# EDGAR Filing Document

**Accession Number:** 0001579982
**File Stem:** 0001104659-23-040196
**Filing Date:** 2023-3
**Character Count:** 216553
**Document Hash:** 1d47718d781c6d61a77350d3ac56b0b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-040196.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001104659-23-040196

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**EFFECTIVENESS DATE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ark ETF Trust
- **CENTRAL INDEX KEY:** 0001579982
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22883
- **FILM NUMBER:** 23787957

**BUSINESS ADDRESS:**
- **STREET 1:** 155 WEST 19TH STREET, FIFTH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** 212.426.7040

**MAIL ADDRESS:**
- **STREET 1:** 155 WEST 19TH STREET, FIFTH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

## Series and Classes Contracts Data

### ARK Genomic Revolution ETF (Series ID: S000042975)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000133119 | ARK Genomic Revolution ETF | ARKG            |

### ARK Autonomous Technology & Robotics ETF (Series ID: S000042976)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000133120 | ARK Autonomous Technology & Robotics ETF | ARKQ            |

### ARK Innovation ETF (Series ID: S000042977)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000133121 | ARK Innovation ETF | ARKK            |

### ARK Next Generation Internet ETF (Series ID: S000042978)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000133122 | ARK Next Generation Internet ETF | ARKW            |

### The 3D Printing ETF (Series ID: S000052298)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000164426 | The 3D Printing ETF | PRNT            |

### ARK Israel Innovative Technology ETF (Series ID: S000052299)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000164427 | ARK Israel Innovative Technology ETF | IZRL            |

### ARK Fintech Innovation ETF (Series ID: S000064752)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000209702 | ARK Fintech Innovation ETF | ARKF            |

### ARK Space Exploration & Innovation ETF (Series ID: S000071318)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000226276 | ARK Space Exploration & Innovation ETF | ARKX            |

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

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT <br> INVESTMENT COMPANIES**

Investment Company Act file number <u>811-22883</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARK ETF Trust <br> (Exact name of registrant as specified in charter)

c/o ARK Investment Management LLC

200 Central Avenue, Suite 220<br> <u>St. Petersburg, FL 33701</u><br> (Address of principal executive offices) (Zip code)

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

Registrant's telephone number, including area code: <u>(727) 810-8160</u>

Date of fiscal year end: <u>July 31</u>

Date of reporting period: <u>January 31, 2023</u>

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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

[**TABLE OF CONTENTS**](#TOC)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

![[MISSING IMAGE: cv_arkbackground-4c.jpg]](cv_arkbackground-4c.jpg)

## ARK ETF TRUST <br> SEMI-ANNUAL REPORT
JANUARY 31, 2023

#### INVESTING AT THE PACE OF INNOVATION

#### ARK Genomic Revolution ETF (ARKG)

#### ARK Autonomous Technology & Robotics ETF (ARKQ)

#### ARK Innovation ETF (ARKK)

#### ARK Next Generation Internet ETF (ARKW)

#### ARK Fintech Innovation ETF (ARKF)

#### ARK Space Exploration & Innovation ETF (ARKX)

#### The 3D Printing ETF (PRNT)

#### The ARK Israel Innovative Technology ETF (IZRL)
**ARK** Invest \| 200 Central Avenue, Suite 220, St. Petersburg, FL 33701 \| 727.810.8160 \| info@ark-invest.com \| ark-funds.com

------

[**TABLE OF CONTENTS**](#TOC)

**Table of Contents** <br>

---

| | |
|:---|:---|
| [Shareholder Letter](#tSHLE)  | [1](#tSHLE) |
| [Shareholder Expense Examples](#tSEE)  | [2](#tSEE) |
| [Sector Diversification](#tSDAA)  | [3](#tSDAA) |
| [Schedule of Investments](#tAGRE)  | [5](#tAGRE) |
| &nbsp;&nbsp;&nbsp; [ARK Genomic Revolution ETF](#tAGRE)  | [5](#tAGRE) |
| &nbsp;&nbsp;&nbsp; [ARK Autonomous Technology & Robotics ETF](#tAATR)  | [8](#tAATR) |
| &nbsp;&nbsp;&nbsp; [ARK Innovation ETF](#tAIE)  | [10](#tAIE) |
| &nbsp;&nbsp;&nbsp; [ARK Next Generation Internet ETF](#tANGI)  | [13](#tANGI) |
| &nbsp;&nbsp;&nbsp; [ARK Fintech Innovation ETF](#tAFIE)  | [15](#tAFIE) |
| &nbsp;&nbsp;&nbsp; [ARK Space Exploration & Innovation ETF](#tASEI)  | [17](#tASEI) |
| &nbsp;&nbsp;&nbsp; [The 3D Printing ETF](#tT3PE)  | [19](#tT3PE) |
| &nbsp;&nbsp;&nbsp; [The ARK Israel Innovative Technology ETF](#tTAII)  | [21](#tTAII) |
| [Statements of Assets and Liabilities](#tSOAA)  | [23](#tSOAA) |
| [Statements of Operations](#tSOO)  | [25](#tSOO) |
| [Statements of Changes in Net Assets](#tSOCI)  | [27](#tSOCI) |
| [Financial Highlights](#tFIHI)  | [31](#tFIHI) |
| [Notes to Financial Statements](#tNTFS)  | [39](#tNTFS) |
| [Supplemental Information](#tSI1)  | [44](#tSI1) |
| [Risks Involved with Investing in the Funds](#tRIIF)  | [45](#tRIIF) |

---

------

[**TABLE OF CONTENTS**](#TOC)

Shareholder Letter <br>

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

(Unaudited)

Dear Shareholder:

This Semi-Annual Report for the ARK ETF Trust covers the period from August 1, 2022 through January 31, 2023, for each ARK exchange traded fund ("ETF" or collectively, "ARK ETFs"). The ARK ETF Trust, as of the period of this report, consists of six actively managed theme-based ETFs and two index-based ETFs:

---

| | |
|:---|:---|
| **ETF**  | **Commencement Date**  |
| ARK Genomic Revolution ETF | 10/31/14  |
| ARK Autonomous Technology & Robotics ETF | 9/30/14  |
| ARK Innovation ETF | 10/31/14  |
| ARK Next Generation Internet ETF | 9/30/14  |
| ARK Fintech Innovation ETF | 2/4/19  |
| ARK Space Exploration & Innovation ETF | 3/30/21  |
| The 3D Printing ETF | 7/19/16  |
| The ARK Israel Innovative Technology ETF | 12/5/17 |

---

ARK Investment Management LLC ("ARK" or the "Adviser"), 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, multiomic sequencing, and public blockchains. These converging platforms involve 14 investable technologies undergoing steep cost declines, impacting multiple sectors, and serving as launching pads for more innovation.

According to our estimates, we believe the market value associated with disruptive innovation could account for the majority of the global equity market capitalization by 2030.

Despite the growth potential of disruptive innovation, the 2022 bear market obscured many disruptive breakthroughs. But innovation continued apace. ChatGPT, a version of GPT-3 tuned for conversation dialogue, already scores above the national average on SAT questions, highlighting the power of AI. In the UK, a research hospital used an advanced version of gene-editing called base-editing to cure a 12-year-old girl with leukemia who tried several therapies unsuccessfully. SpaceX launched 61 Falcon9 rockets, reusing the last one within 21 days, compared to 356 days for the first one. In our view, companies sacrificing short-term profitability to invest heavily in innovative technologies have exponential and highly profitable long-term growth opportunities.

In the face of market headwinds and media criticism, these breakthroughs are corroborating our original research and boosting our confidence that ARK's strategies are on the right side of change. Disruption can surface in surprising forms and at unexpected times. Innovation solves problems and has historically gained share during turbulent times.

In the spirit of prudent portfolio management, we believe an allocation to disruptive innovation is likely to balance a comprehensive wealth portfolio. Disruptive innovation not only provides access to potential exponential growth opportunities typically absent from broad-based indices, but also offers an opportunity to hedge against the increasing risk of incumbents being disrupted.

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,

![[MISSING IMAGE: sg_catherinedwood-bw.jpg]](sg_catherinedwood-bw.jpg)

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

1<br>

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[**TABLE OF CONTENTS**](#TOC)

Shareholder Expense Examples <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Unaudited)

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

The examples below are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (August 1, 2022 through January 31, 2023).

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 <br>Account Value<br>8/1/2022**  | **Ending <br>Account Value<br>1/31/2023**  | **Annualized <br>Expense Ratios<br>for the Period**  | **Expenses Paid <br>During the<br>Period<sup>(a)</sup>**  |
| **ARK Genomic Revolution ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $918.80 | 0.75% | $3.63 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **ARK Autonomous Technology & Robotics ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $866.50 | 0.75% | $3.53 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **ARK Innovation ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $885.00 | 0.75% | $3.56 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **ARK Next Generation Internet ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $912.10 | 0.75% | $3.61 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1021.42 | 0.75% | $3.82 |
| **ARK Fintech Innovation ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $1027.80 | 0.75% | $3.84 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1021.42 | 0.75% | $3.83 |
| **ARK Space Exploration & Innovation ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $936.30 | 0.71% | $3.48 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1021.61 | 0.71% | $3.63 |
| **The 3D Printing ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $994.00 | 0.66% | $3.32 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1021.88 | 0.66% | $3.37 |
| **The ARK Israel Innovative Technology ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual  | $1000.00 | $968.40 | 0.49% | $2.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical (5% return before expenses)  | $1000.00 | $1022.73 | 0.49% | $2.50 |

---

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (the number of days in the period, then divided by 365).

2<br>

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[**TABLE OF CONTENTS**](#TOC)

Sector Diversification (as a percentage of total investments) <br>

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

January 31, 2023

ARK Genomic Revolution <br> ETF (ARKG)

![[MISSING IMAGE: pc_arkg-bw.jpg]](pc_arkg-bw.jpg)

■ Health Care 90.6 %

■ Information Technology 5.1

■ Materials 3.8

■ Money Market Fund 0.5

ARK Autonomous Technology <br> & Robotics ETF (ARKQ)

![[MISSING IMAGE: pc_arkq-bw.jpg]](pc_arkq-bw.jpg)

■ Industrials 37.6 %

■ Information Technology 30.9

■ Consumer Discretionary 21.1

■ Communication Services 9.0

■ Health Care 1.3

■ Money Market Fund 0.1

ARK Innovation ETF (ARKK)

![[MISSING IMAGE: pc_arkk-bw.jpg]](pc_arkk-bw.jpg)

■ Information Technology 35.9 %

■ Health Care 31.3

■ Consumer Discretionary 13.0

■ Communication Services 9.9

■ Financials 7.2

■ Materials 2.3

■ Money Market Fund 0.4

ARK Next Generation <br> Internet ETF (ARKW)

![[MISSING IMAGE: pc_arkw-bw.jpg]](pc_arkw-bw.jpg)

■ Information Technology 47.7 %

■ Consumer Discretionary 18.3

■ Financials 15.4

■ Communication Services 12.6

■ Health Care 5.7

■ Money Market Fund 0.3

ARK Fintech Innovation <br> ETF (ARKF)

![[MISSING IMAGE: pc_arkf-bw.jpg]](pc_arkf-bw.jpg)

■ Information Technology 50.3 %

■ Financials 23.4

■ Consumer Discretionary 16.0

■ Communication Services 6.8

■ Health Care 3.0

■ Real Estate 0.5

■ Money Market Fund 0.0 (a)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 0.05%

ARK Space Exploration <br> & Innovation ETF (ARKX)

![[MISSING IMAGE: pc_arkx-bw.jpg]](pc_arkx-bw.jpg)

■ Industrials 56.2 %

■ Information Technology 23.8

■ Communication Services 10.1

■ Equity Fund 5.7

■ Consumer Discretionary 4.0

■ Money Market Fund 0.2

3<br>

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[**TABLE OF CONTENTS**](#TOC)

Sector Diversification (as a percentage of total investments) (concluded) <br>

January 31, 2023

The 3D Printing ETF (PRNT)

![[MISSING IMAGE: pc_prnt-bw.jpg]](pc_prnt-bw.jpg)

■ Information Technology 49.5 %

■ Industrials 32.5

■ Health Care 8.4

■ Consumer Discretionary 5.5

■ Materials 3.6

■ Money Market Fund 0.4

■ Consumer Staples 0.1

The ARK Israel Innovative <br> Technology ETF (IZRL)

![[MISSING IMAGE: pc_izrl-bw.jpg]](pc_izrl-bw.jpg)

■ Information Technology 63.5 %

■ Communication Services 14.0

■ Health Care 11.4

■ Consumer Discretionary 7.0

■ Industrials 4.0

■ Money Market Fund 0.1

4<br>

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[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments <br>

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Genomic Revolution ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 99.6%** | **COMMON STOCKS – 99.6%** | **COMMON STOCKS – 99.6%** |
| **Biotechnology – 56.4%** | **Biotechnology – 56.4%** | **Biotechnology – 56.4%** |
| Arcturus Therapeutics Holdings, Inc.\*<sup>†</sup> | 1996055 | $42176642 |
| Beam Therapeutics, Inc.\* | 2123255 | 92255430 |
| CareDx, Inc.\*<sup>†</sup> | 6394502 | 95533860 |
|  Compass Pathways PLC (United Kingdom)\*<sup>†(a)</sup>  | 2142764 | 22241890 |
| CRISPR Therapeutics AG (Switzerland)\* | 1570780 | 80141196 |
| Exact Sciences Corp.\* | 3793330 | 256125642 |
| Incyte Corp.\* | 942347 | 80231424 |
| Intellia Therapeutics, Inc.\* | 1860627 | 78965010 |
| Ionis Pharmaceuticals, Inc.\* | 2649892 | 105651194 |
| Iovance Biotherapeutics, Inc.\* | 810896 | 6454732 |
| Moderna, Inc.\* | 149643 | 26346147 |
| Nurix Therapeutics, Inc.\* | 1971279 | 24227019 |
| Organovo Holdings, Inc.\* | 104443 | 170242 |
| Prime Medicine, Inc.\* | 1426062 | 25070170 |
| Recursion Pharmaceuticals, Inc., Class A\* | 3074056 | 25606886 |
| Regeneron Pharmaceuticals, Inc.\* | 33707 | 25565748 |
| Repare Therapeutics, Inc. (Canada)\*<sup>†</sup> | 2455851 | 30354319 |
| Senti Biosciences, Inc.\* | 1907970 | 3491585 |
| Senti Biosciences, Inc.\*<sup>(b)</sup> | 243471 | 423274 |
| Surface Oncology, Inc.\*<sup>†</sup> | 5564152 | 5198031 |
| Twist Bioscience Corp.\*<sup>†</sup> | 2897812 | 83138226 |
| Veracyte, Inc.\* | 2228579 | 56004190 |
| Vertex Pharmaceuticals, Inc.\* | 121021 | 39101885 |
| Verve Therapeutics, Inc.\* | 2777448 | 63186942 |
| &nbsp;&nbsp;&nbsp; Total Biotechnology  | &nbsp;&nbsp;&nbsp; Total Biotechnology  | 1267661684 |
| **Chemicals – 3.8%** | **Chemicals – 3.8%** | **Chemicals – 3.8%** |
| Ginkgo Bioworks Holdings, Inc.\* | 44239087 | 86266220 |
| **Electronic Equipment, Instruments & Components – 1.5%** | **Electronic Equipment, Instruments & Components – 1.5%** | **Electronic Equipment, Instruments & Components – 1.5%** |
| 908 Devices, Inc.\*<sup>†</sup> | 3658705 | 34099131 |
| **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** | **Health Care Equipment & Supplies – 2.0%** |
| Butterfly Network, Inc.\*<sup>†</sup> | 9493992 | 26108478 |
| Cerus Corp.\* | 5747015 | 18045627 |
| &nbsp;&nbsp;&nbsp; Total Health Care Equipment & Supplies  | &nbsp;&nbsp;&nbsp; Total Health Care Equipment & Supplies  | 44154105 |
| **Health Care Providers & Services – 4.3%** | **Health Care Providers & Services – 4.3%** | **Health Care Providers & Services – 4.3%** |
| Accolade, Inc.\*<sup>†</sup> | 5413168 | 63171671 |
| Guardant Health, Inc.\* | 496057 | 15591071 |
| Invitae Corp.\* | 7904291 | 18654127 |
| &nbsp;&nbsp;&nbsp; Total Health Care Providers & Services  | &nbsp;&nbsp;&nbsp; Total Health Care Providers & Services  | 97416869 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Health Care Technology – 10.8%** | **Health Care Technology – 10.8%** | **Health Care Technology – 10.8%** |
| Schrodinger, Inc.\*<sup>†</sup> | 3927447 | $94965668 |
| Teladoc Health, Inc.\* | 3824850 | 112450590 |
| Veeva Systems, Inc., Class A\* | 209754 | 35773545 |
| &nbsp;&nbsp;&nbsp; Total Health Care Technology  | &nbsp;&nbsp;&nbsp; Total Health Care Technology  | 243189803 |
| **Life Sciences Tools & Services – 16.0%** | **Life Sciences Tools & Services – 16.0%** | **Life Sciences Tools & Services – 16.0%** |
| 10X Genomics, Inc., Class A\* | 846312 | 39632791 |
| Adaptive Biotechnologies Corp.\*<sup>†</sup> | 9253310 | 85778184 |
| Berkeley Lights, Inc.\* | 2315479 | 4978280 |
| Codexis, Inc.\*<sup>†</sup> | 4316781 | 26548203 |
| Pacific Biosciences of California, Inc.\* | 11282907 | 125127438 |
| Personalis, Inc.\*<sup>†</sup> | 5665840 | 13314724 |
| Quantum-Si, Inc.\*<sup>†</sup> | 11759206 | 26105437 |
| SomaLogic, Inc.\*<sup>†</sup> | 10849619 | 37756674 |
| &nbsp;&nbsp;&nbsp; Total Life Sciences Tools & Services  | &nbsp;&nbsp;&nbsp; Total Life Sciences Tools & Services  | 359241731 |
| **Pharmaceuticals – 1.2%** | **Pharmaceuticals – 1.2%** | **Pharmaceuticals – 1.2%** |
| ATAI Life Sciences NV (Germany)\* | 2581490 | 4595052 |
| Pfizer, Inc. | 487075 | 21509232 |
| &nbsp;&nbsp;&nbsp; Total Pharmaceuticals  | &nbsp;&nbsp;&nbsp; Total Pharmaceuticals  | 26104284 |
| **Semiconductors & Semiconductor Equipment – 1.5%** | **Semiconductors & Semiconductor Equipment – 1.5%** | **Semiconductors & Semiconductor Equipment – 1.5%** |
| NVIDIA Corp. | 172551 | 33711289 |
| **Software – 2.1%** | **Software – 2.1%** | **Software – 2.1%** |
| UiPath, Inc., Class A\* | 3064958 | 47077755 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,116,127,780)  |  | 2238922871 |
| **MONEY MARKET FUND – 0.5%** | **MONEY MARKET FUND – 0.5%** | **MONEY MARKET FUND – 0.5%** |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(c)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $10,592,126)  | 10592126 | 10592126 |
|  **Total Investments – 100.1% <br>(Cost $6,126,719,906)**  |  | **2249514997** |
| Liabilities in Excess of Other Assets – (0.1)% | Liabilities in Excess of Other Assets – (0.1)% | (2061920) |
| **Net Assets – 100.0%** |  | $**2247453077** |

---

†<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated security

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted security; security may not be publicly sold without registration under the Securities Act of 1933, as amended. As of January 31, 2023, total investments in restricted securities were $423,274 and are classified as Level 2.

