# EDGAR Filing Document

**Accession Number:** 0001579982
**File Stem:** 0001213900-25-097281
**Filing Date:** 2025-10
**Character Count:** 289878
**Document Hash:** 08b1ccce0f333880d5107f9123661554
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-097281.hdr.sgml**: 20251008

**ACCESSION NUMBER**: 0001213900-25-097281

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251008

**DATE AS OF CHANGE**: 20251008

**EFFECTIVENESS DATE**: 20251008

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ARK ETF Trust
- **CENTRAL INDEX KEY:** 0001579982

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22883
- **FILM NUMBER:** 251381582

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Ark ETF Trust
- **DATE OF NAME CHANGE:** 20130624

## 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            |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

ARK ETF Trust

(Exact name of registrant as specified in charter)

c/o ARK Investment Management LLC

200 Central Avenue, Suite 220

St. Petersburg, FL 33701

(Address of principal executive offices) (Zip code)

Corporation Service Company

251 Little Falls Drive

Wilmington, DE 19808

(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>July 31, 2025</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, 100 F Street, NE, Washington, DC 20549-1090. 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.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# ARK Genomic Revolution ETF
ARKG \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about ARK Genomic Revolution ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK Genomic Revolution ETF | $71 | 0.75% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund underperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts. Still, many companies in the genomics space remain under pressure as they prioritize long-term growth over near-term profitability.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was Adaptive Biotechnologies Corp. (ADPT). Shares of ADPT rose during the period after strong performance in its 1Q25 earnings, marked by a 34% growth in MRD (Minimal Residual Disease) revenue, driven by an uptick in clonoSEQ test volume. The company raised its full-year MRD revenue guidance, highlighting the scalability and momentum in its MRD business, while also reducing its operating expenses and cash burn targets.

• Additional contributors to performance included Tempus AI, Inc., Guardant Health, Inc., Personalis, Inc., and Accolade, Inc.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Twist Bioscience Corp. (TWST). Shares of TWST detracted from the Fund performance following the NIH's announcement to cut indirect costs on grants, which is expected to significantly impact research funding and spending behavior among researchers.

• Additional detractors from performance included Intellia Therapeutics, Inc., Beam Therapeutics, Inc., Recursion Pharmaceuticals, Inc., and Arcturus Therapeutics Holdings, Inc.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i5170ac34617a9494b374807c.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Genomic Revolution ETF - NAV** | **Nasdaq Healthcare Index** | **MSCI World Index (Net)** | **S&P 500 Index** |
| **7/31/15** | $10000 | $10000 | $10000 | $10000 |
| **7/31/16** | $8263 | $8040 | $9954 | $10561 |
| **7/31/17** | $9805 | $8901 | $11559 | $12256 |
| **7/31/18** | $13119 | $10126 | $12932 | $14246 |
| **7/31/19** | $15726 | $9656 | $13400 | $15384 |
| **7/31/20** | $25225 | $12356 | $14369 | $17223 |
| **7/31/21** | $39978 | $15158 | $19409 | $23500 |
| **7/31/22** | $17482 | $10529 | $17630 | $22410 |
| **7/31/23** | $18088 | $11346 | $20007 | $25327 |
| **7/31/24** | $12847 | $12446 | $23675 | $30936 |
| **7/31/25** | $11376 | $11582 | $27396 | $35989 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 years** | **10 Years** |
| ARK Genomic Revolution ETF - NAV | -11.46% | -14.72% | 1.30% |
| Nasdaq Healthcare Index | -6.94% | -1.29% | 1.48% |
| MSCI World Index (Net) | 15.72% | 13.78% | 10.60% |
| S&P 500 Index | 16.33% | 15.88% | 13.66% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,011,802,935

* Total number of portfolio holdings35

* Total advisory fees paid$8,564,967

* Period portfolio turnover rate33%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Health Care | 98.5% |
| Information Technology | 1.4% |
| Financials (Money Market Fund) | 0.1% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# ARK Autonomous Technology & Robotics ETF
ARKQ \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about ARK Autonomous Technology & Robotics ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK Autonomous Technology & Robotics ETF | $102 | 0.75% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund outperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was Rocket Lab Corp (RKLB). Shares of RKLB contributed to performance during the period driven by several positive developments. The company was on-ramped to multi-billion-dollar U.S. and U.K. defense contracts for hypersonic technologies, was selected by Kratos for a MACH-TB 2.0 test launch and secured its first dedicated satellite launch mission for the European Space Agency. The company also agreed to acquire Geost for $275 million, expanding into EO/IR satellite payloads.

• Additional contributors to performance included Kratos Defense & Security Solutions, Inc., Palantir Technologies, Inc., Tesla, Inc., and Archer Aviation, Inc.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Teradyne, Inc. (TER). Shares of TER detracted from the Fund's performance during the period as continued softness in its industrial automation and robotics segments persisted. In March 2025, management lowered near-term guidance for its semiconductor business at its investor day, citing potential tariffs and trade restrictions.

• Additional detractors from performance included Iridium Communications, Inc., 3D Systems Corp., Intuitive Machines, Inc., and QUALCOMM, Inc.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i34d8dded66bd045b433982fa.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Autonomous Technology & Robotics ETF - NAV** | **MSCI World Index (Net)** | **S&P 500 Index** | **Nasdaq Industrials Index** |
| **7/31/15** | $10000 | $10000 | $10000 | $10000 |
| **7/31/16** | $10770 | $9954 | $10561 | $10291 |
| **7/31/17** | $15351 | $11559 | $12256 | $12243 |
| **7/31/18** | $18400 | $12932 | $14246 | $14612 |
| **7/31/19** | $17911 | $13400 | $15384 | $15537 |
| **7/31/20** | $28555 | $14369 | $17223 | $19797 |
| **7/31/21** | $44348 | $19409 | $23500 | $25606 |
| **7/31/22** | $30921 | $17630 | $22410 | $21692 |
| **7/31/23** | $32420 | $20007 | $25327 | $22483 |
| **7/31/24** | $31170 | $23675 | $30936 | $24050 |
| **7/31/25** | $53504 | $27396 | $35989 | $28813 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 years** | **10 Years** |
| ARK Autonomous Technology & Robotics ETF - NAV | 71.66% | 13.38% | 18.26% |
| MSCI World Index (Net) | 15.72% | 13.78% | 10.60% |
| S&P 500 Index | 16.33% | 15.88% | 13.66% |
| Nasdaq Industrials Index | 19.80% | 7.79% | 11.16% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,252,402,839

* Total number of portfolio holdings35

* Total advisory fees paid$6,775,464

* Period portfolio turnover rate27%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Industrials | 44.2% |
| Information Technology | 30.2% |
| Consumer Discretionary | 15.5% |
| Communication Services | 6.2% |
| Energy | 1.6% |
| Utilities | 1.2% |
| Health Care | 0.9% |
| Financials (Money Market Fund) | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# ARK Innovation ETF
ARKK \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about ARK Innovation ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK Innovation ETF | $99 | 0.75% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund outperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts. Still, many companies in the genomics space remain under pressure as they prioritize long-term growth over near-term profitability.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was Palantir Technologies, Inc. (PLTR). Shares of PLTR contributed to the Fund's performance during the period following a strong Q42024 earnings report that showcased significant growth in U.S. customers and commercial revenue. The stock surged as the company reported a 64% increase in U.S. commercial revenue year-over-year and provided an optimistic outlook for fiscal year 2025, indicating continued demand for its AI-driven platforms, particularly from government clients. The company also launched partnerships with R1, L3Harris, and the U.S. Army, further bolstering its positioning in healthcare and defense.

• Additional contributors to performance included ROBLOX Corp., Robinhood Markets, Inc., Circle Internet Group, Inc., and Coinbase Global, Inc.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Intellia Therapeutics, Inc. (NTLA). Shares of NTLA detracted from the Fund's performance after the company released data from its Phase 2 trials for NTLA-2002, an in-vivo CRISPR-Cas9 therapy for hereditary angioedema (HAE). With no serious adverse side-effects, NTLA-2002 at the 50mg dose level reduced mean monthly attack rates by 77% and 81% during weeks 1-16 and 5-16, respectively, compared to the placebo. Importantly, eight of eleven patients had no attacks.

• Additional detractors from performance included Beam Therapeutics, Inc., Twist Bioscience Corp., Recursion Pharmaceuticals, Inc., and 10x Genomics, Inc.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](id1b0081be77737f5c4377d96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ARK Innovation ETF - NAV** | **MSCI World Index (Net)** | **S&P 500 Index** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **7/31/16** | $9828 | $9954 | $10561 |
| **7/31/17** | $14103 | $11559 | $12256 |
| **7/31/18** | $21489 | $12932 | $14246 |
| **7/31/19** | $24100 | $13400 | $15384 |
| **7/31/20** | $40203 | $14369 | $17223 |
| **7/31/21** | $60966 | $19409 | $23500 |
| **7/31/22** | $23141 | $17630 | $22410 |
| **7/31/23** | $25850 | $20007 | $25327 |
| **7/31/24** | $23329 | $23675 | $30936 |
| **7/31/25** | $38565 | $27396 | $35989 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 years** | **10 Years** |
| ARK Innovation ETF - NAV | 65.31% | -0.83% | 14.45% |
| MSCI World Index (Net) | 15.72% | 13.78% | 10.60% |
| S&P 500 Index | 16.33% | 15.88% | 13.66% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$8,037,586,439

* Total number of portfolio holdings42

* Total advisory fees paid$45,202,657

* Period portfolio turnover rate43%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Information Technology | 26.1% |
| Health Care | 22.0% |
| Communication Services | 18.8% |
| Consumer Discretionary | 14.2% |
| Financials | 13.5% |
| Industrials | 5.2% |
| Financials (Money Market Fund) | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# ARK Next Generation Internet ETF
ARKW \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about ARK Next Generation Internet ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK Next Generation Internet ETF | $113 | 0.75% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund outperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was Robinhood Markets, Inc. (HOOD). The company reported strong first quarter earnings, including revenue growth of 50% year-over-year that beat Wall Street expectations. The company also demonstrated exceptional product velocity, unveiling several new features and hosting a dedicated event focused on its crypto strategy. As part of its crypto push, the company launched a promotion matching 2% of any crypto deposits made to the platform. At its highly anticipated crypto event, the company announced the introduction of tokenized stocks and ETFs for EU customers, the launch of 24/5 commission-free trading of tokenized U.S. securities, and the development of a proprietary Layer 2 blockchain built on Arbitrum to support tokenized assets. The company also introduced advanced Robinhood Legend charts on its mobile app and added crypto rewards to its Robinhood Gold credit card.

• Additional contributors to performance included Palantir Technologies, Inc., ROBLOX Corp., ARK 21Shares Bitcoin ETF, and Circle Internet Group, Inc.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Nextdoor Holdings, Inc. (NXDR). Shares of NXDR traded down following the company's fourth-quarter earnings report. While the company posted 17% year-over-year revenue growth to $65 million and delivered its first positive quarterly Adjusted EBITDA as a public company, investor focus appeared to shift toward the company's long-term strategy. Management emphasized a decisive transition from vision to execution with its product transformation initiative, "NEXT," set to roll out by mid-2025. While early signals from the initiative have been encouraging, the market may be reacting to the timeline and execution risks associated with the shift. CEO Nirav Tolia expressed confidence in the strategy, highlighting its potential to drive engagement and enhance advertiser performance on the platform.

• Additional detractors from performance included PagerDuty, Inc., GitLab, Inc., Salesforce, Inc., and QUALCOMM, Inc.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](if6827c96b2fc584c998fbb41.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ARK Next Generation Internet ETF - NAV** | **S&P 500 Index** | **MSCI World Index (Net)** |
| **7/31/15** | $10000 | $10000 | $10000 |
| **7/31/16** | $10444 | $10561 | $9954 |
| **7/31/17** | $15896 | $12256 | $11559 |
| **7/31/18** | $24276 | $14246 | $12932 |
| **7/31/19** | $26093 | $15384 | $13400 |
| **7/31/20** | $49610 | $17223 | $14369 |
| **7/31/21** | $74448 | $23500 | $19409 |
| **7/31/22** | $28332 | $22410 | $17630 |
| **7/31/23** | $34918 | $25327 | $20007 |
| **7/31/24** | $40686 | $30936 | $23675 |
| **7/31/25** | $82129 | $35989 | $27396 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 years** | **10 Years** |
| ARK Next Generation Internet ETF - NAV | 101.87% | 10.61% | 23.44% |
| S&P 500 Index | 16.33% | 15.88% | 13.66% |
| MSCI World Index (Net) | 15.72% | 13.78% | 10.60% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$2,506,358,485

* Total number of portfolio holdings45

* Total advisory fees paid$12,496,502

* Period portfolio turnover rate44%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Information Technology | 37.9% |
| Financials | 24.0% |
| Communication Services | 22.1% |
| Consumer Discretionary | 15.8% |
| Financials (Money Market Fund) | 0.2% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# ARK Fintech Innovation ETF
ARKF \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about ARK Fintech Innovation ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK Fintech Innovation ETF | $112 | 0.75% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund outperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was FARO Technologies, Inc. (FARO). Shares of FARO contributed to the Fund's performance following AMETEK's agreement to acquire the company for $920 million in cash, pricing the shares at $44 each, subject to regulatory approvals. The transaction closed on July 21, 2025.

• Additional contributors to performance included Xometry, Inc., Siemens AG, and Proto Labs, Inc.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was 3D Systems Corp. (DDD). Shares of DDD detracted from the Fund's performance following weaker-than-expected first-quarter results amid a challenging capital spending environment. Citing macroeconomic uncertainties, management withdrew its prior full-year guidance while reaffirming its focus on profitability. Later in the period, the company issued a $92 million convertible note to retire existing debt and extend maturities to 2030.

• Additional detractors from performance included Nano Dimension Ltd., DENTSPLY SIRONA, Inc., Desktop Metal, Inc., and HP, Inc.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](id0607c35152916990d25cfec.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ARK Fintech Innovation ETF - NAV** | **MSCI World Index (Net)** | **S&P 500 Index** |
| **2/1/19** | $10000 | $10000 | $10000 |
| **7/31/19** | $11421 | $10901 | $11121 |
| **7/31/20** | $18314 | $11689 | $12450 |
| **7/31/21** | $25746 | $15789 | $16988 |
| **7/31/22** | $9098 | $14342 | $16200 |
| **7/31/23** | $12275 | $16276 | $18308 |
| **7/31/24** | $13843 | $19260 | $22363 |
| **7/31/25** | $27259 | $22287 | $26016 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 years** | **Since Inception 2/4/2019** |
| ARK Fintech Innovation ETF - NAV | 96.91% | 8.28% | 16.70% |
| MSCI World Index (Net) | 15.72% | 13.78% | 13.14% |
| S&P 500 Index | 16.33% | 15.88% | 15.86% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$1,359,975,197

* Total number of portfolio holdings42

* Total advisory fees paid$7,554,930

* Period portfolio turnover rate32%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Financials | 44.1% |
| Information Technology | 25.4% |
| Communication Services | 19.1% |
| Consumer Discretionary | 9.7% |
| Real Estate | 1.6% |
| Financials (Money Market Fund) | 0.1% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# ARK Space Exploration & Innovation ETF
ARKX \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about ARK Space Exploration & Innovation ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK Space Exploration & Innovation ETF | $100 | 0.74% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund outperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was Rocket Lab Corp (RKLB). Shares of RKLB contributed to performance during the period driven by several positive developments. The company was on-ramped to multi-billion-dollar U.S. and U.K. defense contracts for hypersonic technologies, was selected by Kratos for a MACH-TB 2.0 test launch and secured its first dedicated satellite launch mission for the European Space Agency. The company also agreed to acquire Geost for $275 million, expanding into EO/IR satellite payloads.

• Additional contributors to performance included Kratos Defense & Security Solutions, Inc., Palantir Technologies, Inc., Archer Aviation, Inc. and AeroVironment, Inc.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Teradyne, Inc. (TER). Shares of TER detracted from the Fund's performance during the period as continued softness in its industrial automation and robotics segments persisted. In March 2025, management lowered near-term guidance for its semiconductor business at its investor day, citing potential tariffs and trade restrictions.

• Additional detractors from performance included Iridium Communications, Inc., Mynaric AG, Intuitive Machines, Inc, and 3D Systems Corp.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](iaee47f8e7b0ff3d2e3533f87.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ARK Space Exploration & Innovation ETF - NAV** | **MSCI World Index (Net)** | **S&P 500 Index** |
| **3/30/21** | $10000 | $10000 | $10000 |
| **7/31/21** | $10177 | $10994 | $11154 |
| **7/31/22** | $7466 | $9986 | $10636 |
| **7/31/23** | $7785 | $11333 | $12021 |
| **7/31/24** | $7643 | $13411 | $14683 |
| **7/31/25** | $13065 | $15518 | $17081 |

---

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since Inception 3/30/2021** |
| ARK Space Exploration & Innovation ETF - NAV | 70.93% | 6.36% |
| MSCI World Index (Net) | 15.72% | 10.66% |
| S&P 500 Index | 16.33% | 13.14% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$399,777,740

* Total number of portfolio holdings32

* Total advisory fees paid$2,065,581

* Period portfolio turnover rate24%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Industrials | 61.4% |
| Information Technology | 24.5% |
| Communication Services | 8.0% |
| Consumer Discretionary | 4.9% |
| Equity Fund | 0.9% |
| Financials (Money Market Fund) | 0.3% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# The 3D Printing ETF
PRNT \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about The 3D Printing ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK The 3D Printing ETF | $68 | 0.66% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund underperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was FARO Technologies, Inc. (FARO). Shares of FARO contributed to the Fund's performance following AMETEK's agreement to acquire the company for $920 million in cash, pricing the shares at $44 each, subject to regulatory approvals. The transaction closed on July 21, 2025.

• Additional contributors to performance included Xometry, Inc., Siemens AG, and Proto Labs, Inc.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was 3D Systems Corp. (DDD). Shares of DDD detracted from the Fund's performance following weaker-than-expected first-quarter results amid a challenging capital spending environment. Citing macroeconomic uncertainties, management withdrew its prior full-year guidance while reaffirming its focus on profitability. Later in the period, the company issued a $92 million convertible note to retire existing debt and extend maturities to 2030.

