Inc.* ​ ​ ​ ​ 2,178 ​ ​ ​ ​ ​ 4,374,992 ​ ​
JD.com, Inc. (China)*(a) ​ ​ ​ ​ 145,994 ​ ​ ​ ​ ​ 5,502,514 ​ ​
Rakuten, Inc. (Japan)(a) ​ ​ ​ ​ 211,427 ​ ​ ​ ​ ​ 1,647,016 ​ ​
Total Internet & Direct Marketing Retail
​ ​ ​ ​ 11,524,522 ​ ​
Machinery – 9.7% ​ ​ ​
Deere & Co. ​ ​ ​ ​ 10,763 ​ ​ ​ ​ ​ 1,706,797 ​ ​
ExOne Co. (The)* ​ ​ ​ ​ 441,201 ​ ​ ​ ​ ​ 3,083,995 ​ ​
Komatsu Ltd. (Japan)(a) ​ ​ ​ ​ 102,045 ​ ​ ​ ​ ​ 2,257,235 ​ ​
Proto Labs, Inc.* ​ ​ ​ ​ 97,884 ​ ​ ​ ​ ​ 10,130,994 ​ ​
Total Machinery
​ ​ ​ ​ 17,179,021 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
Semiconductors & Semiconductor Equipment – 16.0% ​
NVIDIA Corp. ​ ​ ​ ​ 33,560 ​ ​ ​ ​ $ 7,934,591 ​ ​
NXP Semiconductors NV (Netherlands) ​ ​ ​ ​ 33,972 ​ ​ ​ ​ ​ 4,309,688 ​ ​
Taiwan Semiconductor Manufacturing Co. Ltd.
(Taiwan)(a)
​ ​ ​ ​ 42,791 ​ ​ ​ ​ ​ 2,308,146 ​ ​
Teradyne, Inc. ​ ​ ​ ​ 74,446 ​ ​ ​ ​ ​ 4,912,692 ​ ​
Xilinx, Inc. ​ ​ ​ ​ 105,964 ​ ​ ​ ​ ​ 8,951,839 ​ ​
Total Semiconductors &
Semiconductor Equipment
​ ​ ​ ​ 28,416,956 ​ ​
Software – 18.7% ​ ​ ​
2U, Inc.* ​ ​ ​ ​ 310,290 ​ ​ ​ ​ ​ 6,146,845 ​ ​
ANSYS, Inc.* ​ ​ ​ ​ 9,387 ​ ​ ​ ​ ​ 2,575,136 ​ ​
Autodesk, Inc.* ​ ​ ​ ​ 29,108 ​ ​ ​ ​ ​ 5,729,910 ​ ​
Cornerstone OnDemand, Inc.* ​ ​ ​ ​ 30,206 ​ ​ ​ ​ ​ 1,776,113 ​ ​
Materialise NV (Belgium)*(a) ​ ​ ​ ​ 512,580 ​ ​ ​ ​ ​ 9,318,704 ​ ​
Splunk, Inc.* ​ ​ ​ ​ 37,713 ​ ​ ​ ​ ​ 5,855,320 ​ ​
Synopsys, Inc.* ​ ​ ​ ​ 12,142 ​ ​ ​ ​ ​ 1,791,066 ​ ​
Total Software
​ ​ ​ ​ 33,193,094 ​ ​
Technology Hardware, Storage & Peripherals – 9.5% ​
Apple, Inc. ​ ​ ​ ​ 12,291 ​ ​ ​ ​ ​ 3,804,187 ​ ​
Nano Dimension Ltd. (Israel)*(a) ​ ​ ​ ​ 71,828 ​ ​ ​ ​ ​ 160,895 ​ ​
Stratasys Ltd.* ​ ​ ​ ​ 712,128 ​ ​ ​ ​ ​ 12,804,062 ​ ​
Total Technology Hardware,
Storage & Peripherals
​ ​ ​ ​ 16,769,144 ​ ​
Total Common Stocks
(Cost $157,530,983)
​ ​ ​ ​ 177,124,083 ​ ​
MONEY MARKET FUND – 0.6% ​ ​ ​
Morgan Stanley Institutional Liquidity Fund – Government Portfolio, 1.48%(b)
(Cost $1,126,620)
​ ​ ​ ​ 1,126,620 ​ ​ ​ ​ ​ 1,126,620 ​ ​
Total Investments – 100.5%
(Cost $158,657,603)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 178,250,703 ​ ​
Liabilities in Excess of Other Assets – (0.5)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (822,484) ​ ​
Net Assets – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 177,428,219 ​ ​
*
Non-income producing security
​
(a)
American Depositary Receipt
​
(b)
Rate shown represents annualized 7-day yield as of January 31, 2020.
​
​
See accompanying Notes to Financial Statements.
7
Schedule of Investments (continued)
ARK Autonomous Technology & Robotics ETF
January 31, 2020 (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, 2020, based upon the three levels defined above:
ARK Autonomous
Technology &
Robotics ETF 		​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks* ​ ​ ​ $ 177,124,083 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 177,124,083 ​ ​
Money Market Fund
​ ​ ​ ​ 1,126,620 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,126,620 ​ ​
Total ​ ​ ​ $ 178,250,703 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 178,250,703 ​ ​
*
Please refer to the Schedule of Investments to view securities segregated by industry type.
​
See accompanying Notes to Financial Statements.
8
Schedule of Investments​
[MISSING IMAGE: LG_ARK-ETF.JPG]
ARK Innovation ETF
January 31, 2020 (Unaudited)
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 99.8% ​
Aerospace & Defense – 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
AeroVironment, Inc.* ​ ​ ​ ​ 19,531 ​ ​ ​ ​ $ 1,300,960 ​ ​
Automobiles – 10.2% ​
Tesla, Inc.* ​ ​ ​ ​ 312,541 ​ ​ ​ ​ ​ 203,329,798 ​ ​
Biotechnology – 20.3% ​ ​ ​ ​ ​ ​ ​
CRISPR Therapeutics AG (Switzerland)* ​ ​ ​ ​ 1,674,416 ​ ​ ​ ​ ​ 86,985,911 ​ ​
Editas Medicine, Inc.* ​ ​ ​ ​ 2,473,842 ​ ​ ​ ​ ​ 65,383,644 ​ ​
Intellia Therapeutics, Inc.*† ​ ​ ​ ​ 5,136,704 ​ ​ ​ ​ ​ 61,178,145 ​ ​
Invitae Corp.*† ​ ​ ​ ​ 6,042,795 ​ ​ ​ ​ ​ 112,698,127 ​ ​
Organovo Holdings, Inc.*† ​ ​ ​ ​ 12,373,500 ​ ​ ​ ​ ​ 3,914,975 ​ ​
Seres Therapeutics, Inc.*† ​ ​ ​ ​ 4,216,396 ​ ​ ​ ​ ​ 13,745,451 ​ ​
Syros Pharmaceuticals, Inc.*† ​ ​ ​ ​ 2,785,150 ​ ​ ​ ​ ​ 19,663,159 ​ ​
Veracyte, Inc.* ​ ​ ​ ​ 1,578,062 ​ ​ ​ ​ ​ 41,424,128 ​ ​
Total Biotechnology
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 404,993,540 ​ ​
Consumer Finance – 1.5% ​ ​ ​ ​ ​ ​ ​
LendingClub Corp.* ​ ​ ​ ​ 2,518,647 ​ ​ ​ ​ ​ 29,518,543 ​ ​
Diversified Telecommunication – 0.0%(a) ​ ​ ​ ​ ​ ​ ​
Iridium Communications, Inc.* ​ ​ ​ ​ 13,555 ​ ​ ​ ​ ​ 346,330 ​ ​
Entertainment – 5.3% ​ ​ ​ ​ ​ ​ ​
Netflix, Inc.* ​ ​ ​ ​ 120,673 ​ ​ ​ ​ ​ 41,643,046 ​ ​
Roku, Inc.* ​ ​ ​ ​ 528,115 ​ ​ ​ ​ ​ 63,875,509 ​ ​
Total Entertainment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 105,518,555 ​ ​
Health Care Equipment & Supplies – 1.3% ​ ​ ​ ​ ​ ​ ​
Cerus Corp.* ​ ​ ​ ​ 6,382,199 ​ ​ ​ ​ ​ 25,592,618 ​ ​
Health Care Technology – 1.2% ​ ​ ​ ​ ​ ​ ​
Teladoc Health, Inc.* ​ ​ ​ ​ 224,256 ​ ​ ​ ​ ​ 22,809,078 ​ ​
Interactive Media & Services – 9.8% ​ ​ ​ ​ ​ ​ ​
Eventbrite, Inc., Class A* ​ ​ ​ ​ 978,904 ​ ​ ​ ​ ​ 20,703,820 ​ ​
Pinterest, Inc., Class A* ​ ​ ​ ​ 1,121,472 ​ ​ ​ ​ ​ 24,706,028 ​ ​
Tencent Holdings Ltd. (China)(b) ​ ​ ​ ​ 898,583 ​ ​ ​ ​ ​ 43,051,111 ​ ​
Twitter, Inc.* ​ ​ ​ ​ 1,468,068 ​ ​ ​ ​ ​ 47,682,849 ​ ​
Zillow Group, Inc., Class C* ​ ​ ​ ​ 1,292,098 ​ ​ ​ ​ ​ 59,707,848 ​ ​
Total Interactive Media & Services
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 195,851,656 ​ ​
Internet & Direct Marketing Retail – 1.2% ​ ​ ​ ​ ​ ​ ​
MercadoLibre, Inc. (Argentina)* ​ ​ ​ ​ 36,380 ​ ​ ​ ​ ​ 24,119,940 ​ ​
IT Services – 8.5% ​ ​ ​ ​ ​ ​ ​
PayPal Holdings, Inc.* ​ ​ ​ ​ 88,405 ​ ​ ​ ​ ​ 10,068,445 ​ ​
Square, Inc., Class A* ​ ​ ​ ​ 2,142,079 ​ ​ ​ ​ ​ 159,991,881 ​ ​
Total IT Services
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 170,060,326 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
Life Sciences Tools & Services – 11.8% ​ ​ ​ ​ ​ ​ ​
Compugen Ltd. (Israel)*† ​ ​ ​ ​ 5,453,979 ​ ​ ​ ​ $ 39,268,649 ​ ​
Illumina, Inc.* ​ ​ ​ ​ 469,789 ​ ​ ​ ​ ​ 136,271,695 ​ ​
NanoString Technologies, Inc.*† ​ ​ ​ ​ 2,181,151 ​ ​ ​ ​ ​ 59,261,873 ​ ​
Total Life Sciences Tools & Services ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 234,802,217 ​ ​
Machinery – 3.1% ​ ​ ​ ​ ​ ​ ​
ExOne Co. (The)*† ​ ​ ​ ​ 1,295,080 ​ ​ ​ ​ ​ 9,052,609 ​ ​
Proto Labs, Inc.* ​ ​ ​ ​ 495,097 ​ ​ ​ ​ ​ 51,242,539 ​ ​
Total Machinery
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 60,295,148 ​ ​
Semiconductors & Semiconductor Equipment – 4.8% ​ ​ ​ ​ ​ ​ ​
NVIDIA Corp. ​ ​ ​ ​ 87,257 ​ ​ ​ ​ ​ 20,630,172 ​ ​
Teradyne, Inc. ​ ​ ​ ​ 315,428 ​ ​ ​ ​ ​ 20,815,094 ​ ​
Xilinx, Inc. ​ ​ ​ ​ 642,058 ​ ​ ​ ​ ​ 54,241,060 ​ ​
Total Semiconductors & Semiconductor
Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 95,686,326 ​ ​
Software – 12.7% ​ ​ ​ ​ ​ ​ ​
2U, Inc.*† ​ ​ ​ ​ 3,453,424 ​ ​ ​ ​ ​ 68,412,329 ​ ​
Autodesk, Inc.* ​ ​ ​ ​ 113,027 ​ ​ ​ ​ ​ 22,249,365 ​ ​
Materialise NV (Belgium)*(b) ​ ​ ​ ​ 2,044,946 ​ ​ ​ ​ ​ 37,177,118 ​ ​
salesforce.com, Inc.* ​ ​ ​ ​ 244,420 ​ ​ ​ ​ ​ 44,560,210 ​ ​
Splunk, Inc.* ​ ​ ​ ​ 301,862 ​ ​ ​ ​ ​ 46,867,094 ​ ​
Trade Desk, Inc. (The), Class A* ​ ​ ​ ​ 126,060 ​ ​ ​ ​ ​ 33,932,831 ​ ​
Total Software
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 253,198,947 ​ ​
Technology Hardware, Storage & Peripherals – 5.5% ​ ​ ​ ​ ​ ​ ​
Pure Storage, Inc., Class A* ​ ​ ​ ​ 546,616 ​ ​ ​ ​ ​ 9,729,765 ​ ​
Stratasys Ltd.*† ​ ​ ​ ​ 5,568,906 ​ ​ ​ ​ ​ 100,128,930 ​ ​
Total Technology Hardware, Storage & Peripherals
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 109,858,695 ​ ​
Thrifts & Mortgage Finance – 2.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
LendingTree, Inc.* ​ ​ ​ ​ 162,288 ​ ​ ​ ​ ​ 50,504,026 ​ ​
Total Common Stocks ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $1,723,483,292)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,987,786,703 ​ ​
MONEY MARKET FUND – 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Morgan Stanley Institutional Liquidity
Fund – Government Portfolio, 1.48%(c)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $2,315,118)
​ ​ ​ ​ 2,315,118 ​ ​ ​ ​ ​ 2,315,118 ​ ​
Total Investments – 99.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $1,725,798,410)
​ ​ ​ ​ ​ ​ ​ ​ ​
​
1,990,101,821
​ ​
Other Assets in Excess of Liabilities – 0.1%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,416,365 ​ ​
Net Assets – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,992,518,186 ​ ​
​
See accompanying Notes to Financial Statements.
9
Schedule of Investments (continued)
ARK Innovation ETF
January 31, 2020 (Unaudited)
Affiliated Issuer Transactions
A summary of the Fund’s transactions with affiliated issuers during the period ended January 31, 2020 is as follows:
Value ($) at 7/31/2019
​ ​
Purchases
Cost
($)
​ ​
Sales
Proceeds
($)
​ ​
Net Realized
Gain/(Loss)
($)
​ ​
Net Change in
Unrealized
Appreciation
(Depreciation)
($)
​ ​
Dividend
Income
($)
​ ​
Capital Gain
Distributions
($)
​ ​
Number of
Shares at
1/31/2020
​ ​
Value ($) at
1/31/2020
​
Common Stocks – 24.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Biotechnology – 10.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Intellia Therapeutics, Inc.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
86,891,910
​ ​ ​ ​ 9,038,233 ​ ​ ​ ​ ​ (3,546,045) ​ ​ ​ ​ ​ (364,112) ​ ​ ​ ​ ​ (30,841,841) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,136,704 ​ ​ ​ ​ ​ 61,178,145 ​ ​
Invitae Corp.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
118,723,411
​ ​ ​ ​ 42,373,455 ​ ​ ​ ​ ​ (18,004,272) ​ ​ ​ ​ ​ 10,241,346 ​ ​ ​ ​ ​ (40,635,813) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,042,795 ​ ​ ​ ​ ​ 112,698,127 ​ ​
Organovo Holdings, Inc.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
4,755,267
​ ​ ​ ​ 547,253 ​ ​ ​ ​ ​ (179,929) ​ ​ ​ ​ ​ 16,776 ​ ​ ​ ​ ​ (1,224,392) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,373,500 ​ ​ ​ ​ ​ 3,914,975 ​ ​
Seres Therapeutics, Inc.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
10,703,415
​ ​ ​ ​ 1,688,094 ​ ​ ​ ​ ​ (646,080) ​ ​ ​ ​ ​ 227,152 ​ ​ ​ ​ ​ 1,772,870 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,216,396 ​ ​ ​ ​ ​ 13,745,451 ​ ​
Syros Pharmaceuticals, Inc.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
16,900,088
​ ​ ​ ​ 4,810,877 ​ ​ ​ ​ ​ (985,539) ​ ​ ​ ​ ​ 313,684 ​ ​ ​ ​ ​ (1,375,951) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,785,150 ​ ​ ​ ​ ​ 19,663,159 ​ ​
Life Sciences Tools & Services – 5.0% ​
Compugen Ltd.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
16,670,130
​ ​ ​ ​ 3,280,473 ​ ​ ​ ​ ​ (1,641,920) ​ ​ ​ ​ ​ 445,686 ​ ​ ​ ​ ​ 20,514,280 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,453,979 ​ ​ ​ ​ ​ 39,268,649 ​ ​
NanoString Technologies, Inc.†
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
82,761,229
​ ​ ​ ​ 7,521,064 ​ ​ ​ ​ ​ (14,122,838) ​ ​ ​ ​ ​ 440,530 ​ ​ ​ ​ ​ (17,338,112) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,181,151 ​ ​ ​ ​ ​ 59,261,873 ​ ​
Machinery – 0.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
ExOne (The) Co.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
9,585,719
​ ​ ​ ​ 1,105,465 ​ ​ ​ ​ ​ (445,360) ​ ​ ​ ​ ​ 42,987 ​ ​ ​ ​ ​ (1,236,202) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,295,080 ​ ​ ​ ​ ​ 9,052,609 ​ ​
Software – 3.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
2U, Inc.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
32,558,400
​ ​ ​ ​ 20,153,354 ​ ​ ​ ​ ​ (5,013,290) ​ ​ ​ ​ ​ (4,728,010) ​ ​ ​ ​ ​ 25,441,875 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,453,424 ​ ​ ​ ​ ​ 68,412,329 ​ ​
Technology Hardware, Storage & Peripherals – 5.0% ​
Stratasys Ltd.† ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
128,171,117
​ ​ ​ ​ 25,642,545 ​ ​ ​ ​ ​ (4,912,145) ​ ​ ​ ​ ​ 540,377 ​ ​ ​ ​ ​ (49,312,964) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,568,906 ​ ​ ​ ​ ​ 100,128,930 ​ ​
507,720,686
​ ​ ​ ​ 116,160,813 ​ ​ ​ ​ ​ (49,497,418) ​ ​ ​ ​ ​ 7,176,416 ​ ​ ​ ​ ​ (94,236,250) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 48,507,085 ​ ​ ​ ​ ​ 487,324,247 ​ ​
*
Non-income producing security
​
†
Affiliated security
​
(a)
Less than 0.05%
​
(b)
American Depositary Receipt
​
(c)
Rate shown represents annualized 7-day yield as of January 31, 2020.
​
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, 2020, based upon the three levels defined above:
ARK Innovation ETF
​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks* ​ ​ ​ $ 1,987,786,703 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 1,987,786,703 ​ ​
Money Market Fund
​ ​ ​ ​ 2,315,118 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,315,118 ​ ​
Total ​ ​ ​ $ 1,990,101,821 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 1,990,101,821 ​ ​
*
Please refer to the Schedule of Investments to view securities segregated by industry type.
​
​
See accompanying Notes to Financial Statements.
10
Schedule of Investments
[MISSING IMAGE: LG_ARK-ETF.JPG]
ARK Next Generation Internet ETF
January 31, 2020 (Unaudited)
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 98.1% ​
Automobiles – 10.8% ​
Tesla, Inc.* ​ ​ ​ ​ 75,554 ​ ​ ​ ​ $ 49,153,166 ​ ​
Biotechnology – 2.5% ​
Veracyte, Inc.* ​ ​ ​ ​ 431,189 ​ ​ ​ ​ ​ 11,318,711 ​ ​
Consumer Finance – 2.2% ​
LendingClub Corp.* ​ ​ ​ ​ 843,276 ​ ​ ​ ​ ​ 9,883,195 ​ ​
Entertainment – 10.9% ​
HUYA, Inc. (China)*(a) ​ ​ ​ ​ 229,618 ​ ​ ​ ​ ​ 4,105,570 ​ ​
Netflix, Inc.* ​ ​ ​ ​ 44,347 ​ ​ ​ ​ ​ 15,303,706 ​ ​
Roku, Inc.* ​ ​ ​ ​ 157,005 ​ ​ ​ ​ ​ 18,989,755 ​ ​
Sea Ltd. (Taiwan)*(a) ​ ​ ​ ​ 122,695 ​ ​ ​ ​ ​ 5,550,722 ​ ​
Spotify Technology SA* ​ ​ ​ ​ 41,534 ​ ​ ​ ​ ​ 5,868,754 ​ ​
Total Entertainment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 49,818,507 ​ ​
Health Care Technology – 2.6% ​
Teladoc Health, Inc.* ​ ​ ​ ​ 116,692 ​ ​ ​ ​ ​ 11,868,743 ​ ​
Interactive Media & Services – 16.6% ​
Baidu, Inc. (China)*(a) ​ ​ ​ ​ 33,737 ​ ​ ​ ​ ​ 4,168,544 ​ ​
Eventbrite, Inc., Class A* ​ ​ ​ ​ 357,098 ​ ​ ​ ​ ​ 7,552,623 ​ ​
Pinterest, Inc., Class A* ​ ​ ​ ​ 604,669 ​ ​ ​ ​ ​ 13,320,858 ​ ​
Snap, Inc., Class A* ​ ​ ​ ​ 346,537 ​ ​ ​ ​ ​ 6,369,350 ​ ​
Tencent Holdings Ltd. (China)(a) ​ ​ ​ ​ 330,953 ​ ​ ​ ​ ​ 15,855,958 ​ ​
Twitter, Inc.* ​ ​ ​ ​ 556,849 ​ ​ ​ ​ ​ 18,086,455 ​ ​
Zillow Group, Inc., Class C* ​ ​ ​ ​ 215,418 ​ ​ ​ ​ ​ 9,954,466 ​ ​
Total Interactive Media & Services
​ ​ ​ ​ 75,308,254 ​ ​
Internet & Direct Marketing Retail – 9.6% ​
Alibaba Group Holding Ltd. (China)*(a) ​ ​ ​ ​ 66,024 ​ ​ ​ ​ ​ 13,639,898 ​ ​
Amazon.com, Inc.* ​ ​ ​ ​ 4,495 ​ ​ ​ ​ ​ 9,029,197 ​ ​
MercadoLibre, Inc. (Argentina)* ​ ​ ​ ​ 18,881 ​ ​ ​ ​ ​ 12,518,103 ​ ​
Pinduoduo, Inc. (China)*(a) ​ ​ ​ ​ 236,110 ​ ​ ​ ​ ​ 8,315,794 ​ ​
Total Internet & Direct Marketing Retail
​ ​ ​ ​ 43,502,992 ​ ​
IT Services – 14.3% ​
PayPal Holdings, Inc.* ​ ​ ​ ​ 78,085 ​ ​ ​ ​ ​ 8,893,101 ​ ​
Shopify, Inc., Class A (Canada)* ​ ​ ​ ​ 11,044 ​ ​ ​ ​ ​ 5,142,749 ​ ​
Square, Inc., Class A* ​ ​ ​ ​ 509,196 ​ ​ ​ ​ ​ 38,031,849 ​ ​
Twilio, Inc., Class A* ​ ​ ​ ​ 105,029 ​ ​ ​ ​ ​ 13,059,306 ​ ​
Total IT Services
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 65,127,005 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
Semiconductors & Semiconductor Equipment – 5.9% ​
Advanced Micro Devices, Inc.* ​ ​ ​ ​ 97,771 ​ ​ ​ ​ $ 4,595,237 ​ ​
NVIDIA Corp. ​ ​ ​ ​ 35,239 ​ ​ ​ ​ ​ 8,331,557 ​ ​
Xilinx, Inc. ​ ​ ​ ​ 163,825 ​ ​ ​ ​ ​ 13,839,936 ​ ​
Total Semiconductors & Semiconductor Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 26,766,730 ​ ​
Software – 19.7% ​
2U, Inc.* ​ ​ ​ ​ 521,672 ​ ​ ​ ​ ​ 10,334,322 ​ ​
Adobe, Inc.* ​ ​ ​ ​ 19,296 ​ ​ ​ ​ ​ 6,775,597 ​ ​
Alteryx, Inc., Class A* ​ ​ ​ ​ 46,161 ​ ​ ​ ​ ​ 6,438,075 ​ ​
Atlassian Corp. PLC, Class A* ​ ​ ​ ​ 35,730 ​ ​ ​ ​ ​ 5,252,310 ​ ​
Cloudera, Inc.* ​ ​ ​ ​ 436,374 ​ ​ ​ ​ ​ 4,490,288 ​ ​
HubSpot, Inc.* ​ ​ ​ ​ 47,925 ​ ​ ​ ​ ​ 8,671,549 ​ ​
salesforce.com, Inc.* ​ ​ ​ ​ 56,873 ​ ​ ​ ​ ​ 10,368,517 ​ ​
Splunk, Inc.* ​ ​ ​ ​ 92,769 ​ ​ ​ ​ ​ 14,403,315 ​ ​
Synopsys, Inc.* ​ ​ ​ ​ 29,780 ​ ​ ​ ​ ​ 4,392,848 ​ ​
Trade Desk, Inc. (The), Class A* ​ ​ ​ ​ 30,103 ​ ​ ​ ​ ​ 8,103,125 ​ ​
Workday, Inc., Class A* ​ ​ ​ ​ 25,120 ​ ​ ​ ​ ​ 4,637,906 ​ ​
Zscaler, Inc.* ​ ​ ​ ​ 101,629 ​ ​ ​ ​ ​ 5,700,371 ​ ​
Total Software
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 89,568,223 ​ ​
Technology Hardware, Storage & Peripherals – 1.1% ​
Pure Storage, Inc., Class A* ​ ​ ​ ​ 288,245 ​ ​ ​ ​ ​ 5,130,761 ​ ​
Thrifts & Mortgage Finance – 1.9% ​
LendingTree, Inc.* ​ ​ ​ ​ 27,380 ​ ​ ​ ​ ​ 8,520,656 ​ ​
Total Common Stocks ​
(Cost $381,114,774)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 445,966,943 ​ ​
UNIT TRUST – 1.9% ​
Financials – 1.9% ​
Grayscale Bitcoin Trust BTC*
(Cost $7,248,997)
​ ​ ​ ​ 777,737 ​ ​ ​ ​ ​ 8,477,333 ​ ​
MONEY MARKET FUND – 0.1% ​
Morgan Stanley Institutional Liquidity Fund – Government Portfolio, 1.48%(b)
(Cost $657,220)
​ ​ ​ ​ 657,220 ​ ​ ​ ​ ​ 657,220 ​ ​
Total Investments – 100.1% ​
(Cost $389,020,991)
​ ​ ​ ​ ​ ​ ​ ​ ​
​
455,101,496
​ ​
Liabilities in Excess of Other Assets – (0.1)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (364,716) ​ ​
Net Assets – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 454,736,780 ​ ​
*
Non-income producing security
​
(a)
American Depositary Receipt
​
(b)
Rate shown represents annualized 7-day yield as of January 31, 2020.
​
​
See accompanying Notes to Financial Statements.
11
Schedule of Investments (continued)
ARK Next Generation Internet ETF
January 31, 2020 (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, 2020, based upon the three levels defined above:
ARK Next
Generation
Internet ETF 		​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks* ​ ​ ​ $ 445,966,943 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 445,966,943 ​ ​
Unit Trust* ​ ​ ​ ​ 8,477,333 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 8,477,333 ​ ​
Money Market Fund
​ ​ ​ ​ 657,220 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 657,220 ​ ​
Total ​ ​ ​ $ 455,101,496 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 455,101,496 ​ ​
*
Please refer to the Schedule of Investments to view securities segregated by industry type.
​
See accompanying Notes to Financial Statements.
12
Schedule of Investments
[MISSING IMAGE: LG_ARK-ETF.JPG]
ARK Fintech Innovation ETF
January 31, 2020 (Unaudited)
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 99.7% ​
Banks – 2.1% ​
HDFC Bank Ltd. (India)(a) ​ ​ ​ ​ 28,786 ​ ​ ​ ​ $ 1,648,862 ​ ​
Silvergate Capital Corp., Class A* ​ ​ ​ ​ 20,155 ​ ​ ​ ​ ​ 318,046 ​ ​
Total Banks
​ ​ ​ ​ 1,966,908 ​ ​
Capital Markets – 7.1% ​
Charles Schwab Corp. (The) ​ ​ ​ ​ 18,805 ​ ​ ​ ​ ​ 856,568 ​ ​
Interactive Brokers Group, Inc., Class A ​ ​ ​ ​ 15,025 ​ ​ ​ ​ ​ 706,175 ​ ​
Intercontinental Exchange, Inc. ​ ​ ​ ​ 26,337 ​ ​ ​ ​ ​ 2,626,852 ​ ​
SBI Holdings, Inc. (Japan) ​ ​ ​ ​ 103,800 ​ ​ ​ ​ ​ 2,469,627 ​ ​
Total Capital Markets
​ ​ ​ ​ 6,659,222 ​ ​
Consumer Finance – 2.7% ​
LendingClub Corp.* ​ ​ ​ ​ 128,933 ​ ​ ​ ​ ​ 1,511,095 ​ ​
Zip Co. Ltd. (Australia)* ​ ​ ​ ​ 374,739 ​ ​ ​ ​ ​ 1,013,432 ​ ​
Total Consumer Finance
​ ​ ​ ​ 2,524,527 ​ ​
Entertainment – 0.6% ​
Sea Ltd. (Taiwan)*(a) ​ ​ ​ ​ 11,599 ​ ​ ​ ​ ​ 524,739 ​ ​
Insurance – 2.8% ​
Discovery Ltd. (South Africa) ​ ​ ​ ​ 110,746 ​ ​ ​ ​ ​ 863,182 ​ ​
ZhongAn Online P&C Insurance Co. Ltd., Class H (China)*(b)
​ ​ ​ ​ 540,200 ​ ​ ​ ​ ​ 1,766,678 ​ ​
Total Insurance
​ ​ ​ ​ 2,629,860 ​ ​
Interactive Media & Services – 18.7% ​
Baidu, Inc. (China)*(a) ​ ​ ​ ​ 11,064 ​ ​ ​ ​ ​ 1,367,068 ​ ​
Eventbrite, Inc., Class A* ​ ​ ​ ​ 82,705 ​ ​ ​ ​ ​ 1,749,211 ​ ​
Facebook, Inc., Class A* ​ ​ ​ ​ 4,393 ​ ​ ​ ​ ​ 886,991 ​ ​
Pinterest, Inc., Class A* ​ ​ ​ ​ 108,214 ​ ​ ​ ​ ​ 2,383,954 ​ ​
Snap, Inc., Class A* ​ ​ ​ ​ 63,866 ​ ​ ​ ​ ​ 1,173,857 ​ ​
Tencent Holdings Ltd. (China)(a) ​ ​ ​ ​ 99,800 ​ ​ ​ ​ ​ 4,781,418 ​ ​
Z Holdings Corp. (Japan) ​ ​ ​ ​ 513,493 ​ ​ ​ ​ ​ 2,075,676 ​ ​
Zillow Group, Inc., Class C* ​ ​ ​ ​ 66,523 ​ ​ ​ ​ ​ 3,074,028 ​ ​
Total Interactive Media & Services
​ ​ ​ ​ 17,492,203 ​ ​
Internet & Direct Marketing Retail – 17.2% ​
Alibaba Group Holding Ltd. (China)*(a) ​ ​ ​ ​ 17,893 ​ ​ ​ ​ ​ 3,696,515 ​ ​
Amazon.com, Inc.* ​ ​ ​ ​ 1,552 ​ ​ ​ ​ ​ 3,117,533 ​ ​
Meituan Dianping, Class B (China)* ​ ​ ​ ​ 206,727 ​ ​ ​ ​ ​ 2,643,112 ​ ​
MercadoLibre, Inc. (Argentina)* ​ ​ ​ ​ 5,506 ​ ​ ​ ​ ​ 3,650,478 ​ ​
Pinduoduo, Inc. (China)*(a) ​ ​ ​ ​ 56,729 ​ ​ ​ ​ ​ 1,997,995 ​ ​
Rakuten, Inc. (Japan) ​ ​ ​ ​ 121,205 ​ ​ ​ ​ ​ 957,515 ​ ​
Total Internet & Direct Marketing Retail
​ ​ ​ ​ 16,063,148 ​ ​
IT Services – 23.1% ​
Adyen NV (Netherlands)*(b) ​ ​ ​ ​ 2,443 ​ ​ ​ ​ ​ 2,251,526 ​ ​
PayPal Holdings, Inc.* ​ ​ ​ ​ 32,655 ​ ​ ​ ​ ​ 3,719,078 ​ ​
Shopify, Inc., Class A (Canada)* ​ ​ ​ ​ 5,228 ​ ​ ​ ​ ​ 2,434,470 ​ ​
Square, Inc., Class A* ​ ​ ​ ​ 129,413 ​ ​ ​ ​ ​ 9,665,857 ​ ​
Twilio, Inc., Class A* ​ ​ ​ ​ 17,001 ​ ​ ​ ​ ​ 2,113,904 ​ ​
Wirecard AG (Germany) ​ ​ ​ ​ 9,798 ​ ​ ​ ​ ​ 1,447,418 ​ ​
Total IT Services
​ ​ ​ ​ 21,632,253 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
Professional Services – 2.2% ​
TransUnion ​ ​ ​ ​ 11,433 ​ ​ ​ ​ $ 1,048,406 ​ ​
Verisk Analytics, Inc. ​ ​ ​ ​ 5,963 ​ ​ ​ ​ ​ 968,809 ​ ​
Total Professional Services
​ ​ ​ ​ 2,017,215 ​ ​
Semiconductors & Semiconductor Equipment – 3.0% ​
NVIDIA Corp. ​ ​ ​ ​ 6,782 ​ ​ ​ ​ ​ 1,603,468 ​ ​
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)(a)
​ ​ ​ ​ 23,219 ​ ​ ​ ​ ​ 1,252,433 ​ ​
Total Semiconductors & Semiconductor Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,855,901 ​ ​
Software – 11.5% ​
DocuSign, Inc.* ​ ​ ​ ​ 11,691 ​ ​ ​ ​ ​ 917,860 ​ ​
Guidewire Software, Inc.* ​ ​ ​ ​ 14,821 ​ ​ ​ ​ ​ 1,667,363 ​ ​
Intuit, Inc. ​ ​ ​ ​ 6,149 ​ ​ ​ ​ ​ 1,724,057 ​ ​
salesforce.com, Inc.* ​ ​ ​ ​ 14,659 ​ ​ ​ ​ ​ 2,672,482 ​ ​
Splunk, Inc.* ​ ​ ​ ​ 17,782 ​ ​ ​ ​ ​ 2,760,833 ​ ​
Workday, Inc., Class A* ​ ​ ​ ​ 5,619 ​ ​ ​ ​ ​ 1,037,436 ​ ​
Total Software
​ ​ ​ ​ 10,780,031 ​ ​
Technology Hardware, Storage & Peripherals – 5.2% ​
Apple, Inc. ​ ​ ​ ​ 15,620 ​ ​ ​ ​ ​ 4,834,546 ​ ​
Thrifts & Mortgage Finance – 3.5% ​
LendingTree, Inc.* ​ ​ ​ ​ 10,444 ​ ​ ​ ​ ​ 3,250,173 ​ ​
Total Common Stocks ​
(Cost $80,075,466)
​ ​ ​ ​ 93,230,726 ​ ​
MONEY MARKET FUND – 0.2% ​
Morgan Stanley Institutional Liquidity Fund – Government Portfolio, 1.48% (c)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(Cost $190,295)
​ ​ ​ ​ 190,295 ​ ​ ​ ​ ​ 190,295 ​ ​
Total Investments – 99.9%
(Cost $80,265,761)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 93,421,021 ​ ​
Other Assets in Excess of Liabilities – 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 113,219 ​ ​
Net Assets – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 93,534,240 ​ ​
*
Non-income producing security
​
(a)
American Depositary Receipt
​
(b)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
​
(c)
Rate shown represents annualized 7-day yield as of January 31, 2020.
​
​
See accompanying Notes to Financial Statements.
13
Schedule of Investments (continued)
ARK Fintech Innovation ETF
January 31, 2020 (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, 2020, based upon the three levels defined above:
ARK Fintech
Innovation ETF 		​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks* ​ ​ ​ $ 93,230,726 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 93,230,726 ​ ​
Money Market Fund ​ ​ ​ ​ 190,295 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 190,295 ​ ​
Total ​ ​ ​ $ 93,421,021 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 93,421,021 ​ ​
*
Please refer to the Schedule of Investments to view securities segregated by industry type.
​
See accompanying Notes to Financial Statements.
14
Schedule of Investments​
[MISSING IMAGE: LG_ARK-ETF.JPG]
The 3D Printing ETF
January 31, 2020 (Unaudited)
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 99.5% ​ ​ ​
Aerospace & Defense – 2.9% ​ ​ ​
Aerojet Rocketdyne Holdings, Inc.* ​ ​ ​ ​ 5,693 ​ ​ ​ ​ $ 296,434 ​ ​
Arconic, Inc. ​ ​ ​ ​ 9,850 ​ ​ ​ ​ ​ 295,007 ​ ​
Hexcel Corp. ​ ​ ​ ​ 512 ​ ​ ​ ​ ​ 38,001 ​ ​
Moog, Inc., Class A ​ ​ ​ ​ 3,224 ​ ​ ​ ​ ​ 288,903 ​ ​
Total Aerospace & Defense
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 918,345 ​ ​
Air Freight & Logistics – 0.8% ​ ​ ​
United Parcel Service, Inc., Class B ​ ​ ​ ​ 2,586 ​ ​ ​ ​ ​ 267,703 ​ ​
Chemicals – 0.8% ​ ​ ​
Arkema SA (France) ​ ​ ​ ​ 408 ​ ​ ​ ​ ​ 37,566 ​ ​
DuPont de Nemours, Inc. ​ ​ ​ ​ 648 ​ ​ ​ ​ ​ 33,164 ​ ​
Eastman Chemical Co. ​ ​ ​ ​ 512 ​ ​ ​ ​ ​ 36,490 ​ ​
Evonik Industries AG (Germany) ​ ​ ​ ​ 1,430 ​ ​ ​ ​ ​ 39,284 ​ ​
Koninklijke DSM NV (Netherlands) ​ ​ ​ ​ 329 ​ ​ ​ ​ ​ 40,246 ​ ​
PolyOne Corp. ​ ​ ​ ​ 1,171 ​ ​ ​ ​ ​ 38,854 ​ ​
Toray Industries, Inc. (Japan) ​ ​ ​ ​ 5,808 ​ ​ ​ ​ ​ 38,872 ​ ​
Total Chemicals
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 264,476 ​ ​
Electrical Equipment – 1.3% ​ ​ ​
AMETEK, Inc. ​ ​ ​ ​ 4,084 ​ ​ ​ ​ ​ 396,761 ​ ​
SGL Carbon SE (Germany)* ​ ​ ​ ​ 7,817 ​ ​ ​ ​ ​ 34,955 ​ ​
Total Electrical Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 431,716 ​ ​
Electronic Equipment, Instruments & Components – 12.3%
​ ​ ​
FARO Technologies, Inc.* ​ ​ ​ ​ 7,462 ​ ​ ​ ​ ​ 385,487 ​ ​
Hexagon AB, Class B (Sweden) ​ ​ ​ ​ 7,347 ​ ​ ​ ​ ​ 400,819 ​ ​
Renishaw PLC (United Kingdom) ​ ​ ​ ​ 34,609 ​ ​ ​ ​ ​ 1,817,077 ​ ​
Trimble, Inc.* ​ ​ ​ ​ 32,133 ​ ​ ​ ​ ​ 1,366,295 ​ ​
Total Electronic Equipment, Instruments & Components
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,969,678 ​ ​
Health Care Equipment & Supplies – 8.7% ​
Align Technology, Inc.* ​ ​ ​ ​ 1,484 ​ ​ ​ ​ ​ 381,536 ​ ​
Medtronic PLC ​ ​ ​ ​ 2,544 ​ ​ ​ ​ ​ 293,679 ​ ​
NuVasive, Inc.* ​ ​ ​ ​ 3,907 ​ ​ ​ ​ ​ 301,308 ​ ​
Straumann Holding AG (Switzerland) ​ ​ ​ ​ 1,606 ​ ​ ​ ​ ​ 1,533,970 ​ ​
Stryker Corp. ​ ​ ​ ​ 1,415 ​ ​ ​ ​ ​ 298,141 ​ ​
Total Health Care Equipment & Supplies
​ ​ ​ ​ 2,808,634 ​ ​
Industrial Conglomerates – 2.1% ​
3M Co. ​ ​ ​ ​ 232 ​ ​ ​ ​ ​ 36,809 ​ ​
General Electric Co. ​ ​ ​ ​ 26,189 ​ ​ ​ ​ ​ 326,053 ​ ​
Siemens AG (Germany)* ​ ​ ​ ​ 2,399 ​ ​ ​ ​ ​ 297,032 ​ ​
Total Industrial Conglomerates
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 659,894 ​ ​
Machinery – 16.3% ​
ExOne Co. (The)* ​ ​ ​ ​ 235,799 ​ ​ ​ ​ ​ 1,648,235 ​ ​
Lincoln Electric Holdings, Inc. ​ ​ ​ ​ 3,141 ​ ​ ​ ​ ​ 280,114 ​ ​
OC Oerlikon Corp. AG (Switzerland) ​ ​ ​ ​ 26,791 ​ ​ ​ ​ ​ 286,212 ​ ​
Proto Labs, Inc.* ​ ​ ​ ​ 15,246 ​ ​ ​ ​ ​ 1,577,961 ​ ​
Sandvik AB (Sweden) ​ ​ ​ ​ 2,212 ​ ​ ​ ​ ​ 40,474 ​ ​
SLM Solutions Group AG (Germany)* ​ ​ ​ ​ 108,313 ​ ​ ​ ​ ​ 1,441,499 ​ ​
Total Machinery
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,274,495 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
Metals & Mining – 1.1% ​
Allegheny Technologies, Inc.* ​ ​ ​ ​ 2,130 ​ ​ ​ ​ $ 36,742 ​ ​
Carpenter Technology Corp. ​ ​ ​ ​ 844 ​ ​ ​ ​ ​ 33,541 ​ ​
Kaiser Aluminum Corp. ​ ​ ​ ​ 2,887 ​ ​ ​ ​ ​ 289,133 ​ ​
Total Metals & Mining
​ ​ ​ ​ 359,416 ​ ​
Professional Services – 0.9% ​
Bertrandt AG (Germany) ​ ​ ​ ​ 5,157 ​ ​ ​ ​ ​ 298,552 ​ ​
Semiconductors & Semiconductor Equipment – 0.9% ​
Ultra Clean Holdings, Inc.* ​ ​ ​ ​ 12,354 ​ ​ ​ ​ ​ 284,266 ​ ​
Software – 31.5% ​
Altair Engineering, Inc., Class A* ​ ​ ​ ​ 36,416 ​ ​ ​ ​ ​ 1,345,571 ​ ​
ANSYS, Inc.* ​ ​ ​ ​ 5,256 ​ ​ ​ ​ ​ 1,441,879 ​ ​
Autodesk, Inc.* ​ ​ ​ ​ 7,322 ​ ​ ​ ​ ​ 1,441,336 ​ ​
Dassault Systemes (France) ​ ​ ​ ​ 8,237 ​ ​ ​ ​ ​ 1,431,497 ​ ​
Materialise NV (Belgium)*(a) ​ ​ ​ ​ 87,543 ​ ​ ​ ​ ​ 1,591,532 ​ ​
Microsoft Corp. ​ ​ ​ ​ 8,527 ​ ​ ​ ​ ​ 1,451,551 ​ ​
PTC, Inc.* ​ ​ ​ ​ 17,786 ​ ​ ​ ​ ​ 1,478,372 ​ ​
Total Software
​ ​ ​ ​ 10,181,738 ​ ​
Technology Hardware, Storage & Peripherals – 19.9% ​
3D Systems Corp.* ​ ​ ​ ​ 145,604 ​ ​ ​ ​ ​ 1,585,628 ​ ​
Eastman Kodak Co.* ​ ​ ​ ​ 11,467 ​ ​ ​ ​ ​ 39,102 ​ ​
HP, Inc. ​ ​ ​ ​ 76,567 ​ ​ ​ ​ ​ 1,632,408 ​ ​
MGI Digital Graphic Technology (France)* ​ ​ ​ ​ 29,116 ​ ​ ​ ​ ​ 1,746,954 ​ ​
Stratasys Ltd.* ​ ​ ​ ​ 76,641 ​ ​ ​ ​ ​ 1,378,005 ​ ​
Xerox Holdings Corp. ​ ​ ​ ​ 1,162 ​ ​ ​ ​ ​ 41,332 ​ ​
Total Technology Hardware, Storage & Peripherals
​ ​ ​ ​ 6,423,429 ​ ​
Total Common Stocks
(Cost $28,699,885)
​ ​ ​ ​ 32,142,342 ​ ​
PREFERRED STOCK – 0.1% ​
Household Products – 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Henkel AG & Co. KGaA (Germany)
(Cost $48,681)
​ ​ ​ ​ 386 ​ ​ ​ ​ ​ 39,359 ​ ​
MONEY MARKET FUND – 0.3% ​
Morgan Stanley Institutional Liquidity Fund – Government Portfolio, 1.48%(b)
(Cost $106,203)
​ ​ ​ ​ 106,203 ​ ​ ​ ​ ​ 106,203 ​ ​
Total Investments – 99.9%
(Cost $28,854,769)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32,287,904 ​ ​
Other Assets in Excess of Liabilities – 0.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 32,655 ​ ​
Net Assets – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 32,320,559 ​ ​
*
Non-income producing security
​
(a)
American Depositary Receipt
​
(b)
Rate shown represents annualized 7-day yield as of January 31, 2020.
​
​
See accompanying Notes to Financial Statements.
15
Schedule of Investments (continued)
The 3D Printing ETF
January 31, 2020 (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, 2020, based upon the three levels defined above:
The 3D Printing ETF
​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks* ​ ​ ​ $ 32,142,342 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 32,142,342 ​ ​
Preferred Stock* ​ ​ ​ ​ 39,359 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 39,359 ​ ​
Money Market Fund ​ ​ ​ ​ 106,203 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 106,203 ​ ​
Total ​ ​ ​ $ 32,287,904 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 32,287,904 ​ ​
*
Please refer to the Schedule of Investments to view securities segregated by industry type.
​
See accompanying Notes to Financial Statements.
16
Schedule of Investments 
[MISSING IMAGE: LG_ARK-ETF.JPG]
The ARK Israel Innovative Technology ETF
January 31, 2020 (Unaudited)
Investments
​ ​
Shares
​ ​
Value
​
COMMON STOCKS – 99.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Aerospace & Defense – 7.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Bet Shemesh Engines Holdings 1997 Ltd. (Israel)
​ ​ ​ ​ 12,909 ​ ​ ​ ​ $ 527,089 ​ ​
Elbit Systems Ltd. (Israel) ​ ​ ​ ​ 3,390 ​ ​ ​ ​ ​ 520,662 ​ ​
RADA Electronic Industries Ltd. (Israel)* ​ ​ ​ ​ 80,451 ​ ​ ​ ​ ​ 470,638 ​ ​
Total Aerospace & Defense
​ ​ ​ ​ 1,518,389 ​ ​
Biotechnology – 4.5% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Galmed Pharmaceuticals Ltd. (Israel)* ​ ​ ​ ​ 81,008 ​ ​ ​ ​ ​ 419,622 ​ ​
UroGen Pharma Ltd.* ​ ​ ​ ​ 15,459 ​ ​ ​ ​ ​ 454,649 ​ ​
Total Biotechnology
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 874,271 ​ ​
Communications Equipment – 10.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
AudioCodes Ltd. (Israel) ​ ​ ​ ​ 19,001 ​ ​ ​ ​ ​ 407,382 ​ ​
Ceragon Networks Ltd. (Israel)* ​ ​ ​ ​ 238,637 ​ ​ ​ ​ ​ 491,592 ​ ​
Ituran Location and Control Ltd. (Israel) ​ ​ ​ ​ 20,698 ​ ​ ​ ​ ​ 527,385 ​ ​
Radware Ltd. (Israel)* ​ ​ ​ ​ 20,611 ​ ​ ​ ​ ​ 525,168 ​ ​
Total Communications Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,951,527 ​ ​
Diversified Telecommunication – 2.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Bezeq The Israeli Telecommunication Corp. Ltd.
(Israel)*
​ ​ ​ ​ 710,729 ​ ​ ​ ​ ​ 551,563 ​ ​
Health Care Equipment & Supplies – 2.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Inmode Ltd.* ​ ​ ​ ​ 11,960 ​ ​ ​ ​ ​ 518,227 ​ ​
Hotels, Restaurants & Leisure – 2.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Fattal Holdings 1998 Ltd. (Israel) ​ ​ ​ ​ 3,365 ​ ​ ​ ​ ​ 504,633 ​ ​
Internet & Direct Marketing Retail – 2.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Fiverr International Ltd. (Israel)* ​ ​ ​ ​ 20,160 ​ ​ ​ ​ ​ 525,974 ​ ​
IT Services – 8.1% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Matrix IT Ltd. (Israel) ​ ​ ​ ​ 24,310 ​ ​ ​ ​ ​ 509,687 ​ ​
One Software Technologies Ltd. (Israel) ​ ​ ​ ​ 6,785 ​ ​ ​ ​ ​ 528,910 ​ ​
Wix.com Ltd. (Israel)* ​ ​ ​ ​ 3,717 ​ ​ ​ ​ ​ 530,379 ​ ​
Total IT Services
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,568,976 ​ ​
Life Sciences Tools & Services – 3.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Compugen Ltd. (Israel)* ​ ​ ​ ​ 87,574 ​ ​ ​ ​ ​ 630,533 ​ ​
Media – 2.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Perion Network Ltd. (Israel)* ​ ​ ​ ​ 60,603 ​ ​ ​ ​ ​ 467,249 ​ ​
Pharmaceuticals – 12.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Foamix Pharmaceuticals Ltd. (Israel)* ​ ​ ​ ​ 113,704 ​ ​ ​ ​ ​ 437,760 ​ ​
Redhill Biopharma Ltd. (Israel)*(a) ​ ​ ​ ​ 88,354 ​ ​ ​ ​ ​ 467,393 ​ ​
Sol-Gel Technologies Ltd. (Israel)* ​ ​ ​ ​ 37,750 ​ ​ ​ ​ ​ 484,333 ​ ​
Taro Pharmaceutical Industries Ltd.* ​ ​ ​ ​ 6,233 ​ ​ ​ ​ ​ 502,816 ​ ​
Teva Pharmaceutical Industries Ltd. (Israel)*(a) ​ ​ ​ ​ 51,683 ​ ​ ​ ​ ​ 537,503 ​ ​
Total Pharmaceuticals
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,429,805 ​ ​
Professional Services – 2.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Danel Adir Yeoshua Ltd. (Israel) ​ ​ ​ ​ 5,768 ​ ​ ​ ​ ​ 543,905 ​ ​
Semiconductors & Semiconductor Equipment – 12.9%
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Camtek Ltd. (Israel) ​ ​ ​ ​ 42,284 ​ ​ ​ ​ ​ 479,078 ​ ​
Mellanox Technologies Ltd.* ​ ​ ​ ​ 4,433 ​ ​ ​ ​ ​ 535,950 ​ ​
Nova Measuring Instruments Ltd. (Israel)* ​ ​ ​ ​ 13,370 ​ ​ ​ ​ ​ 508,595 ​ ​
SolarEdge Technologies, Inc.* ​ ​ ​ ​ 5,224 ​ ​ ​ ​ ​ 511,220 ​ ​
Tower Semiconductor Ltd. (Israel)* ​ ​ ​ ​ 20,912 ​ ​ ​ ​ ​ 463,828 ​ ​
Total Semiconductors & Semiconductor Equipment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,498,671 ​ ​
Investments
​ ​
Shares
​ ​
Value
​
Software – 16.2% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Allot Ltd. (Israel)* ​ ​ ​ ​ 55,593 ​ ​ ​ ​ $ 533,137 ​ ​
Check Point Software Technologies Ltd. (Israel)*
​ ​ ​ ​ 4,633 ​ ​ ​ ​ ​ 529,598 ​ ​
CyberArk Software Ltd.* ​ ​ ​ ​ 3,800 ​ ​ ​ ​ ​ 525,274 ​ ​
Hilan Ltd. (Israel) ​ ​ ​ ​ 12,185 ​ ​ ​ ​ ​ 496,821 ​ ​
Nice Ltd. (Israel)*(a) ​ ​ ​ ​ 3,028 ​ ​ ​ ​ ​ 521,724 ​ ​
Sapiens International Corp. NV (Israel) ​ ​ ​ ​ 20,813 ​ ​ ​ ​ ​ 529,275 ​ ​
Total Software
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 3,135,829 ​ ​
Technology Hardware, Storage & Peripherals – 2.3% ​ ​ ​ ​ ​ ​ ​
Stratasys Ltd.* ​ ​ ​ ​ 24,444 ​ ​ ​ ​ ​ 439,503 ​ ​
Wireless Telecommunication Services – 6.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Cellcom Israel Ltd. (Israel)* ​ ​ ​ ​ 167,828 ​ ​ ​ ​ ​ 610,363 ​ ​
Partner Communications Co. Ltd. (Israel)* ​ ​ ​ ​ 125,214 ​ ​ ​ ​ ​ 558,797 ​ ​
Total Wireless Telecommunication Services
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,169,160 ​ ​
Total Common Stocks
(Cost $17,296,657)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,328,215 ​ ​
MONEY MARKET FUND – 0.2% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Morgan Stanley Institutional Liquidity Fund – Government Portfolio, 1.48%(b)
(Cost $35,053)
​ ​ ​ ​ 35,053 ​ ​ ​ ​ ​ 35,053 ​ ​
Total Investments – 100.1%
(Cost $17,331,710)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19,363,268 ​ ​
Liabilities in Excess of Other Assets – (0.1)% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (13,030) ​ ​
Net Assets – 100.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,350,238 ​ ​
*
Non-income producing security
​
(a)
American Depositary Receipt
​
(b)
Rate shown represents annualized 7-day yield as of January 31, 2020.
​
Country
​ ​
Value
​ ​
% of Net Assets
​
Israel ​ ​ ​ $ 15,840,576 ​ ​ ​ ​ ​ 81.9% ​ ​
United States ​ ​ ​ ​ 3,522,692 ​ ​ ​ ​ ​ 18.2 ​ ​
Total Investments ​ ​ ​ ​ 19,363,268 ​ ​ ​ ​ ​ 100.1 ​ ​
Liabilities in Excess of Other Assets
​ ​ ​ ​ (13,030) ​ ​ ​ ​ ​ (0.1) ​ ​
Net Assets ​ ​ ​ $ 19,350,238 ​ ​ ​ ​ ​ 100.0% ​ ​
​
See accompanying Notes to Financial Statements.
17
Schedule of Investments (concluded)
The ARK Israel Innovative Technology ETF
January 31, 2020 (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, 2020, based upon the three levels defined above:
The ARK Israel
Innovative
Technology ETF 		​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Common Stocks* ​ ​ ​ $ 19,328,215 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 19,328,215 ​ ​
Money Market Fund ​ ​ ​ ​ 35,053 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 35,053 ​ ​
Total ​ ​ ​ $ 19,363,268 ​ ​ ​ ​ $    — ​ ​ ​ ​ $    — ​ ​ ​ ​ $ 19,363,268 ​ ​
*
Please refer to the Schedule of Investments to view securities segregated by industry type.
​
See accompanying Notes to Financial Statements.
18
Statements of Assets and Liabilities  
[MISSING IMAGE: LG_ARK-ETF.JPG]
 