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

See accompanying Notes to Financial Statements. <br>

5<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued) <br>

ARK Genomic Revolution ETF

January 31, 2023 (Unaudited)

Affiliated Issuer Transactions

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Period to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at 7/31/2022**  | **Purchases<br>Cost<br>($)**  | **Sales<br>Proceeds<br>($)**  | **Net Realized<br>Gain/(Loss)<br>($)**  | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)**  | **Dividend<br>Income<br>($)**  | **Capital Gain<br>Distributions<br>($)**  | **Number of<br>Shares at<br>1/31/2023**  | **Value ($) at<br>1/31/2023**  |
| **Common Stocks — 30.5%** | **Common Stocks — 30.5%** | **Common Stocks — 30.5%** | **Common Stocks — 30.5%** | **Common Stocks — 30.5%** | **Common Stocks — 30.5%** | **Common Stocks — 30.5%** | **Common Stocks — 30.5%** | **Common Stocks — 30.5%** |
| Biotechnology — 12.4% | Biotechnology — 12.4% | Biotechnology — 12.4% | Biotechnology — 12.4% | Biotechnology — 12.4% | Biotechnology — 12.4% | Biotechnology — 12.4% | Biotechnology — 12.4% | Biotechnology — 12.4% |
| Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. | Arcturus Therapeutics Holdings, Inc. |
| &nbsp;&nbsp;&nbsp; 39811175  | 10887222 | (15194758) | (5909373) | 12582376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 1996055 | 42176642 |
| CareDx, Inc. | CareDx, Inc. | CareDx, Inc. | CareDx, Inc. | CareDx, Inc. | CareDx, Inc. | CareDx, Inc. | CareDx, Inc. | CareDx, Inc. |
| &nbsp;&nbsp;&nbsp; 104441573  | 75734027 | (38393089) | (631886) | (45616765) |  |  | 6394502 | 95533860 |
|  Compass Pathways PLC —  | 28034653 | (3400415) | 28658 | (2421006) |  |  | 2142764 | 22241890 |
| Repare Therapeutics, Inc. | Repare Therapeutics, Inc. | Repare Therapeutics, Inc. | Repare Therapeutics, Inc. | Repare Therapeutics, Inc. | Repare Therapeutics, Inc. | Repare Therapeutics, Inc. | Repare Therapeutics, Inc. | Repare Therapeutics, Inc. |
| &nbsp;&nbsp;&nbsp; 34591003  | 11207721 | (14879089) | (5430293) | 4864977 |  |  | 2455851 | 30354319 |
| Surface Oncology, Inc. | Surface Oncology, Inc. | Surface Oncology, Inc. | Surface Oncology, Inc. | Surface Oncology, Inc. | Surface Oncology, Inc. | Surface Oncology, Inc. | Surface Oncology, Inc. | Surface Oncology, Inc. |
| &nbsp;&nbsp;&nbsp; 10813242  | 2072211 | (2853998) | (664770) | (4168654) |  |  | 5564152 | 5198031 |
| Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. |
| &nbsp;&nbsp;&nbsp; 113950836  | 43906974 | (37835407) | (6844647) | (30039530) |  |  | 2897812 | 83138226 |
| Chemicals — 0.0% | Chemicals — 0.0% | Chemicals — 0.0% | Chemicals — 0.0% | Chemicals — 0.0% | Chemicals — 0.0% | Chemicals — 0.0% | Chemicals — 0.0% | Chemicals — 0.0% |
| Zymergen, Inc. | Zymergen, Inc. | Zymergen, Inc. | Zymergen, Inc. | Zymergen, Inc. | Zymergen, Inc. | Zymergen, Inc. | Zymergen, Inc. | Zymergen, Inc. |
| &nbsp;&nbsp;&nbsp; 19213895  | 2867953 | (20336476) | (46330747) | 44585375 |  |  |  |  |
| Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% | Electronic Equipment, Instruments & Components — 1.5% |
| 908 Devices, Inc. | 908 Devices, Inc. | 908 Devices, Inc. | 908 Devices, Inc. | 908 Devices, Inc. | 908 Devices, Inc. | 908 Devices, Inc. | 908 Devices, Inc. | 908 Devices, Inc. |
| &nbsp;&nbsp;&nbsp; 80344058  | 25407176 | (21534782) | (1929651) | (48187670) |  |  | 3658705 | 34099131 |
| Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% | Health Care Equipment & Supplies — 1.2% |
| Butterfly Network, Inc. | Butterfly Network, Inc. | Butterfly Network, Inc. | Butterfly Network, Inc. | Butterfly Network, Inc. | Butterfly Network, Inc. | Butterfly Network, Inc. | Butterfly Network, Inc. | Butterfly Network, Inc. |
| &nbsp;&nbsp;&nbsp; 36949002  | 28047589 | (19121985) | (5757596) | (14008532) |  |  | 9493992 | 26108478 |
| Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% | Health Care Providers & Services — 2.8% |
| Accolade, Inc. | Accolade, Inc. | Accolade, Inc. | Accolade, Inc. | Accolade, Inc. | Accolade, Inc. | Accolade, Inc. | Accolade, Inc. | Accolade, Inc. |
| &nbsp;&nbsp;&nbsp; 56841976  | 17612008 | (24967325) | 5564905 | 8120107 |  |  | 5413168 | 63171671 |
| Health Care Technology — 4.2% | Health Care Technology — 4.2% | Health Care Technology — 4.2% | Health Care Technology — 4.2% | Health Care Technology — 4.2% | Health Care Technology — 4.2% | Health Care Technology — 4.2% | Health Care Technology — 4.2% | Health Care Technology — 4.2% |
| Schrodinger, Inc. | Schrodinger, Inc. | Schrodinger, Inc. | Schrodinger, Inc. | Schrodinger, Inc. | Schrodinger, Inc. | Schrodinger, Inc. | Schrodinger, Inc. | Schrodinger, Inc. |
| &nbsp;&nbsp;&nbsp; 107424667  | 51892359 | (37396864) | (1016329) | (25938165) |  |  | 3927447 | 94965668 |
| Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% | Life Sciences Tools & Services — 8.4% |
| Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. | Adaptive Biotechnologies Corp. |
| &nbsp;&nbsp;&nbsp; 79152238  | 40662601 | (32905166) | 909989 | (2041478) |  |  | 9253310 | 85778184 |
| Codexis, Inc. | Codexis, Inc. | Codexis, Inc. | Codexis, Inc. | Codexis, Inc. | Codexis, Inc. | Codexis, Inc. | Codexis, Inc. | Codexis, Inc. |
| &nbsp;&nbsp;&nbsp; 30479069  | 10178435 | (10879119) | (2791226) | (438956) |  |  | 4316781 | 26548203 |
| Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> | Pacific Biosciences of California, Inc.<sup>^</sup> |
| &nbsp;&nbsp;&nbsp; 52499699  | 33418945 | (39321761) | (1496982) | 80027537 |  |  | 11282907 | 125127438 |
| Personalis, Inc. | Personalis, Inc. | Personalis, Inc. | Personalis, Inc. | Personalis, Inc. | Personalis, Inc. | Personalis, Inc. | Personalis, Inc. | Personalis, Inc. |
| &nbsp;&nbsp;&nbsp; 19984442  | 7723221 | (6832773) | (429609) | (7130557) |  |  | 5665840 | 13314724 |
| Quantum-Si, Inc. | Quantum-Si, Inc. | Quantum-Si, Inc. | Quantum-Si, Inc. | Quantum-Si, Inc. | Quantum-Si, Inc. | Quantum-Si, Inc. | Quantum-Si, Inc. | Quantum-Si, Inc. |
| &nbsp;&nbsp;&nbsp; 37961956  | 13951470 | (13438972) | (2456259) | (9912758) |  |  | 11759206 | 26105437 |
| SomaLogic, Inc. | SomaLogic, Inc. | SomaLogic, Inc. | SomaLogic, Inc. | SomaLogic, Inc. | SomaLogic, Inc. | SomaLogic, Inc. | SomaLogic, Inc. | SomaLogic, Inc. |
| &nbsp;&nbsp;&nbsp; 43910861  | 19620620 | (12500936) | (707515) | (12566356) |  |  | 10849619 | 37756674 |
| &nbsp;&nbsp;&nbsp; $868369692  | $423225185 | $(351792915) | $(75893331) | $(52290055) | $— | $— | 97072111 | $811618576 |

---

^<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 31, 2023, the company was no longer considered to be an affiliated security.

See accompanying Notes to Financial Statements. <br>

6<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued) <br>

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Genomic Revolution ETF

January 31, 2023 (Unaudited)

Fair Value Measurement

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

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

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

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

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

The following is a summary of the valuations as of January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Genomic <br>Revolution ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $2238499597 | $423274 | $— | $2238922871 |
| Money Market Fund  | 10592126 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10592126 |
| Total | $2249091723 | $423274 | $— | $2249514997 |

---

‡<br>

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

See accompanying Notes to Financial Statements. <br>

7<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments

ARK Autonomous Technology & Robotics ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 99.8%** | **COMMON STOCKS – 99.8%** | **COMMON STOCKS – 99.8%** |
| **Aerospace & Defense – 17.2%** | **Aerospace & Defense – 17.2%** | **Aerospace & Defense – 17.2%** |
| AeroVironment, Inc.\* | 417109 | $37110187 |
| Archer Aviation, Inc., Class A\* | 6945072 | 20140709 |
| Elbit Systems Ltd. (Israel) | 96567 | 16337205 |
| Kratos Defense & Security Solutions, Inc.\* | 5905722 | 67620517 |
| Lockheed Martin Corp. | 19834 | 9188299 |
| Rocket Lab USA, Inc.\* | 1830330 | 9096740 |
| &nbsp;&nbsp;&nbsp; Total Aerospace & Defense  |  | 159493657 |
| **Airlines – 2.4%** | **Airlines – 2.4%** | **Airlines – 2.4%** |
| Blade Air Mobility, Inc.\*<sup>†</sup> | 5095028 | 22723825 |
| **Auto Components – 2.3%** | **Auto Components – 2.3%** | **Auto Components – 2.3%** |
| Magna International, Inc. (Canada) | 321626 | 20886392 |
| **Automobiles – 16.6%** | **Automobiles – 16.6%** | **Automobiles – 16.6%** |
| BYD Co. Ltd. (China)<sup>(a)</sup> | 265400 | 16852900 |
| General Motors Co. | 361031 | 14195739 |
| NIO, Inc. (China)\*<sup>(a)</sup> | 49 | 592 |
| Niu Technologies (China)\*<sup>(a)</sup> | 339021 | 1827323 |
| Tesla, Inc.\* | 672813 | 116544668 |
| XPeng, Inc. (China)\*<sup>(a)</sup> | 367160 | 3906582 |
| &nbsp;&nbsp;&nbsp; Total Automobiles  |  | 153327804 |
| **Biotechnology – 0.0%<sup>(b)</sup>** | **Biotechnology – 0.0%<sup>(b)</sup>** | **Biotechnology – 0.0%<sup>(b)</sup>** |
| Organovo Holdings, Inc.\* | 49557 | 80778 |
| **Diversified Consumer Services – 0.6%** | **Diversified Consumer Services – 0.6%** | **Diversified Consumer Services – 0.6%** |
| 2U, Inc.\* | 584295 | 5042466 |
| **Diversified Telecommunication – 7.0%** | **Diversified Telecommunication – 7.0%** | **Diversified Telecommunication – 7.0%** |
| Iridium Communications, Inc.\* | 1086953 | 65043268 |
| **Electronic Equipment, Instruments & Components – 9.6%** | **Electronic Equipment, Instruments & Components – 9.6%** | **Electronic Equipment, Instruments & Components – 9.6%** |
| Teledyne Technologies, Inc.\* | 31656 | 13430375 |
| Trimble, Inc.\* | 1304318 | 75728703 |
| &nbsp;&nbsp;&nbsp; Total Electronic Equipment, Instruments & <br>Components  |  | 89159078 |
| **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** | **Health Care Equipment & Supplies – 1.3%** |
| Intuitive Surgical, Inc.\* | 49730 | 12218164 |
| **Household Durables – 1.6%** | **Household Durables – 1.6%** | **Household Durables – 1.6%** |
| Vuzix Corp.\* | 2749643 | 14325640 |
| **Interactive Media & Services – 2.0%** | **Interactive Media & Services – 2.0%** | **Interactive Media & Services – 2.0%** |
| Alphabet, Inc., Class C\* | 186530 | 18628751 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Machinery – 17.9%** | **Machinery – 17.9%** | **Machinery – 17.9%** |
| 3D Systems Corp.\* | 2506194 | $27217267 |
| Caterpillar, Inc. | 76202 | 19225002 |
| Deere & Co. | 105418 | 44574947 |
| Komatsu Ltd. (Japan)<sup>(a)</sup> | 1620701 | 39950280 |
| Markforged Holding Corp.\*<sup>†</sup> | 10172010 | 13630493 |
| Proto Labs, Inc.\* | 186261 | 5699587 |
| Velo3D, Inc.\* | 6370671 | 15289610 |
| &nbsp;&nbsp;&nbsp; Total Machinery  |  | 165587186 |
| **Semiconductors & Semiconductor Equipment – 7.6%** | **Semiconductors & Semiconductor Equipment – 7.6%** | **Semiconductors & Semiconductor Equipment – 7.6%** |
| NVIDIA Corp. | 105651 | 20641036 |
| Teradyne, Inc. | 491357 | 49971007 |
| &nbsp;&nbsp;&nbsp; Total Semiconductors & Semiconductor Equipment  |  | 70612043 |
| **Software – 12.4%** | **Software – 12.4%** | **Software – 12.4%** |
| ANSYS, Inc.\* | 43746 | 11652185 |
| Materialise NV (Belgium)\*<sup>(a)</sup> | 907956 | 9569856 |
| Synopsys, Inc.\* | 34379 | 12161571 |
| UiPath, Inc., Class A\* | 4261757 | 65460587 |
| Unity Software, Inc.\* | 445857 | 15836841 |
| &nbsp;&nbsp;&nbsp; Total Software  |  | 114681040 |
| **Technology Hardware, Storage & Peripherals – 1.3%** | **Technology Hardware, Storage & Peripherals – 1.3%** | **Technology Hardware, Storage & Peripherals – 1.3%** |
| Stratasys Ltd.\* | 832695 | 11932519 |
|  **Total Common Stocks** <br>(Cost $1,571,047,376)  |  | 923742611 |
| **MONEY MARKET FUND – 0.1%** | **MONEY MARKET FUND – 0.1%** | **MONEY MARKET FUND – 0.1%** |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(c)</sup> <br>(Cost $1,163,049)  | 1163049 | 1163049 |
|  **Total Investments – 99.9% <br>(Cost $1,572,210,425)**  |  | **924905660** |
| Other Assets in Excess of Liabilities – 0.1% | Other Assets in Excess of Liabilities – 0.1% | 1272901 |
| **Net Assets – 100.0%** |  | $**926178561** |

---

†<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated security

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 0.05%

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

See accompanying Notes to Financial Statements. <br>

8<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Autonomous Technology & Robotics ETF

January 31, 2023 (Unaudited)

Affiliated Issuer Transactions

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Period to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at 7/31/2022**  | **Purchases<br>Cost<br>($)**  | **Sales<br>Proceeds<br>($)**  | **Net Realized<br>Gain/(Loss)<br>($)**  | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)**  | **Dividend<br>Income<br>($)**  | **Capital Gain<br>Distributions<br>($)**  | **Number of<br>Shares at<br>1/31/2023**  | **Value ($) at<br>1/31/2023**  |
| **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** | **Common Stocks — 3.9%** |
| Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% | Aerospace & Defense — 0.0% |
| Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> | Kratos Defense & Security Solutions, Inc.<sup>^</sup> |
| &nbsp;&nbsp;&nbsp; 96360376  | 167566 | (8683110) | (7489417) | (12734898) |  |  | 5905722 | 67620517 |
| Airlines — 2.4% | Airlines — 2.4% | Airlines — 2.4% | Airlines — 2.4% | Airlines — 2.4% | Airlines — 2.4% | Airlines — 2.4% | Airlines — 2.4% | Airlines — 2.4% |
| Blade Air Mobility, Inc. | Blade Air Mobility, Inc. | Blade Air Mobility, Inc. | Blade Air Mobility, Inc. | Blade Air Mobility, Inc. | Blade Air Mobility, Inc. | Blade Air Mobility, Inc. | Blade Air Mobility, Inc. | Blade Air Mobility, Inc. |
| &nbsp;&nbsp;&nbsp; 32091985  | 55632 | (3004347) | (2929091) | (3490354) |  |  | 5095028 | 22723825 |
| Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% | Machinery — 1.5% |
| Markforged Holding Corp. | Markforged Holding Corp. | Markforged Holding Corp. | Markforged Holding Corp. | Markforged Holding Corp. | Markforged Holding Corp. | Markforged Holding Corp. | Markforged Holding Corp. | Markforged Holding Corp. |
| &nbsp;&nbsp;&nbsp; 21267591  | 4561143 | (2338833) | (936902) | (8922506) |  |  | 10172010 | 13630493 |
| &nbsp;&nbsp;&nbsp; $149719952  | $4784341 | $(14026290) | $(11355410) | $(25147758) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | 21172760 | $103974835 |

---

^<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 31, 2023, the company was no longer considered to be an affiliated security.