• Additional detractors from performance included Nano Dimension Ltd., DENTSPLY SIRONA, Inc., Desktop Metal, Inc., and HP, Inc.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](i356f3389a2aeed836dc03fda.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The 3D Printing ETF - NAV** | **Total 3D-Printing Index** | **MSCI World Index (Net)** | **S&P 500 Index** |
| **7/19/2016** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2016** | $10015 | $10022 | $10107 | $10034 |
| **7/31/2017** | $12760 | $12977 | $11736 | $11644 |
| **7/31/2018** | $12371 | $12653 | $13131 | $13535 |
| **7/31/2019** | $11351 | $11717 | $13606 | $14616 |
| **7/31/2020** | $11482 | $11963 | $14590 | $16364 |
| **7/31/2021** | $19607 | $20433 | $19707 | $22328 |
| **7/31/2022** | $11934 | $12554 | $17901 | $21292 |
| **7/31/2023** | $12603 | $13154 | $20315 | $24063 |
| **7/31/2024** | $10647 | $11190 | $24040 | $29392 |
| **7/31/2025** | $11217 | $11812 | $27818 | $34193 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 years** | **Since Inception 7/19/2016** |
| The 3D Printing ETF - NAV | 5.36% | -0.47% | 1.28% |
| Total 3D-Printing Index | 5.56% | -0.25% | 1.86% |
| MSCI World Index (Net) | 15.72% | 13.78% | 11.99% |
| S&P 500 Index | 16.33% | 15.88% | 14.58% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$74,717,040

* Total number of portfolio holdings49

* Total advisory fees paid$572,515

* Period portfolio turnover rate42%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Industrials | 40.7% |
| Information Technology | 28.0% |
| Health Care | 13.3% |
| Materials | 6.1% |
| Financials (Money Market Fund) | 6.0% |
| Consumer Discretionary | 5.8% |
| Consumer Staples | 0.1% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

![Image](i631a82d015aad9adc1f83a5b.jpg)

# ARK Israel Innovative Technology ETF
IZRL \| Cboe BZX Exchange, Inc.

ANNUAL SHAREHOLDER REPORT \| JULY 31, 2025

This annual shareholder report contains important information about ARK Israel Innovative Technology ETF (the "Fund") for the period of August 1, 2024 to July 31, 2025. You can find additional information about the Fund at https://www.ark-funds.com/download-fund-materials/. You can also request this information by contacting us at (727) 810-8160.

## What were the Fund's cost for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ARK Israel Innovative Technology ETF | $60 | 0.49% |

---

## Management's Discussion of Fund Performance
SUMMARY OF RESULTS

The Fund outperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2025. The headwinds that once pressured disruptive technologies shifted into structural tailwinds, supported by broadening market participation, favorable policy shifts around crypto, AI, and healthcare, and potential fiscal catalysts like tax cuts.

ARK's research suggests that a rolling recession began in the spring of 2022, when the Federal Reserve raised interest rates 22-fold in just over a year. We believe that waning pricing power is likely to force corporations into further employment cutbacks to preserve margins. Innovation often takes root in turbulent times: when consumers and businesses confront uncertainty, they are more willing to adopt better, faster, and less costly solutions.

Top contributors to relative performance

• The top contributor to performance during the period was Qualitau Ltd. (QLTU). Shares of QLTU contributed to the Fund's performance as the company delivered strong revenue and earnings growth, supported by robust margins and efficient capital allocation. Net income rose 13% year-over-year to $13.9 million. The company also maintained a solid balance sheet with ample cash and minimal debt, alongside a growing dividend program.

• Additional contributors to performance included Bet Shemesh Engines Holdings 1997 Ltd., Aryt Industries Ltd., Pagaya Technologies Ltd., and Elbit Systems Ltd.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Nano-X Imaging Ltd. (NNOX). Shares of NNOX detracted from the Fund's performance due to its widening net loss, $14.1 million in Q4 2024, up from $10.2 million a year earlier, and persistently negative margins, including a gross loss of $2.9 million, which weighed on valuations despite operational progress.

• Additional detractors from performance included Valens Semiconductor Ltd., Playtika Holdings Corp., Compugen Ltd., Sapiens International Corp. NV, and Inmode Ltd.

## Fund Performance

### Growth of an Assumed $10,000 Investment
![A line chart as described in the following paragraph](ic1bfcedafe3a419494ab1412.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Israel Innovative Technology ETF - NAV** | **ARK Israeli Innovation Index** | **MSCI World Index (Net)** | **S&P 500 Index** |
| **12/5/2017** | $10000 | $10000 | $10000 | $10000 |
| **7/31/2018** | $10427 | $10420 | $10534 | $10798 |
| **7/31/2019** | $10591 | $10600 | $10915 | $11660 |
| **7/31/2020** | $13165 | $13514 | $11705 | $13054 |
| **7/31/2021** | $15937 | $16662 | $15810 | $17812 |
| **7/31/2022** | $10233 | $10852 | $14361 | $16986 |
| **7/31/2023** | $10614 | $11227 | $16297 | $19196 |
| **7/31/2024** | $10591 | $11264 | $19285 | $23448 |
| **7/31/2025** | $14563 | $15706 | $22316 | $27278 |

---

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 years** | **Since Inception 12/5/2017** |
| ARK Israel Innovative Technology ETF - NAV | 37.51% | 2.04% | 5.03% |
| ARK Israeli Innovation Index | 39.44% | 3.05% | 6.08% |
| MSCI World Index (Net) | 15.72% | 13.78% | 11.06% |
| S&P 500 Index | 16.33% | 15.88% | 14.01% |

---

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

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

## Fund Statistics
The following table outlines key Fund statistics that you should pay attention to:

* Fund net assets$117,972,169

* Total number of portfolio holdings60

* Total advisory fees paid$489,379

* Period portfolio turnover rate56%

## Graphical Representation of Holdings
The table below shows the investment makeup of the Fund. The allocations may not be representative of the Fund's future investments.

---

| | |
|:---|:---|
| Sector Diversification | % of Total Investments |
| Information Technology | 51.4% |
| Industrials | 15.8% |
| Communication Services | 11.5% |
| Health Care | 10.3% |
| Consumer Discretionary | 6.7% |
| Financials | 1.8% |
| Consumer Staples | 1.7% |
| Financials (Money Market Fund) | 0.8% |
| Total | 100.0% |

---

## Availability of Additional Information
If you wish to find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information, please see the website address https://www.ark-funds.com/download-fund-materials/ or contact number (727) 810-8160 included at the beginning of this shareholder report.

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

**Item 2. Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies
 to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons
 performing similar functions, regardless of whether these individuals are employed by the registrant or a third party ("Code of
 Ethics").

&nbsp;&nbsp;&nbsp;&nbsp;(c) There have been no amendments, during the period covered by this report, to a provision of the code of ethics
 that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller,
 or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and
 that relates to any element of the code of ethics description enumerated in Item 2(b) of Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit
 waiver, from a provision of the Code of Ethics that relates to one or more of the items set forth in Item 2(b) of Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) The Code of Ethics is attached hereto as Exhibit 19(a)(1).

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

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Scott R. Chichester is qualified to serve as an "audit committee financial expert" and is "independent" (as each term is defined in Item 3 of Form N-CSR).

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

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate fees billed for professional services rendered by the principal accountant for the audit of
 the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and
 regulatory filings or engagements for the fiscal years are $182,160 for July 31, 2024 and $186,400 for July 31, 2025.

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal
 accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under
 paragraph (a) of this Item are $0 for July 31, 2024 and $0 for July 31, 2025.

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal
 accountant for tax compliance, tax advice, and tax planning are $93,345 for July 31, 2024 and $100,895 for July 31, 2025.

The services comprising the fees disclosed under this category are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Review and sign as paid preparer the federal, excise and state tax returns for each fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Assist management with identification of PFICs (Passive Foreign Investment Company) through subscription to our proprietary EYPFIC Analyzer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist with reclaiming dividend withholding tax and IRS closing agreements in foreign jurisdictions, as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide international compliance and planning services in other countries, as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Provide assistance with reclaiming dividend withholding tax at source in certain foreign countries

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal
 accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for July 31, 2024 and $0 for
 July 31, 2025.

(e) (1) The registrant's audit committee ("Audit Committee") has adopted an Audit and Non-Audit
 Services Pre-Approval Policy ("Pre-Approval Policy") that applies to any and all engagements of the independent auditor to
 the registrant for audit, non-audit, tax or other services. Pursuant to the Pre-Approval Policy, the Audit Committee is required to pre-approve
 the audit services and permissible non-audit services proposed to be performed by the independent auditor for the registrant to assure
 that the independence of the auditor is not in any way compromised or impaired. In assessing whether a particular audit or non-audit service
 should be approved, the Audit Committee will take into account the ratio between the total amounts paid for audit, audit-related, tax
 and other services, based on historical patterns, with a view toward assuring that the level of fees paid for non-audit services as they
 relate to the fees paid for audit services does not compromise or impair the independence of the auditor. The Audit Committee may either
 grant general pre-approval of proposed services of the independent auditor through adoption of a list of authorized services together
 with a budget of expected costs for those services ("general pre-approval"), or specific pre-approval of services provided
 on a case-by-case basis ("specific pre-approval"). Unless particular services have received general pre-approval, those services
 will require specific pre-approval by the Audit Committee before any such services can be provided by the independent auditor. The annual
 audit services engagement terms and fees for the independent auditor for the registrant require specific pre-approval of the Audit Committee.
 The Audit Committee may grant general pre-approval for (i) other audit services, which are those services that only the independent
 auditor reasonably can provide, (ii) audit related services, (iii) those tax services that have historically been provided by
 the independent auditor, and (iv) those permissible non-audit services classified as "all other" services that the Audit
 Committee believes are routine and recurring services. The Audit Committee from time to time may delegate either general or specific pre-approval
 authority to one or more of its members. Any member to whom such authority is delegated must report, for informational purposes only,
 any pre-approval decisions to the Audit Committee at its next scheduled meeting. The Audit Committee has not delegated either general
 or specific pre-approval authority to one or more of its members.

(e) (2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved
 by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 100%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

&nbsp;&nbsp;&nbsp;&nbsp;(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial
 statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time,
 permanent employees was less than fifty percent.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
 and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
 subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
 the adviser that provides ongoing services to the registrant for the registrant's fiscal year ended July 31, 2024 were $678,345
 and for July 31, 2025 were $555,895.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee of the board of trustees **has** considered whether the provision of non-audit
 services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control
 with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii)
 of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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

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

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

The Registrant's Board has an Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)) consisting of three Independent Trustees. Messrs. Chichester and Zack and Ms. DeRemer currently serve as members of the Audit Committee. Mr. Chichester is the Chairman of the Audit Committee.

**Item 6. Investments.**

(a) The Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period
 is included in the financial statements filed under Item 7(a) of this form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) The annual Financial Statements are attached herewith.

![](tcoverbleed_001.jpg)

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| **Table of Contents** | ![](tark_logo.jpg) |
|  | ![](tark_logo.jpg) |

---

---

| | |
|:---|:---|
| [Schedule of Investments](#T004) | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; [ARK Genomic Revolution ETF](#T004) | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; [ARK Autonomous Technology & Robotics ETF](#T005) | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; [ARK Innovation ETF](#T006) | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; [ARK Next Generation Internet ETF (consolidated)](#T007) | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; [ARK Fintech Innovation ETF (consolidated)](#T008) | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; [ARK Space Exploration & Innovation ETF](#T009) | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; [The 3D Printing ETF](#T010) | &nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; [ARK Israel Innovative Technology ETF](#T011) | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| [Statements of Assets and Liabilities](#T012) | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| [Statements of Operations](#T013) | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| [Statements of Changes in Net Assets](#T014) | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| [Financial Highlights](#T015) | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| [Notes to Financial Statements](#T016) | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| [Report of Independent Registered Public Accounting Firm](#T101) | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| [Supplemental Information](#T017) | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| [Risks Involved with Investing in the Funds](#T018) | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| [Board Approval of Management Agreements](#T102) | &nbsp;&nbsp;&nbsp;&nbsp; 46 |

---

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments ARK Genomic Revolution ETF </u>     <br> <u> July 31, 2025 </u>    

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
|  **COMMON STOCKS – 99.6%** |  |  |  |
|  **Biotechnology – 59.4%** |  |  |  |
|  Absci Corp.\*<sup>†</sup> | 11735951 | $| 33212741 |
|  Amgen, Inc. | 56938 |  | 16802404 |
|  Arcturus Therapeutics Holdings, Inc.\*<sup>†</sup> | 1687747 |  | 20607391 |
|  Beam Therapeutics, Inc.\* | 2038109 |  | 40171128 |
|  CareDx, Inc.\* | 2064432 |  | 25361547 |
|  Caris Life Sciences, Inc.\* | 189005 |  | 5307261 |
|  Compass Pathways PLC (United Kingdom)\*<sup>(a)</sup> | 2063748 |  | 8977304 |
|  CRISPR Therapeutics AG (Switzerland)\* | 1892951 |  | 106497423 |
|  Incyte Corp.\* | 150934 |  | 11303447 |
|  Intellia Therapeutics, Inc.\* | 2898650 |  | 33740286 |
|  Ionis Pharmaceuticals, Inc.\* | 835953 |  | 35929260 |
|  Natera, Inc.\* | 331309 |  | 44282761 |
|  Nurix Therapeutics, Inc.\* | 1546112 |  | 17409221 |
|  Prime Medicine, Inc.\* | 4640499 |  | 17355466 |
|  Recursion Pharmaceuticals, Inc., Class A\* | 11519784 |  | 68542715 |
|  Regeneron Pharmaceuticals, Inc. | 12344 |  | 6733158 |
|  Twist Bioscience Corp.\* | 2104061 |  | 70633328 |
|  Veracyte, Inc.\* | 1172331 |  | 27561502 |
|  Vertex Pharmaceuticals, Inc.\* | 23628 |  | 10794924 |
| &nbsp;&nbsp;&nbsp; Total Biotechnology |  |  | 601223267 |
|  **Electronic Equipment, Instruments & Components – 1.4%** | **Electronic Equipment, Instruments & Components – 1.4%** | **Electronic Equipment, Instruments & Components – 1.4%** | **Electronic Equipment, Instruments & Components – 1.4%** |
|  908 Devices, Inc.\*<sup>†</sup> | 2194142 |  | 14371630 |
|  **Health Care Equipment & Supplies – 1.9%** | **Health Care Equipment & Supplies – 1.9%** | **Health Care Equipment & Supplies – 1.9%** | **Health Care Equipment & Supplies – 1.9%** |
|  Butterfly Network, Inc.\* | 6311052 |  | 10791899 |
|  Cerus Corp.\* | 6843829 |  | 8760101 |
| &nbsp;&nbsp;&nbsp; Total Health Care Equipment & Supplies |  |  | 19552000 |
|  **Health Care Providers & Services – 4.6%** | **Health Care Providers & Services – 4.6%** | **Health Care Providers & Services – 4.6%** | **Health Care Providers & Services – 4.6%** |
|  Guardant Health, Inc.\* | 1144255 |  | 46891570 |
|  **Health Care Technology – 5.1%** |  |  |  |
|  Schrodinger, Inc.\* | 1930624 |  | 39249586 |
|  Veeva Systems, Inc., Class A\* | 41481 |  | 11788900 |
| &nbsp;&nbsp;&nbsp; Total Health Care Technology |  |  | 51038486 |
|  **Life Sciences Tools & Services – 26.6%** |  |  |  |
|  10X Genomics, Inc., Class A\* | 3262482 |  | 43880383 |
|  Adaptive Biotechnologies Corp.\* | 3473458 |  | 35568210 |
|  Illumina, Inc.\* | 300126 |  | 30825942 |
|  Pacific Biosciences of California, Inc.\* | 11069051 |  | 15275290 |
|  Personalis, Inc.\*<sup>†</sup> | 7003386 |  | 38378556 |
|  Quantum-Si, Inc.\* | 7833003 |  | 11592844 |
|  Standard BioTools, Inc.\* | 3103842 |  | 4128110 |
|  Tempus AI, Inc.\* | 1572928 |  | 89011996 |
| &nbsp;&nbsp;&nbsp; Total Life Sciences Tools & Services |  |  | 268661331 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
|  **Pharmaceuticals – 0.6%** |  |  |
|  ATAI Life Sciences NV (Germany)\* | 1580022 | $6478090 |
|  **Total Common Stocks**<br> (Cost $2,611,526,688) |  | 1008216374 |
|  **MONEY MARKET FUND – 0.1%** |  |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(b)</sup>(Cost $1,030,828) | 1030828 | 1030828 |
|  **Total Investments – 99.7%**<br> (Cost $2,612,557,516) |  | **1009247202** |
|  Other Assets in Excess of Liabilities – 0.3% |  | 2555733 |
|  **Net Assets – 100.0%** |  | $**1011802935** |

---

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

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

(a) American Depositary Receipt

(b) Rate shown represents annualized 7-day yield as of July 31, 2025.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments (continued)<br>ARK Genomic Revolution ETF | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

**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. Fiscal year-to-date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value ($) at <br>7/31/2024<sup>(a)</sup>** | **Purchases <br>Cost <br>($)** | **Sales <br>Proceeds <br>($)** | **Net Realized <br>Gain/(Loss) <br>on investments <br>in affiliated <br>securities <br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in affiliated <br>securities <br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in non-affiliated <br>securities <br>($)** | **Affiliated <br>Dividend <br>Income <br>($)** | **Capital <br>Gain <br>Distributions <br>($)** | **Number of <br>Shares at <br>7/31/2025** | **Value ($) at <br>7/31/2025<sup>(a)</sup>** |
|  **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** | **Common Stocks — 10.5%** |
|  Biotechnology — 5.3% | Biotechnology — 5.3% |  |  |  |  |  |  |  |  |  |
|  Absci Corp. | 24990376 | 76483567 | (52762246) | 1625013  | (17123969) |  |  |  | 11735951 | 33212741 |
|  Arcturus Therapeutics Holdings, Inc. | 45569126 | 57012551 | (58775416) | (16501158) | (6697712) |  |  |  | 1687747 | 20607391 |
|  CareDx, Inc.<sup>^(b)</sup> | 97345523 | 86309696 | (156288091) | (89950358) | 130722536 | (42777759) |  |  |  |  |
|  Repare Therapeutics, Inc.<sup>^^</sup> | 9725317 | 4795820 | (8676195) | (81223984) | 75379042 |  |  |  |  |  |
|  Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% | Electronic Equipment, Instruments & Components — 1.4% |
|  908 Devices, Inc. | 22657608 | 18771890 | (26380391) | (63032043) | 62354566 |  |  |  | 2194142 | 14371630 |
|  Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% | Health Care Equipment & Supplies — 0.0% |
|  Butterfly Network, Inc.<sup>^(b)</sup> | 11946968 | 32579462 | (41988094) | (52237682) | 109129729 | (48638484) |  |  |  |  |
|  Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% | Health Care Providers & Services — 0.0% |
|  Accolade, Inc.<sup>^^</sup> | 22871518 | 16368787 | (51729693) | (218388112) | 230877500 |  |  |  |  |  |
|  Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% | Life Sciences Tools & Services — 3.8% |
|  Adaptive Biotechnologies Corp.<sup>^(b)</sup> | 54689649 | 90678674 | (152971314) | (205395572) | 252644632 | (4077859) |  |  |  |  |
|  Personalis, Inc. | 22038148 | 69682697 | (63167488) | (316495) | 10141694 |  |  |  | 7003386 | 38378556 |
|  Quantum-Si, Inc.<sup>^(b)</sup> | 13382946 | 22941424 | (33692562) | (28715378) | 106436657 | (68760243) |  |  |  |  |
|  | $325217179 | $475624568 | $(646431490) | $(754135769) | $953864675 | $(164254345) | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | 22621226 | $106570318 |

---

^&nbsp;&nbsp;&nbsp;&nbsp; As of July 31, 2025, the company is no longer considered to be an affiliated security.

^^ As of July 31, 2025, the Fund was not invested in this company.

(a) The fair value and number of shares of securities are only displayed at the beginning and end of each reporting period when such securities were considered an affiliate as of each date. Refer to the Schedule of Investments for view the fair value and number of shares as of July 31, 2025.