January 31, 2020 (Unaudited)
​ ​ ​
ARK
Genomic
Revolution
ETF
​ ​
ARK
Autonomous
Technology &
Robotics ETF
​ ​
ARK
Innovation
ETF
​ ​
ARK Next
Generation
Internet ETF
​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in non-affiliated securities at value (Note 2)
​ ​ ​ $ 443,688,832 ​ ​ ​ ​ $ 178,250,703 ​ ​ ​ ​ $ 1,502,777,574 ​ ​ ​ ​ $ 455,101,496 ​ ​
Investments in affiliated securities at value (Note 2)
​ ​ ​ ​ 38,352,819 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 487,324,247 ​ ​ ​ ​ ​ — ​ ​
Receivables:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends and interest
​ ​ ​ ​ 2,555 ​ ​ ​ ​ ​ 9,233 ​ ​ ​ ​ ​ 8,984 ​ ​ ​ ​ ​ 1,416 ​ ​
Capital shares sold
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,762,931 ​ ​ ​ ​ ​ — ​ ​
Investment securities sold
​ ​ ​ ​ 3,243,613 ​ ​ ​ ​ ​ 2,873,843 ​ ​ ​ ​ ​ 34,390,896 ​ ​ ​ ​ ​ 4,697,813 ​ ​
Reclaims
​ ​ ​ ​ 844 ​ ​ ​ ​ ​ 9,177 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Assets
​ ​ ​ ​ 485,288,663 ​ ​ ​ ​ ​ 181,142,956 ​ ​ ​ ​ ​ 2,032,264,632 ​ ​ ​ ​ ​ 459,800,725 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Due to custodian for foreign currency
​ ​ ​ ​ 2,499 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,111 ​ ​ ​ ​ ​ — ​ ​
Payables:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities purchased
​ ​ ​ ​ 3,586,495 ​ ​ ​ ​ ​ 3,599,570 ​ ​ ​ ​ ​ 38,490,663 ​ ​ ​ ​ ​ 4,771,473 ​ ​
Management fees (Note 3)
​ ​ ​ ​ 314,602 ​ ​ ​ ​ ​ 115,167 ​ ​ ​ ​ ​ 1,254,672 ​ ​ ​ ​ ​ 292,472 ​ ​
Total Liabilities
​ ​ ​ ​ 3,903,596 ​ ​ ​ ​ ​ 3,714,737 ​ ​ ​ ​ ​ 39,746,446 ​ ​ ​ ​ ​ 5,063,945 ​ ​
NET ASSETS
​ ​ ​ $ 481,385,067 ​ ​ ​ ​ $ 177,428,219 ​ ​ ​ ​ $ 1,992,518,186 ​ ​ ​ ​ $ 454,736,780 ​ ​
NET ASSETS CONSIST OF: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-in capital
​ ​ ​ $ 456,068,704 ​ ​ ​ ​ $ 156,391,984 ​ ​ ​ ​ $ 1,710,791,851 ​ ​ ​ ​ $ 395,096,899 ​ ​
Total distributable earnings
​ ​ ​ ​ 25,316,363 ​ ​ ​ ​ ​ 21,036,235 ​ ​ ​ ​ ​ 281,726,335 ​ ​ ​ ​ ​ 59,639,881 ​ ​
NET ASSETS
​ ​ ​ $ 481,385,067 ​ ​ ​ ​ $ 177,428,219 ​ ​ ​ ​ $ 1,992,518,186 ​ ​ ​ ​ $ 454,736,780 ​ ​
Shares outstanding
​ ​ ​ ​ 14,705,000 ​ ​ ​ ​ ​ 4,600,000 ​ ​ ​ ​ ​ 38,500,000 ​ ​ ​ ​ ​ 7,200,000 ​ ​
Net asset value, per share
​ ​ ​ $ 32.74 ​ ​ ​ ​ $ 38.57 ​ ​ ​ ​ $ 51.75 ​ ​ ​ ​ $ 63.16 ​ ​
Investments in non-affiliated securities at cost
​ ​ ​ $ 433,440,560 ​ ​ ​ ​ $ 158,657,603 ​ ​ ​ ​ $ 1,227,502,154 ​ ​ ​ ​ $ 389,020,991 ​ ​
Investments in affiliated securities at cost
​ ​ ​ $ 25,273,575 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 498,296,256 ​ ​ ​ ​ $ — ​ ​
See accompanying Notes to Financial Statements.
19
Statements of Assets and Liabilities (concluded) 
 
