Ark ETF Trust N-CSR Certified annual shareholder report (management investment company)

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 28^th Street, 7^th 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: July 31, 2021

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

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

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

ARK ETF TRUST
ANNUAL REPORT

JULY 31, 2021

INVESTING AT THE PACE OF INNOVATION

ARK Genomic Revolution ETF (ARKG)

ARK Autonomous Technology & Robotics ETF (ARKQ)

ARK Innovation ETF (ARKK)

ARK Next Generation Internet ETF (ARKW)

ARK Fintech Innovation ETF (ARKF)

ARK Space Exploration & Innovation ETF (ARKX)

The 3D Printing ETF (PRNT)

The ARK Israel Innovative Technology ETF (IZRL)

ARK Invest | 3 E. 28th Street, 7th Floor, New York, NY 10016 | 212.426.7040 | info@ark-invest.com | ark-funds.com

Important Notice

As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, shareholder reports will be made available on http://ark-funds.com/investor-resources, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary or, if you are a direct investor, by calling (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

Shareholder Letter	1
Management’s Discussion of Fund Performance	2
ARK Genomic Revolution ETF	3
ARK Autonomous Technology & Robotics ETF	5
ARK Innovation ETF	6
ARK Next Generation Internet ETF	8
ARK Fintech Innovation ETF	10
ARK Space Exploration & Innovation ETF	11
The 3D Printing ETF	12
The ARK Israel Innovative Technology ETF	13
Shareholder Expense Examples	14
Sector Diversification	15
Schedule of Investments	​
ARK Genomic Revolution ETF	17
ARK Autonomous Technology & Robotics ETF	20
ARK Innovation ETF	22
ARK Next Generation Internet ETF	25
ARK Fintech Innovation ETF	27
ARK Space Exploration & Innovation ET	29
The 3D Printing ETF	31
The ARK Israel Innovative Technology ETF	33
Statements of Assets and Liabilities	37
Statements of Operations	39
Statements of Changes in Net Assets	41
Financial Highlights	45
Notes to Financial Statements	53
Report of Independent Registered Public Accounting Firm	59
Supplemental Information	61
Liquidity Risk	62
Board Approval of Management Agreements	63
Board of Trustees and Executive Officers	65

This report should be read in conjunction with the Trust’s prospectus.

The principal risks of investing in the ARK ETFs include: Market Risk. The value of the Funds’ assets will fluctuate as the markets in which the Funds invest fluctuate. The value of the Funds’ investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events, such as inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, exchange trading suspensions and closures (including exchanges of a Fund’s underlying securities), infectious disease outbreaks or pandemics, terrorism, regulatory events and government controls, that affect large portions of the market. Equity Securities Risk: The value of the equity securities the Funds hold may fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities the Funds hold participate or factors relating to specific companies in which the Funds invest (e.g., litigation or government regulation), among other factors. Equity securities may also be particularly sensitive to general movements in the stock market, and a decline in the broader market may affect the value of the Fund’s equity investments. The Funds may invest in stock of, warrants to purchase stock of, and other interests in special purpose acquisition companies (SPACs) or similar special purposes entities. A SPAC is a publicly traded company that raises investment capital for the purpose of acquiring or merging with an existing company. Investments in SPACs and similar entities are subject to a variety of risks beyond those associated with other equity securities. Because SPACs and similar entities do not have any operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the SPAC’s management to identify a merger target and complete an acquisition. Until an acquisition or merger is completed, a SPAC generally invests its assets, less a portion retained to cover expenses, in U.S. government securities, money market securities and cash and does not typically pay dividends in respect of its common stock. As a result, it is possible that an investment in a SPAC may lose value. Foreign Securities Risk: Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities such as risks of currency exchange rates, differences in foreign accounting and legal standards, the availability of less reliable financial information, and government restrictions on repatriation of capital. 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. ARKW may also have exposure to bitcoin through other pooled investment vehicles that invest in bitcoin, such as exchange-traded funds that are domiciled and listed for trading in Canada. The Funds’ exposure to cryptocurrencies may change over time and, accordingly, such exposure may not always be present in the Funds’ portfolios. Cryptocurrencies such as bitcoin are not “fiat” currencies of any central bank or government and currently are not subject to the authority of any central bank or government authority and are therefore not backed by any government, and regulatory and tax treatment of cryptocurrencies continues to develop. Disruptive Innovation Risk: Companies that the adviser and sub-adviser believe create and capitalize on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. Companies that initially develop a novel technology may not be able to capitalize on the technology. The Fund may invest in a company that does not currently derive any revenue from disruptive innovations or technologies, and there is no assurance that a company will derive any revenue from disruptive innovations or technologies in the future. 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 July 31, 2021. Management’s Discussion of Fund Performance presents information about the ARK ETFs’ holdings that is believed to be accurate, and the views of the Funds’ portfolio manager, as of July 31, 2021. 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

(Unaudited)

Dear Shareholder:

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 five innovation platforms: artificial intelligence (AI), energy storage, robotics, DNA sequencing, and blockchain technology. These platforms involve 14 technologies including gene therapies, 3D printing, cloud computing, big data analytics, and cryptocurrencies. According to our estimates, the five innovation platforms and 14 technologies should generate more than $75 trillion in business value and wealth creation over the next decade. Today, we believe these platforms account for less than $14 trillion in global equity market capitalization, giving investors an opportunity to capitalize on long term growth opportunities if they stay on the right side of change.

ARK believes it is imperative for investors to stay on the right side of change because our research suggests that the global economy has entered a period of convulsive changes, some exceptionally good and others devastating, that will shape financial markets for years to come. Thanks to seeds planted during the tech and telecom bubble more than 20 years ago, record-breaking technological changes are creating not only exponential growth opportunities but also black holes in global economies and financial markets. Staying on the right side of change could determine success and failure not only in investment portfolios but also in careers, companies, and countries.

Where are the black holes associated with technologically enabled innovation? In our view, any company not investing aggressively in one or more of five major innovation platforms and 14 technologies evolving today will lose its way. In harm’s way are companies that have spent the last 10-20 years engineering their financial results to satisfy the short-term demands of short-sighted investors. We believe those that have leveraged their balance sheets to buy back shares and pay dividends are at particular risk because deflation can ravage debt holders: technologically enabled innovation is deflationary. Stretching for yield, fixed income investors have enabled this behavior and, at some point, could have to pay for it.

So, investors beware. According to our research, innovation is evolving at such a rapid pace that traditional equity and fixed income benchmarks are being populated increasingly by so-called value traps, stocks and bonds that are “cheap” for a reason. Critical to investment success will be moving to the right side of change, avoiding industries and companies in the crosshairs of  “creative destruction” and embracing those creating “disruptive innovation”

On the following pages, you will find information relating to your ARK ETF investment. If you have any questions, I encourage you to contact your financial advisor or ARK directly. You can find additional information, including our daily portfolio holdings, on the ARK ETF website located at: www.ark-funds.com.

We appreciate the opportunity to help you meet your investment goals and thank you for enabling us to invest for you at the pace of innovation!

Sincerely,

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

1

Management’s Discussion of Fund Performance

(Unaudited)

Market Review and Investment Strategy

During the fiscal year ended July 31, 2021, global equity markets appreciated despite the continued volatility associated with COVID‐19. At the start of the fiscal year in August 2020, the markets already had recovered rapidly from the sharp 30%+ drawdown in the equity market earlier in the year. This V-shaped rebound set the stage for strong economic momentum in a world scrambling to adjust to the "new normal."

On the back of record‐breaking monetary and fiscal stimulus, public equities rebounded dramatically. Growth stocks – particularly those associated with companies solving problems created by the pandemic– outperformed value stocks significantly through the end of 2020 and the beginning of 2021. This divergence also could have been related to fears of a relapse into recession and the “creative destruction” that innovation is fomenting in traditional value sectors like financial services, energy, and industrials. In mid‐February, however, cyclical sectors around the world began to recover as producers were scrambling to catch up with consumer demand that had depleted inventories. ARK's expectations for a healthy rotation into more value‐oriented, cyclical strategies proved correct as the bull market broadened out and strengthened.

During the fiscal year, the movement in interest rates was remarkable. In December 2020, the US Treasury yield curve steepened suddenly, suggesting that bond investors were anticipating rapid GDP growth and/or higher inflation. During the first quarter of 2021, 10‐year Treasury bond yields nearly doubled from 0.91% on January 4th to 1.74% on March 31st, stoking fears of inflation. Never have interest rates doubled in such a short period of time. By the end of July 2021, the US Treasury 10‐Year yield had declined 50 basis points to 1.24%, suggesting that deflation instead of inflation could be the key risk to the global economic outlook.

While many economists and strategists are weighing the odds of inflation, ARK remains focused on the risks of deflation. Despite a record jump in the US consumer savings rate during the pandemic, spending shifted from services to goods, forcing businesses to scramble to keep up with higher‐than‐expected demand. ARK believes this profound shift in consumer behavior may have resulted in businesses double and triple‐ordering goods which, as consumers shift spending back from goods to services, could result in excess inventory accumulation, ending supply chain disruptions as quickly as they began. In response to the excess supply, commodity prices could unwind as sharply as they have increased, causing cyclical deflation. Secular price deflation – both good and bad – could add to the pressures. We believe innovation is the source of good deflation, as learning curves cut costs and increase productivity. Conversely, companies that have not prepared for the surge in innovation now underway, acquiescing instead to the demands of short‐term oriented shareholders demanding share buybacks and dividends and leveraging their balance sheets to do so, are likely to suffer from bad deflation. To service debt, they could be forced to cut prices as innovation disrupts their existing world order.

ARK continues to research and discover companies it believes are causing or embracing disruptive innovation, creating potential pockets of rapid growth in an otherwise uncertain growth environment. Relative to the S&P 500 Index and the MSCI World Index, ARK’s active ETFs outperformed these broad-based indexes during the fiscal year ended July 31, 2021, while ARK’s self‐indexed ETFs turned in mixed performance.

2

Management’s Discussion of Fund Performance (continued)

(Unaudited)

Investment Results: ARK Genomic Revolution ETF (ARKG)

The ARK Genomic Revolution ETF is an actively managed exchange traded fund that invests in companies across multiple sectors, including health care, information technology, materials, energy and consumer discretionary, that are relevant to the Fund’s investment theme of the genomics revolution.

During the fiscal year ended July 31, 2021, the ARK Genomic Revolution ETF (ARKG) outperformed the S&P 500 Index and the MSCI World Index.

The top contributors to ARKG’s performance were Pacific Biosciences (PACB), CRISPR Therapeutics (CRSP), Invitae Corp (NVTA), Intellia Therapeutics (NTLA), and Twist Bioscience (TWST). Pacific Biosciences (PACB) announced major technological and business breakthroughs as well as a $900 million investment from SoftBank in the first quarter of 2021. Both the UK-based Welcome Sanger Institute and the Children’s Mercy Hospital Kansas City have increased their investments in Sequel IIe sequencers and Pacific Biosciences also expanded its management team by hiring two Illumina (ILMN) alumni. Finally, in the first quarter of 2021, the company announced a multi-year collaboration with Invitae (NVTA) to develop an ultra-high-throughput sequencing platform based on Pacific Biosciences’ HiFi, a technology which, in our view, provides the most accurate and complete view of the genome. CRISPR Therapeutics (CRSP) also contributed to performance thanks to positive industry and company news, primarily in the fourth quarter of 2020. Jennifer Doudna and Emmanuelle Charpentier, the former a co-founder of Editas, Intellia, and Caribou and the latter a co-founder of CRISPR Therapeutics, won the Nobel Prize in Chemistry for their discovery of CRISPR Cas9 gene-editing technology. Additionally, CRISPR Therapeutics announced encouraging data on early but potential cures for sickle cell disease and beta-thalassemia at the American Society of Hematology (ASH). The company also presented data on its CAR-T cell trial targeting B cell malignancies, which demonstrated a 50% complete response rate at three months in its third dose level cohort. Lastly, CRISPR Therapeutics received funding from the Bill and Melinda Gates Foundation to support CRISPR Cas9-based HIV therapies research. Intellia Therapeutics (NTLA) contributed to performance after publishing the first-ever clinical data demonstrating the potential safety and efficacy of in vivo genome editing. The drug candidate,

NTLA-2001, is positioned as a single-dose cure for the hereditary form of ATTR amyloidosis (hATTR), a deadly disease caused by excessive expression of the amyloid protein.

The biggest detractors from ARKG’s performance were Teladoc Health (TDOC), Illumina (ILMN), Ionis Pharmaceuticals (IONS), Berkely Lights (BLI), and Vertex Pharmaceuticals (VRTX). Despite reporting a strong fiscal year, shares of Teladoc (TDOC) detracted in the face of competitive noise in the telemedicine space from Amazon (AMZN), Talkspace, and Hims & Hers (HIMS). Additionally, “stay-at-home stocks” underwent a valuation reset as COVID-19 vaccinations proliferated. ARK believes that virtual care is here to stay and that Teladoc’s data science and comprehensive platform are its moats. Historically in the US, healthcare data has been highly fragmented, an impediment that Teladoc appears to be overcoming. Thanks to its recent acquisition of Livongo, we believe that Teladoc has strengthened its data and analytical capabilities. Shares of Berkely Lights (BLI) struggled as the company announced missed earnings with mixed guidance. In ARK’s view, Berkeley Lights will be a central actor in developing and manufacturing cell-based products. Berkeley’s products will be used by pharmaceutical companies, contract manufacturing organizations (CMOs), and contract development and manufacturing organizations (CDMOs), and hospitals to optimize cell therapies. During the period, Vertex Pharmaceuticals (VRTX) abandoned further development of VX-864, a phase 2 drug for alpha-1 antitrypsin deficiency (AATD). We believe that the disappointing news put selling pressure on the company’s public shares.

Average Annual Total Returns as of 7/31/21

​	1 Year		3 Year		5 Year		Since Inception (Annualized)
ARK Genomic Revolution ETF (ARKG)
Net Asset Value	​	58.48%	​	44.98%	​	37.07%	​	25.09%
Market Price	​	58.39%	​	44.89%	​	37.07%	​	25.09%
S&P 500 Index	​	36.45%	​	18.16%	​	17.35%	​	14.64%
MSCI World Net Index	​	35.07%	​	14.49%	​	14.29%	​	11.28%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

ARKG’s inception date is 10/31/14.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKG is

3

Management’s Discussion of Fund Performance (continued)

(Unaudited)

0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

4

Management’s Discussion of Fund Performance (continued)

(Unaudited)

Investment Results: ARK Autonomous Technology & Robotics ETF (ARKQ)

The ARK Autonomous Technology & Robotics ETF is an actively managed exchange traded fund that invests in securities of autonomous technology and robotics companies that are relevant to the Fund’s investment theme of robotics and autonomous technology.

During the fiscal year ended July 31, 2021, the ARK Robotics & Autonomous Technology ETF (ARKQ) outperformed the S&P 500 Index and the MSCI World Index.

The top contributors to ARKQ’s performance were Tesla (TSLA), Materialise (MTLS), BYD Co (BYDDY), Deere & Co (DE), and Trimble (TRMB). Appreciation in Tesla (TSLA) was driven by a strong second half of 2020, during which time the stock was added to the S&P 500 Index (December), and a 2021 second quarter earnings report that beat both top- and bottom-line expectations while improving its automotive gross margin (excluding regulatory credits) year-over-year. We believe that many sources of volatility have begun to dissipate, including tweets from Elon Musk around Bitcoin. Tesla has since surprised investors to the upside with the number of China-made EV deliveries, and Gigafactory Shanghai is now the primary export hub of high-quality vehicles. Tesla continues to be a leader in electric vehicle market share and we believe that its growing fleet gives it access to an unparalleled amount of valuable driving data as it ramps up its autonomous capabilities. Deere & Co (DE) appreciated in anticipation of President Biden’s infrastructure proposal and better than expected first quarter 2021 results thanks to improved conditions in the agriculture and construction sectors. Shares of Trimble (TRMB) appreciated on the back of positive news relating to new partnerships, new technology developments, and strong earnings beats on both the top and bottom

lines. Over the past year, Trimble has focused its portfolio and divested non-core businesses, while continuing to invest in its cloud platform and autonomy.