(b) The unrealized appreciation (depreciation) as of the last reporting period was reflected out of net change in unrealized appreciation (depreciation) on investments in affiliated securities and the unrealized appreciation (depreciation) through this fiscal year end was reflected in net change in unrealized appreciation (depreciation) on investments in non-affiliated securities in the Statement of Operations.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (continued) ARK Genomic Revolution ETF </u>     <br> <u> July 31, 2025 </u>    

**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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Genomic <br>Revolution ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets** |  |  |  |  |
|  Common Stocks<sup>‡</sup> | $1008216374 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1008216374 |
|  Money Market Fund | 1030828 |  |  | 1030828 |
|  Total | $1009247202 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1009247202 |

---

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

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments<br>ARK Autonomous Technology & Robotics ETF | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | &nbsp;&nbsp; **Shares** | **Value** |
| **COMMON STOCKS – 99.8%** |  |  |
| **Aerospace & Defense – 32.1%** |  |  |
| AeroVironment, Inc.\* | 227671 | $60933867 |
| Archer Aviation, Inc., Class A\* | 6892929 | 69136078 |
| BWX Technologies, Inc. | 144361 | 21932767 |
| Elbit Systems Ltd. (Israel) | 34664 | 16178036 |
| Intuitive Machines, Inc.\* | 1075251 | 11999801 |
| Kratos Defense & Security Solutions, Inc.\* | 2242462 | 131632519 |
| L3Harris Technologies, Inc. | 84604 | 23250871 |
| Rocket Lab Corp.\* | 1460370 | 67060190 |
| &nbsp;&nbsp;&nbsp; Total Aerospace & Defense |  | 402124129 |
| **Automobiles – 11.3%** |  |  |
| BYD Co. Ltd. (China)<sup>(a)</sup> | 1018748 | 14924658 |
| Tesla, Inc.\* | 409456 | 126223001 |
| &nbsp;&nbsp;&nbsp; Total Automobiles |  | 141147659 |
| **Broadline Retail – 3.2%** |  |  |
| Amazon.com, Inc.\* | 171482 | 40145651 |
| **Diversified Telecommunication – 3.7%** |  |  |
| Iridium Communications, Inc. | 1922983 | 47036164 |
| **Electric Utilities – 1.2%** |  |  |
| Oklo, Inc.\* | 198581 | 15209319 |
| **Electronic Equipment, Instruments & Components – 5.0%** | **Electronic Equipment, Instruments & Components – 5.0%** |  |
| Teledyne Technologies, Inc.\* | 23329 | 12854746 |
| Trimble, Inc.\* | 588678 | 49384197 |
| &nbsp;&nbsp;&nbsp; Total Electronic Equipment, Instruments & Components |  | 62238943 |
| **Health Care Equipment & Supplies – 0.9%** | **Health Care Equipment & Supplies – 0.9%** |  |
| Intuitive Surgical, Inc.\* | 24833 | 11946908 |
| **Hotels, Restaurants & Leisure – 1.0%** |  |  |
| DoorDash, Inc., Class A\* | 48265 | 12078316 |
| **Interactive Media & Services – 2.5%** |  |  |
| Alphabet, Inc., Class C | 97048 | 18716677 |
| Baidu, Inc. (China)\*<sup>(a)</sup> | 141265 | 12412956 |
| &nbsp;&nbsp;&nbsp; Total Interactive Media & Services |  | 31129633 |
| **Machinery – 7.7%** |  |  |
| Caterpillar, Inc. | 29119 | 12754704 |
| Deere & Co. | 70820 | 37135883 |
| Komatsu Ltd. (Japan)<sup>(a)</sup> | 716940 | 23253949 |
| Symbotic, Inc.\* | 427187 | 23046739 |
| &nbsp;&nbsp;&nbsp; Total Machinery |  | 96191275 |
| **Oil, Gas & Consumable Fuels – 1.6%** |  |  |
| Cameco Corp. (Canada) | 268974 | 20154222 |
| **Passenger Airlines – 4.4%** |  |  |
| Blade Air Mobility, Inc.\*<sup>†</sup> | 5725045 | 22842929 |
| Joby Aviation, Inc.\* | 1953405 | 32543727 |
| &nbsp;&nbsp;&nbsp; Total Passenger Airlines |  | 55386656 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | &nbsp;&nbsp; **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment – 16.4%** | **Semiconductors & Semiconductor Equipment – 16.4%** |  |
| Advanced Micro Devices, Inc.\* | 269636 | $47539523 |
| NVIDIA Corp. | 174837 | 31098257 |
| QUALCOMM, Inc. | 74384 | 10916596 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)<sup>(a)</sup> | 126954 | 30674626 |
| Teradyne, Inc. | 789598 | 84826513 |
| &nbsp;&nbsp;&nbsp; Total Semiconductors & Semiconductor Equipment |  | 205055515 |
| **Software – 8.8%** |  |  |
| Aurora Innovation, Inc.\* | 3092502 | 17967437 |
| Palantir Technologies, Inc., Class A\* | 497795 | 78825838 |
| Synopsys, Inc.\* | 20696 | 13110295 |
| &nbsp;&nbsp;&nbsp; Total Software |  | 109903570 |
|  **Total Common Stocks**<br> (Cost $879,855,598) |  | 1249747960 |
| **MONEY MARKET FUND – 0.2%** |  |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(b)</sup>(Cost $3,064,112) | 3064112 | 3064112 |
| &nbsp;&nbsp;&nbsp; **Total Investments – 100.0%**<br> (Cost $882,919,710) |  | **1252812072** |
| Liabilities in Excess of Other Assets – (0.0)%<sup>(c)</sup> |  | (409233) |
| **Net Assets – 100.0%** |  | $**1252402839** |

---

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

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

(a) American Depositary Receipt

(b) Rate shown represents annualized 7-day yield as of July 31, 2025.

(c) Less than 0.05%

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (continued)ARK Autonomous Technology & Robotics ETF </u>     <br> <u> July 31, 2025 </u>    

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. Fiscal year-to-date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value ($) at<br>7/31/2024<sup>(a)</sup>** | **Purchases<br>Cost<br>($)** | **Sales<br>Proceeds<br>($)** | **Net Realized<br>Gain/(Loss)<br>on investments<br>in affiliated<br>securities<br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in affiliated <br>securities<br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in non-affiliated <br>securities<br>($)** | **Affiliated<br>Dividend<br>Income<br>($)** | **<br>Capital Gain <br>Distributions <br>($)** | **Number of<br>Shares at<br>7/31/2025** | **Value ($) at<br>7/31/2025<sup>(a)</sup>** |
| **Common Stock — 1.8%** |  |  |  |  |  |  |  |  |  |  |
| Passenger Airlines — 1.8% |  |  |  |  |  |  |  |  |  |  |
| Blade Air Mobility, Inc. | 17534702 | 4850142 | (2998406) | (83742) | 3540233 |  |  |  | 5725045 | 22842929 |
|  | $17534702 | $4850142 | $(2998406) | $(83742) | $3540233 | $— | $— | $— | 5725045 | $22842929 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;The fair value and number of shares of securities are only displayed at the beginning and end of each reporting period when such securities were considered an affiliate as of each date. Refer to the Schedule of Investments for view the fair value and number of shares as of July 31, 2025.

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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Autonomous <br>Technology & <br>Robotics ETF** | **<br>Level 1** | **<br>Level 2** | **<br>Level 3** | &nbsp;&nbsp;&nbsp; **<br>Total** |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $1249747960 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $1249747960 |
| Money Market Fund | 3064112 |  |  | 3064112 |
| Total | $1252812072 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1252812072 |

---

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

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments<br>ARK Innovation ETF | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
|  **COMMON STOCKS – 99.4%** |  |  |
|  **Aerospace & Defense – 4.2%** |  |  |
|  Archer Aviation, Inc., Class A\* | 19396549 | $194547387 |
|  BWX Technologies, Inc. | 481409 | 73140469 |
|  Kratos Defense & Security Solutions, Inc.\* | 1260072 | 73966226 |
| &nbsp;&nbsp;&nbsp; Total Aerospace & Defense |  | 341654082 |
|  **Automobiles – 9.8%** |  |  |
|  Tesla, Inc.\* | 2558823 | 788808366 |
|  **Biotechnology – 13.7%** |  |  |
|  Beam Therapeutics, Inc.\*<sup>†</sup> | 7394087 | 145737455 |
|  CRISPR Therapeutics AG (Switzerland)\*<sup>†</sup> | 7626030 | 429040448 |
|  Intellia Therapeutics, Inc.\*<sup>†</sup> | 9549736 | 111158927 |
|  Natera, Inc.\* | 572065 | 76462208 |
|  Recursion Pharmaceuticals, Inc., Class A\* | 19949687 | 118700638 |
|  Twist Bioscience Corp.\*<sup>†</sup> | 4081527 | 137016861 |
|  Veracyte, Inc.\* | 3232349 | 75992525 |
| &nbsp;&nbsp;&nbsp; Total Biotechnology |  | 1094109062 |
|  **Broadline Retail – 1.8%** |  |  |
|  Amazon.com, Inc.\* | 622506 | 145734880 |
|  **Capital Markets – 11.4%** |  |  |
|  Coinbase Global, Inc., Class A\* | 1537704 | 580883063 |
|  Robinhood Markets, Inc., Class A\* | 3260961 | 336042031 |
| &nbsp;&nbsp;&nbsp; Total Capital Markets |  | 916925094 |
|  **Consumer Finance – 0.7%** |  |  |
|  SoFi Technologies, Inc.\* | 2655790 | 59967738 |
|  **Diversified Telecommunication – 0.9%** |  |  |
|  Iridium Communications, Inc. | 2974231 | 72749690 |
|  **Entertainment – 14.1%** |  |  |
|  ROBLOX Corp., Class A\* | 4156884 | 572777046 |
|  Roku, Inc.\* | 5916863 | 557131820 |
| &nbsp;&nbsp;&nbsp; Total Entertainment |  | 1129908866 |
|  **Financial Services – 1.3%** |  |  |
|  Block, Inc.\* | 1365901 | 105529511 |
|  **Health Care Equipment & Supplies – 0.2%** | **Health Care Equipment & Supplies – 0.2%** |  |
|  Cerus Corp.\*<sup>†</sup> | 11650821 | 14913051 |
|  **Health Care Providers & Services – 0.7%** | **Health Care Providers & Services – 0.7%** |  |
|  Guardant Health, Inc.\* | 1453512 | 59564922 |
|  **Hotels, Restaurants & Leisure – 2.5%** |  |  |
|  Airbnb, Inc., Class A\* | 523990 | 69381516 |
|  DraftKings, Inc., Class A\* | 2999680 | 135105587 |
| &nbsp;&nbsp;&nbsp; Total Hotels, Restaurants & Leisure |  | 204487103 |
|  **Interactive Media & Services – 2.6%** |  |  |
|  Meta Platforms, Inc., Class A | 147298 | 113926165 |
|  Pinterest, Inc., Class A\* | 2371628 | 91544841 |
| &nbsp;&nbsp;&nbsp; Total Interactive Media & Services |  | 205471006 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
|  **IT Services – 4.7%** |  |  |
|  Shopify, Inc., Class A (Canada)\* | 3074653 | $375753343 |
|  **Life Sciences Tools & Services – 7.4%** |  |  |
|  10X Genomics, Inc., Class A\*<sup>†</sup> | 10118135 | 136088916 |
|  Illumina, Inc.\* | 861885 | 88524209 |
|  Pacific Biosciences of California, Inc.\*<sup>†</sup> | 23950864 | 33052192 |
|  Tempus AI, Inc.\* | 5987058 | 338807612 |
| &nbsp;&nbsp;&nbsp; Total Life Sciences Tools & Services |  | 596472929 |
|  **Machinery – 0.9%** |  |  |
|  Deere & Co. | 131158 | 68775321 |
|  **Media – 1.2%** |  |  |
|  Trade Desk, Inc. (The), Class A\* | 1131747 | 98416719 |
|  **Semiconductors & Semiconductor Equipment – 8.0%** | **Semiconductors & Semiconductor Equipment – 8.0%** |  |
|  Advanced Micro Devices, Inc.\* | 1631098 | 287578888 |
|  NVIDIA Corp. | 574361 | 102161591 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)<sup>(a)</sup> | 366129 | 88464089 |
|  Teradyne, Inc. | 1503374 | 161507469 |
| &nbsp;&nbsp;&nbsp; Total Semiconductors & Semiconductor Equipment |  | 639712037 |
|  **Software – 13.3%** |  |  |
|  BitMine Immersion Technologies, Inc.\* | 4061157 | 140678478 |
|  Circle Internet Group, Inc.\* | 1899398 | 348577521 |
|  GitLab, Inc., Class A\* | 2210812 | 96855674 |
|  PagerDuty, Inc.\*<sup>†</sup> | 7534270 | 121452432 |
|  Palantir Technologies, Inc., Class A\* | 2305393 | 365058982 |
| &nbsp;&nbsp;&nbsp; Total Software |  | 1072623087 |
|  **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,522,341,033) |  | 7991576807 |
|  **MONEY MARKET FUND – 0.2%** |  |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $12,107,640) | 12107640 | 12107640 |
| &nbsp;&nbsp;&nbsp; **Total Investments – 99.6%**<br> (Cost $9,534,448,673) |  | **8003684447** |
|  Other Assets in Excess of Liabilities – 0.4% | Other Assets in Excess of Liabilities – 0.4% | 33901992 |
|  **Net Assets – 100.0%** |  | $**8037586439** |

---

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

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

(a) American Depositary Receipt

(b) Rate shown represents annualized 7-day yield as of July 31, 2025.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (continued)ARK Innovation ETF </u>     <br> <u> July 31, 2025 </u>    

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. Fiscal year-to-date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value ($) at <br>7/31/2024<sup>(a)</sup>** | **Purchases <br>Cost <br>($)** | **Sales <br>Proceeds <br>($)** | **Net Realized <br>Gain/(Loss) <br>on investments <br>in affiliated <br>securities <br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in affiliated <br>securities <br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in non-affiliated <br>securities <br>($)** | **Affiliated <br>Dividend <br>Income <br>($)** | **Capital Gain <br>Distributions <br>($)** | **Number of <br>Shares at <br>7/31/2025** | **Value ($) at <br>7/31/2025<sup>(a)</sup>** |
|  **Common Stocks — 14.0%** | **Common Stocks — 14.0%** |  |  |  |  |  |  |  |  |  |
|  Aerospace & Defense **—** 0.0% | Aerospace & Defense **—** 0.0% |  |  |  |  |  |  |  |  |  |
|  Archer Aviation, Inc.<sup>^(b)</sup> | 65008132 | 313815225 | (299859753) | 86532774 | 26904762 | 2146247 |  |  |  |  |
|  Biotechnology **—** 10.2% |  |  |  |  |  |  |  |  |  |  |
|  Beam Therapeutics, Inc. | 155963970 | 282668775 | (228394016) | (40814757) | (23686517) |  |  |  | 7394087 | 145737455 |
|  CRISPR Therapeutics AG | 302476878 | 694547307 | (579918602) | (29171326) | 41106191 |  |  |  | 7626030 | 429040448 |
|  Intellia Therapeutics, Inc. | 218386385 | 208520341 | (192836069) | (2624195) | (120287535) |  |  |  | 9549736 | 111158927 |
|  Recursion Pharmaceuticals, Inc.<sup>^(b)</sup> | 140475692 | 234821791 | (215258174) | 1545839 | 24729034 | (67613544) |  |  |  |  |
|  Twist Bioscience Corp. | 165426030 | 303040279 | (257408335) | (22739813) | (51301300) |  |  |  | 4081527 | 137016861 |
|  Veracyte, Inc.<sup>^(b)</sup> | 92262048 | 172639045 | (200579093) | (25179060) | 74532892 | (37683307) |  |  |  |  |
|  Entertainment **—** 0.0% |  |  |  |  |  |  |  |  |  |  |
|  Roku, Inc.<sup>^(b)</sup> | 512438347 | 899863942 | (1123043564) | (337964061) | 766461114 | (160623958) |  |  |  |  |
|  Health Care Equipment & Supplies **—** 0.2% | Health Care Equipment & Supplies **—** 0.2% | Health Care Equipment & Supplies **—** 0.2% |  |  |  |  |  |  |  |  |
|  Cerus Corp. | 22993572 | 35727870 | (33242363) | (4267954) | (6298074) |  |  |  | 11650821 | 14913051 |
|  Life Sciences Tools & Services **—** 2.1% | Life Sciences Tools & Services **—** 2.1% |  |  |  |  |  |  |  |  |  |
|  10X Genomics, Inc. | 163159368 | 235835392 | (207598682) | 6078433 | (61385595) |  |  |  | 10118135 | 136088916 |
|  Pacific Biosciences of California, Inc. | 38446666 | 68630950 | (58200619) | (7943750) | (7881055) |  |  |  | 23950864 | 33052192 |
|  Software – 1.5% |  |  |  |  |  |  |  |  |  |  |
|  PagerDuty, Inc. | 167426710 | 218932717 | (228042574) | (12659284) | (24205137) |  |  |  | 7534270 | 121452432 |
|  | $2044463798 | $3669043634 | $(3624381844) | $(389207154) | $638688780 | $(263774562) | $— | $— | 81905470 | $1128460282 |

---

^&nbsp;&nbsp;&nbsp;&nbsp; As of July 31, 2025, the company is no longer considered to be an affiliated security.

(a) The fair value and number of shares of securities are only displayed at the beginning and end of each reporting period when such securities were considered an affiliate as of each date. Refer to the Schedule of Investments for view the fair value and number of shares as of July 31, 2025.

(b) The unrealized appreciation (depreciation) as of the last reporting period was reflected out of net change in unrealized appreciation (depreciation) on investments in affiliated securities and the unrealized appreciation (depreciation) through this fiscal year end was reflected in net change in unrealized appreciation (depreciation) on investments in non-affiliated securities in the Statement of Operations.

