Schedule of Investments
The ARK Israel Innovative Technology ETF
October 31, 2021 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS–99.5% | ||||||||
| Aerospace & Defense - 4.1% | ||||||||
| Bet Shemesh Engines Holdings 1997 Ltd. (Israel)* | 141,958 | $ | 3,578,615 | |||||
| Elbit Systems Ltd. (Israel) | 24,232 | 3,813,591 | ||||||
| RADA Electronic Industries Ltd. (Israel)* | 332,058 | 3,396,953 | ||||||
| Total Aerospace & Defense | 10,789,159 | |||||||
| Biotechnology - 14.4% | ||||||||
| BioLine RX Ltd. (Israel)*(a) | 1,204,286 | 3,432,215 | ||||||
| Chemomab Therapeutics Ltd. (Israel)*(a) | 303,739 | 3,034,353 | ||||||
| Collplant Biotechnologies Ltd. (Israel)* | 187,996 | 4,135,912 | ||||||
| Enlivex Therapeutics Ltd. (Israel)* | 396,953 | 3,270,893 | ||||||
| Entera Bio Ltd. (Israel)* | 785,172 | 3,344,833 | ||||||
| Evogene Ltd. (Israel)* | 1,245,731 | 3,300,979 | ||||||
| Gamida Cell Ltd. (Israel)* | 853,517 | 3,405,533 | ||||||
| Kamada Ltd. (Israel)* | 660,120 | 3,775,869 | ||||||
| Pluristem Therapeutics, Inc.* | 1,218,107 | 3,227,984 | ||||||
| UroGen Pharma Ltd.* | 211,905 | 3,644,766 | ||||||
| Vascular Biogenics Ltd. (Israel)* | 1,511,685 | 3,582,693 | ||||||
| Total Biotechnology | 38,156,030 | |||||||
| Communications Equipment - 9.2% | ||||||||
| AudioCodes Ltd. (Israel) | 97,494 | 3,455,187 | ||||||
| BATM Advanced Communications Ltd. (Israel)* | 3,072,503 | 3,493,566 | ||||||
| Ceragon Networks Ltd. (Israel)* | 1,027,769 | 3,607,469 | ||||||
| Gilat Satellite Networks Ltd. (Israel) | 406,892 | 3,332,446 | ||||||
| Ituran Location and Control Ltd. (Israel) | 132,512 | 3,446,637 | ||||||
| Radware Ltd. (Israel)* | 100,143 | 3,548,067 | ||||||
| Silicom Ltd. (Israel)* | 83,985 | 3,527,370 | ||||||
| Total Communications Equipment | 24,410,742 | |||||||
| Diversified Telecommunication - 1.4% | ||||||||
| Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)* | 2,884,874 | 3,611,164 | ||||||
| Electrical Equipment - 4.2% | ||||||||
| Aquarius Engines AM Ltd. (Israel)* | 282,466 | 3,436,706 | ||||||
| Augwind Energy Tech Storage Ltd. (Israel)* | 226,914 | 4,524,870 | ||||||
| Phinergy Ltd. (Israel)* | 1,027,926 | 3,261,453 | ||||||
| Total Electrical Equipment | 11,223,029 | |||||||
| Electronic Equipment, Instruments & Components - 5.4% | ||||||||
| Arad Ltd. (Israel) | 246,300 | 3,667,627 | ||||||
| Innoviz Technologies Ltd. (Israel)* | 696,061 | 3,654,320 | ||||||
| Nayax Ltd. (Israel)* | 997,109 | 3,548,106 | ||||||
| Priortech Ltd. (Israel)* | 112,126 | 3,503,727 | ||||||
| Total Electronic Equipment, Instruments & Components | 14,373,780 | |||||||
| Entertainment - 1.3% | ||||||||
| Playtika Holding Corp.* | 122,716 | 3,470,408 | ||||||
| Health Care Equipment & Supplies - 5.5% | ||||||||
| Check Cap Ltd.* | 3,702,275 | 3,313,166 | ||||||
| Icecure Medical Ltd. (Israel)* | 528,307 | 3,933,481 | ||||||
| Inmode Ltd.* | 41,414 | 3,923,562 | ||||||
| Nano-X Imaging Ltd. (Israel)* | 147,607 | 3,343,298 | ||||||
| Total Health Care Equipment & Supplies | 14,513,507 | |||||||
| Hotels, Restaurants & Leisure - 1.4% | ||||||||
| Fattal Holdings 1998 Ltd. (Israel)* | 33,982 | 3,649,117 | ||||||
| Household Durables - 1.3% | ||||||||
| Electra Consumer Products 1970 Ltd. (Israel) | 72,352 | 3,388,553 | ||||||
| Internet & Direct Marketing Retail - 1.2% | ||||||||
| Fiverr International Ltd.* | 18,251 | 3,109,058 | ||||||
| IT Services - 6.7% | ||||||||
| E&M Computing Ltd. (Israel) | 542,411 | 3,599,675 | ||||||
| Malam - Team Ltd. (Israel) | 105,389 | 3,546,993 | ||||||
| Matrix IT Ltd. (Israel) | 133,972 | 3,633,017 | ||||||
| One Software Technologies Ltd. (Israel) | 217,305 | 3,714,516 | ||||||
| Wix.com Ltd. (Israel)* | 17,743 | 3,299,488 | ||||||
| Total IT Services | 17,793,689 | |||||||
| Life Sciences Tools & Services - 1.4% | ||||||||
| Compugen Ltd. (Israel)* | 564,141 | 3,661,275 | ||||||
| Machinery - 2.9% | ||||||||
| Kornit Digital Ltd. (Israel)* | 23,060 | 3,857,477 | ||||||
| Plasson Industries Ltd. (Israel) | 51,077 | 3,822,280 | ||||||
| Total Machinery | 7,679,757 | |||||||