Fair Value Measurement

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

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

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

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

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

The following is a summary of the valuations as of January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Autonomous <br>Technology & <br>Robotics ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $923742611 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $923742611 |
| Money Market Fund | 1163049 |  |  | 1163049 |
| Total | $924905660 | $— | $— | $924905660 |

---

‡<br>

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

See accompanying Notes to Financial Statements. <br>

9<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments

ARK Innovation ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 99.7%** | **COMMON STOCKS – 99.7%** | **COMMON STOCKS – 99.7%** |
| **Automobiles – 9.1%** | **Automobiles – 9.1%** | **Automobiles – 9.1%** |
| Tesla, Inc.\* | 4041211 | $700018569 |
| **Biotechnology – 22.0%** | **Biotechnology – 22.0%** | **Biotechnology – 22.0%** |
| Beam Therapeutics, Inc.\*<sup>†</sup> | 6054479 | 263067113 |
| CRISPR Therapeutics AG (Switzerland)\*<sup>†</sup>  | 5451073 | 278113744 |
| Exact Sciences Corp.\* | 8817700 | 595371104 |
| Intellia Therapeutics, Inc.\*<sup>†</sup> | 6700602 | 284373549 |
| Twist Bioscience Corp.\*<sup>†</sup> | 3826000 | 109767940 |
| Veracyte, Inc.\*<sup>†</sup> | 4728072 | 118816449 |
| Verve Therapeutics, Inc.\* | 1524933 | 34692226 |
| &nbsp;&nbsp;&nbsp; Total Biotechnology  |  | 1684202125 |
| **Capital Markets – 7.2%** | **Capital Markets – 7.2%** | **Capital Markets – 7.2%** |
| Coinbase Global, Inc., Class A\* | 5940266 | 347386756 |
| Robinhood Markets, Inc., Class A\* | 19628399 | 204331633 |
| &nbsp;&nbsp;&nbsp; Total Capital Markets  |  | 551718389 |
| **Chemicals – 2.3%** | **Chemicals – 2.3%** | **Chemicals – 2.3%** |
| Ginkgo Bioworks Holdings, Inc.\*<sup>†</sup> | 91928299 | 179260183 |
| **Diversified Consumer Services – 0.7%** | **Diversified Consumer Services – 0.7%** | **Diversified Consumer Services – 0.7%** |
| 2U, Inc.\*<sup>†</sup> | 6260089 | 54024568 |
| **Entertainment – 9.9%** | **Entertainment – 9.9%** | **Entertainment – 9.9%** |
| ROBLOX Corp., Class A\* | 6202707 | 230802728 |
| Roku, Inc.\*<sup>†</sup> | 9188230 | 528323225 |
| &nbsp;&nbsp;&nbsp; Total Entertainment  |  | 759125953 |
| **Health Care Equipment & Supplies – 0.5%** | **Health Care Equipment & Supplies – 0.5%** | **Health Care Equipment & Supplies – 0.5%** |
| Cerus Corp.\*<sup>†</sup> | 11050353 | 34698108 |
| **Health Care Providers & Services – 0.5%** | **Health Care Providers & Services – 0.5%** | **Health Care Providers & Services – 0.5%** |
| Invitae Corp.\*<sup>†</sup> | 17589833 | 41512006 |
| **Health Care Technology – 4.4%** | **Health Care Technology – 4.4%** | **Health Care Technology – 4.4%** |
| Teladoc Health, Inc.\*<sup>†</sup> | 11586400 | 340640160 |
| **Hotels, Restaurants & Leisure – 3.2%** | **Hotels, Restaurants & Leisure – 3.2%** | **Hotels, Restaurants & Leisure – 3.2%** |
| DraftKings, Inc., Class A\* | 16500919 | 247348776 |
| **IT Services – 15.5%** | **IT Services – 15.5%** | **IT Services – 15.5%** |
| Block, Inc.\* | 5880932 | 480589763 |
| Shopify, Inc., Class A (Canada)\* | 8258093 | 406876242 |
| Twilio, Inc., Class A\* | 5005793 | 299546653 |
| &nbsp;&nbsp;&nbsp; Total IT Services  |  | 1187012658 |
| **Life Sciences Tools & Services – 4.0%** | **Life Sciences Tools & Services – 4.0%** | **Life Sciences Tools & Services – 4.0%** |
| 10X Genomics, Inc., Class A\* | 3059455 | 143274278 |
| Pacific Biosciences of California, Inc.\*<sup>†</sup> | 14302873 | 158618862 |
| &nbsp;&nbsp;&nbsp; Total Life Sciences Tools & Services  |  | 301893140 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Software – 20.4%** | **Software – 20.4%** | **Software – 20.4%** |
| Materialise NV (Belgium)\*<sup>(a)</sup> | 82423 | $868738 |
| PagerDuty, Inc.\*<sup>†</sup> | 7716490 | 229874237 |
| UiPath, Inc., Class A\*<sup>†</sup> | 26430351 | 405970192 |
| Unity Software, Inc.\* | 8111519 | 288121155 |
|  Zoom Video Communications, Inc., Class A\*  | 8457143 | 634285725 |
| &nbsp;&nbsp;&nbsp; Total Software  |  | 1559120047 |
|  **Total Common Stocks** <br>(Cost $19,395,064,129)  |  | 7640574682 |
| **MONEY MARKET FUND – 0.4%** | **MONEY MARKET FUND – 0.4%** | **MONEY MARKET FUND – 0.4%** |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(b)</sup> <br>(Cost $32,627,559)  | 32627559 | 32627559 |
|  **Total Investments – 100.1% <br>(Cost $19,427,691,688)**  |  | **7673202241** |
| Liabilities in Excess of Other Assets – (0.1)% | Liabilities in Excess of Other Assets – (0.1)% | (9477939) |
| **Net Assets – 100.0%** |  | $**7663724302** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

†<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

See accompanying Notes to Financial Statements.<br>

10<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Innovation ETF

January 31, 2023 (Unaudited)

Affiliated Issuer Transactions

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Period to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at 7/31/2022**  | **Purchases<br>Cost<br>($)**  | **Sales<br>Proceeds<br>($)**  | **Net Realized<br>Gain/(Loss)<br>($)**  | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)**  | **Dividend<br>Income<br>($)**  | **Capital Gain<br>Distributions<br>($)**  | **Number of<br>Shares at<br>1/31/2023**  | **Value ($) at<br>1/31/2023**  |
| **Common Stocks — 39.5%** | **Common Stocks — 39.5%** | **Common Stocks — 39.5%** | **Common Stocks — 39.5%** | **Common Stocks — 39.5%** | **Common Stocks — 39.5%** | **Common Stocks — 39.5%** | **Common Stocks — 39.5%** | **Common Stocks — 39.5%** |
| Biotechnology — 13.8% | Biotechnology — 13.8% | Biotechnology — 13.8% | Biotechnology — 13.8% | Biotechnology — 13.8% | Biotechnology — 13.8% | Biotechnology — 13.8% | Biotechnology — 13.8% | Biotechnology — 13.8% |
| Beam Therapeutics, Inc. | Beam Therapeutics, Inc. | Beam Therapeutics, Inc. | Beam Therapeutics, Inc. | Beam Therapeutics, Inc. | Beam Therapeutics, Inc. | Beam Therapeutics, Inc. | Beam Therapeutics, Inc. | Beam Therapeutics, Inc. |
| &nbsp;&nbsp;&nbsp; 425310301  | 196052733 | (234826555) | (5047004) | (118422362) |  |  | 6054479 | 263067113 |
| CRISPR Therapeutics AG | CRISPR Therapeutics AG | CRISPR Therapeutics AG | CRISPR Therapeutics AG | CRISPR Therapeutics AG | CRISPR Therapeutics AG | CRISPR Therapeutics AG | CRISPR Therapeutics AG | CRISPR Therapeutics AG |
| &nbsp;&nbsp;&nbsp; 475632825  | 213536470 | (277952821) | (26465198) | (106637532) |  |  | 5451073 | 278113744 |
| Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> | Exact Sciences Corp.<sup>^</sup> |
| &nbsp;&nbsp;&nbsp; 453419254  | 355741102 | (460594281) | (128122301) | 374927330 |  |  | 8817700 | 595371104 |
| Fate Therapeutics, Inc. | Fate Therapeutics, Inc. | Fate Therapeutics, Inc. | Fate Therapeutics, Inc. | Fate Therapeutics, Inc. | Fate Therapeutics, Inc. | Fate Therapeutics, Inc. | Fate Therapeutics, Inc. | Fate Therapeutics, Inc. |
| &nbsp;&nbsp;&nbsp; 218139689  | 101718976 | (176598032) | (460303352) | 317042719 |  |  |  |  |
| Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. | Intellia Therapeutics, Inc. |
| &nbsp;&nbsp;&nbsp; 430810590  | 246289813 | (243787480) | (15262362) | (133677012) |  |  | 6700602 | 284373549 |
| Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. | Twist Bioscience Corp. |
| &nbsp;&nbsp;&nbsp; 178879891  | 86419698 | (95774256) | 1797165 | (61554558) |  |  | 3826000 | 109767940 |
| Veracyte, Inc. | Veracyte, Inc. | Veracyte, Inc. | Veracyte, Inc. | Veracyte, Inc. | Veracyte, Inc. | Veracyte, Inc. | Veracyte, Inc. | Veracyte, Inc. |
| &nbsp;&nbsp;&nbsp; 137390204  | 70679636 | (84120938) | (2877615) | (2254838) |  |  | 4728072 | 118816449 |
| Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% | Chemicals — 2.3% |
| Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. | Ginkgo Bioworks Holdings, Inc. |
| &nbsp;&nbsp;&nbsp; 200265720  | 201903341 | (142436097) | 8178061 | (88650842) |  |  | 91928299 | 179260183 |
| Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% | Diversified Consumer Services — 0.7% |
| 2U, Inc. | 2U, Inc. | 2U, Inc. | 2U, Inc. | 2U, Inc. | 2U, Inc. | 2U, Inc. | 2U, Inc. | 2U, Inc. |
| &nbsp;&nbsp;&nbsp; 64267072  | 29971906 | (32480730) | (1844206) | (5889474) |  |  | 6260089 | 54024568 |
| Entertainment — 6.9% | Entertainment — 6.9% | Entertainment — 6.9% | Entertainment — 6.9% | Entertainment — 6.9% | Entertainment — 6.9% | Entertainment — 6.9% | Entertainment — 6.9% | Entertainment — 6.9% |
| Roku, Inc. | Roku, Inc. | Roku, Inc. | Roku, Inc. | Roku, Inc. | Roku, Inc. | Roku, Inc. | Roku, Inc. | Roku, Inc. |
| &nbsp;&nbsp;&nbsp; 597014440  | 384140011 | (385482662) | (3091230) | (64257334) |  |  | 9188230 | 528323225 |
| Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% |
| Cerus Corp. | Cerus Corp. | Cerus Corp. | Cerus Corp. | Cerus Corp. | Cerus Corp. | Cerus Corp. | Cerus Corp. | Cerus Corp. |
| &nbsp;&nbsp;&nbsp; 64337431  | 27736480 | (32334308) | (874681) | (24166814) |  |  | 11050353 | 34698108 |
| Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% | Health Care Providers & Services — 0.5% |
| Invitae Corp. | Invitae Corp. | Invitae Corp. | Invitae Corp. | Invitae Corp. | Invitae Corp. | Invitae Corp. | Invitae Corp. | Invitae Corp. |
| &nbsp;&nbsp;&nbsp; 35214655  | 38043337 | (37622069) | (5333581) | 11209664 |  |  | 17589833 | 41512006 |
| Signify Health, Inc. | Signify Health, Inc. | Signify Health, Inc. | Signify Health, Inc. | Signify Health, Inc. | Signify Health, Inc. | Signify Health, Inc. | Signify Health, Inc. | Signify Health, Inc. |
| &nbsp;&nbsp;&nbsp; 228647398  | 35405697 | (394871541) | 75598078 | 55220368 |  |  |  |  |
| Health Care Technology — 4.4% | Health Care Technology — 4.4% | Health Care Technology — 4.4% | Health Care Technology — 4.4% | Health Care Technology — 4.4% | Health Care Technology — 4.4% | Health Care Technology — 4.4% | Health Care Technology — 4.4% | Health Care Technology — 4.4% |
| Teladoc Health, Inc. | Teladoc Health, Inc. | Teladoc Health, Inc. | Teladoc Health, Inc. | Teladoc Health, Inc. | Teladoc Health, Inc. | Teladoc Health, Inc. | Teladoc Health, Inc. | Teladoc Health, Inc. |
| &nbsp;&nbsp;&nbsp; 439542710  | 238848469 | (244149614) | (19907048) | (73694357) |  |  | 11586400 | 340640160 |
| Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% | Life Sciences Tools & Services — 2.1% |
| Berkeley Lights, Inc. | Berkeley Lights, Inc. | Berkeley Lights, Inc. | Berkeley Lights, Inc. | Berkeley Lights, Inc. | Berkeley Lights, Inc. | Berkeley Lights, Inc. | Berkeley Lights, Inc. | Berkeley Lights, Inc. |
| &nbsp;&nbsp;&nbsp; 18250247  | 3208066 | (16616968) | (139777712) | 134936367 |  |  |  |  |
| Compugen Ltd. | Compugen Ltd. | Compugen Ltd. | Compugen Ltd. | Compugen Ltd. | Compugen Ltd. | Compugen Ltd. | Compugen Ltd. | Compugen Ltd. |
| &nbsp;&nbsp;&nbsp; 9521030  | 456284 | (8458001) | (51068846) | 49549533 |  |  |  |  |
| Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. | Pacific Biosciences of California, Inc. |
| &nbsp;&nbsp;&nbsp; 61525177  | 84391111 | (81603883) | 371573 | 93934884 |  |  | 14302873 | 158618862 |
| Road & Rail — 0.0% | Road & Rail — 0.0% | Road & Rail — 0.0% | Road & Rail — 0.0% | Road & Rail — 0.0% | Road & Rail — 0.0% | Road & Rail — 0.0% | Road & Rail — 0.0% | Road & Rail — 0.0% |
| TuSimple Holdings, Inc. | TuSimple Holdings, Inc. | TuSimple Holdings, Inc. | TuSimple Holdings, Inc. | TuSimple Holdings, Inc. | TuSimple Holdings, Inc. | TuSimple Holdings, Inc. | TuSimple Holdings, Inc. | TuSimple Holdings, Inc. |
| &nbsp;&nbsp;&nbsp; 107440372  | 34704558 | (68320392) | (275689876) | 201865338 |  |  |  |  |

---

See accompanying Notes to Financial Statements.<br>

11<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued)

ARK Innovation ETF

January 31, 2023 (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at 7/31/2022**  | **Purchases<br>Cost<br>($)**  | **Sales<br>Proceeds<br>($)**  | **Net Realized<br>Gain/(Loss)<br>($)**  | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)**  | **Dividend<br>Income<br>($)**  | **Capital Gain<br>Distributions<br>($)**  | **Number of<br>Shares at<br>1/31/2023**  | **Value ($) at<br>1/31/2023**  |
| Software — 8.3% | Software — 8.3% | Software — 8.3% | Software — 8.3% | Software — 8.3% | Software — 8.3% | Software — 8.3% | Software — 8.3% | Software — 8.3% |
| Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> | Materialise NV<sup>^</sup> |
| &nbsp;&nbsp;&nbsp; 59636430  | 21826297 | (62320975) | (76963831) | 58690817 |  |  | 82423 | 868738 |
| PagerDuty, Inc. | PagerDuty, Inc. | PagerDuty, Inc. | PagerDuty, Inc. | PagerDuty, Inc. | PagerDuty, Inc. | PagerDuty, Inc. | PagerDuty, Inc. | PagerDuty, Inc. |
| &nbsp;&nbsp;&nbsp; 215727928  | 124522233 | (141670075) | 219752 | 31074399 |  |  | 7716490 | 229874237 |
| UiPath, Inc. | UiPath, Inc. | UiPath, Inc. | UiPath, Inc. | UiPath, Inc. | UiPath, Inc. | UiPath, Inc. | UiPath, Inc. | UiPath, Inc. |
| &nbsp;&nbsp;&nbsp; 413196381  | 297950377 | (259099649) | 4739900 | (50816817) |  |  | 26430351 | 405970192 |
| &nbsp;&nbsp;&nbsp; $4834169745  | $2793546595 | $(3481121327) | $(1121724314) | $598429479 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | 231713267 | $3623300178 |

---

^<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of January 31, 2023, the company was no longer considered to be an affiliated security.