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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Innovation<br> ETF** | **Level 1** | **Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp; **Total** |
|  **Assets** |  |  |  |  |
|  Common Stocks<sup>‡</sup> | $7991576807 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $7991576807 |
|  Money Market Fund | 12107640 |  |  | 12107640 |
|  Total | $8003684447 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $8003684447 |

---

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

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments<br>ARK Next Generation Internet ETF (consolidated) | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Value** |
| **COMMON STOCKS – 91.3%** |  |  |
| **Automobiles – 7.4%** |  |  |
| Tesla, Inc.\* | 605111 | $186537568 |
| **Broadline Retail – 2.9%** |  |  |
| Amazon.com, Inc.\* | 186917 | 43759139 |
| MercadoLibre, Inc. (Brazil)\* | 11855 | 28142466 |
| &nbsp;&nbsp;&nbsp; Total Broadline Retail |  | 71901605 |
| **Capital Markets – 12.8%** |  |  |
| Coinbase Global, Inc., Class A\* | 425776 | 160841142 |
| Robinhood Markets, Inc., Class A\* | 1564786 | 161251197 |
| &nbsp;&nbsp;&nbsp; Total Capital Markets |  | 322092339 |
| **Entertainment – 12.9%** |  |  |
| ROBLOX Corp., Class A\* | 1148774 | 158289569 |
| Roku, Inc.\* | 1464605 | 137907207 |
| Spotify Technology SA\* | 42531 | 26647373 |
| &nbsp;&nbsp;&nbsp; Total Entertainment |  | 322844149 |
| **Financial Services – 3.3%** |  |  |
| Block, Inc.\* | 633395 | 48936098 |
| Toast, Inc., Class A\* | 688996 | 33650564 |
| &nbsp;&nbsp;&nbsp; Total Financial Services |  | 82586662 |
| **Hotels, Restaurants & Leisure – 5.4%** |  |  |
| Airbnb, Inc., Class A\* | 179644 | 23786662 |
| DoorDash, Inc., Class A\* | 110982 | 27773245 |
| DraftKings, Inc., Class A\* | 873151 | 39326721 |
| Genius Sports Ltd. (United Kingdom)\* | 3907574 | 43960208 |
| &nbsp;&nbsp;&nbsp; Total Hotels, Restaurants & Leisure |  | 134846836 |
| **Interactive Media & Services – 7.3%** |  |  |
| Alphabet, Inc., Class C | 191942 | 37017934 |
| Baidu, Inc. (China)\*<sup>(a)</sup> | 176279 | 15489636 |
| Meta Platforms, Inc., Class A | 92201 | 71311941 |
| Nextdoor Holdings, Inc.\* | 8709811 | 15242169 |
| Pinterest, Inc., Class A\* | 755766 | 29172568 |
| Reddit, Inc., Class A\* | 99465 | 15973084 |
| &nbsp;&nbsp;&nbsp; Total Interactive Media & Services |  | 184207332 |
| **IT Services – 8.0%** |  |  |
| Cloudflare, Inc., Class A\* | 209773 | 43565657 |
| CoreWeave, Inc., Class A\* | 357959 | 40853861 |
| Shopify, Inc., Class A (Canada)\* | 952773 | 116438388 |
| &nbsp;&nbsp;&nbsp; Total IT Services |  | 200857906 |
| **Media – 1.7%** |  |  |
| Ibotta, Inc., Class A\* | 380311 | 13824305 |
| Trade Desk, Inc. (The), Class A\* | 323623 | 28142256 |
| &nbsp;&nbsp; Total Media |  | 41966561 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | &nbsp;&nbsp;&nbsp;&nbsp; **Value** |
| **Semiconductors & Semiconductor Equipment – 9.0%** | **Semiconductors & Semiconductor Equipment – 9.0%** | **Semiconductors & Semiconductor Equipment – 9.0%** |
| Advanced Micro Devices, Inc.\* | 695632 | $&nbsp;&nbsp;&nbsp; 122646878 |
| NVIDIA Corp. | 175172 | 31157843 |
| QUALCOMM, Inc. | 135243 | 19848263 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)<sup>(a)</sup> | 210258 | 50802538 |
| &nbsp;&nbsp;&nbsp; Total Semiconductors & Semiconductor Equipment |  | 224455522 |
| **Software – 19.9%** |  |  |
| BitMine Immersion Technologies, Inc.\* | 1246321 | 43172560 |
| Circle Internet Group, Inc.\* | 698345 | 128160274 |
| Crowdstrike Holdings, Inc., Class A\* | 95915 | 43600082 |
| Datadog, Inc., Class A\* | 141868 | 19858683 |
| Figma, Inc., Class A\* | 60000 | 6930000 |
| GitLab, Inc., Class A\* | 1052600 | 46114406 |
| PagerDuty, Inc.\* | 1516875 | 24452025 |
| Palantir Technologies, Inc., Class A\* | 692861 | 109714539 |
| Rubrik, Inc., Class A\* | 291884 | 27714386 |
| Salesforce, Inc. | 75328 | 19459482 |
| Unity Software, Inc.\* | 906292 | 30233901 |
| &nbsp;&nbsp;&nbsp; Total Software |  | 499410338 |
| **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** | **Technology Hardware, Storage & Peripherals – 0.7%** |
| Pure Storage, Inc., Class A\* | 312550 | 18602976 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks**<br> (Cost $1,574,102,302) |  | 2290309794 |
| **EXCHANGE-TRADED FUNDS – 7.8%** | **EXCHANGE-TRADED FUNDS – 7.8%** | **EXCHANGE-TRADED FUNDS – 7.8%** |
| **Financials – 7.8%** |  |  |
| 3iQ Ether Staking ETF (Canada)\*<sup>†</sup> | 1804604 | 26490795 |
| 3iQ Solana Staking ETF (Canada)\*<sup>†</sup> | 828037 | 11484873 |
| ARK 21Shares Bitcoin ETF<sup>†</sup> | 4033459 | 156417540 |
| &nbsp;&nbsp;&nbsp; Total Financials |  | 194393208 |
|  **Total Exchange-Traded Funds**<br> (Cost $87,173,226) |  | 194393208 |
| **MONEY MARKET FUND – 0.2%** |  |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(b)</sup>(Cost $4,178,674) | 4178674 | 4178674 |
|  **Total Investments – 99.3%**<br> (Cost $1,665,454,202) |  | **2488881676** |
| Other Assets in Excess of Liabilities – 0.7% | Other Assets in Excess of Liabilities – 0.7% | 17476809 |
| **Net Assets – 100.0%** |  | $**2506358485** |

---

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

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

(a) American Depositary Receipt

(b) Rate shown represents annualized 7-day yield as of July 31, 2025.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (continued)ARK Next Generation Internet ETF (consolidated) </u>     <br> <u> July 31, 2025 </u>    

**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. Fiscal year-to-date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value ($) at <br>7/31/2024<sup>(a)</sup>** | **Purchases <br>Cost <br>($)** | **Sales <br>Proceeds <br>($)** | **Net Realized <br>Gain/<br>(Loss) on <br>investments <br>in affiliated <br>securities <br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in affiliated <br>securities <br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in non-<br>affiliated <br>securities <br>($)** | **Affiliated <br>Dividend <br>Income <br>($)** | **Capital Gain <br>Distributions <br>($)** | **Number of <br>Shares at <br>7/31/2025** | **Value ($) at <br>7/31/2025<sup>(a)</sup>** |
| **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** | **Exchange-Traded Funds — 7.8%** |
| Financials — 7.8% |  |  |  |  |  |  |  |  |  |  |
|  3iQ Ether Staking ETF  |  | 28423406 | (3932309) | (946859) | 2946557 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 1804604 | 26490795 |
|  3iQ Solana Staking ETF  |  | 10158868 | (398636) | 81877 | 1642764 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 828037 | 11484873 |
|  ARK 21Shares Active Ethereum Futures Strategy ETF<sup>^</sup><sup>(b)</sup> | 744116 |  | (559671) | (155855) | (28590) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  |
|  ARK 21Shares Bitcoin ETF  | 153959889 | 57185188 | (147916722) | 47987988 | 45201197 |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | 4033459 | 156417540 |
|  | $154704005 | $95767462 | $(152807338) | $46967151 | $49761928 | $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | 6666100 | $194393208 |

---

^&nbsp;&nbsp;&nbsp;&nbsp; As of July 31, 2025, the company is no longer considered to be an affiliated security.

(a) The fair value and number of shares of securities are only displayed at the beginning and end of each reporting period when such securities were considered an affiliate as of each date. Refer to the Schedule of Investments for view the fair value and number of shares as of July 31, 2025.

(b) The unrealized appreciation (depreciation) as of the last reporting period was reflected out of net change in unrealized appreciation (depreciation) on investments in affiliated securities and the unrealized appreciation (depreciation) through this fiscal year end was reflected in net change in unrealized appreciation (depreciation) on investments in non-affiliated securities in the Statement of Operations.

**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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Next <br>Generation Internet <br>ETF** | **Level 1** | **Level 2** | **Level 3** | &nbsp;&nbsp;&nbsp; **Total** |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $2290309794 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $2290309794 |
|  Exchange-Traded Funds | 194393208 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 194393208 |
| Money Market Fund | 4178674 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 4178674 |
| Total | $2488881676 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $2488881676 |

---

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

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments<br>ARK Fintech Innovation ETF (consolidated) | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | &nbsp;&nbsp;&nbsp; **Shares** | &nbsp;&nbsp; **Value** | &nbsp;&nbsp; **Value** |
| **COMMON STOCKS – 93.1%** |  |  |  |
| **Banks – 1.3%** |  |  |  |
|  NU Holdings Ltd., Class A (Brazil)\* | 1456440 | $| &nbsp;&nbsp;&nbsp;&nbsp;17797697 |
| **Broadline Retail – 5.4%** |  |  |  |
| Amazon.com, Inc.\* | 101754 |  | 23821629 |
| Global-e Online Ltd. (Israel)\* | 400292 |  | 13269680 |
| MercadoLibre, Inc. (Brazil)\* | 15376 |  | 36500932 |
| &nbsp;&nbsp;&nbsp; Total Broadline Retail |  |  | 73592241 |
| **Capital Markets – 19.4%** |  |  |  |
| Coinbase Global, Inc., Class A\* | 272316 |  | 102870092 |
| Etoro Group Ltd., Class A (Israel)\* | 261991 |  | 15708980 |
| Futu Holdings Ltd. (Hong Kong)<sup>(a)</sup> | 137783 |  | 21174492 |
| Intercontinental Exchange, Inc. | 58815 |  | 10870777 |
| Robinhood Markets, Inc., Class A\* | 1099966 |  | 113351496 |
| &nbsp;&nbsp;&nbsp; Total Capital Markets |  |  | 263975837 |
| **Consumer Finance – 4.4%** |  |  |  |
| Kaspi.KZ JSC (Kazakhstan)<sup>(a)</sup> | 127508 |  | 10060381 |
| SoFi Technologies, Inc.\* | 2220559 |  | 50140222 |
| &nbsp;&nbsp;&nbsp; Total Consumer Finance |  |  | 60200603 |
| **Entertainment – 11.7%** |  |  |  |
| ROBLOX Corp., Class A\* | 533982 |  | 73577380 |
| Roku, Inc.\* | 419950 |  | 39542492 |
| Sea Ltd. (Singapore)\*<sup>(a)</sup> | 162502 |  | 25455938 |
| Spotify Technology SA\* | 31816 |  | 19933997 |
| &nbsp;&nbsp;&nbsp; Total Entertainment |  |  | 158509807 |
| **Financial Services – 11.0%** |  |  |  |
| Adyen NV (Netherlands)\*<sup>(b)</sup> | 19313 |  | 33293640 |
| Block, Inc.\* | 514265 |  | 39732114 |
| PayPal Holdings, Inc.\* | 166192 |  | 11427362 |
| Toast, Inc., Class A\* | 1326254 |  | 64774245 |
| &nbsp;&nbsp;&nbsp; Total Financial Services |  |  | 149227361 |
| **Hotels, Restaurants & Leisure – 4.3%** | **Hotels, Restaurants & Leisure – 4.3%** | **Hotels, Restaurants & Leisure – 4.3%** | **Hotels, Restaurants & Leisure – 4.3%** |
| Airbnb, Inc., Class A\* | 103545 |  | 13710393 |
| DoorDash, Inc., Class A\* | 60215 |  | 15068804 |
| DraftKings, Inc., Class A\* | 661014 |  | 29772071 |
| &nbsp;&nbsp;&nbsp; Total Hotels, Restaurants & Leisure |  |  | 58551268 |
| **Insurance – 1.1%** |  |  |  |
|  Discovery Ltd. (South Africa) | 1234645 |  | 14635792 |
| **Interactive Media & Services – 6.5%** | **Interactive Media & Services – 6.5%** | **Interactive Media & Services – 6.5%** | **Interactive Media & Services – 6.5%** |
| LY Corp. (Japan) | 4334396 |  | 15952187 |
| Meta Platforms, Inc., Class A | 41283 |  | 31929923 |
| Pinterest, Inc., Class A\* | 762990 |  | 29451414 |
| Reddit, Inc., Class A\* | 69383 |  | 11142216 |
| &nbsp;&nbsp;&nbsp; Total Interactive Media & Services |  |  | 88475740 |
| **IT Services – 9.1%** |  |  |  |
|  Shopify, Inc., Class A (Canada)\* | 1007576 |  | 123135863 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | &nbsp;&nbsp;&nbsp; **Shares** | **Value** |
| **Media – 1.0%** |  |  |
|  Ibotta, Inc., Class A\* | 383833 | $&nbsp;&nbsp;&nbsp;&nbsp; 13952330 |
| **Real Estate Management & Development – 1.6%** | **Real Estate Management & Development – 1.6%** | **Real Estate Management & Development – 1.6%** |
|  Zillow Group, Inc., Class C\* | 270216 | 21495683 |
| **Semiconductors & Semiconductor Equipment – 2.9%** | **Semiconductors & Semiconductor Equipment – 2.9%** | **Semiconductors & Semiconductor Equipment – 2.9%** |
| Advanced Micro Devices, Inc.\* | 125583 | 22141539 |
| NVIDIA Corp. | 97980 | 17427702 |
| &nbsp;&nbsp;&nbsp; Total Semiconductors & Semiconductor Equipment |  | 39569241 |
| **Software – 13.4%** |  |  |
| BILL Holdings Inc\* | 156913 | 6723722 |
| BitMine Immersion Technologies, Inc.\* | 641267 | 22213489 |
| Circle Internet Group, Inc.\* | 389891 | 71552797 |
| Crowdstrike Holdings, Inc., Class A\* | 31793 | 14452144 |
| Intuit, Inc. | 15963 | 12533030 |
| Palantir Technologies, Inc., Class A\* | 345998 | 54788783 |
| &nbsp;&nbsp;&nbsp; Total Software |  | 182263965 |
|  **Total Common Stocks**<br> (Cost $860,456,684) |  | 1265383428 |
| **EXCHANGE-TRADED FUNDS – 6.9%** | **EXCHANGE-TRADED FUNDS – 6.9%** | **EXCHANGE-TRADED FUNDS – 6.9%** |
| **Financials – 6.9%** |  |  |
| 3iQ Ether Staking ETF (Canada)\*<sup>†</sup> | 1140454 | 16741364 |
| 3iQ Solana Staking ETF (Canada)\*<sup>†</sup> | 775535 | 10756670 |
| ARK 21Shares Bitcoin ETF<sup>†</sup> | 1707060 | 66199787 |
| &nbsp;&nbsp;&nbsp; Total Financials |  | 93697821 |
|  **Total Exchange-Traded Funds**<br> (Cost $59,824,515) |  | 93697821 |
| **MONEY MARKET FUND – 0.1%** | **MONEY MARKET FUND – 0.1%** | **MONEY MARKET FUND – 0.1%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(c)</sup><br> (Cost $1,714,772) | 1714772 | 1714772 |
|  **Total Investments – 100.1%**<br> (Cost $921,995,971) |  | **1360796021** |
| Liabilities in Excess of Other Assets – (0.1)%  |  | (820824) |
|  **Net Assets – 100.0%** |  | $**1359975197** |

---

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

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

(a) American Depositary Receipt

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

(c) Rate shown represents annualized 7-day yield as of July 31, 2025.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (continued)ARK Fintech Innovation ETF (consolidated) </u>     <br> <u> July 31, 2025 </u>    

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. Fiscal year-to-date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value ($) at <br>7/31/2024<sup>(a)</sup>** | **<br>Purchases <br>Cost <br>($)** | **<br>Sales <br>Proceeds <br>($)** | **<br>Net Realized <br>Gain/(Loss) <br>on investments <br>in affiliated <br>securities <br>($)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation) <br>on investments <br>in affiliated <br>securities<br>($)** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation) <br>on investments <br>in non-affiliated <br>securities<br>($)** | **<br>Affiliated <br>Dividend <br>Income <br>($)** | **<br>Capital Gain <br>Distributions <br>($)** | **<br>Number of <br>Shares at <br>7/31/2025** | **<br>Value ($) at <br>7/31/2025<sup>(a)</sup>** |
|  **Exchange-Traded Funds — 6.9%** |  |  |  |  |  |  |  |  |  |  |
|  Financials — 6.9% |  |  |  |  |  |  |  |  |  |  |
|  3iQ Ether Staking ETF | &nbsp;&nbsp;&nbsp;&nbsp;— | 18353058 | (3025144) | (776004) | 2189454 |  |  |  | 1140454 | 16741364 |
|  3iQ Solana Staking ETF | &nbsp;&nbsp;&nbsp;&nbsp;— | 9736173 | (688951) | 54151 | 1655297 |  |  |  | 775535 | 10756670 |
|  ARK 21Shares Bitcoin ETF | 41050779 | 36633651 | (43305899) | 2753928 | 29067328 |  |  |  | 1707060 | 66199787 |
|  | $41050779 | $64722882 | $(47019994) | $2032075 | $32912079 | $— | $— | $— | 3623049 | $93697821 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp; The fair value and number of shares of securities are only displayed at the beginning and end of each reporting period when such securities were considered an affiliate as of each date. Refer to the Schedule of Investments for view the fair value and number of shares as of July 31, 2025.