| Media - 1.7% | ||||||||
| Perion Network Ltd. (Israel)* | 159,659 | 4,537,509 | ||||||
| Pharmaceuticals - 6.1% | ||||||||
| Intercure Ltd. (Israel)* | 257 | 1,759 | ||||||
| MediWound Ltd. (Israel)* | 947,960 | 3,336,819 | ||||||
| PolyPid Ltd. (Israel)* | 462,014 | 3,284,919 | ||||||
| Purple Biotech Ltd. (Israel)*(a) | 752,869 | 3,229,808 | ||||||
| Taro Pharmaceutical Industries Ltd.* | 55,961 | 3,109,753 | ||||||
| Teva Pharmaceutical Industries Ltd. (Israel)*(a) | 346,354 | 3,027,134 | ||||||
| Total Pharmaceuticals | 15,990,192 | |||||||
| Professional Services - 1.4% | ||||||||
| Danel Adir Yeoshua Ltd. (Israel) | 17,370 | 3,666,838 | ||||||
| Semiconductors & Semiconductor Equipment - 5.6% | ||||||||
| Camtek Ltd. (Israel)* | 89,310 | 3,471,479 | ||||||
| Nova Ltd. (Israel)* | 34,342 | 3,730,228 | ||||||
| SolarEdge Technologies, Inc.* | 11,404 | 4,044,771 | ||||||
| Tower Semiconductor Ltd. (Israel)* | 111,956 | 3,568,038 | ||||||
| Total Semiconductors & Semiconductor Equipment | 14,814,516 | |||||||
| Software - 18.5% | ||||||||
| Abra Information Technologies Ltd. (Israel)* | 2,782,500 | 3,665,037 | ||||||
| Allot Ltd. (Israel)* | 234,147 | 3,477,083 | ||||||
| Check Point Software Technologies Ltd. (Israel)* | 28,664 | 3,428,214 | ||||||
| Cognyte Software Ltd. (Israel)* | 161,361 | 3,212,698 | ||||||
| CyberArk Software Ltd.* | 19,529 | 3,517,368 | ||||||
| Hilan Ltd. (Israel) | 63,966 | 3,537,551 | ||||||
| JFrog Ltd. (Israel)* | 97,154 | 3,175,964 | ||||||
| Magic Software Enterprises Ltd. (Israel) | 167,966 | 3,564,902 | ||||||
| Monday.com Ltd.* | 9,482 | 3,525,692 | ||||||
| Nice Ltd. (Israel)*(a) | 12,720 | 3,600,014 | ||||||
| Sapiens International Corp. NV (Israel) | 103,126 | 3,602,191 | ||||||
| SimilarWeb Ltd. (Israel)* | 173,699 | 3,341,969 | ||||||
| Tufin Software Technologies Ltd. (Israel)* | 360,991 | 3,599,080 | ||||||
| WalkMe Ltd. (Israel)* | 143,388 | 3,636,320 | ||||||
| Total Software | 48,884,083 | |||||||
| Technology Hardware, Storage & Peripherals - 2.8% | ||||||||
| Nano Dimension Ltd. (Israel)*(a) | 602,562 | 3,543,065 | ||||||
| Stratasys Ltd.* | 119,330 | 3,763,668 | ||||||
| Total Technology Hardware, Storage & Peripherals | 7,306,733 | |||||||
| Wireless Telecommunication Services - 3.0% | ||||||||
| Cellcom Israel Ltd. (Israel)* | 1,073,176 | 4,049,401 | ||||||
| Partner Communications Co. Ltd. (Israel)* | 783,632 | 3,954,873 | ||||||
| Total Wireless Telecommunication Services | 8,004,274 | |||||||
| Total Common Stocks | ||||||||
| (Cost $285,581,396) | 263,033,413 | |||||||
| MONEY MARKET FUND–0.5% | ||||||||
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03% (b) (Cost $1,355,588) | 1,355,588 | 1,355,588 | ||||||
| Total Investments–100.0% | ||||||||
| (Cost $286,936,984) | 264,389,001 | |||||||
| Liabilities in Excess of Other Assets–(0.0)%(c) | (109,090 | ) | ||||||
| Net Assets–100.0% | $ | 264,279,911 |
Schedule of Investments (continued)
The ARK Israel Innovative Technology ETF
October 31, 2021 (Unaudited)
| * | Non-income producing security |
| (a) | American Depositary Receipt |
| (b) | Rate shown represents annualized 7-day yield as of October 31, 2021. |
| (c) | Less than 0.05% |
| Country | Value | % of Net Assets | ||||||
| Israel | $ | 224,383,217 | 84.9 | % | ||||
| United States | 40,005,784 | 15.1 | ||||||
| Total Investments | 264,389,001 | 100.0 | ||||||
| Liabilities in Excess of Other Assets | (109,090 | ) | (0.0 | )(d) | ||||
| Net Assets | $ | 264,279,911 | 100.0 | % | ||||
| (d) | Less than 0.05% |
Schedule of Investments (continued)
The ARK Israel Innovative Technology ETF
October 31, 2021 (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 October 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‡ | $ | 263,033,413 | $ | – | $ | – | $ | 263,033,413 | ||||||||
| Money Market Fund | 1,355,588 | – | – | 1,355,588 | ||||||||||||
| Total | $ | 264,389,001 | $ | – | $ | – | $ | 264,389,001 | ||||||||
| ‡ | Please refer to the Schedule of Investments to view securities segregated by industry type. |