January 31, 2020 (Unaudited)
​ ​ ​
ARK Fintech
Innovation ETF
​ ​
The 3D
Printing ETF
​ ​
The ARK Israel
Innovative
Technology ETF
​
ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in non-affiliated securities at value (Note 2)
​ ​ ​ $ 93,421,021 ​ ​ ​ ​ $ 32,287,904 ​ ​ ​ ​ $ 19,363,268 ​ ​
Cash
​ ​ ​ ​ — ​ ​ ​ ​ ​ 474 ​ ​ ​ ​ ​ 13 ​ ​
Foreign currency
​ ​ ​ ​ 187,218 ​ ​ ​ ​ ​ 38,248 ​ ​ ​ ​ ​ — ​ ​
Receivables:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Dividends and interest
​ ​ ​ ​ 8,282 ​ ​ ​ ​ ​ 2,389 ​ ​ ​ ​ ​ 744 ​ ​
Capital shares sold
​ ​ ​ ​ 1,278,660 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Investment securities sold
​ ​ ​ ​ 342,100 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Reclaims
​ ​ ​ ​ 2,972 ​ ​ ​ ​ ​ 10,077 ​ ​ ​ ​ ​ — ​ ​
Total Assets
​ ​ ​ ​ 95,240,253 ​ ​ ​ ​ ​ 32,339,092 ​ ​ ​ ​ ​ 19,364,025 ​ ​
LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Due to custodian for foreign currency
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,175 ​ ​
Payables:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investment securities purchased
​ ​ ​ ​ 1,649,151 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Management fees (Note 3)
​ ​ ​ ​ 56,862 ​ ​ ​ ​ ​ 18,241 ​ ​ ​ ​ ​ 7,449 ​ ​
Other accrued expenses
​ ​ ​ ​ — ​ ​ ​ ​ ​ 292 ​ ​ ​ ​ ​ 163 ​ ​
Total Liabilities
​ ​ ​ ​ 1,706,013 ​ ​ ​ ​ ​ 18,533 ​ ​ ​ ​ ​ 13,787 ​ ​
NET ASSETS
​ ​ ​ $ 93,534,240 ​ ​ ​ ​ $ 32,320,559 ​ ​ ​ ​ $ 19,350,238 ​ ​
NET ASSETS CONSIST OF: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Paid-in capital
​ ​ ​ $ 78,409,142 ​ ​ ​ ​ $ 38,034,190 ​ ​ ​ ​ $ 18,856,259 ​ ​
Total distributable earnings/accumulated (loss)
​ ​ ​ ​ 15,125,098 ​ ​ ​ ​ ​ (5,713,631) ​ ​ ​ ​ ​ 493,979 ​ ​
NET ASSETS
​ ​ ​ $ 93,534,240 ​ ​ ​ ​ $ 32,320,559 ​ ​ ​ ​ $ 19,350,238 ​ ​
Shares outstanding
​ ​ ​ ​ 3,700,001 ​ ​ ​ ​ ​ 1,450,001 ​ ​ ​ ​ ​ 850,001 ​ ​
Net asset value, per share
​ ​ ​ $ 25.28 ​ ​ ​ ​ $ 22.29 ​ ​ ​ ​ $ 22.76 ​ ​
Investments in non-affiliated securities at cost
​ ​ ​ $ 80,265,761 ​ ​ ​ ​ $ 28,854,769 ​ ​ ​ ​ $ 17,331,710 ​ ​
Foreign currency at cost
​ ​ ​ $ 192,513 ​ ​ ​ ​ $ 38,447 ​ ​ ​ ​ $ — ​ ​
See accompanying Notes to Financial Statements.
20
Statements of Operations 
[MISSING IMAGE: LG_ARK-ETF.JPG]
 