**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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Fintech <br>Innovation ETF** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $1265383428 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1265383428 |
|  Exchange-Traded Funds | 93697821 |  |  | 93697821 |
|  Money Market Fund | 1714772 |  |  | 1714772 |
| Total | $1360796021 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $1360796021 |

---

‡&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.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments<br> ARK Space Exploration & Innovation ETF | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | &nbsp;&nbsp; **Shares** | **Value** | **Value** |
| **COMMON STOCKS – 98.9%** |  |  |  |
| **Aerospace & Defense – 47.1%** |  |  |  |
| AeroVironment, Inc.\* | 111080 | $| 29729451 |
| Airbus SE (France) | 19417 |  | 3900817 |
| Archer Aviation, Inc., Class A\* | 2430552 |  | 24378437 |
| BWX Technologies, Inc. | 42317 |  | 6429222 |
| Elbit Systems Ltd. (Israel) | 11661 |  | 5442305 |
| HEICO Corp. | 15925 |  | 5204290 |
| Intuitive Machines, Inc.\* | 409440 |  | 4569350 |
| Kratos Defense & Security Solutions, Inc.\* | 696482 |  | 40883493 |
| L3Harris Technologies, Inc. | 72035 |  | 19796659 |
| Lockheed Martin Corp. | 5256 |  | 2212671 |
| Rocket Lab Corp.\* | 799652 |  | 36720020 |
| Thales SA (France) | 33068 |  | 8898438 |
| &nbsp;&nbsp;&nbsp; Total Aerospace & Defense |  |  | 188165153 |
| **Air Freight & Logistics – 1.1%** |  |  |  |
| JD Logistics, Inc. (China)\*<sup>(a)</sup> | 2530025 |  | 4402566 |
| **Broadline Retail – 3.4%** |  |  |  |
| Amazon.com, Inc.\* | 58673 |  | 13735936 |
| **Diversified Telecommunication – 6.4%** |  |  |  |
| Iridium Communications, Inc. | 1048906 |  | 25656241 |
| **Electronic Equipment, Instruments & Components – 6.3%** | **Electronic Equipment, Instruments & Components – 6.3%** | **Electronic Equipment, Instruments & Components – 6.3%** | **Electronic Equipment, Instruments & Components – 6.3%** |
| Teledyne Technologies, Inc.\* | 10322 |  | 5687628 |
| Trimble, Inc.\* | 233537 |  | 19591419 |
| &nbsp;&nbsp;&nbsp; Total Electronic Equipment, Instruments <br>& Components |  |  | 25279047 |
| **Household Durables – 1.5%** |  |  |  |
| Garmin Ltd. | 28189 |  | 6166626 |
| **Industrial Conglomerates – 1.0%** |  |  |  |
| Honeywell International, Inc. | 17040 |  | 3788844 |
| **Interactive Media & Services – 1.6%** |  |  |  |
| Alphabet, Inc., Class C | 33083 |  | 6380387 |
| **Machinery – 5.2%** |  |  |  |
| Deere & Co. | 22347 |  | 11718097 |
| Komatsu Ltd. (Japan) | 281775 |  | 9090420 |
| &nbsp;&nbsp;&nbsp; Total Machinery |  |  | 20808517 |
| **Passenger Airlines – 7.1%** |  |  |  |
| Blade Air Mobility, Inc.\* | 2897233 |  | 11559960 |
| Joby Aviation, Inc.\* | 1010864 |  | 16840994 |
| &nbsp;&nbsp;&nbsp; Total Passenger Airlines |  |  | 28400954 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | &nbsp;&nbsp; **Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment – 10.5%** | **Semiconductors & Semiconductor Equipment – 10.5%** | **Semiconductors & Semiconductor Equipment – 10.5%** |
| Advanced Micro Devices, Inc.\* | 72044 | $12702078 |
| NVIDIA Corp. | 51025 | 9075817 |
| Teradyne, Inc. | 186901 | 20078774 |
| &nbsp;&nbsp;&nbsp; Total Semiconductors & Semiconductor Equipment |  | 41856669 |
| **Software – 7.7%** |  |  |
| Dassault Systemes SE (France) | 161645 | 5329321 |
| Palantir Technologies, Inc., Class A\* | 136312 | 21585005 |
| Synopsys, Inc.\* | 6067 | 3843262 |
| &nbsp;&nbsp;&nbsp; Total Software |  | 30757588 |
|  **Total Common Stocks**<br> (Cost $288,963,328) |  | 395398528 |
| **EXCHANGE-TRADED FUND – 0.9%** |  |  |
| **Equity Fund – 0.9%** |  |  |
| The 3D Printing ETF<sup>†</sup> |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,423,332) | 165285  | 3569495 |
| **MONEY MARKET FUND – 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(b)</sup><br> (Cost $1,010,079) | 1010079 | 1010079 |
|  **Total Investments – 100.1%**<br> (Cost $296,396,739) |  | **399978102** |
|  Liabilities in Excess of Other Assets – (0.1)% |  | (200362) |
| **Net Assets – 100.0%** |  | $**399777740** |

---

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

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

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

(b) Rate shown represents annualized 7-day yield as of July 31, 2025.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (continued)ARK Space Exploration & Innovation ETF </u>     <br> <u> July 31, 2025 </u>    

**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. Fiscal year-to-date transactions with companies which are or were affiliates are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Value ($) at <br>7/31/2024<sup>(a)</sup>** | **Purchases<br>Cost<br>($)** | **Sales <br>Proceeds<br>($)** | **Net Realized <br>Gain/(Loss) <br>on investments <br>in affiliated <br>securities <br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments<br>in affiliated <br>securities<br>($)** | **Net Change <br>in Unrealized <br>Appreciation <br>(Depreciation) <br>on investments <br>in non-<br>affiliated <br>securities<br>($)** | **Affiliated <br>Dividend <br>Income <br>($)** | **Capital<br>Gain<br>Distributions<br>($)** | **Number of <br>Shares at <br>7/31/2025** | **Value ($) at <br>7/31/2025<sup>(a)</sup>** |
| **Exchange-Traded Fund — 0.9%** |  |  |  |  |  |  |  |  |  |  |
| Equity Fund — 0.9% |  |  |  |  |  |  |  |  |  |  |
| The 3D Printing ETF | 6297105 |  | (2821133) | (2714388) | 2807911 |  | 22652 |  | 165285 | 3569495 |
|  | $6297105 | &nbsp;&nbsp; $— | $(2821133) | $(2714388) | $2807911 | &nbsp;&nbsp; $— | $22652 | &nbsp;&nbsp; $— | 165285 | $3569495 |

---

(a) The fair value and number of shares of securities are only displayed at the beginning and end of each reporting period when such securities were considered an affiliate as of each date. Refer to the Schedule of Investments for view the fair value and number of shares as of July 31, 2025.

**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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Space <br>Exploration & <br>Innovation ETF** | **<br>Level 1** | **<br>Level 2** | **<br>Level 3** | &nbsp;&nbsp;&nbsp; **<br>Total** |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $395398528 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $395398528 |
|  Exchange-Traded Fund | 3569495 |  |  | 3569495 |
| Money Market Fund | 1010079 |  |  | 1010079 |
| Total | $399978102 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;— | $399978102 |

---

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

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments<br>The 3D Printing ETF | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
| **COMMON STOCKS – 96.7%** |  |  |  |
| **Aerospace & Defense – 5.2%** |  |  |  |
| ATI, Inc.\* | 786 | $| 60475 |
| General Electric Co. | 4665 |  | 1264588 |
| Hexcel Corp. | 1198 |  | 71772 |
| L3Harris Technologies, Inc. | 4628 |  | 1271867 |
| Moog, Inc., Class A | 6385 |  | 1236009 |
|  Total Aerospace & Defense |  |  | 3904711 |
| **Air Freight & Logistics – 1.4%** |  |  |  |
| United Parcel Service, Inc., Class B | 12339 |  | 1063128 |
| **Automobile Components – 1.6%** |  |  |  |
|  Cie Generale des Etablissements Michelin SCA (France) | 32334 |  | 1153481 |
| Dowlais Group PLC (United Kingdom) | 67216 |  | 62405 |
|  Total Automobile Components |  |  | 1215886 |
| **Chemicals – 4.6%** |  |  |  |
| 5N Plus, Inc. (Canada)\* | 8427 |  | 75232 |
| Arkema SA (France) | 988 |  | 67537 |
| Avient Corp. | 2251 |  | 71064 |
| DuPont de Nemours, Inc. | 977 |  | 70246 |
| Eastman Chemical Co. | 904 |  | 65640 |
| Evonik Industries AG (Germany) | 3255 |  | 64894 |
| Titomic Ltd. (Australia)\* | 18024354 |  | 2953749 |
| Toray Industries, Inc. (Japan) | 11586 |  | 79750 |
|  Total Chemicals |  |  | 3448112 |
| **Electrical Equipment – 6.1%** |  |  |  |
| AMETEK, Inc. | 24401 |  | 4510525 |
| SGL Carbon SE (Germany)\* | 15636 |  | 61650 |
|  Total Electrical Equipment |  |  | 4572175 |
| **Electronic Equipment, Instruments & Components – 5.9%** | **Electronic Equipment, Instruments & Components – 5.9%** | **Electronic Equipment, Instruments & Components – 5.9%** | **Electronic Equipment, Instruments & Components – 5.9%** |
| Hexagon AB, Class B (Sweden) | 114517 |  | 1262825 |
| Jabil, Inc. | 327 |  | 72977 |
| Renishaw PLC (United Kingdom) | 77530 |  | 3046114 |
| &nbsp;&nbsp;&nbsp; Total Electronic Equipment, Instruments & Components |  |  | 4381916 |
| **Health Care Equipment & Supplies – 9.6%** | **Health Care Equipment & Supplies – 9.6%** | **Health Care Equipment & Supplies – 9.6%** | **Health Care Equipment & Supplies – 9.6%** |
| Align Technology, Inc.\* | 6596 |  | 850950 |
| DENTSPLY SIRONA, Inc. | 240745 |  | 3445061 |
| Straumann Holding AG (Switzerland) | 23570 |  | 2876860 |
|  Total Health Care Equipment & Supplies |  |  | 7172871 |
| **Household Durables – 4.4%** |  |  |  |
| Nikon Corp. (Japan) | 330950 |  | 3233785 |
| **Industrial Conglomerates – 5.0%** |  |  |  |
| 3M Co. | 484 |  | 72222 |
| Siemens AG (Germany) | 14285 |  | 3666332 |
|  Total Industrial Conglomerates |  |  | 3738554 |
| **Life Sciences Tools & Services – 4.2%** |  |  |  |
| BICO Group AB (Sweden)\* | 830406 |  | 3097932 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Machinery – 16.3%** |  |  |
| 3D Systems Corp.\* | 1785882 | $2910988 |
| Kennametal, Inc. | 2925 | 72423 |
| Lincoln Electric Holdings, Inc. | 5468 | 1331458 |
| OC Oerlikon Corp. AG (Switzerland) | 245152 | 1203652 |
| Proto Labs, Inc.\* | 79377 | 3422736 |
| Sandvik AB (Sweden) | 2954 | 72181 |
| Stratasys Ltd.\* | 290337 | 3144350 |
|  Total Machinery |  | 12157788 |
| **Metals & Mining – 1.7%** |  |  |
| Carpenter Technology Corp. | 253 | 63096 |
| Kaiser Aluminum Corp. | 13721 | 1060770 |
| Materion Corp. | 734 | 77290 |
| voestalpine AG (Austria) | 2594 | 71698 |
|  Total Metals & Mining |  | 1272854 |
| **Software – 18.7%** |  |  |
| Autodesk, Inc.\* | 12712 | 3853134 |
| Dassault Systemes SE (France) | 100227 | 3304413 |
| Materialise NV (Belgium)\*<sup>(a)</sup> | 537541 | 2773712 |
| PTC, Inc.\* | 18904 | 4060768 |
|  Total Software |  | 13992027 |
| **Technology Hardware, Storage & Peripherals – 8.1%** | **Technology Hardware, Storage & Peripherals – 8.1%** | **Technology Hardware, Storage & Peripherals – 8.1%** |
| Eastman Kodak Co.\* | 10954 | 73392 |
| HP, Inc. | 125324 | 3108035 |
| Nano Dimension Ltd. (Israel)\*<sup>(a)</sup> | 2057315 | 2880241 |
| &nbsp;&nbsp;&nbsp; Total Technology Hardware, Storage & Peripherals |  | 6061668 |
| **Trading Companies & Distributors – 3.9%** | **Trading Companies & Distributors – 3.9%** |  |
|  Xometry, Inc., Class A\* | 89703 | 2900995 |
|  **Total Common Stocks**<br> (Cost $99,895,452) |  | 72214402 |
| **PREFERRED STOCK – 0.1%** |  |  |
| **Household Products – 0.1%** |  |  |
|  Henkel AG & Co. KGaA (Germany) <br>(Cost $98,255) | 926 | 71415 |
| **MONEY MARKET FUND – 6.1%** |  |  |
| &nbsp;&nbsp; Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(b)</sup><br> (Cost $4,576,764) | 4576764 | 4576764 |
|  **Total Investments – 102.9%**<br> (Cost $104,570,471) |  | **76862581** |
| Liabilities in Excess of Other Assets – (2.9)% |  | (2145541) |
| **Net Assets – 100.0%** |  | $**74717040** |

---

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

(a) American Depositary Receipt

(b) Rate shown represents annualized 7-day yield as of July 31, 2025.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (continued)The 3D Printing ETF </u>     <br> <u> July 31, 2025 </u>    

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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **The 3D Printing <br>ETF** | **<br>Level 1** | **<br>Level 2** | **<br>Level 3** | &nbsp;&nbsp;&nbsp; **<br>Total** |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $72214402 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $72214402 |
| Preferred Stock<sup>‡</sup> | 71415 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 71415 |
| Money Market Fund | 4576764 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 4576764 |
| Total | $76862581 | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $76862581 |

---

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

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Schedule of Investments<br>ARK Israel Innovative Technology ETF | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **COMMON STOCKS – 97.3%** | **COMMON STOCKS – 97.3%** | **COMMON STOCKS – 97.3%** |
| **Aerospace & Defense – 9.3%** | **Aerospace & Defense – 9.3%** | **Aerospace & Defense – 9.3%** |
|  Aryt Industries Ltd. (Israel) | 240596 | $2382307 |
|  Bet Shemesh Engines Holdings 1997 Ltd. (Israel)\* | 11659 | 2216219 |
|  Elbit Systems Ltd. (Israel) | 4608 | 2126727 |
|  Orbit Technologies Ltd. (Israel) | 142010 | 1870951 |
|  TAT Technologies Ltd.\* | 63944 | 2315039 |
|  Total Aerospace & Defense |  | 10911243 |
| **Automobile Components – 1.5%** | **Automobile Components – 1.5%** | **Automobile Components – 1.5%** |
|  Mobileye Global, Inc., Class A (Israel)\* | 123079 | 1752645 |
| **Biotechnology – 3.7%** | **Biotechnology – 3.7%** | **Biotechnology – 3.7%** |
|  Kamada Ltd. (Israel) | 260862 | 1955659 |
|  UroGen Pharma Ltd.\* | 129015 | 2459026 |
|  Total Biotechnology |  | 4414685 |
| **Capital Markets – 1.7%** | **Capital Markets – 1.7%** | **Capital Markets – 1.7%** |
|  Etoro Group Ltd., Class A (Israel)\* | 34136 | 2046795 |
| **Communications Equipment – 4.9%** | **Communications Equipment – 4.9%** | **Communications Equipment – 4.9%** |
|  AudioCodes Ltd. (Israel) | 183432 | 1837989 |
|  Gilat Satellite Networks Ltd. (Israel)\* | 250702 | 1875251 |
|  Ituran Location and Control Ltd. (Israel) | 50909 | 2010905 |
|  Total Communications Equipment |  | 5724145 |
| **Diversified Telecommunication – 1.6%** | **Diversified Telecommunication – 1.6%** | **Diversified Telecommunication – 1.6%** |
|  Bezeq The Israeli Telecommunication Corp. Ltd. (Israel) | 1003186 | 1870602 |
| **Electronic Equipment, Instruments & Components – 4.8%** | **Electronic Equipment, Instruments & Components – 4.8%** | **Electronic Equipment, Instruments & Components – 4.8%** |
|  Nayax Ltd. (Israel)\* | 43898 | 1938158 |
|  RP Optical Lab Ltd. (Israel)\* | 395266 | 1945266 |
|  Telsys Ltd. (Israel) | 28659 | 1805212 |
| &nbsp;&nbsp;&nbsp; Total Electronic Equipment, Instruments & Components |  | 5688636 |
| **Entertainment – 1.6%** |  |  |
|  Playtika Holding Corp. | 427923 | 1906397 |
| **Health Care Equipment & Supplies – 1.6%** | **Health Care Equipment & Supplies – 1.6%** |  |
|  Inmode Ltd.\* | 140093 | 1913670 |
| **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** | **Health Care Providers & Services – 1.6%** |
|  Nano-X Imaging Ltd. (Israel)\* | 391766 | 1845218 |
| **Hotels, Restaurants & Leisure – 5.0%** | **Hotels, Restaurants & Leisure – 5.0%** | **Hotels, Restaurants & Leisure – 5.0%** |
|  Fattal Holdings 1998 Ltd. (Israel)\* | 10938 | 1977108 |
|  Isrotel Ltd. (Israel) | 64091 | 2099643 |
|  Issta Ltd. (Israel) | 60308 | 1878079 |
|  Total Hotels, Restaurants & Leisure |  | 5954830 |
| **Interactive Media & Services – 1.5%** | **Interactive Media & Services – 1.5%** | **Interactive Media & Services – 1.5%** |
|  Taboola.com Ltd. (Israel)\* | 540209 | 1734071 |
| **IT Services – 6.5%** |  |  |
|  Malam – Team Ltd. (Israel)\* | 60978 | 2065864 |
|  Matrix IT Ltd. (Israel) | 52241 | 1925170 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Value** | **Value** |
|  One Software Technologies Ltd. (Israel) | 74720 | $| 1937829 |
|  Wix.com Ltd. (Israel)\* | 12721 |  | 1730438 |
|  Total IT Services |  |  | 7659301 |
| **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** | **Machinery – 1.6%** |
| Stratasys Ltd.\* | 176256 |  | 1908852 |
| **Media – 3.3%** |  |  |  |
|  Nexxen International Ltd. (Israel)\* | 197886 |  | 2034268 |
|  Perion Network Ltd. (Israel)\* | 174429 |  | 1887322 |
|  Total Media |  |  | 3921590 |
| **Personal Care Products – 1.7%** | **Personal Care Products – 1.7%** | **Personal Care Products – 1.7%** | **Personal Care Products – 1.7%** |
| Oddity Tech Ltd., Class A (Israel)\* | 27974 |  | 1960138 |
| **Pharmaceuticals – 3.1%** | **Pharmaceuticals – 3.1%** | **Pharmaceuticals – 3.1%** | **Pharmaceuticals – 3.1%** |
|  MediWound Ltd. (Israel)\* | 98635 |  | 1838557 |
|  Teva Pharmaceutical Industries Ltd. (Israel)\*<sup>(a)</sup> | 120874 |  | 1867503 |
|  Total Pharmaceuticals |  |  | 3706060 |
| **Professional Services – 4.7%** | **Professional Services – 4.7%** | **Professional Services – 4.7%** | **Professional Services – 4.7%** |
|  Danel Adir Yeoshua Ltd. (Israel) | 13274 |  | 1825790 |
|  Fiverr International Ltd.\* | 76937 |  | 1698769 |
|  Hilan Ltd. (Israel) | 24123 |  | 1972500 |
|  Total Professional Services |  |  | 5497059 |
| **Semiconductors & Semiconductor Equipment – 8.0%** | **Semiconductors & Semiconductor Equipment – 8.0%** | **Semiconductors & Semiconductor Equipment – 8.0%** | **Semiconductors & Semiconductor Equipment – 8.0%** |
|  Camtek Ltd. (Israel)\* | 21329 |  | 2008125 |
|  Nova Ltd. (Israel)\* | 7056 |  | 1852835 |
|  Qualitau Ltd. (Israel) | 16092 |  | 2028670 |
|  Tower Semiconductor Ltd. (Israel)\* | 40357 |  | 1846333 |
|  Valens Semiconductor Ltd. (Israel)\* | 704430 |  | 1690632 |
|  Total Semiconductors & Semiconductor Equipment |  |  | 9426595 |
| **Software – 26.2%** | **Software – 26.2%** | **Software – 26.2%** | **Software – 26.2%** |
|  Allot Ltd. (Israel)\* | 230548 |  | 1801686 |
|  Cellebrite DI Ltd. (Israel)\* | 135939 |  | 1900427 |
|  Check Point Software Technologies Ltd. (Israel)\* | 9114 |  | 1697027 |
|  Cognyte Software Ltd. (Israel)\* | 213857 |  | 1980316 |
|  CyberArk Software Ltd.\* | 5151 |  | 2119482 |
|  JFrog Ltd.\* | 48249 |  | 2094489 |
|  Magic Software Enterprises Ltd. (Israel) | 93485 |  | 1970191 |
|  Monday.com Ltd.\* | 6840 |  | 1794064 |
|  Nice Ltd. (Israel)\*<sup>(a)</sup> | 12864 |  | 2007427 |
|  Pagaya Technologies Ltd., Class A\* | 67737 |  | 2035497 |
|  RADCOM Ltd. (Israel)\* | 147191 |  | 1995910 |
|  Radware Ltd. (Israel)\* | 68614 |  | 1756518 |
|  Riskified Ltd., Class A\* | 374989 |  | 1912444 |
|  Sapiens International Corp. NV (Israel) | 65928 |  | 1807086 |
|  SimilarWeb Ltd. (Israel)\* | 234224 |  | 1958113 |
|  WalkMe Ltd. (Israel)\*<sup>(c)</sup> | 145813 |  | 2034091 |
| &nbsp;&nbsp;&nbsp; Total Software |  |  | 30864768 |

---

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Schedule of Investments (concluded)ARK Israel Innovative Technology ETF </u>     <br> <u> July 31, 2025 </u>    

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** |
| **Wireless Telecommunication Services – 3.4%** | **Wireless Telecommunication Services – 3.4%** | **Wireless Telecommunication Services – 3.4%** |
|  Cellcom Israel Ltd. (Israel)\* | 219527 | $1996640 |
|  Partner Communications Co. Ltd. (Israel) | 215469 | 1991442 |
| &nbsp;&nbsp;&nbsp; Total Wireless Telecommunication Services |  | 3988082 |
|  **Total Common Stocks** <br> (Cost $90,197,926) |  | 114695382 |
| **MONEY MARKET FUND – 0.7%** | **MONEY MARKET FUND – 0.7%** | **MONEY MARKET FUND – 0.7%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Financial Square Treasury Obligations Fund, 4.17%<sup>(b)</sup>(Cost $877,265) | 877265 | 877265 |
| &nbsp;&nbsp;&nbsp; **Total Investments – 98.0%**<br> (Cost $91,075,191) |  | **115572647** |
|  Other Assets in Excess of Liabilities – 2.0% |  | 2399522 |
|  **Net Assets – 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **117972169** |

---

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

(a) American Depositary Receipt

(b) Rate shown represents annualized 7-day yield as of July 31, 2025.