Fair Value Measurement

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

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

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

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

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

The following is a summary of the valuations as of January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Innovation <br>ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $7640574682 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $7640574682 |
| Money Market Fund | 32627559 |  |  | 32627559 |
| Total | $7673202241 | $— | $— | $7673202241 |

---

‡<br>

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

See accompanying Notes to Financial Statements.<br>

12<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Next Generation Internet ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 94.1%** | **COMMON STOCKS – 94.1%** | **COMMON STOCKS – 94.1%** |
| **Automobiles – 6.1%** | **Automobiles – 6.1%** | **Automobiles – 6.1%** |
| Tesla, Inc.\* | 441220 | $76428129 |
| **Banks – 0.6%** |  |  |
| NU Holdings Ltd., Class A (Brazil)\* | 1486016 | 6909974 |
| **Biotechnology – 1.6%** |  |  |
| Veracyte, Inc.\* | 788064 | 19804048 |
| **Capital Markets – 9.2%** |  |  |
| Coinbase Global, Inc., Class A\* | 1356367 | 79320342 |
| Robinhood Markets, Inc., Class A\* | 3389264 | 35282239 |
| &nbsp;&nbsp;&nbsp; Total Capital Markets  |  | 114602581 |
| **Diversified Consumer Services – 0.8%** |  |  |
| 2U, Inc.\* | 1117876 | 9647270 |
| **Entertainment – 11.8%** |  |  |
| Endeavor Group Holdings, Inc., Class A\* | 515382 | 11560018 |
| ROBLOX Corp., Class A\* | 1247207 | 46408572 |
| Roku, Inc.\* | 1535133 | 88270148 |
| &nbsp;&nbsp;&nbsp; Total Entertainment  |  | 146238738 |
| **Health Care Technology – 4.1%** |  |  |
| Teladoc Health, Inc.\* | 1749101 | 51423570 |
| **Hotels, Restaurants & Leisure – 6.9%** |  |  |
| DraftKings, Inc., Class A\* | 3965158 | 59437718 |
| Genius Sports Ltd. (United Kingdom)\* | 4890179 | 26847083 |
| &nbsp;&nbsp;&nbsp; Total Hotels, Restaurants & Leisure  |  | 86284801 |
| **Household Durables – 1.5%** |  |  |
| Vuzix Corp.\*<sup>†</sup> | 3735558 | 19462257 |
| **Interactive Media & Services – 0.9%** |  |  |
| Nextdoor Holdings, Inc.\* | 4717842 | 11605891 |
| **Internet & Direct Marketing Retail – 2.9%** | **Internet & Direct Marketing Retail – 2.9%** | **Internet & Direct Marketing Retail – 2.9%** |
| MercadoLibre, Inc. (Brazil)\* | 30764 | 36353511 |
| **IT Services – 22.0%** |  |  |
| Adyen NV (Netherlands)\*<sup>(a)</sup> | 792523 | 11919546 |
| Block, Inc.\* | 1264938 | 103370733 |
| Cloudflare, Inc., Class A\* | 298965 | 15818238 |
| Shopify, Inc., Class A (Canada)\* | 1692654 | 83397063 |
| Twilio, Inc., Class A\* | 1001632 | 59937659 |
| &nbsp;&nbsp;&nbsp; Total IT Services  |  | 274443239 |
| **Semiconductors & Semiconductor Equipment – 1.8%** | **Semiconductors & Semiconductor Equipment – 1.8%** | **Semiconductors & Semiconductor Equipment – 1.8%** |
| NVIDIA Corp. | 113403 | 22155544 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Software – 23.9%** | **Software – 23.9%** | **Software – 23.9%** |
| Adobe, Inc.\* | 55793 | $20662380 |
| Crowdstrike Holdings, Inc., Class A\* | 118175 | 12514732 |
| Monday.com Ltd.\* | 230658 | 30029365 |
| PagerDuty, Inc.\* | 1391711 | 41459071 |
| UiPath, Inc., Class A\* | 3791863 | 58243016 |
| Unity Software, Inc.\* | 1248872 | 44359933 |
| Zoom Video Communications, Inc., Class A\*  | 1204606 | 90345450 |
| &nbsp;&nbsp;&nbsp; Total Software  |  | 297613947 |
|  **Total Common Stocks** <br>(Cost $3,255,958,416)  |  | 1172973500 |
| **UNIT TRUST – 5.6%** |  |  |
| **Financials – 5.6%** |  |  |
|  Grayscale Bitcoin Trust BTC\* <br>(Cost $222,409,020)  | 5774906 | 70165108 |
| **MONEY MARKET FUND – 0.3%** |  |  |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(b)</sup> <br>(Cost $3,589,373)  | 3589373 | 3589373 |
|  **Total Investments – 100.0% <br>(Cost $3,481,956,809)**  |  | **1246727981** |
| Liabilities in Excess of Other Assets – (0.0)%<sup>(c)</sup> | Liabilities in Excess of Other Assets – (0.0)%<sup>(c)</sup> | (412536) |
| **Net Assets – 100.0%** |  | $**1246315445** |

---

†<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated security

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 0.05%

See accompanying Notes to Financial Statements. <br>

13<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued)

ARK Next Generation Internet ETF

January 31, 2023 (Unaudited)

Affiliated Issuer Transactions

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Period to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at 7/31/2022**  | **Purchases<br>Cost<br>($)**  | **Sales<br>Proceeds<br>($)**  | **Net Realized<br>Gain/(Loss)<br>($)**  | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)**  | **Dividend<br>Income<br>($)**  | **Capital Gain<br>Distributions<br>($)**  | **Number of<br>Shares at<br>1/31/2023**  | **Value ($) at<br>1/31/2023**  |
| **Common Stock — 1.6%** | **Common Stock — 1.6%** | **Common Stock — 1.6%** | **Common Stock — 1.6%** | **Common Stock — 1.6%** | **Common Stock — 1.6%** | **Common Stock — 1.6%** | **Common Stock — 1.6%** | **Common Stock — 1.6%** |
| Household Durables — 1.6% |  |  |  |  |  |  |  |  |
| Vuzix Corp. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 32529639  | 4569830 | (5863477) | (2665326) | (9108409) |  |  | 3735558 | 19462257 |
| &nbsp;&nbsp;&nbsp; $32529639  | $4569830 | $(5863477) | $(2665326) | $(9108409) | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | 3735558 | $19462257 |

---

Fair Value Measurement

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

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

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

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

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

The following is a summary of the valuations as of January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Next <br>Generation Internet <br>ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $1172973500 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1172973500 |
| Unit Trust<sup>‡</sup> | 70165108 |  |  | 70165108 |
| Money Market Fund  | 3589373 |  |  | 3589373 |
| Total | $1246727981 | $— | $— | $1246727981 |

---

‡<br>

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

See accompanying Notes to Financial Statements. <br>

14<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Fintech Innovation ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 100.0%** | | |
| **Banks – 1.6%** | **Banks – 1.6%** | **Banks – 1.6%** |
| NU Holdings Ltd., Class A (Brazil)\* | 2965457 | $13789375 |
|  TCS Group Holding PLC, Class Reg S (Russia)\*<sup>(a)(b)</sup>  | 607059 | 6071 |
| &nbsp;&nbsp;&nbsp; Total Banks  |  | 13795446 |
| **Capital Markets – 16.1%** |  |  |
| Coinbase Global, Inc., Class A\* | 1519152 | 88840009 |
| Intercontinental Exchange, Inc. | 76848 | 8265003 |
| Robinhood Markets, Inc., Class A\* | 4017081 | 41817813 |
| &nbsp;&nbsp;&nbsp; Total Capital Markets  |  | 138922825 |
| **Consumer Finance – 1.6%** |  |  |
| Kaspi.KZ JSC (Kazakhstan)<sup>(b)</sup> | 189089 | 13860224 |
| **Entertainment – 4.4%** |  |  |
| ROBLOX Corp., Class A\* | 304795 | 11341422 |
| Roku, Inc.\* | 456514 | 26249555 |
| &nbsp;&nbsp;&nbsp; Total Entertainment  |  | 37590977 |
| **Health Care Technology – 3.0%** |  |  |
| Teladoc Health, Inc.\* | 889651 | 26155739 |
| **Hotels, Restaurants & Leisure – 4.5%** |  |  |
| DraftKings, Inc., Class A\* | 2570014 | 38524510 |
| **Insurance – 4.1%** |  |  |
| Discovery Ltd. (South Africa)\* | 4407776 | 34958223 |
| **Interactive Media & Services – 2.4%** |  |  |
| Pinterest, Inc., Class A\* | 314110 | 8257952 |
| Z Holdings Corp. (Japan) | 4323214 | 12338755 |
| &nbsp;&nbsp;&nbsp; Total Interactive Media & Services  |  | 20596707 |
| **Internet & Direct Marketing Retail – 11.5%**  |  |  |
| Farfetch Ltd., Class A (United Kingdom)\* | 657986 | 4487464 |
| Global-e Online Ltd. (Israel)\* | 1232762 | 36945877 |
| JD.com, Inc. (China)<sup>(c)</sup> | 152111 | 9055168 |
| MercadoLibre, Inc. (Brazil)\* | 40808 | 48222406 |
| &nbsp;&nbsp;&nbsp; Total Internet & Direct Marketing Retail  |  | 98710915 |
| **IT Services – 38.8%** |  |  |
| Adyen NV (Netherlands)\*<sup>(d)</sup> | 22679 | 33965244 |
| Block, Inc.\* | 1142908 | 93398442 |
| Shopify, Inc., Class A (Canada)\* | 1971529 | 97137234 |
| StoneCo Ltd., Class A (Brazil)\* | 2471816 | 27585466 |
| Toast, Inc., Class A\* | 1478818 | 32992430 |
| Twilio, Inc., Class A\* | 809685 | 48451550 |
| &nbsp;&nbsp;&nbsp; Total IT Services  |  | 333530366 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** | **Real Estate Management & Development – 0.5%** |
| Zillow Group, Inc., Class C\* | 101908 | $4505353 |
| **Semiconductors & Semiconductor Equipment – 1.7%** | **Semiconductors & Semiconductor Equipment – 1.7%** |  |
| NVIDIA Corp. | 74445 | 14544320 |
| **Software – 9.8%** |  |  |
| Bill.com Holdings, Inc.\* | 178284 | 20613196 |
| Intuit, Inc. | 41340 | 17473178 |
| UiPath, Inc., Class A\* | 3029038 | 46526023 |
| &nbsp;&nbsp;&nbsp; Total Software  |  | 84612397 |
|  **Total Common Stocks** <br>(Cost $1,961,684,583)  |  | 860308002 |
| **MONEY MARKET FUND – 0.0%<sup>(e)</sup>** |  |  |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(f)</sup> <br>(Cost $318,515)  | 318515 | 318515 |
|  **Total Investments – 100.0% <br>(Cost $1,962,003,098)**  |  | **860626517** |
| Liabilities in Excess of Other Assets – (0.0)%<sup>(e)</sup>  |  | (281504) |
| **Net Assets – 100.0%** |  | $**860345013** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment is classified as Level 3.

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Depositary Receipt

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(d)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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.

(e)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 0.05%

(f)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

See accompanying Notes to Financial Statements. <br>

15<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued)

ARK Fintech Innovation ETF

January 31, 2023 (Unaudited)

Fair Value Measurement

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

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

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

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

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

The following is a summary of the valuations as of January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Fintech <br>Innovation ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $860301931 | $— | $6071 | $860308002 |
| Money Market Fund | 318515 |  |  | 318515 |
| Total | $860620446 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $6071 | $860626517 |

---

‡<br>

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

See accompanying Notes to Financial Statements. <br>

16<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Space Exploration & Innovation ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 94.1%** | | |
| **Aerospace & Defense – 33.0%** | **Aerospace & Defense – 33.0%** | **Aerospace & Defense – 33.0%** |
| AeroVironment, Inc.\* | 215587 | $19180775 |
| Airbus SE (France) | 31801 | 3970285 |
| Archer Aviation, Inc., Class A\* | 1838591 | 5331914 |
| Elbit Systems Ltd. (Israel) | 27327 | 4623182 |
| HEICO Corp. | 21021 | 3593540 |
| Kratos Defense & Security Solutions, Inc.\* | 1718337 | 19674958 |
| L3Harris Technologies, Inc. | 72706 | 15618703 |
| Lockheed Martin Corp. | 7296 | 3379945 |
| Mynaric AG (Germany)\*<sup>(a)</sup> | 639260 | 2927811 |
| Rocket Lab USA, Inc.\* | 694573 | 3452028 |
| Spirit AeroSystems Holdings, Inc., Class A | 160693 | 5809052 |
| Thales SA (France) | 43653 | 5761300 |
| &nbsp;&nbsp;&nbsp; Total Aerospace & Defense  |  | 93323493 |
| **Air Freight & Logistics – 3.1%** | **Air Freight & Logistics – 3.1%** | **Air Freight & Logistics – 3.1%** |
| JD Logistics, Inc. (China)\*<sup>(b)</sup> | 3923626 | 8666739 |
| **Airlines – 4.8%** | **Airlines – 4.8%** | **Airlines – 4.8%** |
| Blade Air Mobility, Inc.\* | 1809806 | 8071735 |
| Joby Aviation, Inc.\* | 1220404 | 5394185 |
| &nbsp;&nbsp;&nbsp; Total Airlines  |  | 13465920 |
| **Diversified Telecommunication – 8.1%** | **Diversified Telecommunication – 8.1%** | **Diversified Telecommunication – 8.1%** |
| Iridium Communications, Inc.\* | 382809 | 22907291 |
| **Electronic Equipment, Instruments & Components – 10.6%** | **Electronic Equipment, Instruments & Components – 10.6%** | **Electronic Equipment, Instruments & Components – 10.6%** |
| Teledyne Technologies, Inc.\* | 8225 | 3489539 |
| Trimble, Inc.\* | 456484 | 26503461 |
| &nbsp;&nbsp;&nbsp; Total Electronic Equipment, Instruments & <br>Components  |  | 29993000 |
| **Household Durables – 1.9%** | **Household Durables – 1.9%** | **Household Durables – 1.9%** |
| Garmin Ltd. | 53577 | 5297694 |
| **Industrial Conglomerates – 1.7%** | **Industrial Conglomerates – 1.7%** | **Industrial Conglomerates – 1.7%** |
| Honeywell International, Inc. | 22528 | 4696637 |
| **Interactive Media & Services – 2.0%** | **Interactive Media & Services – 2.0%** | **Interactive Media & Services – 2.0%** |
| Alphabet, Inc., Class C\* | 55494 | 5542186 |
| **Internet & Direct Marketing Retail – 2.1%** | **Internet & Direct Marketing Retail – 2.1%** | **Internet & Direct Marketing Retail – 2.1%** |
| Amazon.com, Inc.\* | 58046 | 5986284 |
| **Machinery – 13.6%** | **Machinery – 13.6%** | **Machinery – 13.6%** |
| 3D Systems Corp.\* | 502628 | 5458540 |
| Deere & Co. | 23948 | 10126172 |
| Komatsu Ltd. (Japan) | 552188 | 13384190 |
| Markforged Holding Corp.\* | 2710268 | 3631759 |
| Proto Labs, Inc.\* | 27119 | 829842 |
| Velo3D, Inc.\* | 2138365 | 5132076 |
| &nbsp;&nbsp;&nbsp; Total Machinery  |  | 38562579 |
| **Semiconductors & Semiconductor Equipment – 3.3%** | **Semiconductors & Semiconductor Equipment – 3.3%** | **Semiconductors & Semiconductor Equipment – 3.3%** |
| Teradyne, Inc. | 91275 | 9282667 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Software – 9.7%** | **Software – 9.7%** | **Software – 9.7%** |
| ANSYS, Inc.\* | 10550 | $2810098 |
| Dassault Systemes SE (France) | 219836 | 8140127 |
| Synopsys, Inc.\* | 9477 | 3352489 |
| UiPath, Inc., Class A\* | 580030 | 8909261 |
| Unity Software, Inc.\* | 116020 | 4121030 |
| &nbsp;&nbsp;&nbsp; Total Software  |  | 27333005 |
| **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** | **Technology Hardware, Storage & Peripherals – 0.2%** |
| Stratasys Ltd.\* | 39936 | 572283 |
|  **Total Common Stocks** <br>(Cost $391,495,290)  |  | 265629778 |
| **EXCHANGE-TRADED FUND – 5.7%** | **EXCHANGE-TRADED FUND – 5.7%** | **EXCHANGE-TRADED FUND – 5.7%** |
| **Equity Fund – 5.7%** | **Equity Fund – 5.7%** | **Equity Fund – 5.7%** |
|  The 3D Printing ETF\*<sup>†</sup> <br>(Cost $27,688,096)  | 705334 | 16179445 |
| **MONEY MARKET FUND – 0.2%** |  |  |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(c)</sup> <br>(Cost $612,240)  | 612240 | 612240 |
|  **Total Investments – 100.0% <br>(Cost $419,795,626)**  |  | **282421463** |
| Liabilities in Excess of Other Assets – (0.0)%<sup>(d)</sup> | Liabilities in Excess of Other Assets – (0.0)%<sup>(d)</sup> | (3986) |
| **Net Assets – 100.0%** |  | $**282417477** |

---

†<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated security

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(b)<br>

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

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

(d)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 0.05%

See accompanying Notes to Financial Statements. <br>

17<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued)

ARK Space Exploration & Innovation ETF

January 31, 2023 (Unaudited)

