Schedule of Investments
The ARK Israel Innovative Technology ETF
April 30, 2020 (Unaudited)
Investments | Shares | Value | ||||||
COMMON STOCKS–96.9% | ||||||||
Aerospace & Defense - 7.5% | ||||||||
Bet Shemesh Engines Holdings 1997 Ltd. (Israel)* | 21,091 | $ | 480,930 | |||||
Elbit Systems Ltd. (Israel) | 4,074 | 554,536 | ||||||
RADA Electronic Industries Ltd. (Israel)* | 110,723 | 469,466 | ||||||
Total Aerospace & Defense | 1,504,932 | |||||||
Biotechnology - 5.0% | ||||||||
Galmed Pharmaceuticals Ltd. (Israel)* | 113,306 | 494,014 | ||||||
UroGen Pharma Ltd.* | 23,102 | 513,096 | ||||||
Total Biotechnology | 1,007,110 | |||||||
Communications Equipment - 11.5% | ||||||||
AudioCodes Ltd. (Israel) | 21,394 | 654,870 | ||||||
Ceragon Networks Ltd. (Israel)* | 250,200 | 580,464 | ||||||
Ituran Location and Control Ltd. (Israel) | 30,706 | 543,496 | ||||||
Radware Ltd. (Israel)* | 22,982 | 544,444 | ||||||
Total Communications Equipment | 2,323,274 | |||||||
Diversified Telecommunication - 2.6% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)* | 731,307 | 522,572 | ||||||
Health Care Equipment & Supplies - 2.6% | ||||||||
Inmode Ltd.* | 20,330 | 528,987 | ||||||
Hotels, Restaurants & Leisure - 3.2% | ||||||||
Fattal Holdings 1998 Ltd. (Israel) | 9,472 | 652,117 | ||||||
Internet & Direct Marketing Retail - 3.0% | ||||||||
Fiverr International Ltd. (Israel)* | 15,484 | 607,437 | ||||||
IT Services - 8.0% | ||||||||
Matrix IT Ltd. (Israel) | 27,638 | 537,934 | ||||||
One Software Technologies Ltd. (Israel) | 7,211 | 535,550 | ||||||
Wix.com Ltd. (Israel)* | 4,105 | 536,975 | ||||||
Total IT Services | 1,610,459 | |||||||
Life Sciences Tools & Services - 3.1% | ||||||||
Compugen Ltd. (Israel)* | 42,610 | 617,419 | ||||||
Media - 2.4% | ||||||||
Perion Network Ltd. (Israel)* | 98,595 | 491,989 | ||||||
Pharmaceuticals - 9.9% | ||||||||
Redhill Biopharma Ltd. (Israel)*(a) | 65,400 | 469,572 | ||||||
Sol-Gel Technologies Ltd. (Israel)* | 60,759 | 501,262 | ||||||
Taro Pharmaceutical Industries Ltd.* | 7,195 | 497,246 | ||||||
Teva Pharmaceutical Industries Ltd. (Israel)*(a) | 48,497 | 520,858 | ||||||
Total Pharmaceuticals | 1,988,938 | |||||||
Professional Services - 3.1% | ||||||||
Danel Adir Yeoshua Ltd. (Israel) | 6,901 | 625,762 | ||||||
Semiconductors & Semiconductor Equipment - 10.8% | ||||||||
Camtek Ltd. (Israel) | 49,550 | 521,761 | ||||||
Nova Measuring Instruments Ltd. (Israel)* | 13,928 | 533,582 | ||||||
SolarEdge Technologies, Inc.* | 5,302 | 591,650 | ||||||
Tower Semiconductor Ltd. (Israel)* | 27,216 | 523,500 | ||||||
Total Semiconductors & Semiconductor Equipment | 2,170,493 | |||||||
Software - 16.2% | ||||||||
Allot Ltd. (Israel)* | 51,958 | 578,293 | ||||||
Check Point Software Technologies Ltd. (Israel)* | 4,779 | 505,331 | ||||||
CyberArk Software Ltd.* | 5,652 | 558,191 | ||||||
Hilan Ltd. (Israel)* | 13,863 | 548,396 | ||||||
Nice Ltd. (Israel)*(a) | 3,062 | 503,087 | ||||||
Sapiens International Corp. NV (Israel) | 22,682 | 561,153 | ||||||
Total Software | 3,254,451 | |||||||
Technology Hardware, Storage & Peripherals - 2.7% | ||||||||
Stratasys Ltd.* | 31,099 | 550,452 | ||||||
Wireless Telecommunication Services - 5.3% | ||||||||
Cellcom Israel Ltd. (Israel)* | 142,297 | 525,756 | ||||||
Partner Communications Co. Ltd. (Israel)* | 124,735 | 545,671 | ||||||
Total Wireless Telecommunication Services | 1,071,427 | |||||||
Total Common Stocks | ||||||||
(Cost $18,594,231) | 19,527,819 | |||||||
MONEY MARKET FUND–0.7% | ||||||||
Morgan Stanley Institutional Liquidity Fund - Government Portfolio, 0.15%(b) | ||||||||
(Cost $135,736) | 135,736 | 135,736 | ||||||
Total Investments–97.6% | ||||||||
(Cost $18,729,967) | 19,663,555 | |||||||
Other Assets in Excess of Liabilities–2.4% | 485,441 | |||||||
Net Assets–100.0% | $ | 20,148,996 | ||||||
* | Non-income producing security |
(a) | American Depositary Receipt |
(b) | Rate shown represents annualized 7-day yield as of April 30, 2020. |
Country | Value | % of Net Assets | ||||||
Israel | $ | 16,288,197 | 80.8 | % | ||||
United States | 3,375,358 | 16.8 | ||||||
Total Investments | 19,663,555 | 97.6 | ||||||
Other Assets in Excess of Liabilities | 485,441 | 2.4 | ||||||
Net Assets | $ | 20,148,996 | 100.0 | % | ||||
Schedule of Investments (continued)
The ARK Israel Innovative Technology ETF
April 30, 2020 (Unaudited)
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows: |
•Level 1— Quoted prices in active markets for identical assets. |
•Level 2— Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
•Level 3— Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
The following is a summary of the valuations as of April 30, 2020, based upon the three levels defined above: |
The ARK Israel Innovative Technology ETF | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks(c) | $ | 19,527,819 | $ | – | $ | – | $ | 19,527,819 | ||||||||
Money Market Fund | 135,736 | – | – | 135,736 | ||||||||||||
Total | $ | 19,663,555 | $ | – | $ | – | $ | 19,663,555 |
(c) Please refer to the Schedule of Investments to view securities segregated by industry type. |