(c) This security was acquired by SAP SE on September 12, 2024 and the fair valuation is determined by the planned corporate action related to the acquisition.

---

| | | |
|:---|:---|:---|
| **Country** | **Value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Net <br>Assets** |
| Israel | $92537654 | 78.5% |
| United States | 23034993 | 19.5 |
| **Total Investments** | **115572647** | **98.0** |
| Other Assets in Excess of Liabilities | 2399522 | 2.0 |
| **Net Assets** | **$117972169** | **100.0%** |

---

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:

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

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

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

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

The following is a summary of the valuations as of July 31, 2025, based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **ARK Israel <br>Innovative <br>Technology ETF** | **<br>Level 1** | **<br>Level 2** | **<br>Level 3** | &nbsp;&nbsp;&nbsp; **<br>Total** |
| **Assets** |  |  |  |  |
| Common Stocks<sup>‡</sup> | $112661291 | $2034091 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $114695382 |
| Money Market Fund | 877265 |  |  | 877265 |
| Total | $113538556 | $2034091 | $&nbsp;&nbsp;&nbsp;&nbsp;— | $115572647 |

---

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

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Statements of Assets and Liabilities | ![](tark_logo.jpg) |
| July 31, 2025 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ARK 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<br>(consolidated)** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at fair value (Note 2) | $&nbsp;&nbsp;&nbsp;&nbsp;902676884 | $1229969143 | $6875224165 | $2294488468 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at fair value (Note 2) | 106570318 | 22842929 | 1128460282 | 194393208 |
| &nbsp;&nbsp;&nbsp; Cash |  |  | 1304279 |  |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 2846 | 322013 | 250370 | 20027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold | 23863277 |  | 801125835 | 142318982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 14533098 |  | 2485186 | 2585986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 4024465 | 14639 | 1446000 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1051670888 | 1253148724 | 8810296117 | 2633806671 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares purchased | 7158983 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased | 32030141 |  | 768171748 | 126000225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 3) | 678829 | 745885 | 4537930 | 1447961 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 39867953 | 745885 | 772709678 | 127448186 |
| **NET ASSETS** | $1011802935 | $1252402839 | $8037586439 | $2506358485 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $5756799031 | $1557837647 | $16925087972 | $3631141786 |
| &nbsp;&nbsp;&nbsp; Total accumulated loss | (4744996096) | (305434808) | (8887501533) | (1124783301) |
| **NET ASSETS** | $1011802935 | $1252402839 | $8037586439 | $2506358485 |
| &nbsp;&nbsp;&nbsp; Shares outstanding no par value (unlimited shares authorized) | 42400000 | 12900000 | 106850000 | 15850000 |
| &nbsp;&nbsp;&nbsp; Net asset value, per share | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.86 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97.09 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75.22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158.13 |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at cost | $2230684952 | $818516101 | $6360156450 | $1578280976 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at cost | $&nbsp;&nbsp;&nbsp;&nbsp;381872564 | $&nbsp;&nbsp;&nbsp;&nbsp; 64403609 | $3174292223 | $&nbsp;&nbsp;&nbsp;&nbsp; 87173226 |

---

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Statements of Assets and Liabilities (concluded) </u>     <br> <u> July 31, 2025 </u>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Fintech <br>Innovation<br>ETF<br>(consolidated)** | **ARK Space <br>Exploration & <br>Innovation ETF** | **The 3D <br>Printing ETF** | **ARK Israel <br>Innovative <br>Technology ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at fair value (Note 2) | $1267098200 | $396408607 | $76862581 | $115572647 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at fair value (Note 2) | 93697821 | 3569495 |  |  |
| &nbsp;&nbsp;&nbsp; Cash |  | 1000 | 5 | 1952613 |
| &nbsp;&nbsp;&nbsp; Foreign currency |  |  | 1551669 |  |
| &nbsp;&nbsp;&nbsp; Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 11532 | 29127 | 16404 | 1723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities sold | 143595 | 1797826 | 1939688 | 2448657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax reclaims | 27784 | 14281 | 303605 |  |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 1360978932 | 401820336 | 80673952 | 119975640 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Due to custodian | 7859 |  |  |  |
| &nbsp;&nbsp;&nbsp; Due to custodian for foreign currency | 7597 | 4583 |  | 1114 |
| &nbsp;&nbsp;&nbsp; Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares purchased | 143595 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities purchased |  | 1802487 | 5913357 | 1952613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees (Note 3) | 844684 | 235526 | 42897 | 48729 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses |  |  | 658 | 1015 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 1003735 | 2042596 | 5956912 | 2003471 |
| **NET ASSETS** | $1359975197 | $399777740 | $74717040 | $117972169 |
| **NET ASSETS CONSIST OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital | $2441582094 | $398491275 | $335258348 | $218278986 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/accumulated (loss) | (1081606897) | 1286465 | (260541308) | (100306817) |
| **NET ASSETS** | $1359975197 | $399777740 | $74717040 | $117972169 |
| &nbsp;&nbsp;&nbsp; Shares outstanding no par value (unlimited shares authorized) | 25350000 | 15300000 | 3450000 | 4300000 |
| &nbsp;&nbsp;&nbsp; Net asset value, per share | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53.65 | $26.13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.66 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.44 |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliated securities at cost | $862171456 | $289973407 | $104570471 | $91075191 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities at cost | $&nbsp;&nbsp;&nbsp;&nbsp; 59824515 | $&nbsp;&nbsp;&nbsp;&nbsp;6423332 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Foreign currency at cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; — | $&nbsp;&nbsp;&nbsp;&nbsp; 1600040 | $&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Statements of Operations<br>| ![](tark_logo.jpg) |
| For the Year Ended July 31, 2025 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK <br>Genomic <br>Revolution ETF** | **ARK <br>Autonomous <br>Technology & <br>Robotics ETF** | **ARK <br>Innovation <br>ETF** | **ARK Next <br>Generation <br>Internet <br>ETF<br>(consolidated)** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719538 | $&nbsp;&nbsp;&nbsp;&nbsp; 4582885 | $&nbsp;&nbsp;&nbsp;&nbsp; 2593217 | $&nbsp;&nbsp;&nbsp;&nbsp; 1085978 |
| &nbsp;&nbsp;&nbsp; Foreign withholding tax | (1148968)<br> <sup>(a)</sup> | (335632) | (357754) | (66558) |
| &nbsp;&nbsp;&nbsp; **Total Income (Loss)** | (429430) | 4247253 | 2235463 | 1019420 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees | 8564967 | 6775464 | 45202657 | 12496502 |
| &nbsp;&nbsp;&nbsp; Overdraft expense | 64 | 1 | 84 | 3276 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 8565031 | 6775465 | 45202741 | 12499778 |
| &nbsp;&nbsp;&nbsp; **Net Investment Loss** | (8994461) | (2528212) | (42967278) | (11480358) |
|  **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 | (502155936) | (230555701) | (1644244435) | (182859425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities | (714869636) |  | (483213068) | 47641515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – non-affiliated securities | 45363340 | 15771357 | 2018816404 | 143260213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – affiliated securities | (39266133) | (83742) | 94005914 | (674364) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | $(1210928365) | (214868086) | (14635185) | 7367939 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliated securities | 63226299 | 709085216 | 2484573952 | 1127338851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities | 953864675 | 3540233 | 638688780 | 49761928 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation | 1017090974 | 712625449 | 3123262732 | 1177100779 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments and foreign currency translation | (193837391) | 497757363 | 3108627547 | 1184468718 |
| &nbsp;&nbsp;&nbsp; **Net Increase (Decrease) in Net Assets Resulting From Operations** | **$(202831852)** | **$495229151** | **$3065660269** | **$1172988360** |

---

(a) During the year, there was a change in estimate of a previously recorded reclaim of foreign withholding tax that reduced the reclaim by $1,148,968.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Statements of Operations (concluded) </u>     <br> <u> For the Year Ended July 31, 2025 </u>    

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Fintech <br>Innovation <br>ETF<br>(consolidated)** | **ARK Space <br>Exploration & <br>Innovation ETF** | **The 3D <br>Printing ETF** | **ARK Israel <br>Innovative <br>Technology ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $&nbsp;&nbsp;&nbsp;&nbsp; 1254239 | $1909681 | $&nbsp;&nbsp;&nbsp;&nbsp; 965872 | $1103166 |
| &nbsp;&nbsp;&nbsp; Affiliated dividend income |  | 22652 |  |  |
| &nbsp;&nbsp;&nbsp; Foreign withholding tax | (55262) | (85633) | (53322) | (240046) |
| &nbsp;&nbsp;&nbsp; **Total Income** | 1198977 | 1846700 | 912550 | 863120 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Management fees | 7554930 | 2065581 | 572515 | 489379 |
| &nbsp;&nbsp;&nbsp; Overdraft expense | 18929 | 831 | 2534 | 15971 |
| &nbsp;&nbsp;&nbsp; Other expenses |  |  | 8765 | 10171 |
| &nbsp;&nbsp;&nbsp; **Total Expenses** | 7573859 | 2066412 | 583814 | 515521 |
| &nbsp;&nbsp;&nbsp; Expense waivers and reimbursements |  | (28873)<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; **Net Expenses** | 7573859 | 2037539 | 583814 | 515521 |
| &nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** | (6374882) | (190839) | 328736 | 347599 |
|  **NET REALIZED AND UNREALIZED GAIN <br>(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 | (59223204) | (22748530) | (21009742) | 6003598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities | 2089164 | (2149440) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (156292) | (20072) | 16182 | (62395) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – non-affiliated securities | 99544624 | 7125209 | 4179660 | 4160223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions – affiliated securities | (57089) | (564948) |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 42197203 | (18357781) | (16813900) | 10101426 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in non-affiliated securities | 609798498 | 166738030 | 20937214 | 23037000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities | 32912079 | 2807911 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | 651 | (286) | (29440) | 11 |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation | 642711228 | 169545655 | 20907774 | 23037011 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments and foreign currency translation | 684908431 | 151187874 | 4093874 | 33138437 |
| &nbsp;&nbsp;&nbsp; **Net Increase in Net Assets Resulting From Operations** | **$678533549** | **$150997035** | **$4422610** | **$33486036** |

---

(1) The Adviser has agreed to reduce the acquired fund fees and expenses from their management fees for ARK Space Exploration & Innovation ETF as a result of investing in The 3D Printing ETF. Refer to Note 3.

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Statements of Changes in Net Assets | ![](tark_logo1.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Genomic <br>Revolution ETF** | **ARK Genomic <br>Revolution ETF** | **ARK Autonomous <br>Technology & Robotics ETF** | **ARK Autonomous <br>Technology & Robotics ETF** |
| | **Year Ended <br>July 31, 2025** | **Year Ended <br>July 31, 2024** | **Year Ended <br>July 31, 2025** | **Year Ended <br>July 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $&nbsp;&nbsp;&nbsp;&nbsp; (8994461) | $&nbsp;&nbsp;&nbsp;&nbsp;(12028814) | $&nbsp;&nbsp;&nbsp;&nbsp; (2528212) | $&nbsp;&nbsp;&nbsp;&nbsp;(2309891) |
| &nbsp;&nbsp;&nbsp; Net realized loss on investments and foreign currency transactions | (1210928365) | (1481943629) | (214868086) | (139474463) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency translations | 1017090974 | 789176756 | 712625449 | 81139271 |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (202831852) | (704795687) | 495229151 | (60645083) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |  |  |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 1859869317 | 1072099765 | 106648852 | 10865479 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (2108636484) | (1400563723) | (141294993) | (329058291) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from shareholder transactions | (248767167) | (328463958) | (34646141) | (318192812) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets | (451599019) | (1033259645) | 460583010 | (378837895) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1463401954 | 2496661599 | 791819829 | 1170657724 |
| &nbsp;&nbsp;&nbsp; End of year | $1011802935 | $1463401954 | $1252402839 | $791819829 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 54300000 | 65800000 | 14000000 | 19900000 |
| &nbsp;&nbsp;&nbsp; Shares sold | 75700000 | 38250000 | 1200000 | 200000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (87600000) | (49750000) | (2300000) | (6100000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 42400000 | 54300000 | 12900000 | 14000000 |

---

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Statements of Changes in Net Assets (continued) </u>     <br>      

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Innovation ETF** | **ARK Innovation ETF** | **ARK Next Generation Internet ETF** | **ARK Next Generation Internet ETF** |
| | **Year Ended <br>July 31, 2025** | **Year Ended <br>July 31, 2024** | **(consolidated)<br>Year Ended** <br> July 31, 2025 | **(consolidated)<br>Year Ended** <br> July 31, 2024 |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $&nbsp;&nbsp;&nbsp;&nbsp; (42967278) | $&nbsp;&nbsp;&nbsp;&nbsp; (53890604) | $&nbsp;&nbsp;&nbsp;&nbsp;(11480358) | $&nbsp;&nbsp;&nbsp;&nbsp; (9856320) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | (14635185) | (5104347182) | 7367939 | (991832099) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency translations | 3123262732 | 4295062357 | 1177100779 | 1220057077  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3065660269 | (863175429) | 1172988360 | 218368658  |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |  | —  |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10377792723 | 7856112757 | 421980051 | 216700868  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (11371564581) | (10322592100) | (482992098) | (691198315) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from shareholder transactions | (993771858) | (2466479343) | (61012047) | (474497447) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets | 2071888411 | (3329654772) | 1111976313 | (256128789) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 5965698028 | 9295352800 | 1394382172 | 1650510961  |
| &nbsp;&nbsp;&nbsp; End of year | $8037586439 | $5965698028 | $2506358485 | $1394382172  |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 131100000 | 184350000 | 17800000 | 24550000  |
| &nbsp;&nbsp;&nbsp; Shares sold | 179200000 | 174900000 | 3100000 | 2950000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (203450000) | (228150000) | (5050000) | (9700000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 106850000 | 131100000 | 15850000 | 17800000 |

---

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Statements of Changes in Net Assets (continued) | ![](tark_logo1.jpg) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ARK Fintech Innovation ETF** | **ARK Fintech Innovation ETF** | **ARK Space Exploration & <br>Innovation ETF** | **ARK Space Exploration & <br>Innovation ETF** |
| | **(consolidated)<br>Year Ended** <br> July 31, 2025 | **(consolidated) <br>Year Ended** <br> July 31, 2024 | **Year Ended <br>July 31, 2025** | **Year Ended <br>July 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss | $&nbsp;&nbsp;&nbsp;&nbsp; (6374882) | $&nbsp;&nbsp;&nbsp;&nbsp; (5096823) | $&nbsp;&nbsp;&nbsp;&nbsp; (190839) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84084) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | 42197203 | (353111280) | (18357781) | (43815729) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency translations | 642711228 | 471020520 | 169545655 | 35669112  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 678533549 | 112812417 | 150997035 | (8230701) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |  | —  |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 202001376 | 35042227 | 56904403 | 6395  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (348773379) | (407930411) | (34359721) | (64478167) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from shareholder transactions | (146772003) | (372888184) | 22544682 | (64471772) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets | 531761546 | (260075767) | 173541717 | (72702473) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 828213651 | 1088289418 | 226236023 | 298938496  |
| &nbsp;&nbsp;&nbsp; End of year | $1359975197 | $828213651 | $399777740 | $226236023  |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 30400000 | 45050000 | 14800000 | 19200000  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4600000 | 1300000 | 2450000 | —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (9650000) | (15950000) | (1950000) | (4400000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 25350000 | 30400000 | 15300000 | 14800000  |

---

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

<u> Statements of Changes in Net Assets (concluded) </u>     <br>      

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **The 3D Printing ETF** | **The 3D Printing ETF** | **ARK Israel <br>Innovative Technology ETF** | **ARK Israel <br>Innovative Technology ETF** |
| | **Year Ended <br>July 31, 2025** | **Year Ended <br>July 31, 2024** | **Year Ended <br>July 31, 2025** | **Year Ended <br>July 31, 2024** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $&nbsp;&nbsp;&nbsp;&nbsp; 328736 | $&nbsp;&nbsp;&nbsp;&nbsp; 417615 | $&nbsp;&nbsp;&nbsp;&nbsp; 347599 | $&nbsp;&nbsp;&nbsp;&nbsp; 132058 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency transactions | (16813900) | (30716929) | 10101426 | (7025662) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on investments and foreign currency translations | 20907774 | 3450186 | 23037011 | 6448450  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 4422610 | (26849128) | 33486036 | (445154) |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from distributable earnings | (470008) |  | (440003) |  |
| **SHAREHOLDER TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold |  |  | 610729 | 29874741 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | (34589244) | (53652141) | (14897487) | (30150723) |
| &nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from shareholder transactions | (34589244) | (53652141) | (14286758) | (275982) |
| &nbsp;&nbsp;&nbsp; Increase (decrease) in net assets | (30636642) | (80501269) | 18759275 | (721136) |
| **NET ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 105353682 | 185854951 | 99212894 | 99934030  |
| &nbsp;&nbsp;&nbsp; End of year | $74717040 | $105353682 | $117972169 | $99212894 |
| **CHANGES IN SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares outstanding, beginning of year | 5100000 | 7600000 | 4950000 | 4975000 |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  | 25000 | 1600000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1650000) | (2500000) | (675000) | (1625000) |
| &nbsp;&nbsp;&nbsp; Shares outstanding, end of year | 3450000 | 5100000 | 4300000 | 4950000  |

---

See accompanying Notes to Financial Statements.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Financial Highlights<br> ARK Genomic Revolution ETF<br> For a share outstanding throughout each year presented. | ![](tark_logo.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **Year Ended<br>July 31, 2022** | **Year Ended<br>July 31, 2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp; 26.95 | $&nbsp;&nbsp;&nbsp;&nbsp; 37.94 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.67 | $&nbsp;&nbsp;&nbsp;&nbsp; 84.40 | $&nbsp;&nbsp;&nbsp;&nbsp; 53.70 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.19) | (0.20) | (0.23) | (0.35) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.90) | (10.79) | 1.50 | (47.00) | 31.73 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | (3.09) | (10.99) | 1.27 | (47.35) | 31.49 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.38) | (0.79) |
| &nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (0.38) | (0.79) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 23.86 | $&nbsp;&nbsp;&nbsp;&nbsp; 26.95 | $&nbsp;&nbsp;&nbsp;&nbsp; 37.94 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.67 | $&nbsp;&nbsp;&nbsp;&nbsp; 84.40 |
| &nbsp;&nbsp;&nbsp; Market value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 23.82 | $&nbsp;&nbsp;&nbsp;&nbsp; 26.95 | $&nbsp;&nbsp;&nbsp;&nbsp; 38.00 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.61 | $&nbsp;&nbsp;&nbsp;&nbsp; 84.35 |
| **Total Return at Net Asset Value<sup>(2)</sup>** | (11.46)% | (28.97)% | 3.46% | (56.27)% | 58.48% |
| **Total Return at Market Value<sup>(2)</sup>** | (11.61)% | (29.08)% | 3.80% | (56.32)% | 58.39% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $1011803 | $1463402 | $2496662 | $2780026 | $8588014 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.79)% | (0.71)% | (0.70)% | (0.62)% | (0.28)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 33% | 26% | 28% | 51% | 45% |

---

(1) Based on average daily shares outstanding.