The biggest detractors from ARKQ’s performance were 2U Inc (TWOU), Blade Air Mobility (BLDE), Splunk (SPLK), Baidu (BIDU), and Vuzix (VUZI). Shares of education technology firm 2U Inc (TWOU) depreciated in February 2021 after a mixed earnings release and the general unwinding of  “stay-at-home stocks” as COVID-19 vaccinations proliferated. Blade Air Mobility (BLDE) experienced volatility after its SPAC announcement in December 2020. Shares traded up substantially and eventually reverted to their original levels. Part of this decline could have been due to concerns with its approach to investor relations before going public. ARK believes air taxi growth will pick up faster than expected, and Blade should benefit as air travel increases. Chinese stocks, in particular shares of technology-focused companies, sold off broadly after the central government continued its regulatory crackdown. Shares of Baidu Inc. (BIDU) were impacted by the broad sell-off.

Average Annual Total Returns as of 7/31/21

​	1 Year		3 Year		5 Year		Since Inception (Annualized)
ARK Autonomous Technology & Robotics ETF (ARKQ)
Net Asset Value	​	55.31%	​	34.08%	​	32.72%	​	23.85%
Market Price	​	55.17%	​	34.01%	​	32.78%	​	23.87%
S&P 500 Index	​	36.45%	​	18.16%	​	17.35%	​	14.60%
MSCI World Net Index	​	35.07%	​	14.49%	​	14.29%	​	11.02%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

ARKQ’s inception date is 9/30/14.

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

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

5

Management’s Discussion of Fund Performance (continued)

(Unaudited)

Investment Results: ARK Innovation ETF (ARKK)

The ARK Innovation ETF is an actively managed exchange traded fund that invests in securities of companies that rely on or benefit from the development of new products or services, technological improvements and advancements in scientific research relating to the areas of genomics (“Genomic Revolution Theme”), robotics and autonomous technology (“Robotics and Autonomous Technology Theme”), next generation internet (“Next Generation Internet Theme”) or financial technology (“Fintech Theme”).

During the fiscal year ended July 31, 2021, the ARK Innovation ETF outperformed the S&P 500 Index and the MSCI World Index.

The top contributors to ARKK’s performance were Tesla (TSLA), Roku (ROKU), Intellia Therapeutics (NTLA), Square (SQ), and CRISPR Therapeutics (CRSP). Appreciation in Tesla (TSLA) was driven by a strong second half of 2020, during which time the stock was added to the S&P 500 Index (December), and a 2021 second quarter earnings report that beat both top- and bottom-line expectations while improving its automotive gross margin (excluding regulatory credits) year-over-year. We believe that many sources of volatility have begun to dissipate, including tweets from Elon Musk around Bitcoin. Tesla has since surprised investors to the upside with the number of China-made EV deliveries, and Gigafactory Shanghai is now the primary export hub of high-quality vehicles. Tesla continues to be a leader in electric vehicle market share and we believe that its growing fleet gives it access to an unparalleled amount of valuable driving data as it ramps up its autonomous capabilities. Roku (ROKU) contributed to performance after positive developments in content agreements and acquisitions, the consumer shift out of traditional TV into streaming resulting in account growth, international expansion, and platform revenue strength. Intellia Therapeutics (NTLA) contributed to performance after publishing the first-ever clinical data demonstrating the safety and efficacy of in vivo genome editing. The drug candidate, NTLA-2001, is positioned as a single-dose cure for the hereditary form of ATTR amyloidosis (hATTR), a deadly disease caused by excessive expression of the amyloid protein.

The biggest detractors from ARKK’s performance were Teladoc Health (TDOC), LendingTree (TREE), Coinbase Global (COIN), 2U Inc (TWOU), and Illumina (ILMN). Despite reporting a strong fiscal year, shares of Teladoc (TDOC) detracted in the face of competitive noise in the telemedicine space from Amazon (AMZN), Talkspace, and Hims & Hers (HIMS). Additionally, “stay-at-home stocks” underwent a valuation reset as COVID-19 vaccinations proliferated. ARK believes that virtual care is here to stay and that Teladoc’s data science and comprehensive platform are its moats. Historically in the US, healthcare data has been highly fragmented, an impediment that Teladoc appears to be overcoming. Thanks to its recent acquisition of Livongo, we believe that Teladoc has strengthened its data and analytical capabilities. LendingTree (TREE) detracted from performance primarily in the fourth quarter of 2020 after it lowered guidance and again after GCI Liberty disclosed that it would sell its stake in the stock. Additionally, in the first half of 2021, shares of LendingTree responded to mixed earnings and increased competitive pressure. Coinbase Global (COIN) responded to a 45% drop in the price of bitcoin from May 12, 2021 through July 19, 2021, precipitated in part we believe by Elon Musk’s second thoughts about the heavy use of energy in bitcoin mining. ARK believes that bitcoin mining, when incorporated into solar+battery utility ecosystems, could accelerate the proliferation of renewables faster than otherwise would be the case.

Average Annual Total Returns as of 7/31/21

​	1 Year		3 Year		5 Year		Since Inception (Annualized)
ARK Innovation ETF (ARKK)
Net Asset Value	​	51.65%	​	41.56%	​	44.05%	​	32.07%
Market Price	​	51.76%	​	41.55%	​	44.12%	​	32.10%
S&P 500 Index	​	36.45%	​	18.16%	​	17.35%	​	14.64%
MSCI World Net Index	​	35.07%	​	14.49%	​	14.29%	​	11.28%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

ARKK’s inception date is 10/31/14.

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

6

Management’s Discussion of Fund Performance (continued)

(Unaudited)

the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

7

Management’s Discussion of Fund Performance (continued)

(Unaudited)

Investment Results: ARK Next Generation Internet ETF (ARKW)

The ARK Next Generation Internet ETF is an actively managed exchange traded fund that invests in securities of companies that are relevant to the Fund’s investment theme of next generation internet.

During the fiscal year ended July 31, 2021, the ARK Next Generation Internet ETF (ARKW) outperformed the S&P 500 Index and the MSCI World Index.

The top contributors to ARKW’s performance were Tesla (TSLA), Roku (ROKU), Square (SQ), Grayscale Bitcoin Trust (GBTC), and Snap (SNAP). Appreciation in Tesla (TSLA) was driven by a strong second half of 2020, during which time the stock was added to the S&P 500 Index (December), and a 2021 second quarter earnings report that beat both top- and bottom-line expectations while improving its automotive gross margin (excluding regulatory credits) year-over-year. We believe that many sources of volatility have begun to dissipate, including tweets from Elon Musk around Bitcoin. Tesla has since surprised investors to the upside with the number of China-made EV deliveries, and Gigafactory Shanghai is now the primary export hub of high-quality vehicles. Tesla continues to be a leader in electric vehicle market share and we believe that its growing fleet gives it access to an unparalleled amount of valuable driving data as it ramps up its autonomous capabilities. Roku (ROKU) also contributed after positive developments in content agreements and acquisitions, the consumer shift out of traditional TV into streaming resulting in account growth, international expansion, and platform revenue strength. Square (SQ) appreciated as the pandemic accelerated the adoption of digital wallets, as seen by the rapid growth of Square’s Cash App. The company also experienced a faster than expected rebound of its seller business, strong earnings reports, and strategic initiatives, including activity in the cryptocurrency space.

The biggest detractors from ARKW’s performance were Teladoc Health (TDOC), Skillz (SKLZ), Coinbase Global (COIN), LendingTree (TREE), and Pinduoduo (PDD). Despite reporting a strong fiscal year, shares of Teladoc (TDOC) detracted in the face of competitive noise in the telemedicine space from Amazon (AMZN), Talkspace, and Hims & Hers (HIMS). Additionally, “stay-at-home stocks” underwent a valuation reset as COVID-19 vaccinations proliferated. ARK believes that virtual care is here to stay and that Teladoc’s data science and comprehensive platform are its moats. Historically in the US, healthcare data has been highly fragmented, an impediment that Teladoc appears to be overcoming. Thanks to its recent acquisition of Livongo, we believe that Teladoc has strengthened its data and analytical capabilities. Shares of Skillz Inc. (SKLZ) depreciated based on concerns surrounding a short report in March 2021 and questioning of the company’s concentration of revenue. ARK believes that Skillz’ platform is misunderstood and that Skillz’ growth is being underestimated by consensus views. Coinbase Global (COIN) responded to a 45% drop in the price of bitcoin from May 12, 2021 through July 19, 2021, precipitated in part we believe by Elon Musk’s second thoughts about the heavy use of energy in bitcoin mining. ARK believes that bitcoin mining, when incorporated into solar+battery utility ecosystems, could accelerate the proliferation of renewables faster than otherwise would be the case.

Average Annual Total Returns as of 7/31/21

​	1 Year		3 Year		5 Year		Since Inception (Annualized)
ARK Next Generation Internet ETF (ARKW)
Net Asset Value	​	50.06%	​	45.29%	​	48.11%	​	37.50%
Market Price	​	50.24%	​	45.35%	​	48.28%	​	37.53%
S&P 500 Index	​	36.45%	​	18.16%	​	17.35%	​	14.60%
MSCI World Net Index	​	35.07%	​	14.49%	​	14.29%	​	11.02%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

ARKW’s inception date is 9/30/14.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKW is 0.75%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares

8

Management’s Discussion of Fund Performance (continued)

(Unaudited)

outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

9

Management’s Discussion of Fund Performance (continued)

(Unaudited)

Investment Results: ARK Fintech Innovation ETF (ARKF)

The ARK Fintech Innovation ETF is an actively managed exchange traded fund that invests in securities of companies that are relevant to the Fund’s investment theme of financial technology (“Fintech”) innovation.

During the fiscal year ended July 31, 2021, the ARK Fintech Innovation ETF (ARKF) outperformed the S&P 500 Index and the MSCI World Index.

The top contributors to ARKF’s performance were Square (SQ), Sea Ltd (SE), Pinterest (PINS), Snap (SNAP), and Silvergate Capital (SI). Square (SQ) appreciated as the pandemic accelerated the adoption of digital wallets, as seen by the rapid growth of Square’s Cash App. The company also experienced a faster than expected rebound of its seller business, strong earnings reports, and strategic initiatives, including activity in the cryptocurrency space. Sea Limited (SE) saw its revenues increase over the period. The company continued to do well with its self-developed global hit game, Free Fire, and grew average daily orders significantly within its e-commerce platform, Shopee. Pinterest (PINS) contributed to performance after reporting better than expected revenue growth in multiple quarters, alongside positive trends in net income improvement and growth in monthly active users. Pinterest could be benefitting from an accelerated shift in the advertising market from linear TV to social media platforms.

The biggest detractors from ARKF’s performance were KE Holdings (BEKE), Opendoor Technologies (OPEN), LendingTree (TREE),

Coinbase Global (COIN), and Ping An Healthcare and Technology (188 HK). Shares of KE Holdings (BEKE), China’s largest real estate brokerage platform, sold off during the government crackdown in China. Specifically, China issued a joint notice from eight ministries that plans to introduce regulations across the broad real estate industry, covering developers, brokers, rental platforms, and HOAs. Despite beating first-quarter 2021 expectations, shares of Opendoor Technologies (OPEN) sold off in part due to potential signs of the housing market slowing down. ARK also believes that shares are continuing to be punished in a higher interest rate environment. LendingTree (TREE) detracted from performance primarily in the fourth quarter of 2020 after it lowered guidance and again after GCI Liberty disclosed that it would sell its stake in the stock. Additionally, in the first half of 2021, shares of LendingTree responded to mixed earnings and increased competitive pressure.

Average Annual Total Returns as of 7/31/21

​	1 Year		Since Inception (Annualized)
ARK Fintech Innovation ETF (ARKF)
Net Asset Value	​	40.58%	​	46.13%
Market Price	​	40.29%	​	46.14%
S&P 500 Index	​	36.45%	​	23.67%
MSCI World Net Index	​	35.07%	​	20.11%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

ARKF’s inception date is 2/4/19.

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

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

10

Management’s Discussion of Fund Performance (continued)

(Unaudited)

Investment Results: ARK Space Exploration & Innovation ETF (ARKX)

The ARK Space Exploration & Innovation ETF is an actively managed exchange traded fund that invests in securities of companies that are relevant to the Fund’s investment theme of space exploration. ARK defines “Space Exploration” as leading, enabling, or benefitting from technologically enabled products and/or services that occur beyond the surface of the Earth.

Since the inception of the fund on March 30, 2021, through July 31, 2021, the ARK Space Exploration & Innovation ETF (ARKX) underperformed the S&P 500 Index and the MSCI World Index.

The top contributors to ARKX’s performance were Trimble (TRMB), NVIDIA (NVDA), Raven Industries (RAVN), Alphabet (GOOG), and Iridium Communications (IRDM). Shares of Trimble (TRMB) appreciated on the back of positive news relating to new partnerships, new technology developments, and strong earnings beats on both the top and bottom lines. Over the past year, Trimble has focused its portfolio and divested non-core businesses, while continuing to invest in its cloud platform and autonomy. Nvidia (NVDA) appreciated throughout the period following several quarters of strong revenue growth and positive guidance. Gaming revenue outperformed following launch of the RTX 3000 GPU line and on the back of a surge in cryptocurrency miner demand, while Datacenter revenue was boosted by continued adoption of GPUs for accelerating AI training. The stock also benefited from CEO Jensen Hwang’s optimism surrounding the ARM acquisition, sell-side upgrades, and a strong move in semiconductor stocks generally during the second quarter. During Investor Day, Nvidia also unveiled the Omniverse Platform, its Grace CPU, and an AI LaunchPad. In June 2021, CNH announced an agreement to acquire Raven Industries

(RAVN) for a significant premium. Raven Industries makes precision agriculture and high-altitude balloons and has placed a strong focus on autonomous agriculture equipment in recent years, while CNH is the second-largest agricultural equipment manufacturer globally.

The biggest detractors from ARKX’s performance were JD Logistics (2618 HK), Virgin Galactic (SPCE), Workhorse Group (WKHS), Komatsu Ltd (6301 JP), and JD.com (JD). Chinese stocks, in particular shares of technology-focused companies, sold off broadly after the central government continued its regulatory crackdown. Shares of JD Logistics (2618 HK) were impacted by the broad sell-off. Virgin Galactic (SPCE) depreciated not only in response to intensified competition from Blue Origin and SpaceX but also to lower than expected earnings and revenue. Furthermore, the stock was impacted by flight schedule delays and Founder Richard Branson’s decision to sell shares. WKHS suffered as Capitol Hill failed to clarify its position on the conversion of the US Postal Services’ fleet to electric vehicles. ARK exited WKHS to capitalize on the market’s downside volatility by rotating into higher conviction names.

Average Annual Total Returns as of 7/31/21

​	Since Inception
ARK Space Exploration & Innovation ETF (ARKX)
Net Asset Value	​	1.77%
Market Price	​	1.70%
S&P 500 Index	​	11.54%
MSCI World Net Index	​	9.94%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

ARKX's inception date is 3/30/21.

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

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

11

Management’s Discussion of Fund Performance (continued)

(Unaudited)

Investment Results: The 3D Printing ETF (PRNT)

The 3D Printing ETF is an indexed exchange traded fund that seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Total 3D-Printing Index, which is designed to track the price movements of the stocks of companies involved in the 3D printing industry.

The 3D Printing ETF is the only pure-play ETF dedicated to the 3D printing ecosystem. During the fiscal year ended July 31, 2021, The 3D Printing ETF (PRNT) outperformed the S&P 500 Index and the MSCI World Index.