For the Period Ended January 31, 2020 (Unaudited)
​ ​ ​
ARK
Genomic
Revolution
ETF
​ ​
ARK
Autonomous
Technology &
Robotics ETF
​ ​
ARK
Innovation
ETF
​ ​
ARK Next
Generation
Internet ETF
​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unaffiliated dividend income
​ ​ ​ $ 122,593 ​ ​ ​ ​ $ 300,472 ​ ​ ​ ​ $ 514,014 ​ ​ ​ ​ $ 150,343 ​ ​
Foreign withholding tax
​ ​ ​ ​ — ​ ​ ​ ​ ​ (17,731) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total Income
​ ​ ​ ​ 122,593 ​ ​ ​ ​ ​ 282,741 ​ ​ ​ ​ ​ 514,014 ​ ​ ​ ​ ​ 150,343 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Management fees (Note 3)
​ ​ ​ ​ 1,666,817 ​ ​ ​ ​ ​ 603,583 ​ ​ ​ ​ ​ 6,483,027 ​ ​ ​ ​ ​ 1,606,858 ​ ​
Overdraft expense
​ ​ ​ ​ 43 ​ ​ ​ ​ ​ 96 ​ ​ ​ ​ ​ 171 ​ ​ ​ ​ ​ 43 ​ ​
Total Expenses
​ ​ ​ ​ 1,666,860 ​ ​ ​ ​ ​ 603,679 ​ ​ ​ ​ ​ 6,483,198 ​ ​ ​ ​ ​ 1,606,901 ​ ​
Net Investment Loss(1)
​ ​ ​ ​ (1,544,267) ​ ​ ​ ​ ​ (320,938) ​ ​ ​ ​ ​ (5,969,184) ​ ​ ​ ​ ​ (1,456,558) ​ ​
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in non-affiliated securities
​ ​ ​ ​ 5,959,182 ​ ​ ​ ​ ​ 3,698,030 ​ ​ ​ ​ ​ 40,349,853 ​ ​ ​ ​ ​ (5,971,499) ​ ​
Investments in affiliated securities
​ ​ ​ ​ (40,801) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 76,198 ​ ​ ​ ​ ​ — ​ ​
In-kind redemptions – non-affiliated securities
​ ​ ​ ​ 7,280,210 ​ ​ ​ ​ ​ 7,772,220 ​ ​ ​ ​ ​ 14,626,768 ​ ​ ​ ​ ​ 46,552,389 ​ ​
In-kind redemptions – affiliated securities
​ ​ ​ ​ 759,984 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,100,218 ​ ​ ​ ​ ​ — ​ ​
Net realized gain
​ ​ ​ ​ 13,958,575 ​ ​ ​ ​ ​ 11,470,250 ​ ​ ​ ​ ​ 62,153,037 ​ ​ ​ ​ ​ 40,580,890 ​ ​
Change in unrealized appreciation (depreciation) on:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in non-affiliated securities
​ ​ ​ ​ (32,886,754) ​ ​ ​ ​ ​ 13,565,994 ​ ​ ​ ​ ​ 167,438,059 ​ ​ ​ ​ ​ 46,477,418 ​ ​
Investments in affiliated securities
​ ​ ​ ​ 7,966,025 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (94,236,250) ​ ​ ​ ​ ​ — ​ ​
Foreign currency translation
​ ​ ​ ​ (2,499) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (1,111) ​ ​ ​ ​ ​ — ​ ​
Change in unrealized appreciation (depreciation)
​ ​ ​ ​ (24,923,228) ​ ​ ​ ​ ​ 13,565,994 ​ ​ ​ ​ ​ 73,200,698 ​ ​ ​ ​ ​ 46,477,418 ​ ​
Net realized and unrealized gain (loss) on investments and foreign currency translation
​ ​ ​ ​ (10,964,653) ​ ​ ​ ​ ​ 25,036,244 ​ ​ ​ ​ ​ 135,353,735 ​ ​ ​ ​ ​ 87,058,308 ​ ​
Net Increase (Decrease) in Net Assets Resulting From Operations
​ ​ ​ $ (12,508,920) ​ ​ ​ ​ $ 24,715,306 ​ ​ ​ ​ $ 129,384,551 ​ ​ ​ ​ $ 85,601,750 ​ ​
(1)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
See accompanying Notes to Financial Statements.
21
Statements of Operations (concluded)
 