(2) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends, and distributions at market value during the year, and sale at the market value on the last day of the year. 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.

(3) 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.

------

[**Table of Contents**](#TOC001)

<u> Financial Highlights (continued) ARK Autonomous Technology & Robotics ETF For a share outstanding throughout each year presented. </u>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **Year Ended<br>July 31, 2022** | **Year Ended<br>July 31, 2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp; 56.56 | $&nbsp;&nbsp;&nbsp;&nbsp;58.83 | $&nbsp;&nbsp;&nbsp;&nbsp; 56.11 | $&nbsp;&nbsp;&nbsp;&nbsp; 81.12 | $&nbsp;&nbsp;&nbsp;&nbsp; 52.69 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.20) | (0.13) | (0.16) | (0.30) | (0.33) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 40.73 | (2.14) | 2.88 | (24.10) | 29.42 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | 40.53 | (2.27) | 2.72 | (24.40) | 29.09 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.61) | (0.66) |
| &nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (0.61) | (0.66) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 97.09 | $&nbsp;&nbsp;&nbsp;&nbsp;56.56 | $&nbsp;&nbsp;&nbsp;&nbsp; 58.83 | $&nbsp;&nbsp;&nbsp;&nbsp; 56.11 | $&nbsp;&nbsp;&nbsp;&nbsp; 81.12 |
| &nbsp;&nbsp;&nbsp; Market value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 97.07 | $&nbsp;&nbsp;&nbsp;&nbsp;56.53 | $&nbsp;&nbsp;&nbsp;&nbsp; 58.86 | $&nbsp;&nbsp;&nbsp;&nbsp; 56.07 | $&nbsp;&nbsp;&nbsp;&nbsp; 81.18 |
| **Total Return at Net Asset Value<sup>(2)</sup>** | 71.66% | (3.86)% | 4.85% | (30.27)% | 55.31% |
| **Total Return at Market Value<sup>(2)</sup>** | 71.72% | (3.96)% | 4.98% | (30.38)% | 55.17% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $1252403 | $791820 | $1170658 | $1211939 | $2806640 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.28)% | (0.25)% | (0.32)% | (0.42)% | (0.41)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 27% | 20% | 21% | 54% | 86% |

---

(1) Based on average daily shares outstanding.

(2) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends, and distributions at market value during the year, and sale at the market value on the last day of the year. 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.

(3) 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.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Financial Highlights (continued)<br> ARK Innovation ETF<br> For a share outstanding throughout each year presented. | ![](tark_logo.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **Year Ended<br>July 31, 2022** | **Year Ended<br>July 31, 2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp; 45.50 | $&nbsp;&nbsp;&nbsp;&nbsp; 50.42 | $&nbsp;&nbsp;&nbsp;&nbsp; 45.14 | $&nbsp;&nbsp;&nbsp;&nbsp; 119.91 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80.37 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.39) | (0.33) | (0.30) | (0.60) | (0.75) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 30.11 | (4.59) | 5.58 | (73.39) | 42.33 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | 29.72 | (4.92) | 5.28 | (73.99) | 41.58 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (0.78) | (2.04) |
| &nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (0.78) | (2.04) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 75.22 | $&nbsp;&nbsp;&nbsp;&nbsp; 45.50 | $&nbsp;&nbsp;&nbsp;&nbsp; 50.42 | $&nbsp;&nbsp;&nbsp;&nbsp; 45.14 | $&nbsp;&nbsp;&nbsp;&nbsp; 119.91 |
| &nbsp;&nbsp;&nbsp; Market value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 75.33 | $&nbsp;&nbsp;&nbsp;&nbsp; 45.53 | $&nbsp;&nbsp;&nbsp;&nbsp; 50.45 | $&nbsp;&nbsp;&nbsp;&nbsp; 45.13 | $&nbsp;&nbsp;&nbsp;&nbsp; 120.00 |
| **Total Return at Net Asset Value<sup>(2)</sup>** | 65.31% | (9.75)% | 11.71% | (62.04)% | 51.65% |
| **Total Return at Market Value<sup>(2)</sup>** | 65.45% | (9.75)% | 11.79% | (62.08)% | 51.76% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $8037586 | $5965698 | $9295353 | $9336819 | $22495429 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.71)% | (0.74)% | (0.74)% | (0.75)% | (0.63)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 43% | 39% | 26% | 55% | 71% |

---

(1) Based on average daily shares outstanding.

(2) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends, and distributions at market value during the year, and sale at the market value on the last day of the year. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. (NYSE Arca, Inc. prior to March 31, 2025), using the last share trade.

(3) 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.

------

[**Table of Contents**](#TOC001)

<u> Financial Highlights (continued) ARK Next Generation Internet ETF (consolidated) For a share outstanding throughout each year presented. </u>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **Year Ended<br>July 31, 2022** | **Year Ended<br>July 31, 2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp; 78.34 | $&nbsp;&nbsp;&nbsp;&nbsp; 67.23 | $&nbsp;&nbsp;&nbsp;&nbsp; 54.55 | $&nbsp;&nbsp;&nbsp;&nbsp; 147.37 | $&nbsp;&nbsp;&nbsp;&nbsp; 99.48 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.72) | (0.46) | (0.37) | (0.81) | (0.98) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 80.51 | 11.57 | 13.05 | (88.70) | 50.76 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | 79.79 | 11.11 | 12.68 | (89.51) | 49.78 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  | (3.31) | (1.89) |
| &nbsp;&nbsp;&nbsp; Total distributions |  |  |  | (3.31) | (1.89) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 158.13 | $&nbsp;&nbsp;&nbsp;&nbsp; 78.34 | $&nbsp;&nbsp;&nbsp;&nbsp; 67.23 | $&nbsp;&nbsp;&nbsp;&nbsp; 54.55 | $&nbsp;&nbsp;&nbsp;&nbsp; 147.37 |
| &nbsp;&nbsp;&nbsp; Market value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 157.97 | $&nbsp;&nbsp;&nbsp;&nbsp; 77.79 | $&nbsp;&nbsp;&nbsp;&nbsp; 67.31 | $&nbsp;&nbsp;&nbsp;&nbsp; 54.48 | $&nbsp;&nbsp;&nbsp;&nbsp; 147.55 |
| **Total Return at Net Asset Value<sup>(2)</sup>** | 101.87% | 16.52% | 23.25% | (61.95)% | 50.06% |
| **Total Return at Market Value<sup>(2)</sup>** | 103.07% | 15.57% | 23.55% | (62.04)% | 50.24% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $2506358 | $1394382 | $1650511 | $1456499 | $5813640 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.69)% | (0.66)% | (0.74)% | (0.75)% | (0.69)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 44% | 54% | 33% | 76% | 120% |

---

(1) Based on average daily shares outstanding.

(2) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends, and distributions at market value during the year, and sale at the market value on the last day of the year. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. (NYSE Arca, Inc. prior to March 31, 2025), using the last share trade.

(3) 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.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Financial Highlights (continued)<br> ARK Fintech Innovation ETF (consolidated)<br> For a share outstanding throughout each year presented. | ![](tark_logo.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **Year Ended<br>July 31, 2022** | **Year Ended<br>July 31, 2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp; 27.24 | $&nbsp;&nbsp;&nbsp;&nbsp;24.16 | $&nbsp;&nbsp;&nbsp;&nbsp; 17.91 | $&nbsp;&nbsp;&nbsp;&nbsp;50.67 | $&nbsp;&nbsp;&nbsp;&nbsp; 36.18 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(1)</sup> | (0.23) | (0.13) | (0.10) | (0.24) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 26.64 | 3.21 | 6.35 | (32.52) | 14.97 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | 26.41 | 3.08 | 6.25 | (32.76) | 14.67 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp; Total distributions |  |  |  |  | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 53.65 | $&nbsp;&nbsp;&nbsp;&nbsp;27.24 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.16 | $&nbsp;&nbsp;&nbsp;&nbsp;17.91 | $&nbsp;&nbsp;&nbsp;&nbsp; 50.67 |
| &nbsp;&nbsp;&nbsp; Market value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp; 53.69 | $&nbsp;&nbsp;&nbsp;&nbsp;27.22 | $&nbsp;&nbsp;&nbsp;&nbsp; 24.20 | $&nbsp;&nbsp;&nbsp;&nbsp;17.88 | $&nbsp;&nbsp;&nbsp;&nbsp; 50.68 |
| **Total Return at Net Asset Value<sup>(2)</sup>** | 96.91% | 12.78% | 34.92% | (64.66)% | 40.58% |
| **Total Return at Market Value<sup>(2)</sup>** | 97.25% | 12.48% | 35.35% | (64.72)% | 40.29% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $1359975 | $828214 | $1088289 | $936432 | $3610269 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.63)% | (0.52)% | (0.56)% | (0.65)% | (0.60)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(3)</sup> | 32% | 37% | 26% | 75% | 78% |

---

(1) Based on average daily shares outstanding.

(2) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends, and distributions at market value during the year, and sale at the market value on the last day of the year. Market returns are based on the trade price at which shares are bought and sold on the Cboe BZX Exchange, Inc. (NYSE Arca, Inc. prior to March 31, 2025), using the last share trade.

(3) 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.

------

[**Table of Contents**](#TOC001)

<u> Financial Highlights (continued) ARK Space Exploration & Innovation ETF For a share outstanding throughout each period presented. </u>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;15.29 | $&nbsp;&nbsp;&nbsp;&nbsp;15.57 | $&nbsp;&nbsp;&nbsp;&nbsp;14.93 | $&nbsp;&nbsp;&nbsp;&nbsp;20.35 | $&nbsp;&nbsp;&nbsp;&nbsp;20.00 |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(2)</sup> | (0.01) | (0.00)<sup>(3)</sup> | (0.01) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 10.85 | (0.28) | 0.65 | (5.39) | 0.37 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | 10.84 | (0.28) | 0.64 | (5.42) | 0.35 |
| &nbsp;&nbsp;&nbsp; Total distributions |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;26.13 | $&nbsp;&nbsp;&nbsp;&nbsp;15.29 | $&nbsp;&nbsp;&nbsp;&nbsp;15.57 | $&nbsp;&nbsp;&nbsp;&nbsp;14.93 | $&nbsp;&nbsp;&nbsp;&nbsp;20.35 |
| &nbsp;&nbsp;&nbsp; Market value, end of period | $&nbsp;&nbsp;&nbsp;&nbsp;26.11 | $&nbsp;&nbsp;&nbsp;&nbsp;15.25 | $&nbsp;&nbsp;&nbsp;&nbsp;15.59 | $&nbsp;&nbsp;&nbsp;&nbsp;14.93 | $&nbsp;&nbsp;&nbsp;&nbsp;20.34 |
| **Total Return at Net Asset Value<sup>(4)</sup>** | 70.93% | (1.82)% | 4.27% | (26.64)% | 1.77% |
| **Total Return at Market Value<sup>(4)</sup>** | 71.21% | (2.18)% | 4.42% | (26.60)% | 1.70% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000's omitted) | $399778 | $226236 | $298938 | $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% | 0.75% | 0.75% | 0.75% | 0.75%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses, net of expense waivers and reimbursements | 0.74% | 0.72% | 0.71% | 0.70% | 0.71%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (0.07)% | (0.03)% | (0.10)% | (0.18)% | (0.26)%<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(6)</sup> | 24% | 18% | 8% | 41% | 46% |

---

(1) Commencement of operations.

(2) Based on average daily shares outstanding.

(3) Amount represents less than $0.005.

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

(5) Annualized.

(6) 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.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Financial Highlights (continued)<br> The 3D Printing ETF<br> For a share outstanding throughout each year presented. | ![](tark_logo.jpg) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **Year Ended<br>July 31, 2022** | **Year Ended<br>July 31, 2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $20.66 | $&nbsp;&nbsp;&nbsp;&nbsp;24.45 | $&nbsp;&nbsp;&nbsp;&nbsp;23.15 | $&nbsp;&nbsp;&nbsp;&nbsp;38.04 | $&nbsp;&nbsp;&nbsp;&nbsp;22.28 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.08 | 0.07 | (0.00)<sup>(2)</sup> | (0.05) | 0.00<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.03 | (3.86) | 1.30 | (14.84) | 15.76 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | 1.11 | (3.79) | 1.30 | (14.89) | 15.76 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.11) |  |  | (0.00)<sup>(2)</sup> |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.11) |  |  | (0.00) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $21.66 | $&nbsp;&nbsp;&nbsp;&nbsp;20.66 | $&nbsp;&nbsp;&nbsp;&nbsp;24.45 | $&nbsp;&nbsp;&nbsp;&nbsp;23.15 | $&nbsp;&nbsp;&nbsp;&nbsp;38.04 |
| &nbsp;&nbsp;&nbsp; Market value, end of year | $21.55 | $&nbsp;&nbsp;&nbsp;&nbsp;20.62 | $&nbsp;&nbsp;&nbsp;&nbsp;24.43 | $&nbsp;&nbsp;&nbsp;&nbsp;23.16 | $&nbsp;&nbsp;&nbsp;&nbsp;38.00 |
| **Total Return at Net Asset Value<sup>(3)</sup>** | 5.36% | (15.53)% | 5.61% | (39.14)% | 70.76% |
| **Total Return at Market Value<sup>(3)</sup>** | 5.03% | (15.60)% | 5.48% | (39.05)% | 71.48% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $74717 | $105354 | $185855 | $209550 | $515504 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.66% | 0.66% | 0.66% | 0.66% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37% | 0.31% | (0.01)% | (0.15)% | 0.00%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(5)</sup> | 42% | 39% | 45% | 37% | 59% |

---

(1) Based on average daily shares outstanding.

(2) Amount represents less than $0.005.

(3) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends, and distributions at market value during the year, and sale at the market value on the last day of the year. 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.

(4) Amount represents less than 0.00%.

(5) 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.

------

[**Table of Contents**](#TOC001)

<u> Financial Highlights (concluded) ARK Israel Innovative Technology ETF For a share outstanding throughout each year presented. </u>    

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended<br>July 31, 2025** | **Year Ended<br>July 31, 2024** | **Year Ended<br>July 31, 2023** | **Year Ended<br>July 31, 2022** | **Year Ended<br>July 31, 2021** |
| **Per Share Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net asset value, beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;20.04 | $20.09 | $19.37 | $&nbsp;&nbsp;&nbsp;&nbsp;30.26 | $&nbsp;&nbsp;&nbsp;&nbsp;25.00 |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | 0.08 | 0.03 | (0.00)<sup>(2)</sup> | (0.04) | 0.05 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 7.42 | (0.08) | 0.72 | (10.75) | 5.21 |
| &nbsp;&nbsp;&nbsp; Total gain (loss) from investment operations | 7.50 | (0.05) | 0.72 | (10.79) | 5.26 |
| **Distributions to shareholders:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | (0.10) |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp; Total distributions | (0.10) |  |  | (0.10) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;27.44 | $20.04 | $20.09 | $&nbsp;&nbsp;&nbsp;&nbsp;19.37 | $&nbsp;&nbsp;&nbsp;&nbsp;30.26 |
| &nbsp;&nbsp;&nbsp; Market value, end of year | $&nbsp;&nbsp;&nbsp;&nbsp;27.48 | $19.98 | $20.07 | $&nbsp;&nbsp;&nbsp;&nbsp;19.36 | $&nbsp;&nbsp;&nbsp;&nbsp;30.15 |
| **Total Return at Net Asset Value<sup>(3)</sup>** | 37.51% | (0.22)% | 3.72% | (35.79)% | 21.06% |
| **Total Return at Market Value<sup>(3)</sup>** | 38.16% | (0.45)% | 3.67% | (35.57)% | 21.87% |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted) | $117972 | $99213 | $99934 | $118134 | $283716 |
| &nbsp;&nbsp;&nbsp; Ratio to average net assets of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.49% | 0.49% | 0.49% | 0.49% | 0.49% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34% | 0.13% | (0.02)% | (0.15)% | 0.15% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(4)</sup> | 56% | 43% | 51% | 58% | 88% |

---

(1) Based on average daily shares outstanding.

(2) Amount represents less than $0.005.

(3) Net asset value total return is calculated assuming an initial investment made at the net asset value at the beginning of the year, reinvestment of all dividends and distributions at net asset value during the year and redemption on the last day of the year at net asset value. Market value total return is calculated assuming an initial investment made at the market value at the beginning of the year, reinvestment of all dividends, and distributions at market value during the year, and sale at the market value on the last day of the year. 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.

(4) 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.

------

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
| Notes to Financial Statements<br> July 31, 2025 | ![](tark_logo.jpg) |

---

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 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.

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 Standards 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 that are traded on a securities market 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 ("ETFs") 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 an 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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<u> Notes to Financial Statements (continued) July 31, 2025 </u>    

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.

Wholly-owned Subsidiary

ARK Next Generation Internet ETF and ARK Fintech Innovation ETF gain exposure to spot bitcoin ETFs through investments in wholly-owned subsidiaries ARK Next Generation Internet (Cayman) Fund and ARK Fintech Innovation (Cayman) Fund, respectively (the "Subsidiaries"). The Subsidiaries are organized under the laws of the Cayman Islands. The Subsidiaries are advised by the Adviser, and have the same investment objective as their respective parent Fund. All intercompany transactions and balances have been eliminated in consolidation.

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 trustee fees and 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 $28,873. The Adviser has also agreed to waive or credit a portion of the Management Fee in an amount equal to (1) any net profit received by the Adviser for the ARK Next Generation Internet ETF and ARK Fintech Innovation ETF as a result of investing in ARK 21Shares Bitcoin ETF, and (2) any net fees received by the Adviser with respect to other investments in which the Subsidiaries invest. The Adviser has not received any net profit for the year ending July 31, 2025.

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

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. Annual Trustee fees may be reviewed periodically and changed by the Trust's Board.

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| Notes to Financial Statements (continued)<br> July 31, 2025 | ![](tark_logo.jpg) |

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4. Creation and Redemption Transactions

As of July 31, 2025, there were an unlimited number of shares of beneficial interest without par value authorized by the Trust. Individual shares of a Fund may only be purchased and sold at market prices on a national securities exchange through a broker-dealer. Such transactions may be subject to customary commission rates imposed by the broker-dealer, and market prices for a Fund's shares may be at, above or below its net asset value ("NAV") depending on the premium or discount at which the Fund's shares trade.