Affiliated Issuer Transactions

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities, or a company that is under common ownership or control. Period to date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value ($) at 7/31/2022**  | **Purchases<br>Cost<br>($)**  | **Sales<br>Proceeds<br>($)**  | **Net Realized<br>Gain/(Loss)<br>($)**  | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>($)**  | **Dividend<br>Income<br>($)**  | **Capital Gain<br>Distributions<br>($)**  | **Number of<br>Shares at<br>1/31/2023**  | **Value ($) at<br>1/31/2023**  |
| **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** | **Exchange-Traded Fund — 5.7%** |
| Equity Fund — 5.7% | Equity Fund — 5.7% | Equity Fund — 5.7% | Equity Fund — 5.7% | Equity Fund — 5.7% | Equity Fund — 5.7% | Equity Fund — 5.7% | Equity Fund — 5.7% | Equity Fund — 5.7% |
| The 3D Printing ETF | The 3D Printing ETF | The 3D Printing ETF | The 3D Printing ETF | The 3D Printing ETF | The 3D Printing ETF | The 3D Printing ETF | The 3D Printing ETF | The 3D Printing ETF |
| &nbsp;&nbsp;&nbsp; 17689955  |  | (1255645) | (1015758) | 760893 |  |  | 705334 | 16179445 |
| &nbsp;&nbsp;&nbsp; $17689955  | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(1255645) | $(1015758) | $760893 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | 705334 | $16179445 |

---

Fair Value Measurement

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

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

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

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

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

The following is a summary of the valuations as of January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Space Exploration & <br>Innovation ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $265629778 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $265629778 |
| Exchange – Traded Fund | 16179445 |  |  | 16179445 |
| Money Market Fund | 612240 |  |  | 612240 |
| Total | $282421463 | $— | $— | $282421463 |

---

‡<br>

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

See accompanying Notes to Financial Statements. <br>

18<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

The 3D Printing ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 99.5%** | | |
| **Aerospace & Defense – 2.7%** | **Aerospace & Defense – 2.7%** | **Aerospace & Defense – 2.7%** |
| Aerojet Rocketdyne Holdings, Inc.\* | 42053 | $2351604 |
| Hexcel Corp. | 3474 | 245195 |
| Moog, Inc., Class A | 26280 | 2505009 |
| &nbsp;&nbsp;&nbsp; Total Aerospace & Defense  |  | 5101808 |
| **Air Freight & Logistics – 1.3%** | **Air Freight & Logistics – 1.3%** | **Air Freight & Logistics – 1.3%** |
| United Parcel Service, Inc., Class B | 13278 | 2459484 |
| **Auto Components – 1.2%** | **Auto Components – 1.2%** | **Auto Components – 1.2%** |
|  Cie Generale des Etablissements Michelin SCA (France)  | 75408 | 2373716 |
| **Chemicals – 0.8%** | **Chemicals – 0.8%** | **Chemicals – 0.8%** |
| 5N Plus, Inc. (Canada)\* | 91713 | 217814 |
| Arkema SA (France) | 2015 | 203200 |
| DuPont de Nemours, Inc. | 2740 | 202623 |
| Eastman Chemical Co. | 2292 | 202086 |
| Evonik Industries AG (Germany) | 9333 | 206579 |
| Koninklijke DSM NV (Netherlands) | 1508 | 192959 |
| Toray Industries, Inc. (Japan) | 34179 | 208963 |
| &nbsp;&nbsp;&nbsp; Total Chemicals  |  | 1434224 |
| **Commercial Services & Supplies – 0.1%** | **Commercial Services & Supplies – 0.1%** | **Commercial Services & Supplies – 0.1%** |
| PyroGenesis Canada, Inc. (Canada)\* | 265913 | 293782 |
| **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** | **Electrical Equipment – 1.8%** |
| AMETEK, Inc. | 21778 | 3156068 |
| SGL Carbon SE (Germany)\* | 23222 | 200198 |
| &nbsp;&nbsp;&nbsp; Total Electrical Equipment  |  | 3356266 |
| **Electronic Equipment, Instruments & Components – 12.3%** | **Electronic Equipment, Instruments & Components – 12.3%** | **Electronic Equipment, Instruments & Components – 12.3%** |
| FARO Technologies, Inc.\* | 235949 | 6483878 |
| Hexagon AB, Class B (Sweden) | 268890 | 3066204 |
| Renishaw PLC (United Kingdom) | 135730 | 6599671 |
| Trimble, Inc.\* | 123284 | 7157869 |
| &nbsp;&nbsp;&nbsp; Total Electronic Equipment, Instruments & Components  |  | 23307622 |
| **Health Care Equipment & Supplies – 5.2%** | **Health Care Equipment & Supplies – 5.2%** | **Health Care Equipment & Supplies – 5.2%** |
| Align Technology, Inc.\* | 12814 | 3456320 |
| Straumann Holding AG (Switzerland) | 49163 | 6387700 |
| &nbsp;&nbsp;&nbsp; Total Health Care Equipment & Supplies  |  | 9844020 |
| **Industrial Conglomerates – 2.7%** | **Industrial Conglomerates – 2.7%** | **Industrial Conglomerates – 2.7%** |
| 3M Co. | 1707 | 196442 |
| General Electric Co. | 30432 | 2449167 |
| Siemens AG (Germany) | 15479 | 2404711 |
| &nbsp;&nbsp;&nbsp; Total Industrial Conglomerates  |  | 5050320 |
| **Internet & Direct Marketing Retail – 4.3%** | **Internet & Direct Marketing Retail – 4.3%** | **Internet & Direct Marketing Retail – 4.3%** |
| Xometry, Inc., Class A\* | 234055 | 8196606 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Life Sciences Tools & Services – 3.2%** | **Life Sciences Tools & Services – 3.2%** | **Life Sciences Tools & Services – 3.2%** |
| BICO Group AB (Sweden)\* | 615670 | $6172831 |
| **Machinery – 23.9%** | **Machinery – 23.9%** | **Machinery – 23.9%** |
| 3D Systems Corp.\* | 688029 | 7471995 |
| Desktop Metal, Inc., Class A\* | 3498816 | 5878011 |
| Fathom Digital Manufacturing C\* | 1176867 | 1624076 |
| Lincoln Electric Holdings, Inc. | 15255 | 2545602 |
| Markforged Holding Corp.\* | 4038472 | 5411553 |
| OC Oerlikon Corp. AG (Switzerland) | 337317 | 2308346 |
| Proto Labs, Inc.\* | 235403 | 7203332 |
| Sandvik AB (Sweden) | 10044 | 206881 |
| SLM Solutions Group AG (Germany)\* | 282196 | 5767617 |
| Velo3D, Inc.\* | 2897205 | 6953292 |
| &nbsp;&nbsp;&nbsp; Total Machinery  |  | 45370705 |
| **Metals & Mining – 2.8%** | **Metals & Mining – 2.8%** | **Metals & Mining – 2.8%** |
| Arconic Corp.\* | 99959 | 2350036 |
| ATI Inc.\* | 5803 | 211171 |
| Carpenter Technology Corp. | 4609 | 222569 |
| Kaiser Aluminum Corp. | 27318 | 2390871 |
| voestalpine AG (Austria) | 6471 | 213862 |
| &nbsp;&nbsp;&nbsp; Total Metals & Mining  |  | 5388509 |
| **Software – 26.0%** | **Software – 26.0%** | **Software – 26.0%** |
| Altair Engineering, Inc., Class A\* | 132458 | 7033520 |
| ANSYS, Inc.\* | 27372 | 7290806 |
| Autodesk, Inc.\* | 33192 | 7141591 |
| Dassault Systemes SE (France) | 180230 | 6673589 |
| Materialise NV (Belgium)\*<sup>(a)</sup> | 657761 | 6932801 |
| Microsoft Corp. | 28466 | 7054159 |
| PTC, Inc.\* | 53298 | 7188834 |
| &nbsp;&nbsp;&nbsp; Total Software  |  | 49315300 |
| **Technology Hardware, Storage & Peripherals – 11.2%** | **Technology Hardware, Storage & Peripherals – 11.2%** | **Technology Hardware, Storage & Peripherals – 11.2%** |
| Eastman Kodak Co.\* | 60621 | 218842 |
| HP, Inc. | 234392 | 6830183 |
| Nano Dimension Ltd. (Israel)\*<sup>(a)</sup> | 2629957 | 7258681 |
| Stratasys Ltd.\* | 471238 | 6752841 |
| Xerox Holdings Corp. | 12059 | 197526 |
| &nbsp;&nbsp;&nbsp; Total Technology Hardware, Storage & Peripherals  |  | 21258073 |
|  **Total Common Stocks** <br>(Cost $280,663,130)  |  | 188923266 |
| **PREFERRED STOCK – 0.1%** | **PREFERRED STOCK – 0.1%** | **PREFERRED STOCK – 0.1%** |
| **Household Products – 0.1%** | **Household Products – 0.1%** | **Household Products – 0.1%** |
|  Henkel AG & Co. KGaA (Germany)<br>(Cost $290,899)  | 2784 | 197940 |

---

See accompanying Notes to Financial Statements. <br>

19<br>

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[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (continued)

The 3D Printing ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **MONEY MARKET FUND – 0.4%** | **MONEY MARKET FUND – 0.4%** | **MONEY MARKET FUND – 0.4%** |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(b)</sup> <br>(Cost $759,231)  | 759231 | $759231 |
|  **Total Investments – 100.0% <br>(Cost $281,713,260)**  |  | **189880437** |
| Liabilities in Excess of Other Assets – (0.0)%<sup>(c)</sup> | Liabilities in Excess of Other Assets – (0.0)%<sup>(c)</sup> | (3452) |
| **Net Assets – 100.0%** |  | $**189876985** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

(c)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The 3D Printing <br>ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $188923266 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $188923266 |
| Preferred Stock<sup>‡</sup> | 197940 |  |  | 197940 |
| Money Market Fund | 759231 |  |  | 759231 |
| Total | $189880437 | $— | $— | $189880437 |

---

‡<br>

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

See accompanying Notes to Financial Statements. <br>

20<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

The ARK Israel Innovative Technology ETF

January 31, 2023 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **COMMON STOCKS – 97.5%** | | |
| **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** | **Aerospace & Defense – 2.1%** |
| Elbit Systems Ltd. (Israel) | 12906 | $2158572 |
| **Auto Components – 2.4%** | **Auto Components – 2.4%** | **Auto Components – 2.4%** |
| Mobileye Global, Inc., Class A (Israel)\* | 66763 | 2577052 |
| **Biotechnology – 2.7%** | **Biotechnology – 2.7%** | **Biotechnology – 2.7%** |
| UroGen Pharma Ltd.\* | 269630 | 2801456 |
| **Communications Equipment – 13.0%** | **Communications Equipment – 13.0%** | **Communications Equipment – 13.0%** |
| AudioCodes Ltd. (Israel) | 120109 | 2302490 |
| Ceragon Networks Ltd. (Israel)\* | 1054152 | 2192636 |
| Gilat Satellite Networks Ltd. (Israel)\* | 394498 | 2173684 |
| Ituran Location and Control Ltd. (Israel) | 100235 | 2200158 |
| Radware Ltd. (Israel)\* | 108593 | 2313031 |
| SatixFy Communications Ltd. (Israel)\* | 268568 | 461937 |
| Silicom Ltd. (Israel)\* | 47571 | 2046504 |
| &nbsp;&nbsp;&nbsp; Total Communications Equipment  |  | 13690440 |
| **Diversified Telecommunication – 2.0%** | **Diversified Telecommunication – 2.0%** | **Diversified Telecommunication – 2.0%** |
|  Bezeq The Israeli Telecommunication Corp. Ltd. (Israel)  | 1297926 | 2145254 |
| **Electronic Equipment, Instruments & Components – 1.9%** | **Electronic Equipment, Instruments & Components – 1.9%** | **Electronic Equipment, Instruments & Components – 1.9%** |
| Nayax Ltd. (Israel)\* | 96905 | 1977601 |
| **Entertainment – 2.3%** | **Entertainment – 2.3%** | **Entertainment – 2.3%** |
| Playtika Holding Corp.\* | 232594 | 2439911 |
| **Health Care Equipment & Supplies – 4.4%** | **Health Care Equipment & Supplies – 4.4%** | **Health Care Equipment & Supplies – 4.4%** |
| Inmode Ltd.\* | 64434 | 2258412 |
| Nano-X Imaging Ltd. (Israel)\* | 255163 | 2352603 |
| &nbsp;&nbsp;&nbsp; Total Health Care Equipment & Supplies  |  | 4611015 |
| **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** | **Hotels, Restaurants & Leisure – 2.1%** |
| Fattal Holdings 1998 Ltd. (Israel)\* | 22532 | 2167260 |
| **Interactive Media & Services – 2.4%** | **Interactive Media & Services – 2.4%** | **Interactive Media & Services – 2.4%** |
| Taboola.com Ltd. (Israel)\* | 647073 | 2575351 |
| **Internet & Direct Marketing Retail – 2.4%** | **Internet & Direct Marketing Retail – 2.4%** | **Internet & Direct Marketing Retail – 2.4%** |
| Fiverr International Ltd.\* | 67468 | 2502388 |
| **IT Services – 8.2%** | **IT Services – 8.2%** | **IT Services – 8.2%** |
| HUB Cyber Security Israel Ltd. (Israel)\* | 1353552 | 2180334 |
| Matrix IT Ltd. (Israel) | 99683 | 2103605 |
| One Software Technologies Ltd. (Israel) | 157914 | 1984190 |
| Wix.com Ltd. (Israel)\* | 26960 | 2344981 |
| &nbsp;&nbsp;&nbsp; Total IT Services  |  | 8613110 |
| **Media – 2.5%** | **Media – 2.5%** | **Media – 2.5%** |
| Perion Network Ltd. (Israel)\* | 77506 | 2596451 |
| **Pharmaceuticals – 4.1%** | **Pharmaceuticals – 4.1%** | **Pharmaceuticals – 4.1%** |
| Taro Pharmaceutical Industries Ltd.\* | 70758 | 2110003 |
| Teva Pharmaceutical Industries Ltd. (Israel)\*<sup>(a)</sup>  | 207135 | 2183203 |
| &nbsp;&nbsp;&nbsp; Total Pharmaceuticals  |  | 4293206 |
| **Professional Services – 1.9%** | **Professional Services – 1.9%** | **Professional Services – 1.9%** |
| Danel Adir Yeoshua Ltd. (Israel) | 25453 | 1948989 |

---

---

| | | |
|:---|:---|:---|
| **Investments**  | **Shares**  | **Value**  |
| **Semiconductors & Semiconductor Equipment – 6.3%** | **Semiconductors & Semiconductor Equipment – 6.3%** | **Semiconductors & Semiconductor Equipment – 6.3%** |
| Camtek Ltd. (Israel)\* | 85897 | $2232463 |
| Nova Ltd. (Israel)\* | 24813 | 2250539 |
| Tower Semiconductor Ltd. (Israel)\* | 51079 | 2134592 |
| &nbsp;&nbsp;&nbsp; Total Semiconductors & Semiconductor Equipment  |  | 6617594 |
| **Software – 30.2%** |  |  |
| Allot Ltd. (Israel)\* | 638637 | 2420434 |
| Cellebrite DI Ltd. (Japan)\* | 509164 | 2795310 |
|  Check Point Software Technologies Ltd. (Israel)\*  | 17019 | 2164817 |
| Cognyte Software Ltd. (Israel)\* | 627986 | 2380067 |
| CyberArk Software Ltd.\* | 17548 | 2472162 |
| Hilan Ltd. (Israel) | 43538 | 2112791 |
| JFrog Ltd. (Israel)\* | 97353 | 2502946 |
| Monday.com Ltd.\* | 18842 | 2453040 |
| Nice Ltd. (Israel)\*<sup>(a)</sup> | 10813 | 2242941 |
| Riskified Ltd., Class A\* | 426872 | 2595382 |
| Sapiens International Corp. NV (Israel) | 105516 | 2390992 |
| SimilarWeb Ltd. (Israel)\* | 399148 | 2750130 |
| WalkMe Ltd. (Israel)\* | 239887 | 2444448 |
| &nbsp;&nbsp;&nbsp; Total Software  |  | 31725460 |
| **Technology Hardware, Storage & Peripherals – 2.2%** | **Technology Hardware, Storage & Peripherals – 2.2%** | **Technology Hardware, Storage & Peripherals – 2.2%** |
| Stratasys Ltd.\* | 164840 | 2362157 |
| **Wireless Telecommunication Services – 4.4%** | **Wireless Telecommunication Services – 4.4%** | **Wireless Telecommunication Services – 4.4%** |
| Cellcom Israel Ltd. (Israel)\* | 466168 | 2401306 |
| Partner Communications Co. Ltd. (Israel)\* | 308879 | 2213917 |
| &nbsp;&nbsp;&nbsp; Total Wireless Telecommunication Services  |  | 4615223 |
|  **Total Common Stocks** <br>(Cost $131,771,790)  |  | 102418490 |
| **MONEY MARKET FUND – 0.1%** |  |  |
|  Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(b)</sup> <br>(Cost $96,082)  | 96082 | 96082 |
|  **Total Investments – 97.6% <br>(Cost $131,867,872)**  |  | **102514572** |
| Other Assets in Excess of Liabilities – 2.4% | Other Assets in Excess of Liabilities – 2.4% | 2506954 |
| **Net Assets – 100.0%** |  | $**105021526** |

---

\*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-income producing security

(a)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Depositary Receipt

(b)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rate shown represents annualized 7-day yield as of January 31, 2023.