For the Period Ended January 31, 2020 (Unaudited)
​ ​ ​
ARK Fintech
Innovation ETF
​ ​
The 3D
Printing ETF
​ ​
The ARK Israel
Innovative
Technology ETF
​
INVESTMENT INCOME: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Unaffiliated dividend income
​ ​ ​ $ 136,292 ​ ​ ​ ​ $ 99,575 ​ ​ ​ ​ $ 67,356 ​ ​
Foreign withholding tax
​ ​ ​ ​ (9,311) ​ ​ ​ ​ ​ (130) ​ ​ ​ ​ ​ (15,826) ​ ​
Total Income
​ ​ ​ ​ 126,981 ​ ​ ​ ​ ​ 99,445 ​ ​ ​ ​ ​ 51,530 ​ ​
EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Management fees (Note 3)
​ ​ ​ ​ 291,065 ​ ​ ​ ​ ​ 115,319 ​ ​ ​ ​ ​ 45,499 ​ ​
Overdraft expense
​ ​ ​ ​ 199 ​ ​ ​ ​ ​ 128 ​ ​ ​ ​ ​ 32 ​ ​
Other expenses
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,775 ​ ​ ​ ​ ​ 946 ​ ​
Total Expenses
​ ​ ​ ​ 291,264 ​ ​ ​ ​ ​ 117,222 ​ ​ ​ ​ ​ 46,477 ​ ​
Net Investment Income (Loss)(1)
​ ​ ​ ​ (164,283) ​ ​ ​ ​ ​ (17,777) ​ ​ ​ ​ ​ 5,053 ​ ​
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gain (loss) on:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in non-affiliated securities
​ ​ ​ ​ 2,087,925 ​ ​ ​ ​ ​ (2,052,759) ​ ​ ​ ​ ​ (719,367) ​ ​
Foreign currency transactions
​ ​ ​ ​ (7,423) ​ ​ ​ ​ ​ (1,780) ​ ​ ​ ​ ​ (6,170) ​ ​
In-kind redemptions – non-affiliated securities
​ ​ ​ ​ 149,686 ​ ​ ​ ​ ​ 1,560,347 ​ ​ ​ ​ ​ 396,363 ​ ​
Net realized gain (loss)
​ ​ ​ ​ 2,230,188 ​ ​ ​ ​ ​ (494,192) ​ ​ ​ ​ ​ (329,174) ​ ​
Change in unrealized appreciation (depreciation) on:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments in non-affiliated securities
​ ​ ​ ​ 7,347,748 ​ ​ ​ ​ ​ 723,512 ​ ​ ​ ​ ​ 2,525,048 ​ ​
Foreign currency translation
​ ​ ​ ​ (5,206) ​ ​ ​ ​ ​ (1,004) ​ ​ ​ ​ ​ (198) ​ ​
Change in unrealized appreciation
​ ​ ​ ​ 7,342,542 ​ ​ ​ ​ ​ 722,508 ​ ​ ​ ​ ​ 2,524,850 ​ ​
Net realized and unrealized gain on investments and foreign currency translation
​ ​ ​ ​ 9,572,730 ​ ​ ​ ​ ​ 228,316 ​ ​ ​ ​ ​ 2,195,676 ​ ​
Net Increase in Net Assets Resulting From Operations
​ ​ ​ $ 9,408,447 ​ ​ ​ ​ $ 210,539 ​ ​ ​ ​ $ 2,200,729 ​ ​
(1)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
See accompanying Notes to Financial Statements.
22
Statements of Changes in Net Assets
[MISSING IMAGE: LG_ARK-ETF.JPG]
 
 
​ ​ ​
ARK Genomic Revolution ETF
​ ​
ARK Autonomous Technology & Robotics ETF
​
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment loss(1)
​ ​ ​ $ (1,544,267) ​ ​ ​ ​ $ (2,179,466) ​ ​ ​ ​ $ (320,938) ​ ​ ​ ​ $ (674,548) ​ ​
Net realized gain on investments and foreign currency transactions
​ ​ ​ ​ 13,958,575 ​ ​ ​ ​ ​ 25,900,191 ​ ​ ​ ​ ​ 11,470,250 ​ ​ ​ ​ ​ 3,471,938 ​ ​
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations
​ ​ ​ ​ (24,923,228) ​ ​ ​ ​ ​ 28,708,292 ​ ​ ​ ​ ​ 13,565,994 ​ ​ ​ ​ ​ (9,895,930) ​ ​
Net increase (decrease) in net assets resulting from operations
​ ​ ​ ​ (12,508,920) ​ ​ ​ ​ ​ 52,429,017 ​ ​ ​ ​ ​ 24,715,306 ​ ​ ​ ​ ​ (7,098,540) ​ ​
DISTRIBUTIONS TO SHAREHOLDERS
​ ​ ​ ​ (15,340,242) ​ ​ ​ ​ ​ (4,922,218) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (4,348,608) ​ ​
SHAREHOLDER TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares sold
​ ​ ​ ​ 68,672,023 ​ ​ ​ ​ ​ 235,645,363 ​ ​ ​ ​ ​ 15,107,112 ​ ​ ​ ​ ​ 50,205,611 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (25,403,426) ​ ​ ​ ​ ​ (49,301,508) ​ ​ ​ ​ ​ (29,291,592) ​ ​ ​ ​ ​ (27,308,583) ​ ​
Net increase (decrease) in net assets resulting from shareholder transactions
​ ​ ​ ​ 43,268,597 ​ ​ ​ ​ ​ 186,343,855 ​ ​ ​ ​ ​ (14,184,480) ​ ​ ​ ​ ​ 22,897,028 ​ ​
Increase in net assets
​ ​ ​ ​ 15,419,435 ​ ​ ​ ​ ​ 233,850,654 ​ ​ ​ ​ ​ 10,530,826 ​ ​ ​ ​ ​ 11,449,880 ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 465,965,632 ​ ​ ​ ​ ​ 232,114,978 ​ ​ ​ ​ ​ 166,897,393 ​ ​ ​ ​ ​ 155,447,513 ​ ​
End of period
​ ​ ​ $ 481,385,067 ​ ​ ​ ​ $ 465,965,632 ​ ​ ​ ​ $ 177,428,219 ​ ​ ​ ​ $ 166,897,393 ​ ​
CHANGES IN SHARES OUTSTANDING: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 13,505,000 ​ ​ ​ ​ ​ 7,905,000 ​ ​ ​ ​ ​ 5,050,000 ​ ​ ​ ​ ​ 4,450,000 ​ ​
Shares sold
​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ 7,400,000 ​ ​ ​ ​ ​ 400,000 ​ ​ ​ ​ ​ 1,450,000 ​ ​
Shares redeemed
​ ​ ​ ​ (800,000) ​ ​ ​ ​ ​ (1,800,000) ​ ​ ​ ​ ​ (850,000) ​ ​ ​ ​ ​ (850,000) ​ ​
Shares outstanding, end of period
​ ​ ​ ​ 14,705,000 ​ ​ ​ ​ ​ 13,505,000 ​ ​ ​ ​ ​ 4,600,000 ​ ​ ​ ​ ​ 5,050,000 ​ ​
(1)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
See accompanying Notes to Financial Statements.
23
Statements of Changes in Net Assets (continued)
 
 
​ ​ ​
ARK Innovation ETF
​ ​
ARK Next Generation Internet ETF
​
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment loss(1)
​ ​ ​ $ (5,969,184) ​ ​ ​ ​ $ (9,544,034) ​ ​ ​ ​ $ (1,456,558) ​ ​ ​ ​ $ (3,273,290) ​ ​
Net realized gain on investments and foreign currency transactions
​ ​ ​ ​ 62,153,037 ​ ​ ​ ​ ​ 50,604,740 ​ ​ ​ ​ ​ 40,580,890 ​ ​ ​ ​ ​ 14,501,310 ​ ​
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations
​ ​ ​ ​ 73,200,698 ​ ​ ​ ​ ​ 110,287,456 ​ ​ ​ ​ ​ 46,477,418 ​ ​ ​ ​ ​ 4,395,482 ​ ​
Net increase in net assets resulting from operations
​ ​ ​ ​ 129,384,551 ​ ​ ​ ​ ​ 151,348,162 ​ ​ ​ ​ ​ 85,601,750 ​ ​ ​ ​ ​ 15,623,502 ​ ​
DISTRIBUTIONS TO SHAREHOLDERS
​ ​ ​ ​ (7,062,841) ​ ​ ​ ​ ​ (34,468,980) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (50,115,280) ​ ​
SHAREHOLDER TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares sold
​ ​ ​ ​ 215,145,499 ​ ​ ​ ​ ​ 647,982,297 ​ ​ ​ ​ ​ 119,054,867 ​ ​ ​ ​ ​ 81,866,367 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (76,202,459) ​ ​ ​ ​ ​ (204,196,228) ​ ​ ​ ​ ​ (181,579,850) ​ ​ ​ ​ ​ (287,990,649) ​ ​
Net increase (decrease) in net assets resulting from shareholder transactions
​ ​ ​ ​ 138,943,040 ​ ​ ​ ​ ​ 443,786,069 ​ ​ ​ ​ ​ (62,524,983) ​ ​ ​ ​ ​ (206,124,282) ​ ​
Increase (decrease) in net assets
​ ​ ​ ​ 261,264,750 ​ ​ ​ ​ ​ 560,665,251 ​ ​ ​ ​ ​ 23,076,767 ​ ​ ​ ​ ​ (240,616,060) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 1,731,253,436 ​ ​ ​ ​ ​ 1,170,588,185 ​ ​ ​ ​ ​ 431,660,013 ​ ​ ​ ​ ​ 672,276,073 ​ ​
End of period
​ ​ ​ $ 1,992,518,186 ​ ​ ​ ​ $ 1,731,253,436 ​ ​ ​ ​ $ 454,736,780 ​ ​ ​ ​ $ 431,660,013 ​ ​
CHANGES IN SHARES OUTSTANDING: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 35,800,000 ​ ​ ​ ​ ​ 26,300,000 ​ ​ ​ ​ ​ 8,250,000 ​ ​ ​ ​ ​ 12,200,000 ​ ​
Shares sold
​ ​ ​ ​ 4,400,000 ​ ​ ​ ​ ​ 14,400,000 ​ ​ ​ ​ ​ 2,200,000 ​ ​ ​ ​ ​ 1,600,000 ​ ​
Shares redeemed
​ ​ ​ ​ (1,700,000) ​ ​ ​ ​ ​ (4,900,000) ​ ​ ​ ​ ​ (3,250,000) ​ ​ ​ ​ ​ (5,550,000) ​ ​
Shares outstanding, end of period
​ ​ ​ ​ 38,500,000 ​ ​ ​ ​ ​ 35,800,000 ​ ​ ​ ​ ​ 7,200,000 ​ ​ ​ ​ ​ 8,250,000 ​ ​
(1)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
See accompanying Notes to Financial Statements.
24
Statements of Changes in Net Assets (continued)
[MISSING IMAGE: LG_ARK-ETF.JPG]
 