The top contributors to PRNT’s performance were 3D Systems (DDD), SLM Solutions (AM3D GR), Materialise (MTLS), Straumann Holding (STMN SW), and ExOne (XONE). 3D Systems (DDD) was a top contributor after the company reported better than expected preliminary results in early January 2021, leading to a gap up in share price.

The biggest detractors from PRNT’s performance were Desktop Metal (DM), Nano Dimension (NNDM), Proto Labs (PRLB), Exco Technologies (XTC CN), and Eastman Kodak (KODK). Desktop Metal (DM) was the largest detractor from performance after Velo3D, another metal 3D printing company, announced in the first quarter of 2021 that it would go public via SPAC. In our view, each company specializes in a different printing technology focused on different applications.

Average Annual Total Returns as of 7/31/21

​	1 Year		3 Year		5 Year		Since Inception (Annualized)
The 3D Printing ETF (PRNT)
Net Asset Value	​	70.76%	​	16.59%	​	14.38%	​	14.31%
Market Price	​	71.48%	​	16.38%	​	14.26%	​	14.28%
S&P 500 Index	​	36.45%	​	18.16%	​	17.35%	​	17.28%
MSCI World Net Index	​	35.07%	​	14.49%	​	14.29%	​	14.42%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

PRNT’s inception date is 7/19/16.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for PRNT is 0.66%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares.

12

Management’s Discussion of Fund Performance (concluded)

(Unaudited)

Investment Results: The ARK Israel Innovative Technology ETF (IZRL)

The ARK Israel Innovative Technology ETF is an indexed exchange traded fund that seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the ARK Israeli Innovation Index, which is designed to track the price movements of exchange-listed Israeli companies whose main business operations are causing disruptive innovation in the areas of genomics, biotechnology, industrials, manufacturing, the Internet, and/or information technology.

During the fiscal year ended July 31, 2021, the ARK Israel Innovative Technology ETF (IZRL) underperformed the S&P 500 Index and the MSCI World Index.

The top contributors to IZRL’s performance were Fiverr International (FVRR), Perion Network (PERI), InMode (INMD), Fattal Holdings (FTAL IT), and Stratasys (SSYS). Shares of InMode (INMD) appreciated steadily over the fiscal period due to strong earnings reports for each quarter, beating both revenue and earnings estimates.

The biggest detractors from IZRL’s performance were BiondVax Pharmaceuticals (BVXV), Pluristem Therapeutics (PSTI), PolyPid Ltd

(PYPD), RoboGroup (ROBO IT), and Nano-X Imaging (NNOX). Pluristem Therapeutics (PSTI) depreciated sharply in the fourth quarter of 2020 due to unfavorable results of a Phase III study for the treatment of critical limb ischemia (CLI). Following a recommendation from the independent Data Monitoring Committee (DMC), the company decided to terminate the CLI study to focus on different therapeutic areas.

Average Annual Total Returns as of 7/31/21

​	1 Year		3 Year		Since Inception (Annualized)
The ARK Israel Innovative Technology ETF (IZRL)
Net Asset Value	​	21.06%	​	15.19%	​	13.60%
Market Price	​	21.87%	​	14.72%	​	13.49%
S&P 500 Index	​	36.45%	​	18.16%	​	17.10%
MSCI World Net Index	​	35.07%	​	14.49%	​	13.35%

Growth of an Assumed $10,000 Investment Since Inception* Through 7/31/21 (At Net Asset Value)

*

IZRL’s inception date is 12/5/17.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.arkfunds.com. As stated in the ARK ETFs’ current prospectuses, the expense ratio for IZRL is 0.49%. Additional information about fees and expense levels can be found in the ARK ETFs’ current prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time on each business day the New York Stock Exchange is open for trading. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times.

The returns for the Fund do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon sale of Fund shares. Returns for less than one year are not annualized.

13

Shareholder Expense Examples

(Unaudited)

As a shareholder of an ARK ETF (each, a “Fund” and collectively, “Funds”) you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples below are based on an investment of  $1,000 invested at the beginning of the six-month period and held for the entire period (February 1, 2021 through July 31, 2021).

Actual Expenses

The first line under each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line for your Fund under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line under each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate your actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line under each Fund in the table is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

​	Beginning Account Value 2/1/2021			Ending Account Value 7/31/2021			Annualized Expense Ratios for the Period		Expenses Paid During the Period(a)
ARK Genomic Revolution ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	827.50	​	0.75%	​	$	3.40
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,021.08	​	0.75%	​	$	3.76
ARK Autonomous Technology & Robotics ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	930.10	​	0.75%	​	$	3.59
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,021.08	​	0.75%	​	$	3.76
ARK Innovation ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	872.70	​	0.75%	​	$	3.48
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,021.08	​	0.75%	​	$	3.76
ARK Next Generation Internet ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	928.40	​	0.75%	​	$	3.59
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,021.08	​	0.75%	​	$	3.76
ARK Fintech Innovation ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	972.20	​	0.75%	​	$	3.67
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,021.08	​	0.75%	​	$	3.76
ARK Space Exploration & Innovation ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	1,017.70	​	0.71%	​	$	2.43(b)
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,021.27	​	0.71%	​	$	3.56
The 3D Printing ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	959.90	​	0.66%	​	$	3.21
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,021.52	​	0.66%	​	$	3.31
The ARK Israel Innovative Technology ETF	​	​	​	​	​	​	​	​	​	​	​
Actual	​	$	1,000.00	​	$	930.20	​	0.49%	​	$	2.35
Hypothetical (5% return before expenses)	​	$	1,000.00	​	$	1,022.36	​	0.49%	​	$	2.46

(a)

Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (the number of days in the period, then divided by 365).

(b)

Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 124/365 (the number of days in the period, then divided by 365).

14

Sector Diversification (as a percentage of total investments) 

July 31, 2021 (Unaudited)

ARK Genomic Revolution
ETF (ARKG)

■	Health Care	96.1%
■	Information Technology	3.1
■	Materials	0.4
■	Financials	0.2
■	Money Market Fund	0.2
​	​	100.0

ARK Autonomous Technology
& Robotics ETF (ARKQ)

■	Information Technolorgy	30.5%
■	Industrials	26.5
■	Consumer Discretionary	25.1
■	Communication Services	13.1
■	Money Market Fund	2.5
■	Health Care	1.4
■	Technology	0.9
​	​	100.0

ARK Innovation ETF (ARKK)

■	Information Technology	32.2%
■	Health Care	27.3
■	Communication Services	19.9
■	Consumer Discretionary	13.8
■	Financials	5.2
■	Industrials	1.4
■	Money Market Fund	0.2
​	​	100.0

ARK Next Generation
Internet ETF (ARKW)

■	Information Technology	35.5%
■	Communication Services	23.0
■	Consumer Discretionary	22.4
■	Financials	12.9
■	Health Care	5.9
■	Money Market Fund	0.3
​	​	100.0

ARK Fintech Innovation
ETF (ARKF)

■	Information Technology	43.3%
■	Communication Services	20.9
■	Financials	16.5
■	Consumer Discretionary	12.9
■	Health Care	3.3
■	Real Estate	2.8
■	Money Market Fund	0.3
​	​	100.0

ARK Space Exploration
& Innovation ETF (ARKX)

■	Industrials	47.2%
■	Information Technology	25.8
■	Communication Services	12.0
■	Equity Fund	6.8
■	Consumer Discretionary	6.1
■	Technology	1.1
■	Money Market Fund	1.0
​	​	100.0

15

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

July 31, 2021 (Unaudited)

The 3D Printing ETF (PRNT)

■	Information Technology	53.3%
■	Industrials	24.7
■	Health Care	13.4
■	Consumer Discretionary	4.8
■	Materials	3.6
■	Consumer Staples	0.1
■	Money Market Fund	0.1
​	​	100.0

The ARK Israel Innovative
Technology ETF (IZRL)

■	Information Technology	49.0%
■	Health Care	27.1
■	Industrials	12.3
■	Communication Services	6.8
■	Consumer Discretionary	4.1
■	Money Market Fund	0.7
​	​	100.0

16

Schedule of Investments

ARK Genomic Revolution ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 99.9%
Biotechnology – 49.9%
AquaBounty Technologies, Inc.*†	​	6,605,904	​	$	32,699,225
Arcturus Therapeutics Holdings, Inc.*†	​	2,711,242	​	​	84,888,987
Beam Therapeutics, Inc.*	​	1,707,285	​	​	157,070,220
CareDx, Inc.*†	​	3,690,771	​	​	310,172,395
Caribou Biosciences, Inc.*	​	1,484,672	​	​	24,051,686
Cellectis SA (France)*†(a)	​	4,393,624	​	​	56,897,431
CRISPR Therapeutics AG (Switzerland)*	​	1,773,623	​	​	214,643,856
Dicerna Pharmaceuticals, Inc.*	​	315,434	​	​	11,831,929
Editas Medicine, Inc.*	​	1,248,440	​	​	52,259,698
Evogene Ltd. (Israel)*†	​	3,157,559	​	​	9,030,619
Exact Sciences Corp.*	​	4,043,106	​	​	436,008,551
Fate Therapeutics, Inc.*	​	4,316,228	​	​	357,383,678
Incyte Corp.*	​	3,046,079	​	​	235,614,211
Intellia Therapeutics, Inc.*	​	1,501,146	​	​	212,937,560
Invitae Corp.*	​	4,618,185	​	​	129,262,998
Ionis Pharmaceuticals, Inc.*†	​	9,025,335	​	​	335,200,942
Iovance Biotherapeutics, Inc.*	​	6,270,302	​	​	139,639,625
Organovo Holdings, Inc.*	​	259,097	​	​	1,987,274
Pluristem Therapeutics, Inc.*	​	577,080	​	​	1,892,822
Recursion Pharmaceuticals, Inc., Class A*	​	2,750,117	​	​	83,466,051
Regeneron Pharmaceuticals, Inc.*	​	685,000	​	​	393,607,850
Repare Therapeutics, Inc. (Canada)*†	​	2,796,024	​	​	93,387,201
Sarepta Therapeutics, Inc.*	​	484,541	​	​	32,842,189
Seres Therapeutics, Inc.*	​	2,447,801	​	​	17,379,387
Surface Oncology, Inc.*†	​	4,327,530	​	​	26,008,455
Twist Bioscience Corp.*†	​	2,468,853	​	​	303,792,362
Veracyte, Inc.*	​	1,937,800	​	​	86,348,368
Vertex Pharmaceuticals, Inc.*	​	1,813,163	​	​	365,497,398
Verve Therapeutics, Inc.*	​	1,248,853	​	​	74,219,334
Total Biotechnology			​	​	4,280,022,302
Chemicals – 0.4%
Zymergen, Inc.*	​	1,055,590	​	​	36,723,976
Electronic Equipment, Instruments & Components – 1.0%
908 Devices, Inc.*†	​	2,620,273	​	​	81,883,531
Financial Services – 0.2%
Dynamics Special Purpose Corp., Class A*†	​	2,003,952	​	​	19,718,888
Health Care Equipment & Supplies – 1.3%
Butterfly Network, Inc.*	​	7,623,822	​	​	81,879,849
Cerus Corp.*	​	5,617,976	​	​	28,314,599
Total Health Care Equipment & Supplies			​	​	110,194,448
Health Care Providers & Services – 7.4%	​	​	​	​	​
1Life Healthcare, Inc.*	​	3,130,499	​	​	84,648,693
Accolade, Inc.*†	​	5,546,261	​	​	259,620,477
Castle Biosciences, Inc.*†	​	2,242,615	​	​	156,646,658
Signify Health, Inc., Class A*	​	5,284,084	​	​	139,077,091
Total Health Care Providers & Services			​	​	639,992,919

Investments	Shares		Value
Health Care Technology – 12.7%
Schrodinger, Inc.*	​	2,510,581	​	$	169,891,016
Sema4 Holdings Corp.*	​	4,530,685	​	​	51,106,127
Teladoc Health, Inc.*	​	3,999,730	​	​	593,759,919
Veeva Systems, Inc., Class A*	​	814,964	​	​	271,146,672
Total Health Care Technology			​	​	1,085,903,734
Life Sciences Tools & Services – 15.5%
10X Genomics, Inc., Class A*	​	793,671	​	​	145,424,337
Adaptive Biotechnologies Corp.*	​	4,197,778	​	​	153,890,542
Berkeley Lights, Inc.*	​	3,189,773	​	​	145,389,853
Codexis, Inc.*†	​	6,417,351	​	​	135,791,147
Compugen Ltd. (Israel)*	​	3,941,643	​	​	26,763,756
NanoString Technologies, Inc.*	​	918,658	​	​	56,901,677
Pacific Biosciences of California, Inc.*†	​	14,322,897	​	​	460,481,139
Personalis, Inc.*†	​	4,643,578	​	​	97,468,702
Quantum-Si, Inc.*†	​	7,570,025	​	​	71,309,635
Seer, Inc.*	​	1,264,045	​	​	40,373,597
Total Life Sciences Tools & Services			​	​	1,333,794,385
Molecular Diagnostics – 0.4%	​	​	​	​	​
CM Life Sciences II, Inc.*†	​	2,740,375	​	​	32,363,829
Pharmaceuticals – 9.0%	​	​	​	​	​
Bristol-Myers Squibb Co.	​	1,300,025	​	​	88,232,697
Novartis AG (Switzerland)(a)	​	2,528,010	​	​	233,562,844
Roche Holding AG (Switzerland)(a)	​	4,407,446	​	​	212,703,344
Takeda Pharmaceutical Co. Ltd. (Japan)(a)	​	14,615,090	​	​	241,148,985
Total Pharmaceuticals	​	​	​	​	775,647,870
Software – 1.7%	​	​	​	​	​
UiPath, Inc., Class A*	​	2,375,452	​	​	148,608,277
Technology Hardware, Storage & Peripherals – 0.4%
Pure Storage, Inc., Class A*	​	1,492,363	​	​	29,130,926
Total Common Stocks	​	​	​	​	​
(Cost $9,174,033,733)	​	​	​	​	8,573,985,085
MONEY MARKET FUND – 0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b)	​	​	​	​	​
(Cost $18,866,018)	​	18,866,018	​	​	18,866,018
Total Investments – 100.1% (Cost $9,192,899,751)	​	​	​	​	8,592,851,103
Liabilities in Excess of Other Assets – (0.1)%	​	​	​	​	(4,837,354)
Net Assets – 100.0%	​	​	​	$	8,588,013,749

See accompanying Notes to Financial Statements.

17

Schedule of Investments (continued)

ARK Genomic Revolution ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year are as follows:

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Common Stocks — 29.9%

Biotechnology — 14.6%

AquaBounty Technologies, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

4,007,184

​

46,405,965

​

(17,562,715)

​

9,948,164

​

​

(10,099,373)

​

—

​

—

​

6,605,904

​

32,699,225

Arcturus Therapeutics Holdings, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

102,661,199

​

189,641,949

​

(130,709,214)

​

50,273,705

​

​

(126,978,652)

​

—

​

—

​

2,711,242

​

84,888,987

CareDx, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

56,180,009

​

418,853,405

​

(287,043,938)

​

69,548,787

​

​

52,634,132

​

—

​

—

​

3,690,771

​

310,172,395

Cellectis SA

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

44,530,240

​

77,506,824

​

(38,001,947)

​

4,636,350

​

​

(31,774,036)

​

—

​

—

​

4,393,624

​

56,897,431

Evogene Ltd.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

471,804

​

7,367,652

​

(6,924,098)

​

4,401,410

​

​

3,713,851

​

—

​

—

​

3,157,559

​

9,030,619

Ionis Pharmaceuticals, Inc.