---

| | | |
|:---|:---|:---|
| **Country**  | **Value**  | **% of Net<br>Assets**  |
| Israel | $77628269 | 73.9% |
| Japan | 2795310 | 2.7 |
| United States | 22090993 | 21.0 |
| **Total Investments** | **102514572** | **97.6** |
| Other Assets in Excess of Liabilities | 2506954 | 2.4 |
| **Net Assets** | $**105021526** | **100.0%** |

---

See accompanying Notes to Financial Statements. <br>

21<br>

------

[**TABLE OF CONTENTS**](#TOC)

Schedule of Investments (concluded) <br>

The ARK Israel Innovative Technology ETF

January 31, 2023 (Unaudited)

Fair Value Measurement

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

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

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

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

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

The following is a summary of the valuations as of January 31, 2023, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The ARK Israel <br>Innovative <br>Technology ETF** | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $102418490 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $102418490 |
| Money Market Fund  | 96082 |  |  | 96082 |
| Total | $102514572 | $— | $— | $102514572 |

---

‡<br>

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

See accompanying Notes to Financial Statements. <br>

22<br>

------

[**TABLE OF CONTENTS**](#TOC)

Statements of Assets and Liabilities <br>

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK <br>Genomic <br>Revolution <br>ETF**  | **ARK <br>Autonomous <br>Technology & <br>Robotics ETF**  | **ARK <br>Innovation <br>ETF**  | **ARK Next <br>Generation <br>Internet ETF**  |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at market value <br>(Note 2)  | $1563023859 | $888551342 | $4646141905 | $1227265724 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at market value (Note 2)  | 686491138 | 36354318 | 3027060336 | 19462257 |
| &nbsp;&nbsp;&nbsp; Receivables:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 251925 | 247638 | 36753 | 11182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 4957349 |  | 65623204 | 4975311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 18194098 | 7988233 | 94889214 | 12138172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims  | 5173432 | 9177 | 1778642 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 2278091801 | 933150708 | 7835530054 | 1263852646 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Due to custodian  | 3895 |  | 12760 |  |
| &nbsp;&nbsp;&nbsp; Payables:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares purchased  | 14872047 | 2430915 | 95083027 | 12166936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 14417201 | 4002092 | 72449476 | 4682617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 3)  | 1345581 | 539140 | 4260489 | 687648 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 30638724 | 6972147 | 171805752 | 17537201 |
| **NET ASSETS** | $2247453077 | $926178561 | $7663724302 | $1246315445 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $7308901497 | $1864355203 | $22754894700 | $4204815145 |
| &nbsp;&nbsp;&nbsp; Total accumulated loss  | (5061448420) | (938176642) | (15091170398) | (2958499700) |
| **NET ASSETS** | $2247453077 | $926178561 | $7663724302 | $1246315445 |
| &nbsp;&nbsp;&nbsp; Shares outstanding no par value (unlimited shares authorized)  | 66700000 | 19050000 | 191850000 | 25050000 |
| &nbsp;&nbsp;&nbsp; Net asset value, per share  | $33.69 | $48.62 | $39.95 | $49.75 |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at cost  | $3744707956 | $1415480127 | $10306360668 | $3416634935 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at cost  | $2382011950 | $156730298 | $9121331020 | $65321874 |

---

See accompanying Notes to Financial Statements.<br>

23<br>

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[**TABLE OF CONTENTS**](#TOC)

Statements of Assets and Liabilities (concluded) <br>

January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Fintech <br>Innovation ETF**  | **ARK Space <br>Exploration & <br>Innovation ETF**  | **The 3D <br>Printing ETF**  | **The ARK Israel <br>Innovative <br>Technology ETF**  |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at market value <br>(Note 2)  | $860626517 | $266242018 | $189880437 | $102514572 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at market value (Note 2)  |  | 16179445 |  |  |
| &nbsp;&nbsp;&nbsp; Cash  |  |  |  | 2549508 |
| &nbsp;&nbsp;&nbsp; Receivables:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 1178 | 31393 | 25105 | 920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  | 9987342 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold  | 13968114 |  | 81546 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims  | 10768 | 130231 | 193332 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 884593919 | 282583087 | 190180420 | 105065000 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Due to custodian for foreign currency  | 7112 | 3820 | 9123 | 847 |
| &nbsp;&nbsp;&nbsp; Payables:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased  | 23775228 |  | 192098 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 3)  | 466566 | 161790 | 100655 | 41750 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  |  |  | 1559 | 877 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 24248906 | 165610 | 303435 | 43474 |
| **NET ASSETS** | $860345013 | $282417477 | $189876985 | $105021526 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $2912311672 | $451843763 | $429817112 | $232873236 |
| &nbsp;&nbsp;&nbsp; Total accumulated loss  | (2051966659) | (169426286) | (239940127) | (127851710) |
| **NET ASSETS** | $860345013 | $282417477 | $189876985 | $105021526 |
| &nbsp;&nbsp;&nbsp; Shares outstanding no par value (unlimited shares authorized)  | 46750000 | 20200000 | 8250000 | 5600000 |
| &nbsp;&nbsp;&nbsp; Net asset value, per share  | $18.40 | $13.98 | $23.02 | $18.75 |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at cost  | $1962003098 | $392107530 | $281713260 | $131867872 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at cost  | $— | $27688096 | $— | $— |

---

See accompanying Notes to Financial Statements.<br>

24<br>

------

[**TABLE OF CONTENTS**](#TOC)

Statements of Operations

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

For the Period Ended January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK <br>Genomic <br>Revolution <br>ETF**  | **ARK <br>Autonomous <br>Technology & <br>Robotics ETF**  | **ARK <br>Innovation <br>ETF**  | **ARK Next <br>Generation <br>Internet ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated dividend income  | $523692 | $2130828 | $204106 | $55316 |
| &nbsp;&nbsp;&nbsp; Foreign withholding tax  |  | (196504) |  |  |
| &nbsp;&nbsp;&nbsp; **Total Income** | 523692 | 1934324 | 204106 | 55316 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3)  | 9034213 | 3656047 | 28717426 | 4643590 |
| &nbsp;&nbsp;&nbsp; Overdraft expense  |  | 1 | 88 | 104 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 9034213 | 3656048 | 28717514 | 4643694 |
| &nbsp;&nbsp;&nbsp; **Net Investment Loss** | (8510521) | (1721724) | (28513408) | (4588378) |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON <br>INVESTMENTS AND FOREIGN CURRENCY <br>TRANSLATION:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliated securities  | (540262222) | (224878794) | (266720094) | (219191468) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (62416418) |  | (1162123316) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – non-affiliated securities  | (35901980) | (16355547) | 169124405 | (10027840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – affiliated securities  | (13476913) | (11355410) | 40399002 | (2665326) |
| &nbsp;&nbsp;&nbsp; Net realized loss  | (652057533) | (252589751) | (1219320003) | (231884634) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliated securities  | 689412645 | 11591370 | 9432405 | 106116461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | (272306984) | 74084528 | 198850950 | (9108409) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation  | 417105661 | 85675898 | 208283355 | 97008052 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments and foreign <br>currency translation  | (234951872) | (166913853) | (1011036648) | (134876582) |
| &nbsp;&nbsp;&nbsp; **Net Decrease in Net Assets Resulting From Operations**  | $**(243462393)** | $**(168635577)** | $**(1039550056)** | $**(139464960)** |

---

See accompanying Notes to Financial Statements. <br>

25<br>

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Statements of Operations (concluded)

For the Period Ended January 31, 2023 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Fintech <br>Innovation <br>ETF**  | **ARK Space <br>Exploration & <br>Innovation ETF**  | **The 3D <br>Printing ETF**  | **The ARK Israel <br>Innovative <br>Technology ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated dividend income  | $604512 | $748241 | $456404 | $381573 |
| &nbsp;&nbsp;&nbsp; Foreign withholding tax  |  | (30263) | (9405) | (94030) |
| &nbsp;&nbsp;&nbsp; **Total Income** | 604512 | 717978 | 446999 | 287543 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees (Note 3)  | 3052122 | 1059898 | 615628 | 258005 |
| &nbsp;&nbsp;&nbsp; Overdraft expense  | 7303 | 132 | 557 | 428 |
| &nbsp;&nbsp;&nbsp; Other expenses  |  |  | 9456 | 5379 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 3059425 | 1060030 | 625641 | 263812 |
| &nbsp;&nbsp;&nbsp; Less expense waivers and reimbursements  |  | (52456)<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | 3059425 | 1007574 | 625641 | 263812 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | (2454913) | (289596) | (178642) | 23731 |
|  **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSLATION:**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliated securities  | (215669425) | (2537094) | (31275810) | (18605785) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | 19202 | 15718 | (9949) | (16380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – non-affiliated securities  | (8361860) | 87304 | (1222295) | 2034178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – affiliated securities  |  | (1015758) |  |  |
| &nbsp;&nbsp;&nbsp; Net realized loss  | (224012083) | (3449830) | (32508054) | (16587987) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliated securities  | 237401995 | (17930126) | 30141933 | 12829288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  |  | 760893 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 24704 | 5576 | 9550 | 136 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation)  | 237426699 | (17163657) | 30151483 | 12829424 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and <br>foreign currency translation  | 13414616 | (20613487) | (2356571) | (3758563) |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations**  | $**10959703** | $**(20903083)** | $**(2535213)** | $**(3734832)** |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See Notes to Financial Statements (Note 3).

See accompanying Notes to Financial Statements. <br>

26<br>

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Statements of Changes in Net Assets

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Genomic <br>Revolution ETF**  | **ARK Genomic <br>Revolution ETF**  | **ARK Autonomous <br>Technology & Robotics ETF**  | **ARK Autonomous <br>Technology & Robotics ETF**  |
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(8510521) | $(30059634) | $(1721724) | $(8100774) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency <br>transactions  | (652057533) | (451066973) | (252589751) | 90562663 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency translations  | 417105661 | (3694261922) | 85675898 | (726387621) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations  | (243462393) | (4175388529) | (168635577) | (643925732) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings  |  | (32103552) |  | (17227749) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 714790230 | 2552890394 | 2385348 | 32917320 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (1003900484) | (4153386338) | (119509960) | (966464826) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from shareholder transactions  | (289110254) | (1600495944) | (117124612) | (933547506) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets  | (532572647) | (5807988025) | (285760189) | (1594700987) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 2780025724 | 8588013749 | 1211938750 | 2806639737 |
| &nbsp;&nbsp;&nbsp; End of period  | $2247453077 | $2780025724 | $926178561 | $1211938750 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 75805000 | 101755000 | 21600000 | 34600000 |
| &nbsp;&nbsp;&nbsp; Shares sold  | 21050000 | 51950000 | 50000 | 500000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (30155000) | (77900000) | (2600000) | (13500000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 66700000 | 75805000 | 19050000 | 21600000 |

---

See accompanying Notes to Financial Statements. <br>

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Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK <br>Innovation ETF**  | **ARK <br>Innovation ETF**  | **ARK Next Generation <br>Internet ETF**  | **ARK Next Generation <br>Internet ETF**  |
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(28513408) | $(109181494) | $(4588378) | $(25356907) |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments and foreign currency transactions  | (1219320003) | (11169618) | (231884634) | (105372724) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency translations  | 208283355 | (12780484623) | 97008052 | (2600882800) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations  | (1039550056) | (12900835735) | (139464960) | (2731612431) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings  |  | (133975984) |  | (106224276) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 4910862402 | 18069518927 | 261260472 | 1093086885 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (5544407063) | (18193317043) | (331979246) | (2612390915) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from shareholder transactions  | (633544661) | (123798116) | (70718774) | (1519304030) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets  | (1673094717) | (13158609835) | (210183734) | (4357140737) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 9336819019 | 22495428854 | 1456499179 | 5813639916 |
| &nbsp;&nbsp;&nbsp; End of period  | $7663724302 | $9336819019 | $1246315445 | $1456499179 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 206850000 | 187600000 | 26700000 | 39450000 |
| &nbsp;&nbsp;&nbsp; Shares sold  | 124700000 | 268700000 | 5550000 | 11850000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (139700000) | (249450000) | (7200000) | (24600000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 191850000 | 206850000 | 25050000 | 26700000 |

---

See accompanying Notes to Financial Statements. <br>

28<br>

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Statements of Changes in Net Assets (continued)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Fintech <br>Innovation ETF**  | **ARK Fintech <br>Innovation ETF**  | **ARK Space <br>Exploration & Innovation ETF**  | **ARK Space <br>Exploration & Innovation ETF**  |
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss  | $(2454913) | $(13605400) | $(289596) | $(815274) |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments and foreign currency transactions  | (224012083) | (403587918) | (3449830) | (8554029) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currency translations  | 237426699 | (1364491482) | (17163657) | (124793118) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from <br>operations  | 10959703 | (1781684800) | (20903083) | (134162421) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings  |  |  |  |  |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 67118225 | 254740340 | 5570699 | 5118747 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (154164462) | (1146893053) | (21785956) | (158973813) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from shareholder transactions  | (87046237) | (892152713) | (16215257) | (153855066) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets  | (76086534) | (2673837513) | (37118340) | (288017487) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 936431547 | 3610269060 | 319535817 | 607553304 |
| &nbsp;&nbsp;&nbsp; End of period  | $860345013 | $936431547 | $282417477 | $319535817 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 52300001 | 71250001 | 21400001 | 29850001 |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3800000 | 9850000 | 450000 | 300000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (9350001) | (28800000) | (1650001) | (8750000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 46750000 | 52300001 | 20200000 | 21400001 |

---

See accompanying Notes to Financial Statements. <br>

29<br>

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[**TABLE OF CONTENTS**](#TOC)

Statements of Changes in Net Assets (concluded)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The 3D <br>Printing ETF**  | **The 3D <br>Printing ETF**  | **The ARK Israel <br>Innovative Technology ETF**  | **The ARK Israel <br>Innovative Technology ETF**  |
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(178642) | $(530350) | $23731 | $(294900) |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments and foreign currency <br>transactions  | (32508054) | (103341583) | (16587987) | (56749557) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>on investments and foreign currency translations  | 30151483 | (60510303) | 12829424 | (18576396) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations  | (2535213) | (164382236) | (3734832) | (75620853) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings  |  | (6527) |  | (731187) |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  |  |  | 8571885 | 4381509 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (17138094) | (141564471) | (17949616) | (93611726) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from shareholder <br>transactions  | (17138094) | (141564471) | (9377731) | (89230217) |
| &nbsp;&nbsp;&nbsp; Decrease in net assets  | (19673307) | (305953234) | (13112563) | (165582257) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | 209550292 | 515503526 | 118134089 | 283716346 |
| &nbsp;&nbsp;&nbsp; End of period  | $189876985 | $209550292 | $105021526 | $118134089 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of period  | 9050001 | 13550001 | 6100001 | 9375001 |
| &nbsp;&nbsp;&nbsp; Shares sold  |  |  | 450000 | 200000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (800001) | (4500000) | (950001) | (3475000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of period  | 8250000 | 9050001 | 5600000 | 6100001 |

---

See accompanying Notes to Financial Statements. <br>

30<br>

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[**TABLE OF CONTENTS**](#TOC)

Financial Highlights

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Genomic Revolution ETF

For a share outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Year Ended<br>July 31, 2021**  | **Year Ended<br>July 31, 2020**  | **Year Ended<br>July 31, 2019**  | **Year Ended<br>July 31, 2018**  |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $36.67 | $84.40 | $53.70 | $34.50 | $29.36 | $22.24 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup>  | (0.12) | (0.35) | (0.24) | (0.28) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (2.86) | (47.00) | 31.73 | 20.53 | 5.80 | 7.63 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations  | (2.98) | (47.35) | 31.49 | 20.25 | 5.61 | 7.45 |
| **Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  | (0.38) | (0.79) | (1.05) | (0.47) | (0.33) |
| &nbsp;&nbsp;&nbsp; Total distributions  |  | (0.38) | (0.79) | (1.05) | (0.47) | (0.33) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $33.69 | $36.67 | $84.40 | $53.70 | $34.50 | $29.36 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $33.70 | $36.61 | $84.35 | $53.70 | $34.58 | $29.40 |
| **Total Return at Net Asset Value<sup>(2)</sup>** | (8.12)% | (56.27)% | 58.48% | 60.41% | 19.87% | 33.80% |
| **Total Return at Market Value<sup>(2)</sup>** | (7.95)% | (56.32)% | 58.39% | 60.05% | 20.00% | 33.66% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $2247453 | $2780026 | $8588014 | $1589856 | $465966 | $232115 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.75%<sup>(3)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (0.71)%<sup>(3)</sup> | (0.62)% | (0.28)% | (0.73)% | (0.63)% | (0.64)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(4)</sup>  | 19% | 51% | 45% | 50% | 64% | 80% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

31<br>

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[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

ARK Autonomous Technology & Robotics ETF

For a share outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Year Ended<br>July 31, 2021**  | **Year Ended<br>July 31, 2020**  | **Year Ended<br>July 31, 2019**  | **Year Ended<br>July 31, 2018**  |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $56.11 | $81.12 | $52.69 | $33.05 | $34.93 | $29.59 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup>  | (0.08) | (0.30) | (0.33) | (0.13) | (0.13) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on <br>investments  | (7.41) | (24.10) | 29.42 | 19.77 | (0.91) | 5.89 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations  | (7.49) | (24.40) | 29.09 | 19.64 | (1.04) | 5.84 |
| **Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  | (0.61) | (0.66) |  | (0.84) | (0.48) |
| &nbsp;&nbsp;&nbsp; Total distributions  |  | (0.61) | (0.66) |  | (0.84) | (0.50) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $48.62 | $56.11 | $81.12 | $52.69 | $33.05 | $34.93 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $48.57 | $56.07 | $81.18 | $52.78 | $33.06 | $35.01 |
| **Total Return at Net Asset Value<sup>(2)</sup>** | (13.35)% | (30.27)% | 55.31% | 59.43% | (2.66)% | 19.86% |
| **Total Return at Market Value<sup>(2)</sup>** | (13.38)% | (30.38)% | 55.17% | 59.65% | (2.84)% | 19.98% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $926179 | $1211939 | $2806640 | $447887 | $166897 | $155448 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.75%<sup>(3)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (0.35)%<sup>(3)</sup> | (0.42)% | (0.41)% | (0.34)% | (0.39)% | (0.15)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(4)</sup>  | 11% | 54% | 86% | 71% | 54% | 57% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

32<br>

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[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Innovation ETF