 
​ ​ ​
ARK Fintech Innovation ETF
​ ​
The 3D Printing ETF
​
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
February 4, 2019(1) to
July 31, 2019
​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment loss(2)
​ ​ ​ $ (164,283) ​ ​ ​ ​ $ (71,427) ​ ​ ​ ​ $ (17,777) ​ ​ ​ ​ $ (17,961) ​ ​
Net realized gain (loss) on investments and foreign currency transactions
​ ​ ​ ​ 2,230,188 ​ ​ ​ ​ ​ 1,127,922 ​ ​ ​ ​ ​ (494,192) ​ ​ ​ ​ ​ (5,764,630) ​ ​
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations
​ ​ ​ ​ 7,342,542 ​ ​ ​ ​ ​ 5,807,494 ​ ​ ​ ​ ​ 722,508 ​ ​ ​ ​ ​ 1,741,293 ​ ​
Net increase (decrease) in net assets resulting from operations
​ ​ ​ ​ 9,408,447 ​ ​ ​ ​ ​ 6,863,989 ​ ​ ​ ​ ​ 210,539 ​ ​ ​ ​ ​ (4,041,298) ​ ​
DISTRIBUTIONS TO SHAREHOLDERS
​ ​ ​ ​ (1,037,795) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (23,952) ​ ​ ​ ​ ​ (292,707) ​ ​
SHAREHOLDER TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares sold
​ ​ ​ ​ 12,009,326 ​ ​ ​ ​ ​ 68,421,723 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,216,019 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (1,078,508) ​ ​ ​ ​ ​ (1,052,942) ​ ​ ​ ​ ​ (7,537,594) ​ ​ ​ ​ ​ (5,430,215) ​ ​
Net increase (decrease) in net assets resulting from shareholder transactions
​ ​ ​ ​ 10,930,818 ​ ​ ​ ​ ​ 67,368,781 ​ ​ ​ ​ ​ (7,537,594) ​ ​ ​ ​ ​ (3,214,196) ​ ​
Increase (decrease) in net assets
​ ​ ​ ​ 19,301,470 ​ ​ ​ ​ ​ 74,232,770 ​ ​ ​ ​ ​ (7,351,007) ​ ​ ​ ​ ​ (7,548,201) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 74,232,770 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 39,671,566 ​ ​ ​ ​ ​ 47,219,767 ​ ​
End of period
​ ​ ​ $ 93,534,240 ​ ​ ​ ​ $ 74,232,770 ​ ​ ​ ​ $ 32,320,559 ​ ​ ​ ​ $ 39,671,566 ​ ​
CHANGES IN SHARES OUTSTANDING: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 3,250,001 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,800,001 ​ ​ ​ ​ ​ 1,950,001 ​ ​
Shares sold
​ ​ ​ ​ 500,000 ​ ​ ​ ​ ​ 3,300,001 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 100,000 ​ ​
Shares redeemed
​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (350,000) ​ ​ ​ ​ ​ (250,000) ​ ​
Shares outstanding, end of period
​ ​ ​ ​ 3,700,001 ​ ​ ​ ​ ​ 3,250,001 ​ ​ ​ ​ ​ 1,450,001 ​ ​ ​ ​ ​ 1,800,001 ​ ​
(1)
Commencement of operations.
​
(2)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
See accompanying Notes to Financial Statements.
25
Statements of Changes in Net Assets (concluded)
 