​

​

​

​

���

​

​

​

​

​

​

​

​

​

​

23,692,732

​

507,299,348

​

(94,525,097)

​

5,161,189

​

​

(106,427,230)

​

—

​

—

​

9,025,335

​

335,200,942

Iovance Biotherapeutics, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

57,865,957

​

327,559,233

​

(100,612,735)

​

8,903,506

​

​

(154,076,336)

​

—

​

—

​

—

​

—

Organovo Holdings, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

5,023,413

​

56,549

​

(1,237,735)

​

245,270

​

​

(2,100,223)

​

—

​

—

​

—

​

—

Pluristem Therapeutics, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

13,398,579

​

21,525,386

​

(15,768,364)

​

(13,901,777)

​

​

(3,361,002)

​

—

​

—

​

—

​

—

Repare Therapeutics, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

110,854,042

​

(18,413,385)

​

2,849,076

​

​

(1,902,532)

​

—

​

—

​

2,796,024

​

93,387,201

Surface Oncology, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

52,738,225

​

(12,025,122)

​

1,090,786

​

​

(15,795,434)

​

—

​

—

​

4,327,530

​

26,008,455

Syros Pharmaceuticals, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31,650,621

​

7,286,853

​

(26,648,338)

​

(10,216,444)

​

​

(2,072,692)

​

—

​

—

​

—

​

—

Twist Bioscience Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

65,138,038

​

474,508,560

​

(275,988,255)

​

84,059,843

​

​

(43,925,824)

​

—

​

—

​

2,468,853

​

303,792,362

Electronic Equipment, Instruments & Components — 1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

908 Devices, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

133,883,101

​

(22,382,829)

​

9,316,990

​

​

(38,933,731)

​

—

​

—

​

2,620,273

​

81,883,531

Financial Services — 0.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Dynamics Special Purpose Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

21,943,695

​

(1,892,159)

​

(12,016)

​

​

(320,632)

​

—

​

—

​

2,003,952

​

19,718,888

Health Care Providers & Services — 4.8%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accolade, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

8,343,860

​

342,698,992

​

(86,087,272)

​

15,645,729

​

​

(20,980,832)

​

—

​

—

​

5,546,261

​

259,620,477

Castle Biosciences, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

21,460,870

​

217,112,803

​

(100,695,086)

​

21,721,069

​

​

(2,952,998)

​

—

​

—

​

2,242,615

​

156,646,658

Health Care Technology — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Sema4 Holdings Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

112,398,026

​

(20,102,169)

​

(1,380,242)

​

​

(39,809,488)

​

—

​

—

​

—

​

—

Life Sciences Tools & Services — 8.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Codexis, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

13,842,945

​

161,497,645

​

(48,240,496)

​

16,143,106

​

​

(7,452,053)

​

—

​

—

​

6,417,351

​

135,791,147

Compugen Ltd.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

81,843,425

​

19,096,166

​

(30,898,863)

​

8,997,692

​

​

(52,274,664)

​

—

​

—

​

—

​

—

See accompanying Notes to Financial Statements.

18

Schedule of Investments (continued)

ARK Genomic Revolution ETF

July 31, 2021

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Life Sciences Tools & Services — 8.9% (continued)

​

​

​

​

​

​

​

Pacific Biosciences of California, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

35,920,859

​

​

207,923,105

​

​

(278,465,663)

​

​

201,756,617

​

​

293,346,221

​

​

—

​

​

—

​

14,322,897

​

​

460,481,139

Personalis, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

42,136,152

​

​

138,148,204

​

​

(59,500,308)

​

​

29,381,429

​

​

(52,696,775)

​

​

—

​

​

—

​

4,643,578

​

​

97,468,702

Quantum-Si, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

89,436,855

​

​

(2,691,586)

​

​

788,886

​

​

(16,224,520)

​

​

—

​

​

—

​

7,570,025

​

​

71,309,635

Molecular Diagnostics — 0.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

CM Life Sciences II, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

41,055,232

​

​

(3,243,329)

​

​

98,994

​

​

(5,547,068)

​

​

—

​

​

—

​

2,740,375

​

​

32,363,829

$608,167,887

​

$

3,726,797,815

​

$

(1,679,660,703)

​

$

519,458,119

​

$

(386,011,891)

​

$

—

​

$

—

​

87,284,169

​

$

2,567,361,623

†

Affiliated security

*

Non-income producing security

(a)

American Depositary Receipt

(b)

Rate shown represents annualized 7-day yield as of July 31, 2021.

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

ARK Genomic Revolution ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

8,573,985,085

​

$

—

​

$

—

​

$

8,573,985,085

Money Market Fund

​

​

18,866,018

​

​

—

​

​

—

​

​

18,866,018

Total

​

$

8,592,851,103

​

$

—

​

$

—

​

$

8,592,851,103

‡

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

See accompanying Notes to Financial Statements.

19

Schedule of Investments

ARK Autonomous Technology & Robotics ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 97.8%
Aerospace & Defense – 13.7%
AeroVironment, Inc.*	​	384,693	​	$	38,892,462
Elbit Systems Ltd. (Israel)	​	255,009	​	​	33,821,844
Kratos Defense & Security Solutions, Inc.*†	​	7,093,120	​	​	192,932,864
Lockheed Martin Corp.	​	212,355	​	​	78,925,983
Teledyne Technologies, Inc.*	​	87,733	​	​	39,722,870
Total Aerospace & Defense	​	​	​	​	384,296,023
Airlines – 1.1%
Blade Air Mobility, Inc.*†	​	3,905,347	​	​	29,954,012
Auto Components – 2.3%
Magna International, Inc. (Canada)	​	764,564	​	​	64,093,400
Automobiles – 14.9%
BYD Co. Ltd. (China)(a)	​	540,324	​	​	33,348,797
Niu Technologies (China)*(a)	​	2,209,887	​	​	56,573,107
Tesla, Inc.*	​	476,788	​	​	327,648,714
Total Automobiles	​	​	​	​	417,570,618
Biotechnology – 0.0%(b)
Organovo Holdings, Inc.*	​	146,241	​	​	1,121,668
Computer Hardware – 0.9%
Jaws Spitfire Acquisition Corp., Class A*†	​	2,656,357	​	​	26,430,752
Diversified Consumer Services – 1.4%
2U, Inc.*	​	891,565	​	​	38,693,921
Diversified Telecommunication – 5.2%
Iridium Communications, Inc.*	​	3,439,256	​	​	145,239,781
Electronic Equipment, Instruments & Components – 6.9%
Trimble, Inc.*	​	2,280,083	​	​	194,947,097
Health Care Equipment & Supplies – 1.4%
Intuitive Surgical, Inc.*	​	39,624	​	​	39,285,611
Household Durables – 1.1%
Vuzix Corp.*	​	2,089,598	​	​	30,926,050
Interactive Media & Services – 7.9%
Alphabet, Inc., Class C*	​	52,357	​	​	141,595,318
Baidu, Inc. (China)*(a)	​	482,219	​	​	79,088,738
Kanzhun Ltd. (China)*(a)	​	396	​	​	13,642
Tencent Holdings Ltd. (China)(a)	​	13,144	​	​	804,413
Total Interactive Media & Services	​	​	​	​	221,502,111
Internet & Direct Marketing Retail – 5.6%
Alibaba Group Holding Ltd. (China)*(a)	​	151,531	​	​	29,577,336
JD.com, Inc. (China)*(a)	​	1,785,427	​	​	126,551,066
Total Internet & Direct Marketing Retail	​	​	​	​	156,128,402

Investments	Shares		Value
Machinery – 8.8%
Caterpillar, Inc.	​	235,940	​	$	48,780,595
Deere & Co.	​	212,285	​	​	76,760,133
ExOne Co. (The)*	​	740,247	​	​	12,288,100
Komatsu Ltd. (Japan)(a)	​	2,711,972	​	​	67,853,540
Markforged Holding Corp.*	​	2,638,196	​	​	28,017,642
PACCAR, Inc.	​	6,713	​	​	557,112
Proto Labs, Inc.*	​	192,023	​	​	15,014,278
Total Machinery	​	​	​	​	249,271,400
Road & Rail – 1.9%
TuSimple Holdings, Inc., Class A*	​	1,417,427	​	​	52,161,314
Semiconductors & Semiconductor Equipment – 5.9%
NVIDIA Corp.	​	179,872	​	​	35,073,241
NXP Semiconductors NV (China)	​	281,192	​	​	58,035,217
Teradyne, Inc.	​	580,850	​	​	73,767,950
Total Semiconductors & Semiconductor Equipment	​	​	​	​	166,876,408
Software – 12.7%
ANSYS, Inc.*	​	90,726	​	​	33,428,902
Materialise NV (Belgium)*(a)	​	1,517,989	​	​	33,046,621
Synopsys, Inc.*	​	127,690	​	​	36,773,443
UiPath, Inc., Class A*	​	2,076,288	​	​	129,892,577
Unity Software, Inc.*	​	1,149,956	​	​	123,183,287
Total Software	​	​	​	​	356,324,830
Technology Hardware, Storage & Peripherals – 5.1%
3D Systems Corp.*	​	2,655,313	​	​	73,127,320
Nano Dimension Ltd. (Israel)*(a)	​	7,418,031	​	​	46,956,136
Stratasys Ltd.*	​	1,095,591	​	​	21,626,966
Total Technology Hardware, Storage & Peripherals	​	​	​	​	141,710,422
Transportation – 1.0%
Atlas Crest Investment Corp., Class A*†	​	2,876,215	​	​	28,560,815
Total Common Stocks (Cost $2,751,687,677)	​	​	​	​	2,745,094,635
MONEY MARKET FUND – 2.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c) (Cost $69,573,952)	​	69,573,952	​	​	69,573,952
Total Investments – 100.3% (Cost $2,821,261,629)	​	​	​	​	2,814,668,587
Liabilities in Excess of Other Assets – (0.3)%			​	​	(8,028,850)
Net Assets – 100.0%	​	​	​	$	2,806,639,737

See accompanying Notes to Financial Statements.

20

Schedule of Investments (continued)

ARK Autonomous Technology & Robotics ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year is as follows:

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Common Stocks — 9.9%

Aerospace & Defense — 6.9%

Kratos Defense & Security Solutions, Inc.

15,331,156

​

​

214,059,176

​

​

(44,697,216)

​

​

12,492,225

​

​

(4,252,477)

​

​

—

​

​

—

​

7,093,120

​

​

192,932,864

Airlines — 1.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Blade Air Mobility, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

62,031,690

​

​

(8,545,565)

​

​

(927,361)

​

​

(22,604,752)

​

​

—

​

​

—

​

3,905,347

​

​

29,954,012

Computer Hardware — 0.9%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Jaws Spitfire Acquisition Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

31,761,829

​

​

(4,160,854)

​

​

(13,145)

​

​

(1,157,078)

​

​

—

​

​

—

​

2,656,357

​

​

26,430,752

Machinery – 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ExOne (The) Co.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

7,142,895

​

​

2,428,561

​

​

(7,093,163)

​

​

4,902,197

​

​

4,907,610

​

​

—

​

​

—

​

—

​

​

—

Markforged Holding Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

35,797,734

​

​

(5,012,027)

​

​

(145,858)

​

​

(2,622,207)

​

​

—

​

​

—

​

—

​

​

—

Metal Fabrication — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Galileo Acquisition Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

16,066,826

​

​

(15,897,512)

​

​

(169,314)

​

​

—

​

​

—

​

​

—

​

—

​

​

—

Technology Hardware, Storage & Peripherals — 0.0%

Nano Dimension Ltd.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

304,389

​

​

94,569,493

​

​

(40,824,286)

​

​

10,374,619

​

​

(17,468,079)

​

​

—

​

​

—

​

—

​

​

—

Transportation — 1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Atlas Crest Investment Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

37,849,413

​

​

(4,912,282)

​

​

(182,314)

​

​

(4,194,002)

​

​

—

​

​

—

​

2,876,215

​

​

28,560,815

$22,778,440

​

$

494,564,722

​

$

(131,142,905)

​

$

26,331,049

​

$

(47,390,985)

​

$

—

​

$

—

​

16,531,039

​

$

277,878,443

†

Affiliated security

*

Non-income producing security

(a)

American Depositary Receipt

(b)

Less than 0.05%

(c)

Rate shown represents annualized 7-day yield as of July 31, 2021.

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

ARK Autonomous Technology & Robotics ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

2,745,094,635

​

$

—

​

$

—

​

$

2,745,094,635

Money Market Fund

​

​

69,573,952

​

​

—

​

​

—

​

​

69,573,952

Total

​

$

2,814,668,587

​

$

—

​

$

—

​

$

2,814,668,587

‡

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

See accompanying Notes to Financial Statements.

21

Schedule of Investments

ARK Innovation ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 99.9%
Automobiles – 10.7%
Tesla, Inc.*	​	3,500,833	​	$	2,405,772,438
Biotechnology – 16.7%
Beam Therapeutics, Inc.*†	​	4,670,285	​	​	429,666,220
CRISPR Therapeutics AG (Switzerland)*†	​	4,876,394	​	​	590,141,202
Editas Medicine, Inc.*†	​	4,279,930	​	​	179,157,870
Exact Sciences Corp.*	​	6,356,385	​	​	685,472,559
Fate Therapeutics, Inc.*	​	4,448,004	​	​	368,294,731
Intellia Therapeutics, Inc.*†	​	4,152,036	​	​	588,966,306
Invitae Corp.*†	​	11,855,181	​	​	331,826,516
Iovance Biotherapeutics, Inc.*†	​	8,489,319	​	​	189,057,134
Seres Therapeutics, Inc.*	​	3,722,898	​	​	26,432,576
Twist Bioscience Corp.*	​	1,841,440	​	​	226,589,192
Veracyte, Inc.*	​	3,285,861	​	​	146,417,966
Total Biotechnology	​	​	​	​	3,762,022,272
Capital Markets – 5.3%
Coinbase Global, Inc., Class A*	​	4,263,190	​	​	1,008,585,490
Robinhood Markets, Inc., Class A*	​	4,914,748	​	​	172,753,392
Total Capital Markets	​	​	​	​	1,181,338,882
Diversified Consumer Services – 1.0%
2U, Inc.*†	​	5,156,616	​	​	223,797,134
Diversified Telecommunication – 1.6%
Iridium Communications, Inc.*†	​	8,319,135	​	​	351,317,071
Electronic Equipment, Instruments & Components – 0.6%
Trimble, Inc.*	​	1,683,849	​	​	143,969,089
Entertainment – 12.8%
Nintendo Co. Ltd. (Japan)(a)	​	3,576,384	​	​	229,782,672
Roku, Inc.*	​	2,982,667	​	​	1,277,506,103
Sea Ltd. (Taiwan)*(a)	​	1,362,250	​	​	376,198,960
Skillz, Inc.*	​	13,748,010	​	​	193,571,981
Spotify Technology SA*	​	3,485,591	​	​	797,050,094
Total Entertainment	​	​	​	​	2,874,109,810
Health Care Equipment & Supplies – 0.3%
Cerus Corp.*†	​	12,202,803	​	​	61,502,127
Health Care Technology – 5.8%
Teladoc Health, Inc.*†	​	8,818,488	​	​	1,309,104,544
Hotels Restaurants & Leisure – 2.1%
DraftKings, Inc., Class A*	​	9,562,144	​	​	463,763,984
Interactive Media & Services – 5.5%
Twitter, Inc.*	​	8,291,547	​	​	578,335,403
Zillow Group, Inc., Class C*	​	6,298,654	​	​	669,294,974
Total Interactive Media & Services	​	​	​	​	1,247,630,377

Investments	Shares		Value
IT Services – 13.1%
Shopify, Inc., Class A (Canada)*	​	674,117	​	$	1,011,128,312
Square, Inc., Class A*	​	4,404,371	​	​	1,089,024,773
Twilio, Inc., Class A*	​	2,282,564	​	​	852,743,085
Total IT Services	​	​	​	​	2,952,896,170
Life Sciences Tools & Services – 4.5%
10X Genomics, Inc., Class A*	​	2,409,361	​	​	441,467,216
Berkeley Lights, Inc.*†	​	3,472,513	​	​	158,277,143
Compugen Ltd. (Israel)*†	​	6,419,980	​	​	43,591,664
NanoString Technologies, Inc.*	​	1,878,436	​	​	116,350,326
Pacific Biosciences of California, Inc.*	​	7,678,367	​	​	246,859,499
Total Life Sciences Tools & Services	​	​	​	​	1,006,545,848
Machinery – 0.7%
Proto Labs, Inc.*†	​	1,990,334	​	​	155,624,215
Road & Rail – 0.7%
TuSimple Holdings, Inc., Class A*	​	4,534,846	​	​	166,882,333
Semiconductors & Semiconductor Equipment – 1.1%
Teradyne, Inc.	​	1,903,801	​	​	241,782,727
Software – 17.0%
DocuSign, Inc.*	​	1,763,876	​	​	525,705,603
Materialise NV (Belgium)*†(a)	​	3,692,041	​	​	80,375,733
PagerDuty, Inc.*†	​	5,533,880	​	​	224,620,189
Palantir Technologies, Inc., Class A*	​	22,189,818	​	​	481,740,949
UiPath, Inc., Class A*	​	8,138,273	​	​	509,130,359
Unity Software, Inc.*	​	8,521,637	​	​	912,837,755
Zoom Video Communications, Inc., Class A*	​	2,899,163	​	​	1,096,173,530
Total Software	​	​	​	​	3,830,584,118
Technology Hardware, Storage & Peripherals – 0.4%
Stratasys Ltd.*†	​	4,144,793	​	​	81,818,214
Total Common Stocks (Cost $21,642,749,532)	​	​	​	​	22,460,461,353
MONEY MARKET FUND – 0.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b) (Cost $55,063,857)	​	55,063,857	​	​	55,063,857
Total Investments – 100.1% (Cost $21,697,813,389)	​	​	​	​	22,515,525,210
Liabilities in Excess of Other Assets – (0.1)%			​	​	(20,096,356)
Net Assets – 100.0%	​	​	​	$	22,495,428,854

See accompanying Notes to Financial Statements.