For a share outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Year Ended<br>July 31, 2021**  | **Year Ended<br>July 31, 2020**  | **Year Ended<br>July 31, 2019**  | **Year Ended<br>July 31, 2018**  |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $45.14 | $119.91 | $80.37 | $48.36 | $44.51 | $29.59 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup>  | (0.14) | (0.60) | (0.75) | (0.38) | (0.30) | (0.13) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (5.05) | (73.39) | 42.33 | 32.58 | 5.32 | 15.54(2) |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations  | (5.19) | (73.99) | 41.58 | 32.20 | 5.02 | 15.41 |
| **Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  |  |  |  |  | (0.09) |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  | (0.78) | (2.04) | (0.19) | (1.17) | (0.40) |
| &nbsp;&nbsp;&nbsp; Total distributions  |  | (0.78) | (2.04) | (0.19) | (1.17) | (0.49) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $39.95 | $45.14 | $119.91 | $80.37 | $48.36 | $44.51 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $39.93 | $45.13 | $120.00 | $80.37 | $48.46 | $44.55 |
| **Total Return at Net Asset Value<sup>(3)</sup>** | (11.50)% | (62.04)% | 51.65% | 66.82% | 12.14% | 52.38%<sup>(2)</sup> |
| **Total Return at Market Value<sup>(3)</sup>** | (11.52)% | (62.08)% | 51.76% | 66.47% | 12.27% | 52.38%<sup>(2)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $7663724 | $9336819 | $22495429 | $6132599 | $1731253 | $1170588 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.75%<sup>(4)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (0.74)%<sup>(4)</sup> | (0.75)% | (0.63)% | (0.70)% | (0.67)% | (0.33)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup>  | 14% | 55% | 71% | 80% | 80% | 89% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser has reimbursed the Fund $15,999 for a procedural error. The impact was deemed immaterial to net realized and unrealized gain on investments and the Fund's total return, representing less than $0.005 per share.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(5)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

33<br>

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[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

ARK Next Generation Internet ETF

For a share outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Year Ended<br>July 31, 2021**  | **Year Ended<br>July 31, 2020**  | **Year Ended<br>July 31, 2019**  | **Year Ended<br>July 31, 2018**  |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $54.55 | $147.37 | $99.48 | $52.32 | $55.10 | $36.82 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup>  | (0.18) | (0.81) | (0.98) | (0.45) | (0.33) | (0.09) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (4.62) | (88.70) | 50.76 | 47.61 | 3.09 | 19.32(2) |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations  | (4.80) | (89.51) | 49.78 | 47.16 | 2.76 | 19.23 |
| **Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  |  |  |  |  | (0.13) |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  | (3.31) | (1.89) |  | (5.54) | (0.82) |
| &nbsp;&nbsp;&nbsp; Total distributions  |  | (3.31) | (1.89) |  | (5.54) | (0.95) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $49.75 | $54.55 | $147.37 | $99.48 | $52.32 | $55.10 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $49.79 | $54.48 | $147.55 | $99.49 | $52.48 | $55.08 |
| **Total Return at Net Asset Value<sup>(3)</sup>** | (8.79)% | (61.95)% | 50.06% | 90.13% | 7.49% | 52.71%<sup>(2)</sup> |
| **Total Return at Market Value<sup>(3)</sup>** | (8.61)% | (62.04)% | 50.24% | 89.58% | 7.80% | 52.53%<sup>(2)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $1246315 | $1456499 | $5813640 | $1920045 | $431660 | $672276 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.75%<sup>(4)</sup> | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (0.74)%<sup>(4)</sup> | (0.75)% | (0.69)% | (0.68)% | (0.63)% | (0.18)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup>  | 13% | 76% | 120% | 93% | 92% | 68% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Adviser has reimbursed the Fund $13,774 for a procedural error. The impact was deemed immaterial to net realized and unrealized gain on investments and the Fund's total return, representing less than $0.005 per share.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(5)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

34<br>

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[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

ARK Fintech Innovation ETF

For a share outstanding throughout each period presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Year Ended<br>July 31, 2021**  | **Year Ended<br>July 31, 2020**  | **For the Period<br>February 4, 2019<sup>(1)</sup> <br>through<br>July 31, 2019**  |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $17.91 | $50.67 | $36.18 | $22.84 | $20.00 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(2)</sup>  | (0.05) | (0.24) | (0.30) | (0.10) | (0.03) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | 0.54 | (32.52) | 14.97 | 13.74 | 2.87 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations  | 0.49 | (32.76) | 14.67 | 13.64 | 2.84 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  |  | (0.18) | (0.30) |  |
| &nbsp;&nbsp;&nbsp; Total distributions  |  |  | (0.18) | (0.30) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $18.40 | $17.91 | $50.67 | $36.18 | $22.84 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $18.44 | $17.88 | $50.68 | $36.26 | $22.86 |
| **Total Return at Net Asset Value<sup>(3)</sup>** | 2.78% | (64.66)% | 40.58% | 60.36% | 14.21% |
| **Total Return at Market Value<sup>(3)</sup>** | 3.13% | (64.72)% | 40.29% | 60.59% | 14.30% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $860345 | $936432 | $3610269 | $347337 | $74233 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.75%<sup>(4)</sup> | 0.75% | 0.75% | 0.75% | 0.75%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (0.60)%<sup>(4)</sup> | (0.65)% | (0.60)% | (0.40)% | (0.24)%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup>  | 13% | 75% | 78% | 55% | 22% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commencement of operations.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the NYSE Arca, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(5)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

35<br>

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[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

ARK Space Exploration & Innovation ETF

For a share outstanding throughout each period presented.

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **For the Period<br>March 30, 2021<sup>(1)</sup> <br>through<br>July 31, 2021**  |
| **Per Share Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $14.93 | $20.35 | $20.00 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(2)</sup>  | (0.01) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.94) | (5.39) | 0.37 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations  | (0.95) | (5.42) | 0.35 |
| &nbsp;&nbsp;&nbsp; Total distributions  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $13.98 | $14.93 | $20.35 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $13.98 | $14.93 | $20.34 |
| **Total Return at Net Asset Value<sup>(3)</sup>** | (6.37)% | (26.64)% | 1.77% |
| **Total Return at Market Value<sup>(3)</sup>** | (6.36)% | (26.60)% | 1.70% |
| **Ratios/Supplemental Data:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $282417 | $319536 | $607553 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, prior to expense waivers and reimbursements  | 0.75%<sup>(4)</sup> | 0.75% | 0.75%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of expense waivers and reimbursements  | 0.71%<sup>(4)</sup> | 0.70% | 0.71%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (0.20)%<sup>(4)</sup> | (0.18)% | (0.26)%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup>  | 4% | 41% | 46% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commencement of operations.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(5)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

36<br>

------

[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (continued)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

The 3D Printing ETF

For a share outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Year Ended<br>July 31, 2021**  | **Year Ended<br>July 31, 2020**  | **Year Ended<br>July 31, 2019**  | **Year Ended<br>July 31, 2018**  |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $23.15 | $38.04 | $22.28 | $22.04 | $24.22 | $25.52 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup>  | (0.02) | (0.05) | 0.00(2) | (0.00)<sup>(2)</sup> | (0.01) | (0.04) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.11) | (14.84) | 15.76 | 0.25 | (2.01) | (0.73) |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations  | (0.13) | (14.89) | 15.76 | 0.25 | (2.02) | (0.77) |
| **Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  | (0.00)<sup>(2)</sup> |  | (0.01) |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  |  |  |  | (0.16) | (0.53) |
| &nbsp;&nbsp;&nbsp; Total distributions  |  | (0.00) |  | (0.01) | (0.16) | (0.53) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $23.02 | $23.15 | $38.04 | $22.28 | $22.04 | $24.22 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $23.01 | $23.16 | $38.00 | $22.16 | $22.25 | $24.32 |
| **Total Return at Net Asset Value<sup>(3)</sup>** | (0.60)% | (39.14)% | 70.76% | 1.15% | (8.25)% | (3.05)% |
| **Total Return at Market Value<sup>(3)</sup>** | (0.65)% | (39.05)% | 71.48% | (0.34)% | (7.76)% | (2.64)% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $189877 | $209550 | $515504 | $41217 | $39672 | $47220 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.66%<sup>(4)</sup> | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss  | (0.19)%<sup>(4)</sup> | (0.15)% | 0.00%<sup>(5)</sup> | 0.00%<sup>(5)</sup> | (0.04)% | (0.17)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup>  | 22% | 37% | 59% | 37% | 51% | 53% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount represents less than $0.005.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(5)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount represents less than 0.00%.

(6)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

37<br>

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[**TABLE OF CONTENTS**](#TOC)

Financial Highlights (concluded)

The ARK Israel Innovative Technology ETF

For a share outstanding throughout each period presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023<br>(Unaudited)**  | **Year Ended<br>July 31, 2022**  | **Year Ended<br>July 31, 2021**  | **Year Ended<br>July 31, 2020**  | **Year Ended<br>July 31, 2019**  | **For the Period<br>December 5, 2017<sup>(1)</sup> <br>through<br>July 31, 2018**  |
| **Per Share Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of period  | $19.37 | $30.26 | $25.00 | $20.54 | $20.85 | $20.00 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(2)</sup>  | 0.00(3) | (0.04) | 0.05 | (0.03) | 0.08 | (0.00)<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments  | (0.62) | (10.75) | 5.21 | 4.97 | 0.18 | 0.85 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment <br>operations  | (0.62) | (10.79) | 5.26 | 4.94 | 0.26 | 0.85 |
| **Distributions to shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  |  | (0.10) |  | (0.48) | (0.57) |  |
| &nbsp;&nbsp;&nbsp; Total distributions  |  | (0.10) |  | (0.48) | (0.57) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period  | $18.75 | $19.37 | $30.26 | $25.00 | $20.54 | $20.85 |
| &nbsp;&nbsp;&nbsp; Market value, end of period  | $18.71 | $19.36 | $30.15 | $24.74 | $20.64 | $21.04 |
| **Total Return at Net Asset Value<sup>(4)</sup>** | (3.16)% | (35.79)% | 21.06% | 24.31% | 1.57% | 4.27% |
| **Total Return at Market Value<sup>(4)</sup>** | (3.36)% | (35.57)% | 21.87% | 22.41% | 1.20% | 5.20% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted)  | $105022 | $118134 | $283716 | $48123 | $19512 | $21896 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of:  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses  | 0.49%<sup>(5)</sup> | 0.49% | 0.49% | 0.49% | 0.49% | 0.49%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.04%<sup>(5)</sup> | (0.15)% | 0.15% | (0.14)% | 0.37% | (0.03)%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup>  | 23% | 58% | 88% | 86% | 57% | 40% |

---

(1)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commencement of operations.

(2)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on average daily shares outstanding.

(3)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount represents less than $0.005.

(4)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the period, reinvestment of all dividends and distributions at net asset value during the period and redemption on the last day of the period at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the period, reinvestment of all dividends, and distributions at market value during the period, and sale at the market value on the last day of the period. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. using the last share trade. Total return calculated for a period of less than one year is not annualized.

(5)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annualized.

(6)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover rate is not annualized and excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund's capital shares.

See accompanying Notes to Financial Statements. <br>

38<br>

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[**TABLE OF CONTENTS**](#TOC)

Notes to Financial Statements

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

January 31, 2023 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. Organization

ARK ETF Trust ("Trust") is an open-end management investment company registered under the Investment Company Act of 1940, as amended ("1940 Act") and applies the specialized accounting and reporting guidance in U.S. Generally Accepted Accounting Principles (U.S. GAAP). The Trust was organized as a Delaware statutory trust on June 7, 2013. The Trust consists of eight (8) investment portfolios: ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Innovation ETF, ARK Next Generation Internet ETF, ARK Fintech Innovation ETF, ARK Space Exploration & Innovation ETF, The 3D Printing ETF, and The ARK Israel Innovative Technology ETF (each, a "Fund" and collectively, "Funds"). Each Fund is classified as a non-diversified management investment company under the 1940 Act.

The investment objective of the ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Innovation ETF, ARK Next Generation Internet ETF, ARK Fintech Innovation ETF, and ARK Space Exploration & Innovation ETF is long-term growth of capital. The 3D Printing ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Total 3D-Printing Index. The ARK Israel Innovative Technology ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the ARK Israel Innovation Index. There can be no assurance that the Funds will achieve their respective investment objectives.

The Trust's fiscal and tax reporting period is July 31.

2. Significant Accounting Policies

These financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which require management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements, and the reported amount of increase and decrease in net assets from operations during the fiscal period. Actual amounts could differ from these estimates. The Trust is an investment company and follows the investment company accounting standards and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standard Codification ("ASC") Topic 946, "Financial Services — Investment Companies". Rules and interpretive releases of the Securities and Exchange Commission ("SEC") under authority of federal laws are also sources of authoritative guidance for SEC registrants. The following summarizes the significant accounting policies of the Funds:

Investment Valuation

The values of each Fund's securities are based on such securities' closing prices on the principal market on which the securities are traded. Such valuations would typically be categorized as Level 1 in the fair value hierarchy. If a security's market price is not readily available or does not otherwise accurately reflect the market value of such security, the security will be fair valued by the Adviser, which was selected by the Board of Trustees of the Trust ("Board of Trustees") as valuation designee, to provide such fair values in accordance with the Adviser's valuation policies and procedures that were reviewed by, and subject to the oversight of, the Board of Trustees. Each Fund may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund's security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security could be materially different than the value that could be realized upon the sale of such security. Investments in money market funds are valued at their NAV as of the close of each business day. Exchange-traded funds are valued at their last sale or official closing price on the principal market.

Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investment securities are calculated using the identified cost method. Dividend income is recognized on the ex-dividend date, except for certain foreign dividends that may be recorded as soon as such information becomes available. Interest income and expenses are recognized on the accrual basis.

Dividend Distributions

Distributions to shareholders are recorded on the ex-dividend date and are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Each Fund distributes all or substantially all of its net investment income to shareholders in the form of dividends. Net realized capital gains are distributed to shareholders as capital gain distributions. Net investment income, if any, and net capital gains, if any, are typically distributed to shareholders at least annually. Dividends may be declared and paid more frequently to improve index tracking or to comply with the distribution requirements of the Internal Revenue Code.

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

Currency Translation

Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions.

The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in each Fund's statement of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Management and Other Agreements

Management

The ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Innovation ETF, ARK Next Generation Internet ETF, ARK Fintech Innovation ETF, and ARK Space Exploration & Innovation ETF, each pay the Adviser a fee calculated daily and payable monthly at an annual rate (stated as a percentage of the average daily net assets of the Fund) of 0.75% ("Management Fee") in return for providing investment management and supervisory services under a comprehensive unitary structure. The 3D Printing ETF pays the Adviser a Management Fee of 0.65% in return for providing investment management and supervisory services under a comprehensive unitary structure. The ARK Israel Innovative Technology ETF pays the Adviser a Management Fee of 0.48% in return for providing investment management and supervisory services under a comprehensive unitary structure. Subject to the oversight of the Board, the Adviser provides investment management services to each Fund and provides, or causes to be furnished, all supervisory and other services reasonably necessary for the operation of each Fund and also bears the costs of various third-party services required by the Funds, including administration, certain custody, audit, legal, transfer agency, and printing costs. In addition to the Management Fee, each Fund bears other fees and expenses, such as taxes and governmental fees, brokerage fees, commissions and other transaction expenses, certain foreign custodial fees and expenses, costs of borrowing money, including interest expenses, and extraordinary expenses (such as litigation and indemnification expenses).

The Adviser has agreed to reduce their Management Fee for the ARK Space Exploration & Innovation ETF as a result of investing in The 3D Printing ETF. As such, the Management Fees in the Statement of Operations have been reduced by $52,456.

Administrator, Custodian, Transfer Agent and Accounting Agent

The Bank of New York Mellon is the administrator for the Funds, the custodian of the Funds' assets and also provides transfer agency, fund accounting and various administrative services to the Funds (in each capacity, "Administrator," "Custodian," "Transfer Agent" or "Accounting Agent"). The Bank of New York Mellon is a subsidiary of The Bank of New York Mellon Corporation, a financial holding company.

Distribution

Foreside Fund Services, LLC serves as the Funds' distributor ("Distributor"). The Trust has adopted a distribution and service plan ("Rule 12b-1 Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Rule 12b-1 Plan, each Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders. To date, the Rule 12b-1 Plan has not been implemented for the Funds and there is no current intention to implement the Rule 12b-1 Plan.

Board of Trustees

Effective January 1, 2022, each Independent Trustee receives an annual retainer fee of $230,000 for services provided as a Trustee of the Trust, plus out-of-pocket expenses related to attendance at Board and Committee Meetings. The Chairs of the Board and of the Audit Committee each also receive an additional annual retainer fee of $60,000 and $20,000, respectively, for their service as such.

4. Creation and Redemption Transactions

As of January 31, 2023, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Individual shares of a Fund may only be purchased and sold at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund's shares may be at, above or below its net asset value ("NAV") depending on the premium or discount at which the Fund's shares trade.

Each Fund issues and redeems shares at its NAV only in a large specified number of shares each called a "Creation Unit," or multiples thereof, and only with "authorized participants" who have entered into contractual arrangements with the Distributor. A Creation Unit consists of

40<br>

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Notes to Financial Statements (continued)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

January 31, 2023 (Unaudited)

50,000 shares (25,000 shares with respect to the ARK Israel Innovative Technology ETF). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for a purchase of Creation Units generally consists of the in-kind deposit of specified securities and an amount of cash or, as permitted or required by a Fund, of cash. A fixed transaction fee is imposed on each creation and redemption transaction. In addition, a variable charge for certain creation and redemption transactions may be imposed.