 
​ ​ ​
The ARK Israel Innovative Technology ETF
​
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​
OPERATIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income(1)
​ ​ ​ $ 5,053 ​ ​ ​ ​ $ 77,200 ​ ​
Net realized gain (loss) on investments and foreign currency transactions
​ ​ ​ ​ (329,174) ​ ​ ​ ​ ​ 991,174 ​ ​
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations
​ ​ ​ ​ 2,524,850 ​ ​ ​ ​ ​ (758,258) ​ ​
Net increase in net assets resulting from operations
​ ​ ​ ​ 2,200,729 ​ ​ ​ ​ ​ 310,116 ​ ​
DISTRIBUTIONS TO SHAREHOLDERS
​ ​ ​ ​ (392,106) ​ ​ ​ ​ ​ (586,392) ​ ​
SHAREHOLDER TRANSACTIONS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Proceeds from shares sold
​ ​ ​ ​ 573,260 ​ ​ ​ ​ ​ 2,686,575 ​ ​
Cost of shares redeemed
​ ​ ​ ​ (2,543,189) ​ ​ ​ ​ ​ (4,794,955) ​ ​
Net decrease in net assets resulting from shareholder transactions
​ ​ ​ ​ (1,969,929) ​ ​ ​ ​ ​ (2,108,380) ​ ​
Decrease in net assets
​ ​ ​ ​ (161,306) ​ ​ ​ ​ ​ (2,384,656) ​ ​
NET ASSETS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 19,511,544 ​ ​ ​ ​ ​ 21,896,200 ​ ​
End of period
​ ​ ​ $ 19,350,238 ​ ​ ​ ​ $ 19,511,544 ​ ​
CHANGES IN SHARES OUTSTANDING: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares outstanding, beginning of period
​ ​ ​ ​ 950,001 ​ ​ ​ ​ ​ 1,050,001 ​ ​
Shares sold
​ ​ ​ ​ 25,000 ​ ​ ​ ​ ​ 125,000 ​ ​
Shares redeemed
​ ​ ​ ​ (125,000) ​ ​ ​ ​ ​ (225,000) ​ ​
Shares outstanding, end of period
​ ​ ​ ​ 850,001 ​ ​ ​ ​ ​ 950,001 ​ ​
(1)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
See accompanying Notes to Financial Statements.
26
Financial Highlights​
[MISSING IMAGE: LG_ARK-ETF.JPG]
ARK Genomic Revolution ETF
For a share outstanding throughout each period presented.
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
Year Ended
July 31, 2018
​ ​
For the
Period Ended
July 31, 2017(1)
​ ​
Year Ended
August 31, 2016
​ ​
For the Period
October 31,
2014(2) through
August 31, 2015
​
Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value, beginning of period
​ ​ ​ $ 34.50 ​ ​ ​ ​ $ 29.36 ​ ​ ​ ​ $ 22.24 ​ ​ ​ ​ $ 18.03 ​ ​ ​ ​ $ 20.85 ​ ​ ​ ​ $  20.00 ​ ​
Net investment loss(3)
​ ​ ​ ​ (0.11) ​ ​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.12) ​ ​ ​ ​ ​ (0.12) ​ ​ ​ ​ ​ (0.09) ​ ​
Net realized and unrealized gain (loss)
on investments
​ ​ ​ ​ (0.60) ​ ​ ​ ​ ​ 5.80 ​ ​ ​ ​ ​ 7.63 ​ ​ ​ ​ ​ 4.33 ​ ​ ​ ​ ​ (2.70) ​ ​ ​ ​ ​ 0.94 ​ ​
Total gain (loss) from investment operations
​ ​ ​ ​ (0.71) ​ ​ ​ ​ ​ 5.61 ​ ​ ​ ​ ​ 7.45 ​ ​ ​ ​ ​ 4.21 ​ ​ ​ ​ ​ (2.82) ​ ​ ​ ​ ​ 0.85 ​ ​
Distributions to shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gains
​ ​ ​ ​ (1.05) ​ ​ ​ ​ ​ (0.47) ​ ​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total distributions
​ ​ ​ ​ (1.05) ​ ​ ​ ​ ​ (0.47) ​ ​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Net asset value, end of period
​ ​ ​ $ 32.74 ​ ​ ​ ​ $ 34.50 ​ ​ ​ ​ $ 29.36 ​ ​ ​ ​ $ 22.24 ​ ​ ​ ​ $ 18.03 ​ ​ ​ ​ $  20.85 ​ ​
Market value, end of period
​ ​ ​ $ 32.71 ​ ​ ​ ​ $ 34.58 ​ ​ ​ ​ $ 29.40 ​ ​ ​ ​ $ 22.29 ​ ​ ​ ​ $ 18.01 ​ ​ ​ ​ $  21.13 ​ ​
Total Return at Net Asset Value(4)
​ ​ ​ ​ (2.22)% ​ ​ ​ ​ ​ 19.87% ​ ​ ​ ​ ​ 33.80% ​ ​ ​ ​ ​ 23.34% ​ ​ ​ ​ ​ (13.52)% ​ ​ ​ ​ ​ 4.25% ​ ​
Total Return at Market Value(4)
​ ​ ​ ​ (2.51)% ​ ​ ​ ​ ​ 20.00% ​ ​ ​ ​ ​ 33.66% ​ ​ ​ ​ ​ 23.77% ​ ​ ​ ​ ​ (14.77)% ​ ​ ​ ​ ​ 5.65% ​ ​
Ratios/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $  481,385 ​ ​ ​ ​ $  465,966 ​ ​ ​ ​ $  232,115 ​ ​ ​ ​ $  23,460 ​ ​ ​ ​ $  7,302 ​ ​ ​ ​ $  8,444 ​ ​
Ratio to average net assets of:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses
​ ​ ​ ​ 0.75%(5) ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75%(5) ​ ​ ​ ​ ​ 0.90% ​ ​ ​ ​ ​ 0.95%(5) ​ ​
Net investment loss(6)
​ ​ ​ ​ (0.69)%(5) ​ ​ ​ ​ ​ (0.63)% ​ ​ ​ ​ ​ (0.64)% ​ ​ ​ ​ ​ (0.67)%(5) ​ ​ ​ ​ ​ (0.67)% ​ ​ ​ ​ ​ (0.47)%(5) ​ ​
Portfolio turnover rate(7)
​ ​ ​ ​ 20% ​ ​ ​ ​ ​ 64% ​ ​ ​ ​ ​ 80% ​ ​ ​ ​ ​ 65% ​ ​ ​ ​ ​ 77% ​ ​ ​ ​ ​ 65% ​ ​
(1)
The Trust changed its fiscal and tax reporting period from August 31 to July 31.
​
(2)
Commencement of operations.
​
(3)
Based on average daily shares outstanding.
​
(4)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
​
(5)
Annualized.
​
(6)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
(7)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
​
See accompanying Notes to Financial Statements.
27
Financial Highlights (continued)
ARK Autonomous Technology & Robotics ETF
For a share outstanding throughout each period presented.
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
Year Ended
July 31, 2018
​ ​
For the
Period Ended
July 31, 2017(1)
​ ​
Year Ended
August 31, 2016
​ ​
For the Period
September 30,
2014(2) through
August 31, 2015
​
Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value, beginning of period
​ ​ ​ $ 33.05 ​ ​ ​ ​ $ 34.93 ​ ​ ​ ​ $ 29.59 ​ ​ ​ ​ $ 21.14 ​ ​ ​ ​ $ 18.33 ​ ​ ​ ​ $ 20.00 ​ ​
Net investment loss(3)
​ ​ ​ ​ (0.07) ​ ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.05) ​ ​ ​ ​ ​ (0.07) ​ ​ ​ ​ ​ (0.07) ​ ​ ​ ​ ​ (0.07) ​ ​
Net realized and unrealized gain (loss)
on investments
​ ​ ​ ​ 5.59 ​ ​ ​ ​ ​ (0.91) ​ ​ ​ ​ ​ 5.89 ​ ​ ​ ​ ​ 8.52 ​ ​ ​ ​ ​ 3.07 ​ ​ ​ ​ ​ (1.60) ​ ​
Total gain (loss) from investment operations
​ ​ ​ ​ 5.52 ​ ​ ​ ​ ​ (1.04) ​ ​ ​ ​ ​ 5.84 ​ ​ ​ ​ ​ 8.45 ​ ​ ​ ​ ​ 3.00 ​ ​ ​ ​ ​ (1.67) ​ ​
Distributions to shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.02) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Net realized gains
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.84) ​ ​ ​ ​ ​ (0.48) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ — ​ ​
Total distributions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.84) ​ ​ ​ ​ ​ (0.50) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ — ​ ​
Net asset value, end of period
​ ​ ​ $ 38.57 ​ ​ ​ ​ $ 33.05 ​ ​ ​ ​ $ 34.93 ​ ​ ​ ​ $ 29.59 ​ ​ ​ ​ $ 21.14 ​ ​ ​ ​ $ 18.33 ​ ​
Market value, end of period
​ ​ ​ $ 38.60 ​ ​ ​ ​ $ 33.06 ​ ​ ​ ​ $ 35.01 ​ ​ ​ ​ $ 29.63 ​ ​ ​ ​ $ 21.14 ​ ​ ​ ​ $ 18.43 ​ ​
Total Return at Net Asset Value(4)
​ ​ ​ ​ 16.70% ​ ​ ​ ​ ​ (2.66)% ​ ​ ​ ​ ​ 19.86% ​ ​ ​ ​ ​ 39.97% ​ ​ ​ ​ ​ 16.43% ​ ​ ​ ​ ​ (8.35)% ​ ​
Total Return at Market Value(4)
​ ​ ​ ​ 16.76% ​ ​ ​ ​ ​ (2.84)% ​ ​ ​ ​ ​ 19.98% ​ ​ ​ ​ ​ 40.16% ​ ​ ​ ​ ​ 15.84% ​ ​ ​ ​ ​ (7.85)% ​ ​
Ratios/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $  177,428 ​ ​ ​ ​ $  166,897 ​ ​ ​ ​ $  155,448 ​ ​ ​ ​ $  66,578 ​ ​ ​ ​ $  15,853 ​ ​ ​ ​ $  12,829 ​ ​
Ratio to average net assets of:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses
​ ​ ​ ​ 0.75%(5) ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75%(5) ​ ​ ​ ​ ​ 0.89% ​ ​ ​ ​ ​ 0.95%(5) ​ ​
Net investment loss(6)
​ ​ ​ ​ (0.40)%(5) ​ ​ ​ ​ ​ (0.39)% ​ ​ ​ ​ ​ (0.15)% ​ ​ ​ ​ ​ (0.31)%(5) ​ ​ ​ ​ ​ (0.38)% ​ ​ ​ ​ ​ (0.40)%(5) ​ ​
Portfolio turnover rate(7)
​ ​ ​ ​ 22% ​ ​ ​ ​ ​ 54% ​ ​ ​ ​ ​ 57% ​ ​ ​ ​ ​ 44% ​ ​ ​ ​ ​ 67% ​ ​ ​ ​ ​ 86% ​ ​
(1)
The Trust changed its fiscal and tax reporting period from August 31 to July 31.
​
(2)
Commencement of operations.
​
(3)
Based on average daily shares outstanding.
​
(4)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
​
(5)
Annualized.
​
(6)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
(7)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
​
See accompanying Notes to Financial Statements.
28
Financial Highlights (continued)
[MISSING IMAGE: LG_ARK-ETF.JPG]
ARK Innovation ETF
For a share outstanding throughout each period presented.
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
Year Ended
July 31, 2018
​ ​
For the
Period Ended
July 31, 2017(1)
​ ​
Year Ended
August 31, 2016
​ ​
For the Period
October 31,
2014(2) through
August 31, 2015
​
Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value, beginning of period
​ ​ ​ $ 48.36 ​ ​ ​ ​ $ 44.51 ​ ​ ​ ​ $ 29.59 ​ ​ ​ ​ $ 20.60 ​ ​ ​ ​ $  20.06 ​ ​ ​ ​ $  20.00 ​ ​
Net investment loss(3)
​ ​ ​ ​ (0.16) ​ ​ ​ ​ ​ (0.30) ​ ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.15) ​ ​ ​ ​ ​ (0.12) ​ ​
Net realized and unrealized gain on
investments
​ ​ ​ ​ 3.74 ​ ​ ​ ​ ​ 5.32 ​ ​ ​ ​ ​ 15.54(4) ​ ​ ​ ​ ​ 9.14 ​ ​ ​ ​ ​ 1.16 ​ ​ ​ ​ ​ 0.18 ​ ​
Total gain from investment operations
​ ​ ​ ​ 3.58 ​ ​ ​ ​ ​ 5.02 ​ ​ ​ ​ ​ 15.41 ​ ​ ​ ​ ​ 8.99 ​ ​ ​ ​ ​ 1.01 ​ ​ ​ ​ ​ 0.06 ​ ​
Distributions to shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Net realized gains
​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ (1.17) ​ ​ ​ ​ ​ (0.40) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.47) ​ ​ ​ ​ ​ — ​ ​
Total distributions
​ ​ ​ ​ (0.19) ​ ​ ​ ​ ​ (1.17) ​ ​ ​ ​ ​ (0.49) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.47) ​ ​ ​ ​ ​ — ​ ​
Net asset value, end of period
​ ​ ​ $ 51.75 ​ ​ ​ ​ $ 48.36 ​ ​ ​ ​ $ 44.51 ​ ​ ​ ​ $ 29.59 ​ ​ ​ ​ $  20.60 ​ ​ ​ ​ $  20.06 ​ ​
Market value, end of period
​ ​ ​ $ 51.80 ​ ​ ​ ​ $ 48.46 ​ ​ ​ ​ $ 44.55 ​ ​ ​ ​ $ 29.62 ​ ​ ​ ​ $  20.61 ​ ​ ​ ​ $  20.10 ​ ​
Total Return at Net Asset Value(5)
​ ​ ​ ​ 7.42% ​ ​ ​ ​ ​ 12.14% ​ ​ ​ ​ ​ 52.38%(4) ​ ​ ​ ​ ​ 43.64% ​ ​ ​ ​ ​ 4.98% ​ ​ ​ ​ ​ 0.30% ​ ​
Total Return at Market Value(5)
​ ​ ​ ​ 7.29% ​ ​ ​ ​ ​ 12.27% ​ ​ ​ ​ ​ 52.38%(4) ​ ​ ​ ​ ​ 43.72% ​ ​ ​ ​ ​ 4.90% ​ ​ ​ ​ ​ 0.50% ​ ​
Ratios/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $  1,992,518 ​ ​ ​ ​ $  1,731,253 ​ ​ ​ ​ $  1,170,588 ​ ​ ​ ​ $  85,813 ​ ​ ​ ​ $  9,271 ​ ​ ​ ​ $  7,020 ​ ​
Ratio to average net assets of:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses
​ ​ ​ ​ 0.75%(6) ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75%(6) ​ ​ ​ ​ ​ 0.89% ​ ​ ​ ​ ​ 0.95%(6) ​ ​
Net investment loss(7)
​ ​ ​ ​ (0.69)%(6) ​ ​ ​ ​ ​ (0.67)% ​ ​ ​ ​ ​ (0.33)% ​ ​ ​ ​ ​ (0.67)%(6) ​ ​ ​ ​ ​ (0.76)% ​ ​ ​ ​ ​ (0.69)%(6) ​ ​
Portfolio turnover rate(8)
​ ​ ​ ​ 34% ​ ​ ​ ​ ​ 80% ​ ​ ​ ​ ​ 89% ​ ​ ​ ​ ​ 70% ​ ​ ​ ​ ​ 110% ​ ​ ​ ​ ​ 108% ​ ​
(1)
The Trust changed its fiscal and tax reporting period from August 31 to July 31.
​
(2)
Commencement of operations.
​
(3)
Based on average daily shares outstanding.
​
(4)
The Adviser has reimbursed the Fund $15,999 for a procedural error. The impact was deemed immaterial to net realized and unrealized gain on investments and the Fund’s total return, representing less than $0.005 per share.
​
(5)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
​
(6)
Annualized.
​
(7)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
(8)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
​
See accompanying Notes to Financial Statements.
29
Financial Highlights (continued)
ARK Next Generation Internet ETF
For a share outstanding throughout each period presented.
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
Year Ended
July 31, 2018
​ ​
For the
Period Ended
July 31, 2017(1)
​ ​
Year Ended
August 31, 2016
​ ​
For the Period
September 30,
2014(2) through
August 31, 2015
​
Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value, beginning of period
​ ​ ​ $ 52.32 ​ ​ ​ ​ $ 55.10 ​ ​ ​ ​ $ 36.82 ​ ​ ​ ​ $ 24.42 ​ ​ ​ ​ $ 22.02 ​ ​ ​ ​ $ 20.00 ​ ​
Net investment loss(3)
​ ​ ​ ​ (0.18) ​ ​ ​ ​ ​ (0.33) ​ ​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ (0.17) ​ ​ ​ ​ ​ (0.13) ​ ​
Net realized and unrealized gain on
investments
​ ​ ​ ​ 11.02 ​ ​ ​ ​ ​ 3.09 ​ ​ ​ ​ ​ 19.32(4) ​ ​ ​ ​ ​ 12.57 ​ ​ ​ ​ ​ 3.10 ​ ​ ​ ​ ​ 2.15 ​ ​
Total gain from investment operations
​ ​ ​ ​ 10.84 ​ ​ ​ ​ ​ 2.76 ​ ​ ​ ​ ​ 19.23 ​ ​ ​ ​ ​ 12.40 ​ ​ ​ ​ ​ 2.93 ​ ​ ​ ​ ​ 2.02 ​ ​
Distributions to shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.13) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Net realized gains
​ ​ ​ ​ — ​ ​ ​ ​ ​ (5.54) ​ ​ ​ ​ ​ (0.82) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.53) ​ ​ ​ ​ ​ — ​ ​
Total distributions
​ ​ ​ ​ — ​ ​ ​ ​ ​ (5.54) ​ ​ ​ ​ ​ (0.95) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.53) ​ ​ ​ ​ ​ — ​ ​
Net asset value, end of period
​ ​ ​ $ 63.16 ​ ​ ​ ​ $ 52.32 ​ ​ ​ ​ $ 55.10 ​ ​ ​ ​ $ 36.82 ​ ​ ​ ​ $ 24.42 ​ ​ ​ ​ $ 22.02 ​ ​
Market value, end of period
​ ​ ​ $ 63.17 ​ ​ ​ ​ $ 52.48 ​ ​ ​ ​ $ 55.08 ​ ​ ​ ​ $ 36.85 ​ ​ ​ ​ $ 24.38 ​ ​ ​ ​ $ 21.92 ​ ​
Total Return at Net Asset Value(5)
​ ​ ​ ​ 20.70% ​ ​ ​ ​ ​ 7.49% ​ ​ ​ ​ ​ 52.71%(4) ​ ​ ​ ​ ​ 50.77% ​ ​ ​ ​ ​ 13.43% ​ ​ ​ ​ ​ 10.10% ​ ​
Total Return at Market Value(5)
​ ​ ​ ​ 20.37% ​ ​ ​ ​ ​ 7.80% ​ ​ ​ ​ ​ 52.53%(4) ​ ​ ​ ​ ​ 51.15% ​ ​ ​ ​ ​ 13.83% ​ ​ ​ ​ ​ 9.60% ​ ​
Ratios/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $  454,737 ​ ​ ​ ​ $  431,660 ​ ​ ​ ​ $  672,276 ​ ​ ​ ​ $  68,109 ​ ​ ​ ​ $  14,654 ​ ​ ​ ​ $  12,111 ​ ​
Ratio to average net assets of:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses
​ ​ ​ ​ 0.75%(6) ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75% ​ ​ ​ ​ ​ 0.75%(6) ​ ​ ​ ​ ​ 0.89% ​ ​ ​ ​ ​ 0.95%(6) ​ ​
Net investment loss(7)
​ ​ ​ ​ (0.68)%(6) ​ ​ ​ ​ ​ (0.63)% ​ ​ ​ ​ ​ (0.18)% ​ ​ ​ ​ ​ (0.62)%(6) ​ ​ ​ ​ ​ (0.78)% ​ ​ ​ ​ ​ (0.65)%(6) ​ ​
Portfolio turnover rate(8)
​ ​ ​ ​ 41% ​ ​ ​ ​ ​ 92% ​ ​ ​ ​ ​ 68% ​ ​ ​ ​ ​ 52% ​ ​ ​ ​ ​ 86% ​ ​ ​ ​ ​ 103% ​ ​
(1)
The Trust changed its fiscal and tax reporting period from August 31 to July 31.
​
(2)
Commencement of operations.
​
(3)
Based on average daily shares outstanding.
​
(4)
The Adviser has reimbursed the Fund $13,774 for a procedural error. The impact was deemed immaterial to net realized and unrealized gain on investments and the Fund’s total return, representing less than $0.005 per share.
​
(5)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
​
(6)
Annualized.
​
(7)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
(8)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
​
See accompanying Notes to Financial Statements.
30
Financial Highlights (continued)
[MISSING IMAGE: LG_ARK-ETF.JPG]
ARK Fintech Innovation ETF
For a share outstanding throughout each period presented.
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
For the Period
February 4, 2019(1)
through
July 31, 2019
​
Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value, beginning of period
​ ​ ​ $ 22.84 ​ ​ ​ ​ $ 20.00 ​ ​
Net investment loss(2)
​ ​ ​ ​ (0.05) ​ ​ ​ ​ ​ (0.03) ​ ​
Net realized and unrealized gain on investments
​ ​ ​ ​ 2.79 ​ ​ ​ ​ ​ 2.87 ​ ​
Total gain from investment operations
​ ​ ​ ​ 2.74 ​ ​ ​ ​ ​ 2.84 ​ ​
Distributions to shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net realized gains
​ ​ ​ ​ (0.30) ​ ​ ​ ​ ​ — ​ ​
Total distributions
​ ​ ​ ​ (0.30) ​ ​ ​ ​ ​ — ​ ​
Net asset value, end of period
​ ​ ​ $ 25.28 ​ ​ ​ ​ $ 22.84 ​ ​
Market value, end of period
​ ​ ​ $ 25.24 ​ ​ ​ ​ $ 22.86 ​ ​
Total Return at Net Asset Value(3)
​ ​ ​ ​ 12.04% ​ ​ ​ ​ ​ 14.21% ​ ​
Total Return at Market Value(3)
​ ​ ​ ​ 11.79% ​ ​ ​ ​ ​ 14.30% ​ ​
Ratios/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $  93,534 ​ ​ ​ ​ $  74,233 ​ ​
Ratio to average net assets of:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses
​ ​ ​ ​ 0.75%(4) ​ ​ ​ ​ ​ 0.75%(4) ​ ​
Net investment loss(5)
​ ​ ​ ​ (0.42)%(4) ​ ​ ​ ​ ​ (0.24)%(4) ​ ​
Portfolio turnover rate(6)
​ ​ ​ ​ 26% ​ ​ ​ ​ ​ 22% ​ ​
(1)
Commencement of operations.
​
(2)
Based on average daily shares outstanding.
​
(3)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
​
(4)
Annualized.
​
(5)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
(6)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
​
See accompanying Notes to Financial Statements.
31
Financial Highlights (continued)
The 3D Printing ETF
For a share outstanding throughout each period presented.
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
Year Ended
July 31, 2018
​ ​
For the
Period Ended
July 31, 2017(1)
​ ​
For the Period
July 19, 2016(2)
through
August 31, 2016
​
Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value, beginning of period
​ ​ ​ $ 22.04 ​ ​ ​ ​ $ 24.22 ​ ​ ​ ​ $ 25.52 ​ ​ ​ ​ $ 20.81 ​ ​ ​ ​ $  20.00 ​ ​
Net investment loss(3)
​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.04) ​ ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ 0.00(4) ​ ​
Net realized and unrealized gain (loss) on investments
​ ​ ​ ​ 0.27 ​ ​ ​ ​ ​ (2.01) ​ ​ ​ ​ ​ (0.73) ​ ​ ​ ​ ​ 4.74 ​ ​ ​ ​ ​ 0.81 ​ ​
Total gain (loss) from investment operations
​ ​ ​ ​ 0.26 ​ ​ ​ ​ ​ (2.02) ​ ​ ​ ​ ​ (0.77) ​ ​ ​ ​ ​ 4.71 ​ ​ ​ ​ ​ 0.81 ​ ​
Distributions to shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.00)(4) ​ ​ ​ ​ ​ — ​ ​
Net realized gains
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.16) ​ ​ ​ ​ ​ (0.53) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Total distributions
​ ​ ​ ​ (0.01) ​ ​ ​ ​ ​ (0.16) ​ ​ ​ ​ ​ (0.53) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Net asset value, end of period
​ ​ ​ $ 22.29 ​ ​ ​ ​ $ 22.04 ​ ​ ​ ​ $ 24.22 ​ ​ ​ ​ $ 25.52 ​ ​ ​ ​ $  20.81 ​ ​
Market value, end of period
​ ​ ​ $ 22.32 ​ ​ ​ ​ $ 22.25 ​ ​ ​ ​ $ 24.32 ​ ​ ​ ​ $ 25.52 ​ ​ ​ ​ $  20.90 ​ ​
Total Return at Net Asset Value(5)
​ ​ ​ ​ 1.20% ​ ​ ​ ​ ​ (8.25)% ​ ​ ​ ​ ​ (3.05)% ​ ​ ​ ​ ​ 22.64% ​ ​ ​ ​ ​ 4.05% ​ ​
Total Return at Market Value(5)
​ ​ ​ ​ 0.38% ​ ​ ​ ​ ​ (7.76)% ​ ​ ​ ​ ​ (2.64)% ​ ​ ​ ​ ​ 22.11% ​ ​ ​ ​ ​ 4.50% ​ ​
Ratios/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period
(000’s omitted)
​ ​ ​ $  32,321 ​ ​ ​ ​ $  39,672 ​ ​ ​ ​ $  47,220 ​ ​ ​ ​ $  35,726 ​ ​ ​ ​ $  6,243 ​ ​
Ratio to average net assets of:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses
​ ​ ​ ​ 0.66%(6) ​ ​ ​ ​ ​ 0.66% ​ ​ ​ ​ ​ 0.66% ​ ​ ​ ​ ​ 0.66%(6) ​ ​ ​ ​ ​ 0.67%(6) ​ ​
Net investment income (loss)(7)
​ ​ ​ ​ (0.10)%(6) ​ ​ ​ ​ ​ (0.04)% ​ ​ ​ ​ ​ (0.17)% ​ ​ ​ ​ ​ (0.14)%(6) ​ ​ ​ ​ ​ 0.19%(6) ​ ​
Portfolio turnover rate(8)
​ ​ ​ ​ 22% ​ ​ ​ ​ ​ 51% ​ ​ ​ ​ ​ 53% ​ ​ ​ ​ ​ 65% ​ ​ ​ ​ ​ —% ​ ​
(1)
The Trust changed its fiscal and tax reporting period from August 31 to July 31.
​
(2)
Commencement of operations.
​
(3)
Based on average daily shares outstanding.
​
(4)
Amount represents less than $0.005.
​
(5)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
​
(6)
Annualized.
​
(7)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
(8)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
​
See accompanying Notes to Financial Statements.
32
Financial Highlights (concluded)
[MISSING IMAGE: LG_ARK-ETF.JPG]
The ARK Israel Innovative Technology ETF
For a share outstanding throughout each period presented.
​ ​ ​
Six Months Ended
January 31, 2020
(Unaudited)
​ ​
Year Ended
July 31, 2019
​ ​
For the Period
December 5, 2017(1)
through
July 31, 2018
​
Per Share Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net asset value, beginning of period
​ ​ ​ $ 20.54 ​ ​ ​ ​ $ 20.85 ​ ​ ​ ​ $ 20.00 ​ ​
Net investment income(2)
​ ​ ​ ​ 0.01 ​ ​ ​ ​ ​ 0.08 ​ ​ ​ ​ ​ (0.00)(3) ​ ​
Net realized and unrealized gain on investments
​ ​ ​ ​ 2.69 ​ ​ ​ ​ ​ 0.18 ​ ​ ​ ​ ​ 0.85 ​ ​
Total gain from investment operations
​ ​ ​ ​ 2.70 ​ ​ ​ ​ ​ 0.26 ​ ​ ​ ​ ​ 0.85 ​ ​
Distributions to shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ ​ (0.48) ​ ​ ​ ​ ​ (0.57) ​ ​ ​ ​ ​ — ​ ​
Total distributions
​ ​ ​ ​ (0.48) ​ ​ ​ ​ ​ (0.57) ​ ​ ​ ​ ​ — ​ ​
Net asset value, end of period
​ ​ ​ $ 22.76 ​ ​ ​ ​ $ 20.54 ​ ​ ​ ​ $ 20.85 ​ ​
Market value, end of period
​ ​ ​ $ 23.00 ​ ​ ​ ​ $ 20.64 ​ ​ ​ ​ $ 21.04 ​ ​
Total Return at Net Asset Value(4)
​ ​ ​ ​ 13.20% ​ ​ ​ ​ ​ 1.57% ​ ​ ​ ​ ​ 4.27% ​ ​
Total Return at Market Value(4)
​ ​ ​ ​ 13.80% ​ ​ ​ ​ ​ 1.20% ​ ​ ​ ​ ​ 5.20% ​ ​
Ratios/Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (000’s omitted)
​ ​ ​ $  19,350 ​ ​ ​ ​ $  19,512 ​ ​ ​ ​ $  21,896 ​ ​
Ratio to average net assets of:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Expenses
​ ​ ​ ​ 0.49%(5) ​ ​ ​ ​ ​ 0.49% ​ ​ ​ ​ ​ 0.49%(5) ​ ​
Net investment income (loss)(6)
​ ​ ​ ​ 0.05%(5) ​ ​ ​ ​ ​ 0.37% ​ ​ ​ ​ ​ (0.03)%(5) ​ ​
Portfolio turnover rate(7)
​ ​ ​ ​ 39% ​ ​ ​ ​ ​ 57% ​ ​ ​ ​ ​ 40% ​ ​
(1)
Commencement of operations.
​
(2)
Based on average daily shares outstanding.
​
(3)
Amount represents less than $0.005.
​
(4)
Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.
​
(5)
Annualized.
​
(6)
Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.
​
(7)
Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s capital shares.
​
See accompanying Notes to Financial Statements.
33
Notes to Financial Statements
January 31, 2020 (Unaudited)
1. Organization
ARK ETF Trust (“Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). The Trust was organized as a Delaware statutory trust on June 7, 2013. The Trust consists of seven (7) investment portfolios: ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Innovation ETF, ARK Next Generation Internet ETF, ARK Fintech Innovation ETF, The 3D Printing ETF, and The ARK Israel Innovative Technology ETF (each, a “Fund” and collectively, “Funds”). Each Fund is classified as a non-diversified management investment company under the 1940 Act.
Effective November 4, 2019, the ARK Industrial Innovation ETF changed its name to the ARK Autonomous Technology & Robotics ETF and the ARK Web x.0 ETF changed its name to the ARK Next Generation Internet ETF.
The investment objective of the ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF is long-term growth of capital. The ARK Israel Innovative Technology ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the ARK Israel Innovation Index. The 3D Printing ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Total 3D-Printing Index. There can be no assurance that the Funds will achieve their respective investment objectives.
The Trust’s fiscal and tax reporting period is July 31.
2. Significant Accounting Policies
These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The Trust is an investment company and follows the investment company accounting standards and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standard Codification (“ASC”) Topic 946, “Financial Services — Investment Companies”. The following summarizes the significant accounting policies of the Funds:
Investment Valuation
The values of each Fund’s securities are based on such securities’ closing prices on the principal market on which the securities are traded. Such valuations would typically be categorized as Level 1 in the fair value hierarchy. If a security’s market price is not readily available or does not otherwise accurately reflect the market value of such security, the security will be fair valued by ARK Investment Management LLC (“Adviser”) in accordance with the Trust’s valuation policies and procedures that were approved by the Board of Trustees of the Trust (“Board”). Each Fund may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund’s security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security could be materially different than the value that could be realized upon the sale of such security.
Investment Transactions
Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income is recognized on the ex-dividend date, except for certain foreign dividends that may be recorded as soon as such information becomes available. Interest income and expenses are recognized on the accrual basis.
Dividend Distributions
Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Each Fund distributes all or substantially all of its net investment income to shareholders in the form of dividends.
Currency Translation
Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.
The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each Fund’s statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
 