22

Schedule of Investments (continued)

ARK Innovation ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year are as follows:

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Common Stocks — 22.2%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Biotechnology — 10.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beam Therapeutics, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

511,716,012

​

(132,410,423)

​

25,043,598

​

25,317,033

​

—

​

—

​

4,670,285

​

429,666,220

CRISPR Therapeutics AG

​

​

​

​

​

​

​

​

​

​

​

​

​

​

349,654,719

​

400,731,306

​

(389,395,223)

​

220,061,095

​

9,089,305

​

—

​

—

​

4,876,394

​

590,141,202

Editas Medicine, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

167,727,632

​

54,225,083

​

(140,771,775)

​

65,966,160

​

32,010,770

​

—

​

—

​

4,279,930

​

179,157,870

Intellia Therapeutics, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

124,058,583

​

2,669,475

​

(213,718,529)

​

169,898,383

​

506,058,394

​

—

​

—

​

4,152,036

​

588,966,306

Invitae Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

436,592,122

​

151,153,207

​

(266,311,338)

​

175,890,772

​

(165,498,247)

​

—

​

—

​

11,855,181

​

331,826,516

Iovance Biotherapeutics, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

111,737,202

​

423,279,172

​

(181,134,836)

​

(27,046,587)

​

(137,777,817)

​

—

​

—

​

8,489,319

​

189,057,134

Organovo Holdings, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

11,151,324

​

50,716

​

(12,555,733)

​

(5,411,069)

​

6,764,762

​

—

​

—

​

—

​

—

Seres Therapeutics, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31,255,090

​

80,085,762

​

(155,908,172)

​

48,118,839

​

22,881,057

​

—

​

—

​

—

​

—

Syros Pharmaceuticals, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

52,386,859

​

14,833,590

​

(41,251,618)

​

(25,229,878)

​

(738,953)

​

—

​

—

​

—

​

—

Twist Bioscience Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

57,775,335

​

271,958,960

​

(161,477,689)

​

68,880,350

​

(10,547,764)

​

—

​

—

​

—

​

—

Veracyte, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

111,568,341

​

88,395,401

​

(91,900,646)

​

61,059,084

​

(22,704,214)

​

—

​

—

​

—

​

—

Consumer Finance — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LendingTree, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

224,789,652

​

187,805,535

​

(254,412,310)

​

(97,999,605)

​

(60,183,272)

​

—

​

—

​

—

​

—

Diversified Consumer Services — 1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2U, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

288,737,750

​

93,515,725

​

(133,167,991)

​

73,877,398

​

(99,165,748)

​

—

​

—

​

5,156,616

​

223,797,134

Diversified Telecommunication — 1.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Iridium Communications, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

73,837,798

​

378,734,919

​

(149,604,326)

​

44,737,970

​

3,610,710

​

—

​

—

​

8,319,135

​

351,317,071

Entertainment – 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HUYA, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

71,876,179

​

91,855,010

​

(117,130,759)

​

(45,976,601)

​

(623,829)

​

—

​

—

​

—

​

—

Health Care Equipment & Supplies — 0.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cerus Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

110,213,187

​

28,115,213

​

(44,120,574)

​

9,695,955

​

(42,401,654)

​

—

​

—

​

12,202,803

​

61,502,127

Health Care Technology — 5.8%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Teladoc Health, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

2,378,569,710

​

(596,833,930)

​

20,636,217

​

(493,267,453)

​

—

​

—

​

8,818,488

​

1,309,104,544

Life Sciences Tools & Services — 0.9%

​

​

​

​

​

​

​

​

​

​

​

​

Berkeley Lights, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

232,291,692

​

(52,135,303)

​

1,852,167

​

(23,731,413)

​

—

​

—

​

3,472,513

​

158,277,143

Compugen Ltd.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

142,266,832

​

41,789,751

​

(62,545,510)

​

14,932,550

​

(92,851,959)

​

—

​

—

​

6,419,980

​

43,591,664

See accompanying Notes to Financial Statements.

23

Schedule of Investments (continued)

ARK Innovation ETF

July 31, 2021

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Life Sciences Tools & Services — 0.9% (continued)

​

​

​

​

​

​

NanoString Technologies, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

102,159,848

​

​

177,481,886

​

​

(233,304,566)

​

​

90,974,269

​

​

(20,961,110)

​

​

—

​

​

—

​

—

​

​

—

Machinery — 0.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ExOne (The) Co.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

18,236,340

​

​

4,714,545

​

​

(29,603,143)

​

​

8,186,732

​

​

(1,534,473)

​

​

—

​

​

—

​

—

​

​

—

Proto Labs, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

218,068,251

​

​

205,119,051

​

​

(157,357,018)

​

​

31,569,580

​

​

(141,775,649)

​

​

—

​

​

—

​

1,990,334

​

​

155,624,215

Software — 1.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Materialise NV

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

90,286,259

​

​

96,087,427

​

​

(101,533,787)

​

​

45,380,498

​

​

(49,844,664)

​

​

—

​

​

—

​

3,692,041

​

​

80,375,733

PagerDuty, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

107,564,804

​

​

146,914,239

​

​

(118,397,600)

​

​

59,275,022

​

​

29,263,724

​

​

—

​

​

—

​

5,533,880

​

​

224,620,189

Technology Hardware, Storage & Peripherals — 0.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pure Storage, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

145,380,257

​

​

276,633,507

​

​

(458,726,068)

​

​

51,053,337

​

​

(14,341,032)

​

​

—

​

​

—

​

—

​

​

—

Stratasys Ltd.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

114,094,825

​

​

—

​

​

(92,495,606)

​

​

26,577,390

​

​

33,641,605

​

​

—

​

​

—

​

4,144,793

​

​

81,818,214

$3,161,419,189

​

$

6,338,726,894

​

$

(4,388,204,473)

​

$

1,112,003,626

​

$

(709,311,891)

​

$

—

​

$

—

​

98,073,728

​

$

4,998,843,282

†

Affiliated security

*

Non-income producing security

(a)

American Depositary Receipt

(b)

Rate shown represents annualized 7-day yield as of July 31, 2021.

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

ARK Innovation ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

22,460,461,353

​

$

—

​

$

—

​

$

22,460,461,353

Money Market Fund

​

​

55,063,857

​

​

—

​

​

—

​

​

55,063,857

Total

​

$

22,515,525,210

​

$

—

​

$

—

​

$

22,515,525,210

‡

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

See accompanying Notes to Financial Statements.

24

Schedule of Investments

ARK Next Generation Internet ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 94.6%
Automobiles – 10.6%
Tesla, Inc.*	​	896,697	​	$	616,210,178
Biotechnology – 0.9%	​	​	​	​	​
Veracyte, Inc.*	​	1,117,490	​	​	49,795,354
Capital Markets – 6.3%	​	​	​	​	​
Coinbase Global, Inc., Class A*	​	1,096,974	​	​	259,522,109
Concord Acquisition Corp., Class A*†	​	2,794,940	​	​	28,340,692
Khosla Ventures Acquisition Co. II, Class A*†	​	4,174,229	​	​	44,079,858
Robinhood Markets, Inc., Class A*	​	953,729	​	​	33,523,574
Total Capital Markets	​	​	​	​	365,466,233
Consumer Finance – 1.3%	​	​	​	​	​
LendingClub Corp.*	​	3,127,763	​	​	76,317,417
Diversified Consumer Services – 0.9%	​	​	​	​	​
2U, Inc.*	​	1,240,377	​	​	53,832,362
Entertainment – 14.0%	​	​	​	​	​
Netflix, Inc.*	​	89,159	​	​	46,146,024
Nintendo Co. Ltd. (Japan)(a)	​	1,277	​	​	82,047
ROBLOX Corp., Class A*	​	1,255,593	​	​	96,655,549
Roku, Inc.*	​	453,912	​	​	194,415,049
Sea Ltd. (Taiwan)*(a)	​	413,623	​	​	114,226,128
Skillz, Inc.*	​	6,646,176	​	​	93,578,158
Spotify Technology SA*	​	914,550	​	​	209,130,148
Walt Disney Co. (The)*	​	352,361	​	​	62,022,583
Total Entertainment	​	​	​	​	816,255,686
Health Care Technology – 5.1%	​	​	​	​	​
Teladoc Health, Inc.*	​	2,010,176	​	​	298,410,627
Hotels Restaurants & Leisure – 2.7%
DraftKings, Inc., Class A*	​	3,235,427	​	​	156,918,210
Household Durables – 1.0%	​	​	​	​	​
Vuzix Corp.*†	​	4,038,094	​	​	59,763,791
Interactive Media & Services – 9.0%
Kanzhun Ltd. (China)*(a)	​	291	​	​	10,025
Snap, Inc., Class A*	​	835,981	​	​	62,213,706
Tencent Holdings Ltd. (China)(a)	​	291	​	​	17,809
Twitter, Inc.*	​	4,738,006	​	​	330,475,919
Zillow Group, Inc., Class C*	​	1,229,115	​	​	130,605,760
Total Interactive Media & Services	​	​	​	​	523,323,219
Internet & Direct Marketing Retail – 3.9%
Etsy, Inc.*	​	397,729	​	​	72,987,249
Farfetch Ltd., Class A (United Kingdom)*	​	1,178,942	​	​	59,088,573
JD.com, Inc. (China)*(a)	​	291	​	​	20,626
MercadoLibre, Inc. (Argentina)*	​	60,400	​	​	94,749,480

Investments	Shares		Value
Pinduoduo, Inc. (China)*(a)	​	97	​	$	8,886
Total Internet & Direct Marketing Retail	​	​	​	​	226,854,814
IT Services – 16.8%	​	​	​	​	​
Adyen NV (Netherlands)*(a)	​	1,153,546	​	​	62,556,799
Okta, Inc.*	​	350,359	​	​	86,815,457
PayPal Holdings, Inc.*	​	208,205	​	​	57,366,724
Shopify, Inc., Class A (Canada)*	​	189,005	​	​	283,494,270
Snowflake, Inc., Class A*	​	98	​	​	26,040
Square, Inc., Class A*	​	1,051,476	​	​	259,987,956
Twilio, Inc., Class A*	​	607,032	​	​	226,781,085
Total IT Services	​	​	​	​	977,028,331
Leisure Products – 3.3%	​	​	​	​	​
Peloton Interactive, Inc., Class A*	​	1,616,901	​	​	190,875,163
Software – 18.0%	​	​	​	​	​
Cloudflare, Inc., Class A*	​	512,786	​	​	60,831,803
DocuSign, Inc.*	​	197,570	​	​	58,883,763
PagerDuty, Inc.*	​	1,329,878	​	​	53,979,748
Palantir Technologies, Inc., Class A*	​	4,576,908	​	​	99,364,673
Splunk, Inc.*	​	411,122	​	​	58,371,101
Trade Desk, Inc. (The), Class A*	​	1,709,592	​	​	140,032,681
UiPath, Inc., Class A*	​	1,954,064	​	​	122,246,244
Unity Software, Inc.*	​	2,191,384	​	​	234,741,054
Zoom Video Communications, Inc., Class A*	​	568,182	​	​	214,829,614
Total Software	​	​	​	​	1,043,280,681
Technology Hardware, Storage & Peripherals – 0.8%
Nano Dimension Ltd. (Israel)*(a)	​	7,414,417	​	​	46,933,260
Total Common Stocks (Cost $5,270,700,990)	​	​	​	​	5,501,265,326
UNIT TRUST – 5.3%	​	​	​	​	​
Financials – 5.3%	​	​	​	​	​
Grayscale Bitcoin Trust BTC* (Cost $270,118,667)	​	8,872,902	​	​	308,200,251
MONEY MARKET FUND – 0.3%	​	​	​	​	​
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b) (Cost $17,727,566)	​	17,727,566	​	​	17,727,566
Total Investments – 100.2% (Cost $5,558,547,223)	​	​	​	​	5,827,193,143
Liabilities in Excess of Other Assets – (0.2)%			​	​	(13,553,227)
Net Assets – 100.0%	​	​	​	$	5,813,639,916

See accompanying Notes to Financial Statements.

25

Schedule of Investments (continued)

ARK Next Generation Internet ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year are as follows:

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Common Stocks — 2.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital Markets — 1.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Concord Acquisition Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

30,484,796

​

​

(1,215,603)

​

​

(16,017)

​

​

(912,484)

​

​

—

​

​

—

​

2,794,940

​

​

28,340,692

Khosla Ventures Acquisition Co. II

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

45,816,028

​

​

(1,709,605)

​

​

9,742

​

​

(36,307)

​

​

—

​

​

—

​

4,174,229

​

​

44,079,858

Consumer Finance — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LendingClub Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

16,678,229

​

​

24,679,703

​

​

(38,444,677)

​

​

7,787,276

​

​

65,616,886

​

​

—

​

​

—

​

—

​

​

—

Entertainment — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

HUYA, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

56,125,769

​

​

64,892,115

​

​

(93,157,648)

​

​

(16,021,118)

​

​

(11,839,118)

​

​

—

​

​

—

​

—

​

​

—

Household Durables — 1.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Vuzix Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

76,369,904

​

​

(4,852,335)

​

​

32,456

​

​

(11,786,234)

​

​

—

​

​

—

​

4,038,094

​

​

59,763,791

$72,803,998

​

$

242,242,546

​

$

(139,379,868)

​

$

(8,207,661)

​

$

41,042,743

​

$

—

​

$

—

​

11,007,263

​

$

132,184,341

*

Non-income producing security

†

Affiliated security

(a)

American Depositary Receipt

(b)

Rate shown represents annualized 7-day yield as of July 31, 2021.

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

ARK Next Generation Internet ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

5,501,265,326

​

$

—

​

$

—

​

$

5,501,265,326

Unit Trust‡

​

​

308,200,251

​

​

—

​

​

—

​

​

308,200,251

Money Market Fund

​

​

17,727,566

​

​

—

​

​

—

​

​

17,727,566

Total

​

$

5,827,193,143

​

$

—

​

$

—

​

$

5,827,193,143

‡

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

See accompanying Notes to Financial Statements.