5. Investment Transactions

The cost of purchases and the proceeds from sales of investment securities (excluding in-kind subscriptions and redemptions and short-term investments) for the period ended January 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Purchases**  | **Sales**  |
| ARK Genomic Revolution ETF | $457614620 | $461461293 |
| ARK Autonomous Technology & Robotics ETF | 109930782 | 110929998 |
| ARK Innovation ETF | 1037652404 | 1044418060 |
| ARK Next Generation Internet ETF | 160727628 | 162779975 |
| ARK Fintech Innovation ETF | 108061979 | 107953743 |
| ARK Space Exploration & Innovation ETF | 11759516 | 12515499 |
| The 3D Printing ETF | 41695978 | 42605156 |
| The ARK Israel Innovative Technology ETF | 23748670 | 25994539 |

---

For the period ended January 31, 2023, the cost of in-kind subscriptions and the proceeds from in-kind redemptions were as follows:

---

| | | |
|:---|:---|:---|
| | **In-Kind**  | **In-Kind**  |
| **Fund**  | **Subscriptions**  | **Redemptions**  |
| ARK Genomic Revolution ETF | $703655556 | $999600451 |
| ARK Autonomous Technology & Robotics ETF | 2376901 | 119309202 |
| ARK Innovation ETF | 4860896141 | 5538696126 |
| ARK Next Generation Internet ETF | 254544614 | 331542891 |
| ARK Fintech Innovation ETF | 66019723 | 152172140 |
| ARK Space Exploration & Innovation ETF | 5061025 | 21073330 |
| The 3D Printing ETF |  | 16873573 |
| The ARK Israel Innovative Technology ETF | 8555283 | 17673933 |

---

6. Federal Income Tax

Each Fund intends to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, a Fund will not be subject to federal income tax to the extent it distributes substantially all of its net investment income and net capital gains to its shareholders. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing a Fund's tax returns to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-than-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Interest and penalties related to income taxes would be recorded as income tax expense. The Funds record a foreign tax reclaim receivable on the ex-dividend date if the tax reclaim is "more likely than not" to be sustained assuming examination by tax authorities. This determination is based on, among other things, a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention. The management of the Funds is required to analyze all open tax years (2020 - 2022), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of July 31, 2022, the Funds did not have a liability for any unrecognized tax benefits. The Funds have no examinations in progress and are not aware of any tax positions for which it is reasonably possible that the amounts of unrecognized tax benefits will significantly change in the next twelve months.

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Notes to Financial Statements (continued)

January 31, 2023 (Unaudited)

At July 31, 2022, the approximate cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes was as <br>follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Cost**  | **Gross<br>Unrealized<br>Appreciation**  | **Gross<br>Unrealized<br>Depreciation**  | **Net Unrealized<br>Appreciation<br>(Depreciation)**  |
| ARK Genomic Revolution ETF | $7124859398 | $22754308 | $(4363980837) | $(4341226529) |
| ARK Autonomous Technology & Robotics ETF | 1949785642 | 76227294 | (813676791) | (737449497) |
| ARK Innovation ETF | 21904169165 | 112009979 | (12676370218) | (12564360239) |
| ARK Next Generation Internet ETF | 3850218530 | 43186923 | (2436003529) | (2392816606) |
| ARK Fintech Innovation ETF | 2311308820 | 9055893 | (1381906658) | (1372850765) |
| ARK Space Exploration & Innovation ETF | 446389764 | 5047101 | (131847957) | (126800856) |
| The 3D Printing ETF | 333848436 | 2708935 | (127024055) | (124315120) |
| The ARK Israel Innovative Technology ETF | 161897822 | 6209639 | (50582132) | (44372493) |

---

The differences between book-basis and tax-basis components of net assets are primarily attributable to tax deferral of losses on wash sales, non-REIT income and basis adjustments, in-kind creation and redemption transactions, net operating losses, foreign currency gains and losses, passive foreign investment companies, grantor trust adjustments, and undistributed short-term capital gains treated as ordinary income for tax purposes. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values.

Under current tax regulations, capital losses on securities transactions realized after October 31 ("Post-October Losses") may be deferred and treated as occurring on the first business day of the following fiscal year. For the year ended July 31, 2022, the Funds incurred and elected to defer to August 1, 2022 Post-October Losses and ordinary income losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Late Year<br>Ordinary<br>Deferral**  | **Capital<br>Post-October<br>Loss**  |
| ARK Autonomous Technology & Robotics ETF | $&nbsp;&nbsp;&nbsp;&nbsp;— | $(32091568) |
| ARK Next Generation Internet ETF | (8978617) | (417239517) |
| The ARK Israel Innovative Technology ETF | (900158) |  |

---

At July 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these capital loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

---

| | | | |
|:---|:---|:---|:---|
| | **Short-Term**  | **Long-Term**  | **Total Amount**  |
| ARK Genomic Revolution ETF | $239669771 | $237089727 | $476759498 |
| ARK Autonomous Technology & Robotics ETF |  |  |  |
| ARK Innovation ETF | 948020853 | 539239250 | 1487260103 |
| ARK Next Generation Internet ETF |  |  |  |
| ARK Fintech Innovation ETF | 541948870 | 148100967 | 690049837 |
| ARK Space Exploration & Innovation ETF | 16436434 | 5273242 | 21709676 |
| The 3D Printing ETF | 86427247 | 26649806 | 113077053 |
| The ARK Israel Innovative Technology ETF | 52369545 | 26474567 | 78844112 |

---

7. Indemnification Obligations

The Funds have a variety of indemnification obligations under contracts with their service providers. The Funds' maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.

8. Investment Risks

**Concentration Risk:** The ARK Autonomous Technology & Robotics ETF is concentrated in securities of issuers having their principal business activities in groups of industries in the industrials and information technology sectors, although it will not concentrate in any specific industry. The ARK Fintech Innovation ETF is concentrated in securities of issuers having their principal business activities in the communication, technology and financials group of industries. The ARK Genomic Revolution ETF is concentrated in securities of issuers having their principal

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Notes to Financial Statements (concluded)

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

January 31, 2023 (Unaudited)

business activities in any industry or group of industries in the health care sector, including issuers having their principal business activities in the biotechnology industry. The ARK Next Generation Internet ETF is concentrated in securities of issuers having their principal business activities in the internet information provider and catalog and mail order house industry. The ARK Space Exploration & Innovation ETF is concentrated in securities of issuers having their principal business activities in groups of industries in the (i) industrials sector and (ii) information technology sector. The 3D Printing ETF and the ARK Israel Innovative Technology ETF may each invest 25% or more of the value of its respective net assets in securities of issuers in any one industry or group of industries if the applicable index that the Fund replicates concentrates in an industry or group of industries. This concentration limit does not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. The ARK Innovation ETF is not concentrated in any industry.

As of January 31, 2023, the ARK Genomic Revolution ETF had more than 25% of its assets invested in the biotechnology industry, the ARK Fintech Innovation ETF had more than 25% of its assets invested in IT services industry, the ARK Space Exploration & Innovation ETF had more than 25% of its assets invested in the aerospace & defense industry, the ARK 3D Printing ETF had more than 25% of its assets invested in the software industry, and the ARK Israel Innovative Technology ETF had more than 25% of its assets invested in the software industry. To the extent a Fund's holdings are concentrated in a particular industry or group of industries, adverse market conditions affecting those industries may have a more significant impact on the Fund than they would on a Fund investing in a broader range of securities and the value of the Fund's shares may fluctuate more than shares of a fund investing in a broader range of securities.

**Market Risk:** The outbreak of COVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of this pandemic to public health and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund's arbitrage and pricing mechanisms, exacerbate pre-existing political, social and economic risks to a Fund, and negatively impact broad segments of businesses and populations. A Fund's operations may be interrupted as a result, which may contribute to the negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which a Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund's investment performance. The full impact of the COVID-19 pandemic, or other future epidemics or pandemics, is currently unknown.

In February 2022, Russia began engaging in military actions in the sovereign territory of Ukraine. The current political and financial uncertainty surrounding Russia and Ukraine may increase market volatility and the economic risk of investing in securities in these countries and may also cause uncertainty for the global economy and broader financial markets. The ultimate fallout and long-term impact from these events are not known.

Risks Involved with Investing in the Funds contains additional information regarding risks associated with an investment in a Fund. Additionally, the Funds' prospectuses contain additional information regarding the risks associated with an investment in a Fund.

9. New Accounting Pronouncement

In June 2022, the FASB issued Accounting Standards Update ("ASU") No. 2022-03, *Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions*. The amendments in this update clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments also introduce new disclosure requirements related to such equity securities. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Early adoption is permitted. Management is currently evaluating the impact of this ASU on the Fund's financial statements.

10. Subsequent Events

Subsequent events occurring after the date of this Report have been evaluated for potential impact to this Report through the date the Report was issued, and it has been determined that no additional events have occurred that require disclosure.

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Supplemental Information (Unaudited) <br>

**Quarterly Portfolio Schedule.** The ARK ETF Trust files with the Securities and Exchange Commission on Form N-PORT the complete schedule of portfolio holdings for each ARK ETF for the first and third quarters of each fiscal year. The ARK ETF Trust's Forms N-PORT are available on the Securities and Exchange Commission's website at www.sec.gov. Copies of the filings are available without charge, upon request, by calling (727) 810-8160. In addition, each ARK ETF's current portfolio holdings are updated daily and are available on our website, www.ark-funds.com.

**Proxy Voting Policies and Procedures.** A description of ARK Investment Management LLC's proxy voting policies and procedures, which are applicable to the ARK ETFs, is available without charge, upon request, by calling (727) 810-8160 collect or visiting our website at www.ark-funds.com or the Securities and Exchange Commission's website at www.sec.gov.

**Proxy Voting Record.** The ARK ETFs file with the Securities and Exchange Commission their proxy voting records on Form N-PX for each 12 month period ending June 30. Form N-PX must be filed each year by August 31. The most recent Form N-PX or voting record information is available without charge, upon request, by calling (727) 810-8160 collect or visiting the Securities and Exchange Commission's website at www.sec.gov.

**Premium/Discount Information.** Information about the difference between daily market prices on the secondary market for shares of each ARK ETF and the ARK ETF's net asset value can be found on our website, www.ark-funds.com.

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Risks Involved with Investing in the Funds (Unaudited) <br>

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

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

#### The principal risks of investing in the ARK ETFs include:
**Disruptive Innovation Risk** Companies that the Adviser believes 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. A 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.

**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 the exchanges on which a Fund's underlying investment securities are traded), 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. Geopolitical risks, including those arising from trade tension and/or the imposition of trade tariffs, terrorist activity or acts of civil or international hostility, are increasing. For instance, military conflict and escalating tensions between countries could result in geopolitical instability and adversely affect the global economy or specific markets. Strategic competition between the US and China and resulting tensions have also contributed to uncertainty in the geopolitical and regulatory landscapes. Similarly, other events outside of the Trust's control, including natural disasters, climate change-related events, pandemics (such as the COVID-19 pandemic) or health crises may arise from time to time and be accompanied by governmental actions that may increase international tension. Any such events and responses, including regulatory developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may adversely affect the global economy or capital markets and may cause the Trust's assets to decline.

**Concentration Risk** The Fund's assets may be concentrated in a particular industry or group of industries to the extent the Index concentrates in a particular industry or group of industries. If the Fund's assets are concentrated in a particular industry or group of industries, the Fund will be subject to the risk that economic, political or other conditions that have a negative effect on that industry or group of industries will negatively impact the Fund to a greater extent than if the Fund's assets were invested in a wider variety of industries.

**Index Tracking Risk** An Index Fund's return may not track the performance of the Index for a number of reasons. For example, an Index Fund incurs a number of operating expenses not applicable to the applicable Index and incurs costs associated with buying and selling securities, especially when rebalancing the Index Fund's securities holdings to reflect changes in the composition of the applicable Index. An Index Fund also bears the costs and risks associated with buying and selling securities while such costs and risks are not factored into the return of the applicable Index. When the Index Fund's Index is rebalanced and the Index Fund in turn rebalances its portfolio to attempt to increase the correlation between the Index Fund's portfolio and its applicable Index, any transaction costs and market exposure arising from such portfolio rebalancing will be borne directly by the Index Fund and its shareholders. Apart from scheduled rebalances, the Index provider or its agents may carry out additional ad hoc rebalances to the Index Fund's applicable Index, which may increase the costs to and the tracking error risk of the Index Fund. In addition, the Index Fund may not be able to invest in certain securities included in the applicable Index or may not be able to invest in them in the exact proportions in which they are represented in the applicable Index, due to legal restrictions or limitations imposed by the governments of certain countries, potential adverse tax consequences or other regulatory reasons. The risk that the Index Fund may not track the performance of the applicable Index may be magnified during times of heightened market volatility or other unusual market conditions. A lack of liquidity may be due to various events, including markets events, economic conditions or investor perceptions. Illiquid securities may

45<br>

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Risks Involved with Investing in the Funds (Unaudited) (concluded) <br>

be difficult to value and their value may be lower than market price of comparable liquid securities, which would negatively affect the Index Fund's performance. To the extent the Index Fund calculates its NAV based on "fair value" prices for certain securities and the value of the applicable Index is based on securities' closing prices (i.e., the value of the Index is not based on "fair value" prices), the Index Fund's ability to track the applicable Index may be adversely affected. For tax efficiency purposes, the Index Fund may sell certain securities to realize losses causing it to deviate from the applicable Index. Errors in the construction or calculation of the applicable Index may occur from time to time and any such errors may not be immediately identified and corrected by Solactive, which may have an adverse impact on the Index Fund and

its shareholders.

**Authorized Participants Concentration Risk** A Fund has a limited number of financial institutions that may act as Authorized Participants ("APs") on an agency basis (i.e., on behalf of other market participants). To the extent that those APs exit the business or are unable to process creation and/or redemption orders, and no other AP is able to step forward to create and redeem in either of these cases, Shares may possibly trade at a discount to net asset value ("NAV"). The AP risk may be heightened in the case of ETFs investing internationally because international ETFs often require APs to post collateral, which only certain APs are able to do.

**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** ARKW 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. Shares of BTC may trade at a significant premium or discount to net asset value ("NAV"). To the extent BTC trades at a discount to NAV, the value of a Fund's investment in BTC would typically decrease. 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 Fund's exposure to cryptocurrencies may change over time and, accordingly, such exposure may not always be present in the Fund's 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.

**Non-Diversified Risk** As a non-diversified investment company, a Fund is subject to the risk that it will be more volatile than a diversified fund because the Fund may invest a relatively higher proportion of its assets in a relatively smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on a Fund's NAV and may make the Fund more volatile than more diversified funds.

**Market Trading Risk** Each Fund faces numerous market trading risks, including disruptions to the creation and redemption processes of the Fund, losses from trading in secondary markets, the existence of extreme market volatility, the potential lack of an active trading market for the Fund's shares due to market stress, or trading halts impacting the Shares or the Fund's underlying securities, which may result in the Fund's shares trading at a significant premium or discount to NAV. Please see the ARK ETFs' current prospectuses for more detailed descriptions of the risks of investing in the ARK ETFs.

46<br>

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General Information (Unaudited) <br>

![[MISSING IMAGE: lg_arkinvest-bw.jpg]](lg_arkinvest-bw.jpg)

**Investment Adviser** <br>ARK Investment Management LLC <br>200 Central Avenue, Suite 220 <br>St. Petersburg, FL 33701

**Administrator, Custodian, Transfer Agent, and Accounting Agent** <br>The Bank of New York Mellon <br>240 Greenwich Street <br>New York, NY 10286

**Distributor** <br>Foreside Fund Services, LLC <br>Three Canal Plaza, Suite 100 <br>Portland, ME 04101

**Independent Registered Public Accounting Firm** <br>Ernst & Young LLP <br>One Manhattan West <br>New York, NY 10001

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[**TABLE OF CONTENTS**](#TOC)

**This report is submitted for the general information of the shareholders of each Fund. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds' risks, objectives, fees and expenses, experience of their management, and other information.** 

**ARK** Invest \| 200 Central Avenue, Suite 220, St. Petersburg, FL 33701 \| 727.810.8160 \| info@ark-invest.com \| ark-funds.com

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

Not applicable.

**Item 3. Audit Committee Financial Expert.**

Not applicable.

**Item 4. Principal Accountant Fees and Services.**

Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Investments.**

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
is included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 11. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of a date within 90 days of the filing date of this Form N-CSR, the registrant's principal
executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")
(17 CFR 270.30a-3(c))) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended
(17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Exhibits.**

(a)(1) Not applicable.

[(a)(2)](tm237653d3_ex99cert.htm) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm237653d3_ex99cert.htm)

(a)(2)(1) Not applicable.

(a)(2)(2) Not applicable.

[(b)](tm237653d3_ex99-906cert.htm) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm237653d3_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>ARK ETF Trust</u> 

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Catherine D. Wood |
|  | Catherine D. Wood, Chief Executive Officer and Chief Investment Officer |
|  | (principal executive officer) |

---

Date <u>March 31, 2023</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Catherine D. Wood |
|  | Catherine D. Wood, Chief Executive Officer and Chief Investment Officer |
|  | (principal executive officer) |

---

Date <u>March 31, 2023</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ William C. Cox |
|  | William C. Cox, Treasurer and Chief Financial Officer |
|  | (principal financial officer) |

---

Date <u>March 31, 2023</u>

<sup>\*</sup> Print the name and title of each signing officer under his or her signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, Catherine D. Wood, certify that:

1. I have reviewed this report on Form N-CSR of ARK ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 120 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 31, 2023 | /s/ Catherine D. Wood |
|  |  | Catherine D. Wood, Chief Executive Officer and Chief Investment Officer<br> (principal executive officer) |

---

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act**

I, William C. Cox, certify that:

1. I have reviewed this report on Form N-CSR of ARK ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this
report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 120 days prior to the filing
date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | March 31, 2023 | /s/ William C. Cox |
|  |  | William C. Cox, Treasurer and Chief Financial Officer<br>(principal financial officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Catherine D. Wood, Chief Executive Officer and Chief Investment Officer of ARK ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 31, 2023 | /s/ Catherine D. Wood |
|  |  | Catherine D. Wood, Chief Executive Officer and Chief Investment Officer <br> (principal executive officer) |

---

I, William C. Cox, Treasurer and Chief Financial Officer of ARK ETF Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | March 31, 2023 | /s/ William C. Cox |
|  |  | William C. Cox, Treasurer and Chief Financial Officer <br> (principal financial officer) |

---