34
Notes to Financial Statements (continued)
[MISSING IMAGE: LG_ARK-ETF.JPG]
January 31, 2020 (Unaudited)
3. Management and Other Agreements
Management
The ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Innovation ETF, ARK Next Generation Internet ETF, and ARK Fintech Innovation ETF, each pay the Adviser a fee calculated daily and payable monthly at an annual rate (stated as a percentage of the average daily net assets of the Fund) of 0.75% (“Management Fee”) in return for providing investment management and supervisory services under a comprehensive unitary structure. The 3D Printing ETF pays the Adviser a Management Fee of 0.65% in return for providing investment management and supervisory services under a comprehensive unitary structure. The ARK Israel Innovative Technology ETF pays the Adviser a Management Fee of 0.48% in return for providing investment management and supervisory services under a comprehensive unitary structure. Subject to the supervision of the Board, the Adviser provides investment management services to each Fund and provides, or causes to be furnished, all supervisory and other services reasonably necessary for the operation of each Fund and also bears the costs of various third-party services required by the Funds, including administration, certain custody, audit, legal, transfer agency, and printing costs. In addition to the Management Fee, each Fund bears other fees and expenses, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, certain foreign custodial fees and expenses, costs of borrowing money, including interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).
Administrator, Custodian, Transfer Agent and Accounting Agent
The Bank of New York Mellon is the administrator for the Funds, the custodian of the Funds’ assets and provides transfer agency, fund accounting and various administrative services to the Funds (in each capacity, “Administrator,” “Custodian,” “Transfer Agent” or “Accounting Agent”). The Bank of New York Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.
Distribution
Foreside Fund Services, LLC serves as the Funds’ distributor (“Distributor”). The Trust has adopted a distribution and service plan (“Rule 12b-1 Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Rule 12b-1 Plan, each Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders. To date, the Rule 12b-1 Plan has not been implemented for the Funds and there is no current intention to implement the Rule 12b-1 Plan.
Board of Trustees
Effective January 1, 2020, each Independent Trustee receives an annual retainer fee of  $85,000 for services provided as a Trustee of the Trust, plus out-of-pocket expenses related to attendance at Board and Committee Meetings. The Chairs of the Board and of the Audit Committee each also receive an additional annual retainer fee of  $20,000 and $15,000, respectively, for service as such.
4. Creation and Redemption Transactions
As of January 31, 2020, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Individual shares of a Fund may only be purchased and sold at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund’s shares may be at, above or below its net asset value (“NAV”) depending on the premium or discount at which the Fund’s shares trade.
Each Fund issues and redeems shares at its NAV only in a large specified number of shares each called a “Creation Unit,” or multiples thereof, and only with “authorized participants” who have entered into contractual arrangements with the Distributor. A Creation Unit consists of 50,000 shares (25,000 shares with respect to the ARK Israel Innovative Technology ETF). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for a purchase of Creation Units generally consists of the in-kind deposit of specified securities and an amount of cash or, as permitted or required by a Fund, of cash. A fixed transaction fee is imposed on each creation and redemption transaction. In addition, a variable charge for certain creation and redemption transactions will be imposed.
 
35
Notes to Financial Statements (continued)
January 31, 2020 (Unaudited)
5. Investment Transactions
The cost of purchases and the proceeds from sales of investment securities (excluding in-kind subscriptions and redemptions and short-term investments) for the period ended January 31, 2020 were as follows:
Fund
​ ​
Purchases
​ ​
Sales
​
ARK Genomic Revolution ETF ​ ​ ​ $ 89,466,592 ​ ​ ​ ​ $ 104,516,208 ​ ​
ARK Autonomous Technology & Robotics ETF ​ ​ ​ ​ 35,493,130 ​ ​ ​ ​ ​ 35,820,849 ​ ​
ARK Innovation ETF ​ ​ ​ ​ 589,724,700 ​ ​ ​ ​ ​ 604,508,138 ​ ​
ARK Next Generation Internet ETF ​ ​ ​ ​ 174,587,194 ​ ​ ​ ​ ​ 176,399,701 ​ ​
ARK Fintech Innovation ETF ​ ​ ​ ​ 20,649,475 ​ ​ ​ ​ ​ 21,668,295 ​ ​
The 3D Printing ETF ​ ​ ​ ​ 7,790,686 ​ ​ ​ ​ ​ 8,189,147 ​ ​
The ARK Israel Innovative Technology ETF ​ ​ ​ ​ 7,216,352 ​ ​ ​ ​ ​ 7,168,111 ​ ​
For the period ended January 31, 2020, the cost of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:
​ ​ ​
In-Kind
​
Fund
​ ​
Subscriptions
​ ​
Redemptions
​
ARK Genomic Revolution ETF ​ ​ ​ $ 68,592,419 ​ ​ ​ ​ $ 25,373,776 ​ ​
ARK Autonomous Technology & Robotics ETF ​ ​ ​ ​ 15,069,108 ​ ​ ​ ​ ​ 29,220,353 ​ ​
ARK Innovation ETF ​ ​ ​ ​ 214,808,045 ​ ​ ​ ​ ​ 76,091,582 ​ ​
ARK Next Generation Internet ETF ​ ​ ​ ​ 118,983,901 ​ ​ ​ ​ ​ 181,380,317 ​ ​
ARK Fintech Innovation ETF ​ ​ ​ ​ 11,869,993 ​ ​ ​ ​ ​ 1,073,611 ​ ​
The 3D Printing ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,498,799 ​ ​
The ARK Israel Innovative Technology ETF ​ ​ ​ ​ 572,525 ​ ​ ​ ​ ​ 2,538,161 ​ ​
6. Federal Income Tax
Each Fund intends to qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, a Fund will not be subject to Federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. Accounting for Uncertainty in Income Taxes provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalty related to income taxes would be recorded as income tax expense. Management of the Funds is required to analyze all open tax years (2016 – 2019), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of July 31, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examination in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.
At July 31, 2019, the approximate cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:
Fund
​ ​
Cost
​ ​
Gross
Unrealized
Appreciation
​ ​
Gross
Unrealized
Depreciation
​ ​
Net Unrealized
Appreciation
(Depreciation)
​
ARK Genomic Revolution ETF ​ ​ ​ $ 428,271,818 ​ ​ ​ ​ $ 84,473,514 ​ ​ ​ ​ $ (46,648,141) ​ ​ ​ ​ $ 37,825,373 ​ ​
ARK Autonomous Technology & Robotics ETF ​ ​ ​ ​ 163,951,745 ​ ​ ​ ​ ​ 22,089,795 ​ ​ ​ ​ ​ (18,910,134) ​ ​ ​ ​ ​ 3,179,661 ​ ​
ARK Innovation ETF ​ ​ ​ ​ 1,579,195,959 ​ ​ ​ ​ ​ 303,925,408 ​ ​ ​ ​ ​ (151,583,562) ​ ​ ​ ​ ​ 152,341,846 ​ ​
ARK Next Generation Internet ETF ​ ​ ​ ​ 425,419,417 ​ ​ ​ ​ ​ 52,551,800 ​ ​ ​ ​ ​ (46,186,385) ​ ​ ​ ​ ​ 6,365,415 ​ ​
ARK Fintech Innovation ETF ​ ​ ​ ​ 68,558,814 ​ ​ ​ ​ ​ 7,859,371 ​ ​ ​ ​ ​ (2,142,679) ​ ​ ​ ​ ​ 5,716,692 ​ ​
The 3D Printing ETF ​ ​ ​ ​ 37,525,043 ​ ​ ​ ​ ​ 4,800,184 ​ ​ ​ ​ ​ (2,286,136) ​ ​ ​ ​ ​ 2,514,048 ​ ​
The ARK Israel Innovative Technology ETF ​ ​ ​ ​ 19,888,341 ​ ​ ​ ​ ​ 2,663,348 ​ ​ ​ ​ ​ (3,503,555) ​ ​ ​ ​ ​ (840,207) ​ ​
 
36
Notes to Financial Statements (continued)
[MISSING IMAGE: LG_ARK-ETF.JPG]
January 31, 2020 (Unaudited)
Under current tax regulations, capital losses on securities transactions realized after October 31 (“Post-October Losses”) may be deferred and treated as occurring on the first business day of the following fiscal year. For the period ended July 31, 2019, the Funds incurred and elected to defer to August 1, 2019 Post-October Losses and ordinary income losses as follows:
Fund
​ ​
Late Year
Ordinary
Deferral
​ ​
Capital
Post-October
Loss
​
ARK Genomic Revolution ETF ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
ARK Autonomous Technology & Robotics ETF ​ ​ ​ ​ 433,737 ​ ​ ​ ​ ​ 6,424,995 ​ ​
ARK Innovation ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
ARK Next Generation Internet ETF ​ ​ ​ ​ 1,848,637 ​ ​ ​ ​ ​ 30,478,647 ​ ​
ARK Fintech Innovation ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
The 3D Printing ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
The ARK Israel Innovative Technology ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
At July 31, 2019, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.
​ ​ ​
Short-Term
​ ​
Long-Term
​ ​
Total Amount
​
ARK Genomic Revolution ETF ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​
ARK Autonomous Technology & Robotics ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
ARK Innovation ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
ARK Next Generation Internet ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
ARK Fintech Innovation ETF ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
The 3D Printing ETF ​ ​ ​ ​ 458,365 ​ ​ ​ ​ ​ 7,972,703 ​ ​ ​ ​ ​ 8,431,068 ​ ​
The ARK Israel Innovative Technology ETF ​ ​ ​ ​ 793,580 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 793,580 ​ ​
7. Indemnification Obligations
The Funds have a variety of indemnification obligations under contracts with their service providers. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
8. Investment Concentration
Concentration Risk: The ARK Autonomous Technology & Robotics ETF will be concentrated in securities of issuers having their principal business activities in groups of industries in the industrials and information technology sectors, although it will not concentrate in any specific industry. The ARK Fintech Innovation ETF will be concentrated in securities of issuers having their principal business activities in the communication, technology and financials group of industries. The ARK Genomic Revolution ETF will be concentrated in securities of issuers having their principal business activities in any industry or group of industries in the health care sector, including issuers having their principal business activities in the biotechnology industry. The ARK Next Generation Internet ETF will be concentrated in securities of issuers having their principal business activities in the Internet information provider and catalog and mail order house industry. The 3D Printing ETF and the ARK Israel Innovative Technology ETF may each invest 25% or more of the value of its respective net assets in securities of issuers in any one industry or group of industries if the applicable index that the Fund replicates concentrates in an industry or group of industries. This concentration limit does not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. The ARK Innovation ETF will not be concentrated in any industry.
As of January 31, 2020, the ARK Genomic Revolution ETF had more than 25% of its assets invested in the biotechnology industry and the 3D Printing ETF had more than 25% of its assets invested in the software industry. To the extent a Fund’s holdings are concentrated in a particular industry or group of industries, adverse market conditions affecting those industries may have a more significant impact on the Fund than they would on a Fund investing in a broader range of securities and the value of the Fund’s shares may fluctuate more than shares of a fund investing in a broader range of securities.
The Funds’ prospectuses contain additional information regarding the risks associated with an investment in a Fund.
9. Subsequent Events
Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines,
 
37
Notes to Financial Statements (concluded)
January 31, 2020 (Unaudited)
supply chain disruptions, lower consumer demand and general market uncertainty. The global economy, the economies of certain nations and individual issuers have been and may continue to be adversely affected by COVID-19, particularly in light of the interconnectivity between economies and financial markets, all of which may negatively impact the Funds performance as well as the operations of the Trust. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds service providers and disrupt the Funds operations.
 
38
Supplemental Information (Unaudited)
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Quarterly Portfolio Schedule. The ARK ETF Trust files with the Securities and Exchange Commission on Form N-Q (prior to March 31, 2020) or Form N-PORT (after March 31, 2020) the complete schedule of portfolio holdings for each ARK ETF for the first and third quarters of each fiscal year. The ARK ETF Trust’s Forms N-Q or Form N-PORT are available on the Securities and Exchange Commission’s website at www.sec.gov. Copies of the filings are available without charge, upon request, by calling 1-212-426-7040. In addition, each ARK ETF’s current portfolio holdings are updated daily and are available on our website, www.ark-funds.com.
Proxy Voting Policies and Procedures. A description of ARK Investment Management LLC’s proxy voting policies and procedures, which are applicable to the ARK ETFs, is available without charge, upon request, by calling 1-212-426-7040 collect or visiting our website at www.ark-funds.com or the Securities and Exchange Commission’s website at www.sec.gov.
Proxy Voting Record. The ARK ETFs file with the Securities and Exchange Commission their proxy voting records on Form N-PX for each 12 month period ending June 30. Form N-PX must be filed each year by August 31. The most recent Form N-PX or voting record information is available without charge, upon request, by calling 1-212-426-7040 collect or visiting the Securities and Exchange Commission’s website at www.sec.gov.
Premium/Discount Information. Information about the difference between daily market prices on the secondary market for shares of each ARK ETF and the ARK ETF’s net asset value can be found on our website, www.ark-funds.com.
 
39
General Information (Unaudited)
 
Investment Adviser
ARK Investment Management LLC
3 E. 28th Street, 7th Floor
New York, NY 10016
Administrator, Custodian, Transfer Agent, and Accounting Agent
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
Philadelphia, PA 19102-2529
 
This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of their management, and other information.
ARK Invest | 3 E. 28th Street, 7th Floor, New York, NY 10016 | 212.426.7040 | info@ark-invest.com | ark-funds.com