26

Schedule of Investments

ARK Fintech Innovation ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 99.8%
Banks – 4.2%
HDFC Bank Ltd. (India)(a)	​	250,528	​	$	17,679,761
Silvergate Capital Corp., Class A*	​	672,615	​	​	69,144,822
TCS Group Holding PLC, Class Reg S (Russia)(b)	​	807,708	​	​	66,813,606
Total Banks	​	​	​	​	153,638,189
Capital Markets – 6.9%	​	​	​	​	​
Charles Schwab Corp. (The)	​	1,061	​	​	72,095
Coinbase Global, Inc., Class A*	​	681,038	​	​	161,119,970
Intercontinental Exchange, Inc.	​	541,624	​	​	64,902,804
Robinhood Markets, Inc., Class A*	​	594,494	​	​	20,896,464
Total Capital Markets	​	​	​	​	246,991,333
Consumer Finance – 2.3%	​	​	​	​	​
Kaspi.KZ JSC (Kazakhstan)(b)	​	222,375	​	​	25,172,850
LendingClub Corp.*	​	2,407,772	​	​	58,749,637
Total Consumer Finance	​	​	​	​	83,922,487
Entertainment – 4.5%	​	​	​	​	​
Sea Ltd. (Taiwan)*(a)	​	582,151	​	​	160,766,820
Health Care Providers & Services – 0.9%
Ping An Healthcare and Technology Co. Ltd. (China)*(c)	​	3,520,100	​	​	32,840,345
Health Care Technology – 2.4%	​	​	​	​	​
Teladoc Health, Inc.*	​	588,437	​	​	87,353,473
Hotels Restaurants & Leisure – 1.4%	​	​	​	​	​
DraftKings, Inc., Class A*	​	1,064,855	​	​	51,645,468
Insurance – 3.1%	​	​	​	​	​
Discovery Ltd. (South Africa)*	​	4,931,593	​	​	39,584,017
ZhongAn Online P&C Insurance Co. Ltd., Class H (China)*(c)	​	13,321,163	​	​	72,081,340
Total Insurance	​	​	​	​	111,665,357
Interactive Media & Services – 16.5%	​	​	​	​	​
Alphabet, Inc., Class C*	​	7,186	​	​	19,433,962
Facebook, Inc., Class A*	​	277,705	​	​	98,946,291
Pinterest, Inc., Class A*	​	1,740,807	​	​	102,533,532
Snap, Inc., Class A*	​	933,953	​	​	69,504,782
Tencent Holdings Ltd. (China)(a)	​	853,074	​	​	52,208,129
Z Holdings Corp. (Japan)	​	14,421,106	​	​	71,839,337
Zillow Group, Inc., Class C*	​	1,694,718	​	​	180,080,735
Total Interactive Media & Services	​	​	​	​	594,546,768

Investments	Shares		Value
Internet & Direct Marketing Retail – 11.5%
Alibaba Group Holding Ltd. (China)*(a)	​	147,838	​	$	28,856,499
Amazon.com, Inc.*	​	12,082	​	​	40,203,942
Farfetch Ltd., Class A (United Kingdom)*	​	944,845	​	​	47,355,631
JD.com, Inc. (China)*(a)	​	1,011,380	​	​	71,686,614
Meituan, Class B (China)*(c)	​	1,391,119	​	​	38,487,301
MercadoLibre, Inc. (Argentina)*	​	94,408	​	​	148,097,830
Pinduoduo, Inc. (China)*(a)	​	426,663	​	​	39,086,598
Total Internet & Direct Marketing Retail	​	​	​	​	413,774,415
IT Services – 33.4%	​	​	​	​	​
Adyen NV (Netherlands)*(c)	​	50,587	​	​	137,390,641
BASE, Inc. (Japan)*	​	2,531,000	​	​	26,300,898
PayPal Holdings, Inc.*	​	621,481	​	​	171,236,660
Shopify, Inc., Class A (Canada)*	​	161,918	​	​	242,865,666
Square, Inc., Class A*	​	1,594,118	​	​	394,161,617
StoneCo Ltd., Class A (Brazil)*	​	1,040,286	​	​	61,210,428
Twilio, Inc., Class A*	​	356,756	​	​	133,280,474
Yeahka Ltd. (China)*	​	8,270,400	​	​	39,749,514
Total IT Services	​	​	​	​	1,206,195,898
Real Estate Management & Development – 2.8%
Opendoor Technologies, Inc.*	​	6,918,590	​	​	102,533,504
Software – 9.9%	​	​	​	​	​
Bill.com Holdings, Inc.*	​	214,230	​	​	44,307,049
DocuSign, Inc.*	​	339,513	​	​	101,188,454
Intuit, Inc.	​	139,366	​	​	73,859,799
UiPath, Inc., Class A*	​	1,477,934	​	​	92,459,551
Workday, Inc., Class A*	​	192,277	​	​	45,069,729
Total Software	​	​	​	​	356,884,582
Total Common Stocks (Cost $3,577,057,157)	​	​	​	​	3,602,758,639
MONEY MARKET FUND – 0.3%	​	​	​	​	​
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(d) (Cost $9,506,787)	​	9,506,787	​	​	9,506,787
Total Investments – 100.1% (Cost $3,586,563,944)	​	​	​	​	3,612,265,426
Liabilities in Excess of Other Assets – (0.1)%	​	​	​	​	(1,996,366)
Net Assets – 100.0%	​	​	​	$	3,610,269,060

See accompanying Notes to Financial Statements.

27

Schedule of Investments (continued)

ARK Fintech Innovation ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year are as follows:

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Common Stock — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Banks — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Silvergate Capital Corp.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$1,646,155

​

$

134,189,781

​

$

(88,593,084)

​

$

(3,481,480)

​

$

25,383,450

​

$

—

​

$

���

​

—

​

$

—

†

Affiliated security

*

Non-income producing security

(a)

American Depositary Receipt

(b)

Global Depositary Receipt

(c)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(d)

Rate shown represents annualized 7-day yield as of July 31, 2021.

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

ARK Fintech Innovation ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

3,602,758,639

​

$

—

​

$

—

​

$

3,602,758,639

Money Market Fund

​

​

9,506,787

​

​

—

​

​

—

​

​

9,506,787

Total

​

$

3,612,265,426

​

$

—

​

$

—

​

$

3,612,265,426

‡

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

See accompanying Notes to Financial Statements.

28

Schedule of Investments

ARK Space Exploration & Innovation ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 92.9%	​	​	​	​	​
Aerospace & Defense – 33.6%	​	​	​	​	​
AeroVironment, Inc.*	​	171,610	​	$	17,349,771
Airbus SE (France)*	​	69,618	​	​	9,555,039
Boeing Co. (The)*	​	74,056	​	​	16,772,203
Elbit Systems Ltd. (Israel)	​	63,838	​	​	8,466,834
HEICO Corp.	​	44,790	​	​	6,057,848
Kratos Defense & Security Solutions, Inc.*	​	1,417,778	​	​	38,563,562
L3Harris Technologies, Inc.	​	150,416	​	​	34,105,324
Lockheed Martin Corp.	​	73,735	​	​	27,405,087
Spirit AeroSystems Holdings, Inc., Class A	​	346,164	​	​	14,957,746
Teledyne Technologies, Inc.*	​	12,260	​	​	5,550,960
Thales SA (France)	​	241,827	​	​	25,387,833
Total Aerospace & Defense	​	​	​	​	204,172,207
Air Freight & Logistics – 2.9%	​	​	​	​	​
JD Logistics, Inc. (China)*(a)	​	4,888,223	​	​	17,644,062
Airlines – 1.2%	​	​	​	​	​
Blade Air Mobility, Inc.*	​	973,420	​	​	7,466,131
Computer Hardware – 1.1%	​	​	​	​	​
Jaws Spitfire Acquisition Corp., Class A*	​	693,861	​	​	6,903,917
Diversified Telecommunication – 6.3%	​	​	​	​	​
Iridium Communications, Inc.*	​	910,271	​	​	38,440,744
Electronic Equipment, Instruments & Components – 10.2%
Trimble, Inc.*	​	721,323	​	​	61,673,117
Entertainment – 2.6%	​	​	​	​	​
Netflix, Inc.*	​	30,372	​	​	15,719,636
Household Durables – 1.2%	​	​	​	​	​
Garmin Ltd.	​	44,236	​	​	6,953,899
Industrial Conglomerates – 1.2%	​	​	​	​	​
Honeywell International, Inc.	​	31,092	​	​	7,268,999
Raven Industries, Inc.*	​	50	​	​	2,912
Total Industrial Conglomerates	​	​	​	​	7,271,911
Interactive Media & Services – 3.2%	​	​	​	​	​
Alphabet, Inc., Class C*	​	7,077	​	​	19,139,180
Internet & Direct Marketing Retail – 5.1%
Alibaba Group Holding Ltd. (China)*(b)	​	41,676	​	​	8,134,738
Amazon.com, Inc.*	​	5,123	​	​	17,047,244
Meituan, Class B (China)*(a)	​	206,663	​	​	5,717,628
Total Internet & Direct Marketing Retail	​	​	​	​	30,899,610

Investments	Shares		Value
Machinery – 5.9%	​	​	​	​	​
Deere & Co.	​	27,096	​	$	9,797,643
Komatsu Ltd. (Japan)	​	895,688	​	​	23,097,410
Markforged Holding Corp.*	​	291,339	​	​	3,094,020
Total Machinery	​	​	​	​	35,989,073
Semiconductors & Semiconductor Equipment – 3.8%
NVIDIA Corp.	​	61,252	​	​	11,943,528
Teradyne, Inc.	​	87,180	​	​	11,071,860
Total Semiconductors & Semiconductor Equipment	​	​	​	​	23,015,388
Software – 12.0%	​	​	​	​	​
ANSYS, Inc.*	​	17,882	​	​	6,588,802
Dassault Systemes SE (France)	​	324,987	​	​	17,934,252
Synopsys, Inc.*	​	24,534	​	​	7,065,547
UiPath, Inc., Class A*	​	272,618	​	​	17,054,982
Unity Software, Inc.*	​	227,665	​	​	24,387,475
Total Software	​	​	​	​	73,031,058
Transportation – 2.6%	​	​	​	​	​
Atlas Crest Investment Corp., Class A*	​	396,460	​	​	3,936,848
Reinvent Technology Partners, Class A*	​	1,190,925	​	​	11,885,431
Total Transportation	​	​	​	​	15,822,279
Total Common Stocks (Cost $558,368,417)	​	​	​	​	564,142,212
EXCHANGE – TRADED FUND – 6.9%
Equity Fund – 6.9%	​	​	​	​	​
The 3D Printing ETF*† (Cost $42,839,289)	​	1,095,858	​	​	41,642,604
MONEY MARKET FUND – 1.0%	​	​	​	​	​
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(c) (Cost $6,356,450)	​	6,356,450	​	​	6,356,450
Total Investments – 100.8% (Cost $607,564,156)	​	​	​	​	612,141,266
Liabilities in Excess of Other Assets – (0.8)%			​	​	(4,587,962)
Net Assets – 100.0%	​	​	​	$	607,553,304

See accompanying Notes to Financial Statements.

29

Schedule of Investments (continued)

ARK Space Exploration & Innovation ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year are as follows:

Value ($) at 3/30/2021

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Exchange – Traded Fund — 6.8%

Equity Fund — 6.8%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The 3D Printing ETF

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$ —

​

$

47,555,768

​

$

(4,859,306)

​

$

142,827

​

$

(1,196,685)

​

$

—

​

$

—

​

1,095,858

​

$

41,642,604

†

Affiliated security

*

Non-income producing security

(a)

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.

(b)

American Depositary Receipt

(c)

Rate shown represents annualized 7-day yield as of July 31, 2021.

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

ARK Space Exploration & Innovation ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

564,142,212

​

$

—

​

$

—

​

$

564,142,212

Exchange – Traded Fund

​

​

41,642,604

​

​

—

​

​

—

​

​

41,642,604

Money Market Fund

​

​

6,356,450

​

​

—

​

​

—

​

​

6,356,450

Total

​

$

612,141,266

​

$

—

​

$

—

​

$

612,141,266

‡

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

See accompanying Notes to Financial Statements.

30

Schedule of Investments

The 3D Printing ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 99.8%
Aerospace & Defense – 2.4%	​	​	​	​	​
Aerojet Rocketdyne Holdings, Inc.	​	126,735	​	$	5,979,358
Hexcel Corp.*	​	9,567	​	​	520,636
Moog, Inc., Class A	​	74,021	​	​	5,764,015
Total Aerospace & Defense	​	​	​	​	12,264,009
Air Freight & Logistics – 1.0%
United Parcel Service, Inc., Class B	​	28,045	​	​	5,366,691
Auto Components – 2.3%	​	​	​	​	​
Cie Generale des Etablissements Michelin SCA (France)	​	36,718	​	​	5,997,780
Exco Technologies Ltd. (Canada)	​	705,475	​	​	5,812,987
Total Auto Components	​	​	​	​	11,810,767
Chemicals – 0.8%	​	​	​	​	​
5N Plus, Inc. (Canada)*	​	251,037	​	​	535,234
Arkema SA (France)	​	4,407	​	​	560,684
DuPont de Nemours, Inc.	​	7,002	​	​	525,500
Eastman Chemical Co.	​	4,914	​	​	553,906
Evonik Industries AG (Germany)	​	16,280	​	​	565,848
Koninklijke DSM NV (Netherlands)	​	2,919	​	​	588,481
Toray Industries, Inc. (Japan)	​	86,599	​	​	566,144
Total Chemicals	​	​	​	​	3,895,797
Commercial Services & Supplies – 0.1%
PyroGenesis Canada, Inc. (Canada)*	​	122,415	​	​	451,354
Electrical Equipment – 1.4%	​	​	​	​	​
AMETEK, Inc.	​	46,954	​	​	6,528,954
SGL Carbon SE (Germany)*	​	50,545	​	​	562,417
Total Electrical Equipment	​	​	​	​	7,091,371
Electronic Equipment, Instruments & Components – 10.2%
FARO Technologies, Inc.*	​	83,294	​	​	6,071,300
Hexagon AB, Class B (Sweden)	​	409,963	​	​	6,786,363
Renishaw PLC (United Kingdom)	​	281,670	​	​	20,006,862
Trimble, Inc.*	​	230,215	​	​	19,683,383
Total Electronic Equipment, Instruments & Components	​	​	​	​	52,547,908
Health Care Equipment & Supplies – 9.0%
Align Technology, Inc.*	​	9,967	​	​	6,935,039
Conformis, Inc.*†	​	12,892,332	​	​	19,209,575
Straumann Holding AG (Switzerland)	​	11,114	​	​	20,612,154
Total Health Care Equipment & Supplies	​	​	​	​	46,756,768
Industrial Conglomerates – 2.4%
3M Co.	​	2,747	​	​	543,741
General Electric Co.*	​	467,650	​	​	6,056,067
Siemens AG (Germany)	​	37,573	​	​	5,864,667
Total Industrial Conglomerates	​	​	​	​	12,464,475
Internet & Direct Marketing Retail – 2.5%
Xometry, Inc., Class A*	​	164,937	​	​	13,058,062
Life Sciences Tools & Services – 4.4%
CELLINK AB, Class B (Sweden)*	​	346,037	​	​	22,550,852

Investments	Shares		Value
Machinery – 17.4%	​	​	​	​	​
Desktop Metal, Inc., Class A*	​	2,052,312	​	$	18,470,808
ExOne Co. (The)*†	​	1,133,482	​	​	18,815,801
Lincoln Electric Holdings, Inc.	​	44,073	​	​	6,145,098
OC Oerlikon Corp. AG (Switzerland)	​	526,134	​	​	5,959,193
Proto Labs, Inc.*	​	226,408	​	​	17,702,841
Sandvik AB (Sweden)	​	20,766	​	​	541,078
SLM Solutions Group AG (Germany)*	​	944,745	​	​	21,719,306
Total Machinery	​	​	​	​	89,354,125
Metals & Mining – 2.8%
Allegheny Technologies, Inc.*	​	26,616	​	​	546,427
Arconic Corp.*	​	176,681	​	​	6,349,915
Carpenter Technology Corp.	​	14,565	​	​	555,655
Kaiser Aluminum Corp.	​	50,847	​	​	6,187,063
voestalpine AG (Austria)	​	13,242	​	​	584,037
Total Metals & Mining	​	​	​	​	14,223,097
Software – 25.8%	​	​	​	​	​
Altair Engineering, Inc., Class A*	​	279,087	​	​	19,469,109
ANSYS, Inc.*	​	53,867	​	​	19,847,835
Autodesk, Inc.*	​	63,859	​	​	20,507,041
Dassault Systemes SE (France)	​	365,540	​	​	20,172,150
Materialise NV (Belgium)*(a)	​	751,795	​	​	16,366,577
Microsoft Corp.	​	66,170	​	​	18,852,495
PTC, Inc.*	​	133,103	​	​	18,028,801
Total Software	​	​	​	​	133,244,008
Technology Hardware, Storage & Peripherals – 17.3%
3D Systems Corp.*	​	873,271	​	​	24,049,883
Eastman Kodak Co.*	​	75,025	​	​	553,684
HP, Inc.	​	681,976	​	​	19,688,647
MGI Digital Graphic Technology (France)*	​	278,869	​	​	13,497,023
Nano Dimension Ltd. (Israel)*(a)	​	2,881,926	​	​	18,242,592
Stratasys Ltd.*	​	648,124	​	​	12,793,968
Xerox Holdings Corp.	​	23,604	​	​	569,565
Total Technology Hardware, Storage & Peripherals	​	​	​	​	89,395,362
Total Common Stocks (Cost $575,915,343)	​	​	​	​	514,474,646
PREFERRED STOCK – 0.1%
Household Products – 0.1%
Henkel AG & Co. KGaA (Germany) (Cost $583,106)	​	5,407	​	​	548,275
MONEY MARKET FUND – 0.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b) (Cost $480,720)	​	480,720	​	​	480,720
Total Investments – 100.0% (Cost $576,979,169)	​	​	​	​	515,503,641
Liabilities in Excess of Other Assets – (0.0)%(c)	​	​	​	​	(115)
Net Assets – 100.0%	​	​	​	$	515,503,526

See accompanying Notes to Financial Statements.

31

Schedule of Investments (continued)

The 3D Printing ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year are as follows:

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Common Stocks — 7.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Health Care Equipment & Supplies — 3.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Conformis, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

​

​

14,561,885

​

​

(172,962)

​

​

30,515

​

​

4,790,137

​

​

—

​

​

—

​

12,892,332

​

​

19,209,575

Machinery — 3.7%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ExOne (The) Co.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,089,567

​

​

58,624,908

​

​

(16,321,877)

​

​

(2,306,671)

​

​

(23,270,126)

​

​

—

​

​

—

​

1,133,482

​

​

18,815,801

SLM Solutions Group AG

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,127,620

​

​

34,584,008

​

​

(15,235,793)

​

​

961,223

​

​

(717,752)

​

​

—

​

​

—

​

—

​

​

—

Technology Hardware, Storage & Peripherals — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

MGI Digital Graphic Technology

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2,127,889

​

​

32,525,693

​

​

(13,396,541)

​

​

(3,592,933)

​

​

(4,167,085)

​

​

—

​

​

—

​

—

​

​

—

$6,345,076

​

$

140,296,494

​

$

(45,127,173)

​

$

(4,907,866)

​

$

(23,364,826)

​

$

—

​

$

—

​

14,025,814

​

$

38,025,376

*

Non-income producing security

†

Affiliated security

(a)

American Depositary Receipt

(b)

Rate shown represents annualized 7-day yield as of July 31, 2021.

(c)

Less than 0.05%

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

The 3D Printing ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

514,474,646

​

$

—

​

$

—

​

$

514,474,646

Preferred Stock‡

​

​

548,275

​

​

—

​

​

—

​

​

548,275

Money Market Fund

​

​

480,720

​

​

—

​

​

—

​

​

480,720

Total

​

$

515,503,641

​

$

—

​

$

—

​

$

515,503,641

‡

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

See accompanying Notes to Financial Statements.

32

Schedule of Investments

The ARK Israel Innovative Technology ETF

July 31, 2021

Investments	Shares		Value
COMMON STOCKS – 99.4%	​	​	​	​	​
Aerospace & Defense – 4.2%	​	​	​	​	​
Bet Shemesh Engines Holdings 1997 Ltd. (Israel)*	​	197,115	​	$	4,003,279
Elbit Systems Ltd. (Israel)	​	29,394	​	​	3,888,283
RADA Electronic Industries Ltd. (Israel)*	​	313,235	​	​	4,081,452
Total Aerospace & Defense	​	​	​	​	11,973,014
Biotechnology – 13.4%	​	​	​	​	​
BioLine RX Ltd. (Israel)*(a)	​	1,137,910	​	​	3,675,449
Chemomab Therapeutics Ltd. (Israel)*(a)	​	191,274	​	​	3,180,887
Collplant Biotechnologies Ltd. (Israel)*	​	202,679	​	​	3,605,659
Enlivex Therapeutics Ltd. (Israel)*	​	485,071	​	​	3,686,540
Entera Bio Ltd. (Israel)*	​	531,569	​	​	2,732,265
Evogene Ltd. (Israel)*	​	1,168,333	​	​	3,409,400
Gamida Cell Ltd. (Israel)*	​	660,833	​	​	3,409,898
Kamada Ltd. (Israel)*	​	686,122	​	​	3,778,181
Pluristem Therapeutics, Inc.*	​	980,500	​	​	3,216,040
UroGen Pharma Ltd.*	​	258,704	​	​	4,009,912
Vascular Biogenics Ltd. (Israel)*	​	1,476,500	​	​	3,218,770
Total Biotechnology	​	​	​	​	37,923,001
Communications Equipment – 10.0%	​	​	​	​	​
AudioCodes Ltd. (Israel)	​	117,648	​	​	3,854,148
BATM Advanced Communications Ltd. (Israel)*	​	3,246,850	​	​	3,976,575
Ceragon Networks Ltd. (Israel)*	​	1,090,119	​	​	4,360,476
Gilat Satellite Networks Ltd. (Israel)	​	407,160	​	​	4,267,037
Ituran Location and Control Ltd. (Israel)	​	153,168	​	​	3,888,936
Radware Ltd. (Israel)*	​	122,722	​	​	3,955,330
Silicom Ltd. (Israel)*	​	91,836	​	​	4,122,518
Total Communications Equipment	​	​	​	​	28,425,020
Diversified Telecommunication – 1.4%	​	​	​	​	​
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)*	​	3,692,271	​	​	3,949,845
Electrical Equipment – 3.4%	​	​	​	​	​
Aquarius Engines AM Ltd. (Israel)*	​	275,214	​	​	3,316,190
Augwind Energy Tech Storage Ltd. (Israel)*	​	194,091	​	​	3,478,927
Phinergy Ltd. (Israel)*	​	857,161	​	​	2,916,867
Total Electrical Equipment	​	​	​	​	9,711,984
Electronic Equipment, Instruments & Components – 5.4%
Arad Ltd. (Israel)	​	297,836	​	​	3,961,933
Innoviz Technologies Ltd. (Israel)*	​	373,830	​	​	3,457,927
Nayax Ltd. (Israel)*	​	1,295,887	​	​	3,952,806
Priortech Ltd. (Israel)	​	145,838	​	​	3,767,200
Total Electronic Equipment, Instruments & Components	​	​	​	​	15,139,866
Entertainment – 1.3%	​	​	​	​	​
Playtika Holding Corp.*	​	164,764	​	​	3,662,704

Investments	Shares		Value
Health Care Equipment & Supplies – 5.3%	​	​	​	​	​
Check Cap Ltd.*	​	3,232,331	​	$	3,555,564
Icecure Medical Ltd. (Israel)*	​	2,654,959	​	​	3,570,335
Inmode Ltd.*	​	36,594	​	​	4,159,640
Nano-X Imaging Ltd. (Israel)*	​	130,970	​	​	3,712,999
Total Health Care Equipment & Supplies	​	​	​	​	14,998,538
Hotels, Restaurants & Leisure – 1.2%	​	​	​	​	​
Fattal Holdings 1998 Ltd. (Israel)*	​	39,455	​	​	3,455,440
Household Durables – 1.3%	​	​	​	​	​
Electra Consumer Products 1970 Ltd. (Israel)	​	71,916	​	​	3,788,800
Internet & Direct Marketing Retail – 1.6%	​	​	​	​	​
Fiverr International Ltd. (Israel)*	​	17,875	​	​	4,449,266
IT Services – 7.0%	​	​	​	​	​
E&M Computing Ltd. (Israel)	​	640,592	​	​	3,997,135
Malam – Team Ltd. (Israel)	​	120,173	​	​	3,996,473
Matrix IT Ltd. (Israel)	​	148,310	​	​	4,087,529
One Software Technologies Ltd. (Israel)	​	252,313	​	​	3,868,409
Wix.com Ltd. (Israel)*	​	13,109	​	​	3,914,872
Total IT Services	​	​	​	​	19,864,418
Life Sciences Tools & Services – 0.9%	​	​	​	​	​
Compugen Ltd. (Israel)*	​	377,339	​	​	2,562,132
Machinery – 3.3%	​	​	​	​	​
Kornit Digital Ltd. (Israel)*	​	32,491	​	​	4,294,010
Plasson Industries Ltd. (Israel)	​	73,484	​	​	3,985,072
RoboGroup T.E.K Ltd. (Israel)*	​	1,198,258	​	​	1,106,141
Total Machinery	​	​	​	​	9,385,223
Media – 1.4%	​	​	​	​	​
Perion Network Ltd. (Israel)*	​	208,534	​	​	3,966,317
Pharmaceuticals – 7.5%	​	​	​	​	​
Intercure Ltd. (Israel)*	​	304,800	​	​	2,023,515
MediWound Ltd. (Israel)*	​	810,453	​	​	3,079,721
PolyPid Ltd. (Israel)*	​	499,502	​	​	4,080,931
Purple Biotech Ltd. (Israel)*(a)	​	737,182	​	​	4,069,245
Redhill Biopharma Ltd. (Israel)*(a)	​	20,266	​	​	130,513
Taro Pharmaceutical Industries Ltd.*	​	54,212	​	​	3,859,895
Teva Pharmaceutical Industries Ltd. (Israel)*(a)	​	428,057	​	​	4,130,750
Total Pharmaceuticals	​	​	​	​	21,374,570
Professional Services – 1.4%	​	​	​	​	​
Danel Adir Yeoshua Ltd. (Israel)	​	18,371	​	​	3,921,988

See accompanying Notes to Financial Statements.

33

Schedule of Investments (continued)

The ARK Israel Innovative Technology ETF

July 31, 2021

Investments	Shares		Value			​
Semiconductors & Semiconductor Equipment – 5.6%						​
Camtek Ltd. (Israel)*	​	109,748	​	$	4,104,575	​
Nova Ltd. (Israel)*	​	39,953	​	​	3,907,403	​
SolarEdge Technologies, Inc.*	​	15,549	​	​	4,034,655	​
Tower Semiconductor Ltd. (Israel)*	​	141,521	​	​	3,941,360	​
Total Semiconductors & Semiconductor Equipment	​	​	​	​	15,987,993	​
Software – 18.9%	​	​	​	​	​	​
Abra Information Technologies Ltd. (Israel)*	​	2,681,356	​	​	3,488,044	​
Allot Ltd. (Israel)*	​	206,364	​	​	3,900,280	​
Check Point Software Technologies Ltd. (Israel)*	​	30,403	​	​	3,864,221	​
Cognyte Software Ltd. (Israel)*	​	152,667	​	​	3,964,762	​
CyberArk Software Ltd.*	​	27,759	​	​	3,942,611	��
Hilan Ltd. (Israel)	​	72,721	​	​	3,745,722	​
JFrog Ltd. (Israel)*	​	85,891	​	​	3,763,744	​
Magic Software Enterprises Ltd. (Israel)	​	223,665	​	​	3,923,911	​
Monday.com Ltd.*	​	17,944	​	​	3,970,828	​
Nice Ltd. (Israel)*(a)	​	14,736	​	​	4,106,186	​
Sapiens International Corp. NV (Israel)	​	148,557	​	​	3,745,122	​
SimilarWeb Ltd. (Israel)*	​	164,980	​	​	3,956,220	​
Tufin Software Technologies Ltd. (Israel)*	​	364,785	​	​	3,673,385	​
WalkMe Ltd. (Israel)*	​	125,378	​	​	3,477,986	​
Total Software	​	​	​	​	53,523,022	​
Technology Hardware, Storage & Peripherals – 2.2%						​
Nano Dimension Ltd. (Israel)*(a)	​	573,849	​	​	3,632,464	​
Stratasys Ltd.*	​	136,900	​	​	2,702,406	​
Total Technology Hardware, Storage & Peripherals	​	​	​	​	6,334,870	​
Wireless Telecommunication Services – 2.7%						​
Cellcom Israel Ltd. (Israel)*	​	1,001,993	​	​	3,794,090	​
Partner Communications Co. Ltd. (Israel)*	​	891,236	​	​	3,846,169	​
Total Wireless Telecommunication Services	​	​	​	​	7,640,259	​
Total Common Stocks (Cost $305,644,060)	​	​	​	​	282,038,270	​
MONEY MARKET FUND – 0.7%	​	​	​	​	​	​
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%(b) (Cost $2,101,652)	​	2,101,652	​	​	2,101,652	​
Total Investments – 100.1% (Cost $307,745,712)	​	​	​	​	284,139,922	​
Liabilities in Excess of Other Assets – (0.1)%	​	​	​	​	(423,576)	​
Net Assets – 100.0%	​	​	​	$	283,716,346	​

See accompanying Notes to Financial Statements.

34

Schedule of Investments (continued)

The ARK Israel Innovative Technology ETF

July 31, 2021

Affiliated Issuer Transactions

A summary of the Fund’s fiscal year to date transactions with companies which are or were affiliated issuers during the year are as follows:

Value ($) at 7/31/2020

Purchases Cost ($)

Sales Proceeds ($)

Net Realized Gain/(Loss) ($)

Net Change in Unrealized Appreciation (Depreciation) ($)

Dividend Income ($)

Capital Gain Distributions ($)

​

Number of Shares at 7/31/2021

Value ($) at 7/31/2021

Common Stock — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Machinery — 0.0%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RoboGroup T.E.K Ltd.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$ —

​

$

8,845,857

​

$

(2,853,715)

​

$

(3,730,271)

​

$

(1,155,730)

​

$

—

​

$

—

��

​

—

​

$

—

*

Non-income producing security

(a)

American Depositary Receipt

(b)

Rate shown represents annualized 7-day yield as of July 31, 2021.

Country	Value			% of Net Assets
Israel	​	$	244,924,016	​	86.3%
United States	​	​	39,215,906	​	13.8
Total Investments	​	​	284,139,922	​	100.1
Liabilities in Excess of Other Assets	​	​	(423,576)	​	(0.1)
Net Assets	​	$	283,716,346	​	100.0%

See accompanying Notes to Financial Statements.

35

Schedule of Investments (concluded)

The ARK Israel Innovative Technology ETF

July 31, 2021

Fair Value Measurement

The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

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

•

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

•

Level 3 – Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of July 31, 2021, based upon the three levels defined above:

The ARK Israel Innovative Technology ETF

Level 1

Level 2

Level 3

Total

Assets

​

​

​

​

​

​

​

​

​

​

​

​

Common Stocks‡

​

$

282,038,270

​

$

—

​

$

—

​

$

282,038,270

Money Market Fund

​

​

2,101,652

​

​

—

​

​

—

​

​

2,101,652

Total

​

$

284,139,922

​

$

—

​

$

—

​

$

284,139,922

‡

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

See accompanying Notes to Financial Statements.

36

Statements of Assets and Liabilities 

July 31, 2021

​

ARK Genomic Revolution ETF

ARK Autonomous Technology & Robotics ETF

ARK Innovation ETF

ARK Next Generation Internet ETF

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments in non-affiliated securities at market value (Note 2)

​

$

6,025,489,480

​

$

2,536,790,144

​

$

17,516,681,928

​

​

$

5,695,008,802

Investments in affiliated securities at market value (Note 2)

​

​

2,567,361,623

​

​

277,878,443

​

​

4,998,843,282

​

​

​

132,184,341

Cash

​

​

28,905,693

​

​

—

​

​

—

​

​

​

—

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

Dividends and interest

​

​

1,625,430

​

​

510,801

​

​

1,396

​

​

​

216

Capital shares sold

​

​

—

​

​

—

​

​

174,873,063

​

​

​

104,384,445

Investment securities sold

​

​

85,852,300

​

​

44,622,033

​

​

386,063,110

​

​

​

185,421,779

Reclaims

​

​

5,173,812

​

​

9,177

​

​

1,778,642

��

​

​

—

Total Assets

​

​

8,714,408,338

​

​

2,859,810,598

​

​

23,078,241,421

​

​

​

6,116,999,583

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

​

Payables:

​

​

​

​

​

​

​

​

​

​

​

​

​

Capital shares purchased

​

​

55,052,711

​

​

8,130,599

​

​

102,257,720

​

​

​

119,018,412

Investment securities purchased

​

​

65,576,735

​

​

43,189,084

​

​

465,708,021

​

​

​

180,550,559

Management fees (Note 3)

​

​

5,765,143

​

​

1,851,178

​

​

14,846,826

​

​

​

3,790,696

Total Liabilities

​

​

126,394,589

​

​

53,170,861

​

​

582,812,567

​

​

​

303,359,667

NET ASSETS

​

$

8,588,013,749

​

$

2,806,639,737

​

$

22,495,428,854

​

​

$

5,813,639,916

NET ASSETS CONSIST OF:

​

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

9,233,434,150

​

$

2,836,986,588

​

$

21,756,802,071

​

​

$

5,564,382,858

Total distributable earnings/accumulated (loss)

​

​

(645,420,401)

​

​

(30,346,851)

​

​

738,626,783

​

​

​

249,257,058

NET ASSETS

​

$

8,588,013,749

​

$

2,806,639,737

​

$

22,495,428,854

​

​

$

5,813,639,916

Shares outstanding

​

​

101,755,000

​

​

34,600,000

​

​

187,600,000

​

​

​

39,450,000

Net asset value, per share

​

$

84.40

​

$

81.12

​

$

119.91

​

​

$

147.37

Investments in non-affiliated securities at cost

​

$

6,610,976,526

​

$

2,512,241,828

​

$

16,730,447,314

​

​

$

5,413,627,857

Investments in affiliated securities at cost

​

$

2,581,923,225

​

$

309,019,801

​

$

4,967,366,075

​

​

$

144,919,366

See accompanying Notes to Financial Statements.

37

Statements of Assets and Liabilities (concluded)

July 31, 2021

​

ARK Fintech Innovation ETF

ARK Space Exploration & Innovation ETF

The 3D Printing ETF

The ARK Israel Innovative Technology ETF

ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in non-affiliated securities at market value (Note 2)

​

$

3,612,265,426

​

$

570,498,662

​

$

477,478,265

​

$

284,139,922

Investments in affiliated securities at market value (Note 2)

​

​

—

​

​

41,642,604

​

​

38,025,376

​

​

—

Cash

​

​

—

​

​

60

​

​

—

​

​

96,972

Foreign Currency

​

​

—

​

​

—

​

​

14,688,509

​

​

—

Receivables:

​

​

​

​

​

​

​

​

​

​

​

​

Dividends and interest

​

​

67,993

​

​

24,473

​

​

45,638

​

​

53

Capital shares sold

​

​

4,729

​

​

—

​

​

—

​

​

—

Investment securities sold

​

​

63,408,538

​

​

18,335

​

​

1,234,680

​

​

2,278,426

Reclaims

​

​

—

​

​

52,003

​

​

135,859

​

​

—

Total Assets

​

​

3,675,746,686

​

​

612,236,137

​

​

531,608,327

​

​

286,515,373

LIABILITIES:

​

​

​

​

​

​

​

​

​

​

​

​

Due to custodian

​

​

357

​

​

—

​

​

—

​

​

—

Due to custodian for foreign currency

​

​

3,510

​

​

3,399

​

​

—

​

​

451

Payables:

​

​

​

​

​

​

​

​

​

​

​

​

Capital shares purchased

​

​

28,259,063

​

​

—

​

​

—

​

​

2,270,177

Investment securities purchased

​

​

34,762,986

​

​

4,311,189

​

​

15,812,651

​

​

405,903

Management fees (Note 3)

​

​

2,451,710

​

​

368,245

​

​

287,724

​

​

119,988

Other accrued expenses

​

​

—

​

​

—

​

​

4,426

​

​

2,508

Total Liabilities

​

​

65,477,626

​

​

4,682,833

​

​

16,104,801

​

​

2,799,027

NET ASSETS

​

$

3,610,269,060

​

$

607,553,304

​

$

515,503,526

​

$

283,716,346

NET ASSETS CONSIST OF:

​

​

​

​

​

​

​

​

​

​

​

​

Paid-in capital

​

$

3,838,676,547

​

$

619,810,288

​

$

597,061,475

​

$

328,298,698

Total accumulated loss

​

​

(228,407,487)

​

​

(12,256,984)

​

​

(81,557,949)

​

​

(44,582,352)

NET ASSETS

​

$

3,610,269,060

​

$

607,553,304

​

$

515,503,526

​

$

283,716,346

Shares outstanding

​

​

71,250,001

​

​

29,850,001

​

​

13,550,001

​

​

9,375,001

Net asset value, per share

​

$

50.67

​

$

20.35

​

$

38.04

​

$

30.26

Investments in non-affiliated securities at cost

​

$

3,586,563,944

​

$

564,724,867

​

$

520,465,550

​

$

307,745,712

Investments in affiliated securities at cost

​

$

—

​

$

42,839,289

​

$

56,513,619

​

$

—

Foreign currency at cost

​

$

—

​

$

—

​

$

14,689,717

​

$

—

See accompanying Notes to Financial Statements.

38

Statements of Operations 

For the Year Ended July 31, 2021

​

ARK Genomic Revolution ETF

ARK Autonomous Technology & Robotics ETF

ARK Innovation ETF

ARK Next Generation Internet ETF

INVESTMENT INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Unaffiliated dividend income

​

$

37,277,082

​

$

7,871,072

​

$

23,577,728

​

$

3,519,543

Foreign withholding tax

​

​

(4,859,763)

​

​

(582,275)

​

​

(2,913,354)

​

​

(318,030)

Total Income

​

​

32,417,319

​

​

7,288,797

​

​

20,664,374

​

​

3,201,513

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Management fees (Note 3)

​

​

51,716,966

​

​

15,985,299

​

​

132,792,042

​

​

38,295,039

Overdraft expense

​

​

2,772

​

​

72

​

​

1,395

​

​

1,290

Total Expenses

​

​

51,719,738

​

​

15,985,371

​

​

132,793,437

​

​

38,296,329

Net Investment Loss(1)

​

​

(19,302,419)

​

​

(8,696,574)

​

​

(112,129,063)

​

​

(35,094,816)

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in non-affiliated securities

​

​

(14,049,237)

​

​

(9,286,150)

​

​

319,235,734

​

​

108,503,174

Investments in affiliated securities

​

​

3,267,064

​

​

(540,914)

​

​

(105,614,986)

​

​

(29,891,627)

In-kind redemptions - non-affiliated securities

​

​

525,878,923

​

​

310,388,370

​

​

2,708,350,648

​

​

1,083,984,588

In-kind redemptions - affiliated securities

​

​

516,191,055

​

​

26,871,963

​

​

1,217,618,612

​

​

21,683,966

Net realized gain

​

​

1,031,287,805

​

​

327,433,269

​

​

4,139,590,008

​

​

1,184,280,101

Change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in non-affiliated securities

​

​

(873,826,183)

​

​

(67,548,050)

​

​

(463,407,190)

​

​

(233,070,179)

Investments in affiliated securities

​

​

(129,133,574)

​

​

(31,141,358)

​

​

(663,678,593)

​

​

(12,735,025)

Change in unrealized depreciation

​

​

(1,002,959,757)

​

​

(98,689,408)

​

​

(1,127,085,783)

​

​

(245,805,204)

Net realized and unrealized gain on investments and foreign currency translation

​

​

28,328,048

​

​

228,743,861

​

​

3,012,504,225

​

​

938,474,897

Net Increase in Net Assets Resulting From Operations

​

$

9,025,629

​

$

220,047,287

​

$

2,900,375,162

​

$

903,380,081

(1)

Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.

See accompanying Notes to Financial Statements.

39

Statements of Operations (concluded)

For the Year Ended July 31, 2021

​

ARK Fintech Innovation ETF

ARK Space Exploration & Innovation ETF(1)

The 3D Printing ETF

The ARK Israel Innovative Technology ETF

INVESTMENT INCOME:

​

​

​

​

​

​

​

​

​

​

​

​

Unaffiliated dividend income

​

$

3,952,354

​

$

993,098

​

$

2,259,322

​

$

1,593,907

Foreign withholding tax

​

​

(107,393)

​

​

(81,117)

​

​

(118,792)

​

​

(388,098)

Total Income

​

​

3,844,961

​

​

911,981

​

​

2,140,530

​

​

1,205,809

EXPENSES:

​

​

​

​

​

​

​

​

​

​

​

​

Management fees (Note 3)

​

​

18,942,471

​

​

1,521,907

​

​

2,087,183

​

​

899,278

Overdraft expense

​

​

15,047

​

​

4,325

​

​

5,413

​

​

769

Other expenses

​

​

—

​

​

—

​

​

32,013

​

​

18,726

Total Expenses

​

​

18,957,518

​

​

1,526,232

​

​

2,124,609

​

​

918,773

Less expense waivers and reimbursements

​

​

—

​

​

(86,395)(3)

​

​

—

​

​

—

Net Expenses

​

​

18,957,518

​

​

1,439,837

​

​

2,124,609

​

​

918,773

Net Investment Income (Loss)(2)

​

​

(15,112,557)

​

​

(527,856)

​

​

15,921

​

​

287,036

NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:

​

​

​

​

​

​

​

​

​

​

​

​

Net realized gain (loss) on:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in non-affiliated securities

​

​

(233,584,958)

​

​

(17,009,554)

​

​

6,350,663

​

​

(16,468,553)

Investments in affiliated securities

​

​

(29,397,361)

​

​

(128)

​

​

(16,275,927)

​

​

(3,654,527)

Foreign currency transactions

​

​

(669,959)

​

​

(116,902)

​

​

(4,379)

​

​

(122,778)

In-kind redemptions - non-affiliated securities

​

​

287,738,268

​

​

1,969,742

​

​

35,983,621

​

​

14,801,688

In-kind redemptions - affiliated securities

​

​

25,915,881

​

​

142,955

​

​

11,368,061

​

​

(75,744)

Net realized gain (loss)

​

​

50,001,871

​

​

(15,013,887)

​

​

37,422,039

​

​

(5,519,914)

Change in unrealized appreciation (depreciation) on:

​

​

​

​

​

​

​

​

​

​

​

​

Investments in non-affiliated securities

​

​

(82,865,706)

​

​

5,773,795

​

​

(47,116,138)

​

​

(27,323,117)

Investments in affiliated securities

​

​

25,383,450

​

​

(1,196,685)

​

​

(18,488,243)

​

​

(1,155,730)

Foreign currency translation

​

​

(13,792)

​

​

(1,593)

​

​

(2,377)

​

​

(532)

Change in unrealized appreciation (depreciation)

​

​

(57,496,048)

​

​

4,575,517

​

​

(65,606,758)

​

​

(28,479,379)

Net realized and unrealized loss on investments and foreign currency translation

​

​

(7,494,177)

​

​

(10,438,370)

​

​

(28,184,719)

​

​

(33,999,293)

Net Decrease in Net Assets Resulting From Operations

​

$

(22,606,734)

​

$

(10,966,226)

​

$

(28,168,798)

​

$

(33,712,257)

(1)

Represents the period March 30, 2021 (commencement of operations) to July 31, 2021.

(2)

Net investment income (loss) represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.

(3)

See Notes to Financial Statements (Note 3).

See accompanying Notes to Financial Statements.

40

Statements of Changes in Net Assets

 

​

ARK Genomic Revolution ETF

ARK Autonomous Technology & Robotics ETF

​

Year Ended July 31, 2021

Year Ended July 31, 2020

Year Ended July 31, 2021

Year Ended July 31, 2020

OPERATIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Net investment loss(1)

​

$

(19,302,419)

​

$

(4,801,803)

​

$

(8,696,574)

​

$

(673,701)

Net realized gain on investments and foreign currency transactions

​

​

1,031,287,805

​

​

46,282,958

​

​

327,433,269

​

​

23,237,711

Net change in unrealized appreciation (depreciation) on investments and foreign currency translations

​

​

(1,002,959,757)

​

​

354,662,864

​

​

(98,689,408)

​

​

86,069,260

Net increase in net assets resulting from operations

​

​

9,025,629

​

​

396,144,019

​

​

220,047,287

​

​

108,633,270

DISTRIBUTIONS TO SHAREHOLDERS

​

​

​

​

​

​

​

​

​

​

​

​

Distributions from distributable earnings

​

​

(62,384,714)

​

​

(15,340,243)

​

​

(14,434,200)

​

​

—

SHAREHOLDER TRANSACTIONS:

​

​

​

​

​

​

​

​

​

​

​

​

Proceeds from shares sold

​

​

10,605,437,472

​

​

787,535,328

​

​

3,123,783,591

​

​

211,181,482

Cost of shares redeemed

​

​

(3,553,920,853)

​

​

(44,448,521)

​

​

(970,644,388)

​

​

(38,824,698)

Net increase in net assets resulting from shareholder transactions

​

​

7,051,516,619

​

​

743,086,807

​

​

2,153,139,203

​

​

172,356,784

Increase in net assets

​

​

6,998,157,534

​

​

1,123,890,583

​

​

2,358,752,290

​

​

280,990,054

NET ASSETS:

​

​

​

​

​

​

​

​

​

​

​

​

Beginning of year

​

​

1,589,856,215

​

​

465,965,632

​

​

447,887,447

​

​

166,897,393

End of year

​

$

8,588,013,749

​

$

1,589,856,215

​

$

2,806,639,737

​

$

447,887,447

CHANGES IN SHARES OUTSTANDING:

​

​

​

​

​

​

​

​

​

​

​

​

Shares outstanding, beginning of year

​

​

29,605,000

​

​

13,505,000

​

​

8,500,000

​

​

5,050,000

Shares sold

​

​

113,400,000

​

​

17,450,000

​

​

38,100,000

​

​

4,600,000

Shares redeemed

​

​

(41,250,000)

​

​

(1,350,000)

​

​

(12,000,000)

​

​

(1,150,000)

Shares outstanding, end of year

​

​

101,755,000

​

​

29,605,000

​

​

34,600,000

​

​

8,500,000

(1)

Net investment loss represents dividends received by the Fund from its underlying investments less expenses paid by the Fund during the period.