Each Fund issues and redeems shares at its NAV only in a large specified number of shares each called a "Creation Unit," or multiples thereof, and only with "authorized participants" who have entered into contractual arrangements with the Distributor. A Creation Unit consists of 50,000 shares (25,000 shares with respect to the ARK Israel Innovative Technology ETF). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for a purchase of Creation Units generally consists of the in-kind deposit of specified securities and an amount of cash or, as permitted or required by a Fund, of cash. A fixed transaction fee is imposed on each creation and redemption transaction. In addition, a variable charge for certain creation and redemption transactions 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 year ended July 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| ARK Genomic Revolution ETF | $372709857 | $370995289 |
| ARK Autonomous Technology & Robotics ETF | 248136023 | 251833960 |
| ARK Innovation ETF | 2917472947 | 2639001268 |
| ARK Next Generation Internet ETF | 747301446 | 767305078 |
| ARK Fintech Innovation ETF | 323039863 | 325819969 |
| ARK Space Exploration & Innovation ETF | 68081016 | 67659402 |
| The 3D Printing ETF | 36279318 | 39050952 |
| ARK Israel Innovative Technology ETF | 56735543 | 58190225 |

---

For the year ended July 31, 2025, 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 | $1845028288 | $2099214555 |
| ARK Autonomous Technology & Robotics ETF | 106509139 | 141073068 |
| ARK Innovation ETF | 9978240231 | 11337647901 |
| ARK Next Generation Internet ETF | 357398408 | 431070760 |
| ARK Fintech Innovation ETF | 174644466 | 326762513 |
| ARK Space Exploration & Innovation ETF | 55876052 | 34160541 |
| The 3D Printing ETF |  | 34477020 |
| ARK Israel Innovative Technology ETF | 609193 | 14608243 |

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6. Federal Income Tax

Each Fund intends to continue 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 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 (2022 - 2025), as defined by IRS statute of limitations, for all major jurisdictions, including federal tax authorities and certain state tax authorities. As of July 31, 2025, 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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<u> Notes to Financial Statements (continued) July 31, 2025 </u>    

At July 31, 2025, the approximate cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | &nbsp;&nbsp;&nbsp;&nbsp; **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net Unrealized<br>Appreciation<br>(Depreciation)** |
| ARK Genomic Revolution ETF | $2716644925 | $&nbsp;&nbsp;&nbsp;&nbsp; 1794360 | $(1709192083) | $(1707397723) |
| ARK Autonomous Technology & Robotics ETF | 883912677 | 452294274 | (83394879) | 368899395 |
| ARK Innovation ETF | 9711241017 | 862182015 | (2569738585) | (1707556570) |
| ARK Next Generation Internet ETF | 1801420728 | 815706478 | (128245530) | 687460948 |
| ARK Fintech Innovation ETF | 959160183 | 520685083 | (119049245) | 401635838 |
| ARK Space Exploration & Innovation ETF | 300628313 | 129242035 | (29892246) | 99349789 |
| The 3D Printing ETF | 107755705 | 4269548 | (35162672) | (30893124) |
| ARK Israel Innovative Technology ETF | 96578518 | 25675699 | (6681570) | 18994129 |

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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 late year ordinary loss deferrals. Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on net asset values.

At July 31, 2025, the components of distributable earnings (loss) on a tax basis were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br>Income** | **Undistributed <br>Long-term <br>Capital Gains** | &nbsp;&nbsp;&nbsp;&nbsp; **Accumulated <br>Capital <br>Gains/(Losses)** | **Net Unrealized <br>Appreciation <br>(Depreciation)** | **Total Earnings <br>(Losses)** |
| ARK Genomic Revolution ETF | $&nbsp;&nbsp;&nbsp;&nbsp;(4249859) | $**&nbsp;&nbsp;&nbsp;&nbsp;** —&nbsp;&nbsp;&nbsp;&nbsp; | $(3033348514) | $(1707397723) | $(4744996096) |
| ARK Autonomous Technology & Robotics ETF | (1820310) | —&nbsp;&nbsp;&nbsp;&nbsp; | (672513893) | 368899395 | (305434808) |
| ARK Innovation ETF | (24538875) | —&nbsp;&nbsp;&nbsp;&nbsp; | (7155406088) | (1707556570) | (8887501533) |
| ARK Next Generation Internet ETF | 33510212 | —&nbsp;&nbsp;&nbsp;&nbsp; | (1845754461) | 687460948 | (1124783301) |
| ARK Fintech Innovation ETF | 993211 | —&nbsp;&nbsp;&nbsp;&nbsp; | (1484235209) | 401635101 | (1081606897) |
| ARK Space Exploration & Innovation ETF | (270586) | —&nbsp;&nbsp;&nbsp;&nbsp; | (97792943) | 99349994 | 1286465 |
| The 3D Printing ETF | 319740 | —&nbsp;&nbsp;&nbsp;&nbsp; | (229944123) | (30916925) | (260541308) |
| ARK Israel Innovative Technology ETF | 3333800 | —&nbsp;&nbsp;&nbsp;&nbsp; | (122634771) | 18994154 | (100306817) |

---

At July 31, 2025, the effect of permanent book/tax reclassifications resulted in increase/(decrease) to the components of net assets as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Total <br>Distributable <br>Earnings** | **Paid-in Capital** |
| ARK Genomic Revolution ETF | $480462405 | $(480462405) |
| ARK Autonomous Technology & Robotics ETF | (9071630) | 9071630 |
| ARK Innovation ETF | (519986306) | 519986306 |
| ARK Next Generation Internet ETF | (89828049)  | 89828049 |
| ARK Fintech Innovation ETF | (72718673) | 72718673 |
| ARK Space Exploration & Innovation ETF | (5010639) | 5010639 |
| The 3D Printing ETF | (3282224) | 3282224 |
| ARK Israel Innovative Technology ETF | (3548743) | 3548743 |

---

The tax character of distributions paid during the year indicated was as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended July 31, 2025** | **Year Ended July 31, 2025** | **Year Ended July 31, 2025** |
| <br>**Fund** | **Ordinary <br>Income\*** | **Long-Term <br>Capital Gain** | **Return of Capital** |
| The 3D Printing ETF | $470008 |  |  |
| ARK Israel Innovative Technology ETF | 440003 |  |  |

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\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For tax purposes short-term capital gain distributions are considered ordinary income distributions.

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| Notes to Financial Statements (continued)<br> July 31, 2025 | ![](tark_logo.jpg) |

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Under current tax regulations, capital losses on securities transactions realized after October 31 ("Post-October Losses") and ordinary losses incurred after December 31 ("Late Year Ordinary Losses") may be deferred and treated as occurring on the first business day of the following fiscal year. For the year ended July 31, 2025, the Funds incurred and elected to defer to August 1, 2025 Post-October Losses and Late Year Ordinary Losses as follows:

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| | | |
|:---|:---|:---|
| **Fund** | **Late Year<br>Ordinary<br>Deferral** | **Capital<br>Post-October<br>Loss** |
| ARK Genomic Revolution ETF | $(4249859) | $**&nbsp;&nbsp;&nbsp;&nbsp;**— |
| ARK Autonomous Technology & Robotics ETF | (1820310) |  |
| ARK Innovation ETF | (24538875) |  |
| ARK Next Generation Internet ETF |  |  |
| ARK Fintech Innovation ETF |  |  |
| ARK Space Exploration & Innovation ETF | (270586) |  |
| The 3D Printing ETF |  |  |
| ARK Israel Innovative Technology ETF |  |  |

---

At July 31, 2025, 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.

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| | | | |
|:---|:---|:---|:---|
| | **Short-Term** | **Long-Term** | **Total Amount** |
| ARK Genomic Revolution ETF | $255201164 | $2778147350 | $3033348514 |
| ARK Autonomous Technology & Robotics ETF |  | 672513893 | 672513893 |
| ARK Innovation ETF | 866728214 | 6288677874 | 7155406088 |
| ARK Next Generation Internet ETF | 124949588 | 1720804873 | 1845754461 |
| ARK Fintech Innovation ETF | 517994752 | 966240457 | 1484235209 |
| ARK Space Exploration & Innovation ETF | 15710061 | 82082882  | 97792943 |
| The 3D Printing ETF | 94826720 | 135117403 | 229944123 |
| ARK Israel Innovative Technology ETF | 59772254 | 62862517 | 122634771 |

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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

The Funds' prospectus contains additional information regarding the risks associated with an investment in a Fund.

**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 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 their respective indices, The 3D Printing Index and The ARK Israeli Innovation Index, concentrate in such 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 July 31, 2025, the ARK Genomic Revolution ETF had more than 25% of its assets invested in the biotechnology industry and Life Sciences Tools & Services, the ARK Space Exploration & Innovation ETF had more than 25% of its assets invested in the aerospace & defense industry, and the ARK Israel Innovative Technology ETF had more than 25% of its assets invested in the software industry. To the extent a

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<u> Notes to Financial Statements (concluded) July 31, 2025 </u>    

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 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), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Funds' investments may be negatively affected by the occurrence of global events such as war, military conflicts, acts of terrorism, social unrest, environmental disasters, natural disasters or events, recessions, supply chain disruptions, political instability, exchange trading suspensions and closures (including exchanges of the Funds' underlying securities), infectious disease outbreaks or pandemics. For example, an outbreak of an infectious disease may negatively affect economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic to public health and business and market conditions, including exchange trading suspensions and closures, may 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 have taken or may take actions in response to a 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 ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

**Israel Risk:** Because IZRL invests in securities of Israeli companies, IZRL may be exposed to special risks and considerations. There may be less information concerning the securities of Israeli companies available to the public than the securities of U.S. companies. There is also potential difficulty in obtaining or enforcing a court judgment, and the unique characteristics of securities of Israeli Companies and the Israel stock market may have a negative impact on IZRL. Any major hostilities involving Israel, including hostilities with neighboring countries, or the interruption or curtailment of trade between Israel and its present trading partners, could have a negative impact on IZRL. Shares and dividends of Israeli Companies are often Israeli new shekel ("ILS") denominated. Changes in the relationship of the ILS to the U.S. dollar and other currencies could have a negative impact on IZRL. The government of Israel may change the way in which Israeli Companies are taxed, or may impose taxes on foreign investment. Such actions could have an adverse impact on the overall market for securities of Israeli Companies and on IZRL.

**Cryptocurrency Investment Risk:** ARKW and ARKF may have exposure to cryptocurrency, such as bitcoin and ether, indirectly through an investment in ARK 21Shares Bitcoin ETF, ProShares Ether Strategy ETF, and ARK 21Shares Active Ethereum Futures Strategy ETF that will experience any associated volatility of the underlying cryptocurrency. Additionally, the Funds may have exposure to cryptocurrency indirectly through investments in public companies that are active in the cryptocurrency markets. The Funds' exposure to cryptocurrencies may change over time and, accordingly, such exposure may not always be present in the Funds' portfolios. Cryptocurrencies such as bitcoin are not "fiat" currencies of any central bank or government and currently are not subject to the authority of any central bank or government authority and are therefore not backed by any government, and regulatory and tax treatment of cryptocurrencies continues to develop.

9. Other Matters

In November 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-07, *Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

The officers of the Funds act as the chief operating decision maker ("CODM"). The Funds represents a single operating segment. The CODM monitors the operating results of the Funds as a whole and is responsible for the Funds' long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of the Funds' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds'

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| Notes to Financial Statements (continued)<br> July 31, 2024 | ![](tark_logo.jpg) |

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comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets", and significant segment revenues and expenses are listed on the Statement of Operations.

At a meeting held on March 14, 2025, the Board of Trustees unanimously approved the action recommended by ARK Investment Management LLC ("ARK") for the following ETFs to voluntarily delist from NYSE Arca, Inc. and transfer the listings to Cboe BZX Exchange, Inc.:

ARKK: ARK Innovation ETF

ARKW: ARK Next Generation Internet ETF

ARKF: ARK Fintech Innovation ETF

ARK believes that the Trust and the shareholders of each fund will benefit from operational and promotional synergies derived from these listings joining other ARK ETFs already listed on Cboe BZX Exchange, Inc. March 28, 2025 was the last day for trading of ARKK, ARKW and ARKF's shares on NYSE Arca, Inc.

The Trust's fiscal and tax reporting year ends July 31.

10. Subsequent Events

At the September 23, 2025, Board Of Directors meeting, the Board approved changing the name of the ARK Fintech Innovation ETF to the "ARK Blockchain & Fintech Innovation ETF" and the ARK Space Exploration & Innovation ETF to the "ARK Space & Defense Innovation ETF." The Adviser believes these name changes are more reflective of the composition of each Funds' portfolio. Each Funds' 80% Policy will be revised to reflect its name change.

These changes will be effective on November 22, 2025, and will not materially impact (i) the way in which the Fund is managed, (ii) the portfolio holdings of the Fund or (iii) the Fund's investment objective.

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<u> Report of Independent Registered Public Accounting Firm </u>    

To the Shareholders and Board of Trustees of ARK ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities of ARK Next Generation Internet ETF and ARK Fintech Innovation ETF (two of the funds comprising ARK ETF Trust (the "Trust")), including the consolidated schedules of investments, as of July 31, 2025, and the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "consolidated financial statements"). We also have audited the accompanying statements of assets and liabilities of ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Innovation ETF, ARK Space Exploration & Innovation ETF, The 3D Printing ETF and ARK Israel Innovative Technology ETF (collectively, together with ARK Next Generation Internet ETF and ARK Fintech Innovation ETF, referred to as the "Funds") (the six remaining funds comprising the "Trust"), including the schedules of investments, as of July 31, 2025, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds comprising ARK ETF Trust at July 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the periods indicated in the table below were audited by another independent registered public accounting firm whose report, dated September 24, 2021, expressed an unqualified opinion on those financial highlights.

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| | |
|:---|:---|
| **Funds comprising ARK ETF Trust** | **Financial highlights** |
| ARK Genomic Revolution ETF <br>ARK Autonomous Technology & Robotics ETF <br>ARK Innovation ETF <br>ARK Next Generation Internet ETF <br>ARK Fintech Innovation ETF <br>The 3D Printing ETF <br>ARK Israel Innovative Technology ETF | For the year ended July 31, 2021 |
| ARK Space Exploration & Innovation ETF | For the period from March 30, 2021 (commencement of operations) through July 31, 2021 |

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**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the auditor of one or more ARK Invest investment companies since 2022.

New York, New York

September 26, 2025

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[**Table of Contents**](#TOC001)

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| | |
|:---|:---|
| Supplemental Information (Unaudited) | ![](tark_logo.jpg) |

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**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, visiting our website at https://www.ark-funds.com/download-fund-materials/, 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.

Tax Information

Form 1099-DIV and other year-end tax information provide shareholders with actual calendar year amounts that should be included in their tax returns. Shareholders should consult their tax advisors. Each Fund designates the following amounts or, if subsequently determined to be different, the maximum allowable for its year ended July 31, 2025.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Qualified<br>Dividend<br>Income\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Dividends<br>Received <br>Deduction\*** |
| **ARK Genomic Revolution ETF** | **0%** | **0%** |
| **ARK Autonomous Technology & Robotics ETF** | **0%** | **0%** |
| **ARK Innovation ETF** | **0%** | **0%** |
| **ARK Next Generation Internet ETF** | **0%** | **0%** |
| **ARK Fintech Innovation ETF** | **0%** | **0%** |
| **ARK Space Exploration & Innovation ETF** | **0%** | **0%** |
| **The 3D Printing ETF** | **100%** | **100%** |
| **ARK Israel Innovative Technology ETF** | **72.59%** | **9.83%** |

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\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above percentage is based on ordinary income dividends paid to shareholders during each Fund's fiscal year.

For the fiscal year ended July 31, 2025, ARK Israel Innovative Technology ETF elected to pass through foreign tax credits of $240,046 and recognized foreign source income of $981,865.

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

**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.

**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 U.S. 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 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

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| | |
|:---|:---|
| Risks Involved with Investing in the Funds (Unaudited) (continued) | ![](tark_logo1.jpg) |

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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.

**Cyber Security Risk** As the use of Internet technology has become more prevalent in the course of business, funds have become more susceptible to potential operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cybersecurity breaches may involve unauthorized access to the Fund's digital information systems through "hacking" or malicious software coding, but may also result from outside attacks such as denial-of-service attacks through efforts to make network services unavailable to intended users. In addition, cybersecurity breaches of the Fund's third-party service providers, such as its administrator, transfer agent or custodian, or issuers in which the Fund invests, can also subject the Fund to many of the same risks associated with direct cybersecurity breaches. While the Fund has established business continuity plans and risk management systems designed to reduce the risks associated with cybersecurity, there are inherent limitations in such plans and systems. Additionally, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cybersecurity systems of issuers or third-party service providers.

**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, in the U.S. and abroad, including potential anti-trust actions, fines and penalties, and 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.

**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.

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

**Subsidiary Risk** ARKW and ARKF gain exposure to cryptocurrency through investments in the Subsidiaries. By investing in the Subsidiaries, ARKW and ARKF are indirectly exposed to the risks associated with the Subsidiaries' investments. The investments held by the Subsidiaries are generally similar to those that are permitted to be held by ARKW and ARKF and are subject to the same risks that apply to similar investments if held directly by ARKW and ARKF. There can be no assurance that the investment objective of ARKW, ARKF or the Subsidiaries will be achieved. The Subsidiaries are not registered under the 1940 Act, and generally are not subject to all the investor protections of the 1940 Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of ARKW, ARKF and/or the Subsidiaries to operate as intended and could adversely affect ARKW and ARKF. Changes in the laws of the United States and/or the Cayman Islands could adversely affect the performance of ARKW, ARKF and/or the Subsidiaries.

**Tax Risk** ARKW and ARKF may seek to gain exposure to cryptocurrency through investments in the Subsidiaries. Treasury regulations generally treat ARKW's and ARKF's income inclusion with respect to the Subsidiaries as qualifying income either if (A) there is a current distribution out of the earnings and profits of the Subsidiaries that are attributable to such income inclusion or (B) such inclusion is derived with respect to ARKW's and ARKF's business of investing in stock, securities, or currencies. The tax treatment of ARKW's and ARKF's investments in the Subsidiaries may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of ARKW's and ARKF's taxable income or any gains and distributions made by ARKW and ARKF. No assurances can be provided that the IRS would not be able to successfully assert that ARKW's and ARKF's income from investments in the Subsidiaries was not "qualifying income," in which case ARKW and ARKF would fail to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code if over 10% of their respective gross income was derived from these investments. If ARKW and ARKF failed to qualify as regulated investment companies, they would be subject to federal and state income tax on all of their taxable income at regular corporate tax rates with no deduction for any distributions paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, fund shareholders. The Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiaries. If Cayman Islands law changes such that the Subsidiaries must pay Cayman Islands taxes, fund shareholders would likely suffer decreased investment returns.

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|:---|:---|
| Board Approval of Management Agreements (Unaudited) | ![](tark_logo.jpg) |

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Annual Review and Approval of ARK ETF Trust Contracts

Under Section 15(c) of the Investment Company Act of 1940 ("1940 Act"), the ARK ETF Trust's ("Trust") Board of Trustees ("Trustees" or "Board"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) ("Independent Trustees"), is required annually to consider whether to approve the continuation of (i) the Supervision Agreement between the Trust and ARK Investment Management, LLC ("ARK") on behalf of each series of the Trust (each, a "Fund" and, collectively, "Funds"); and (ii) the Investment Advisory Agreement between the Trust and ARK (collectively, "Management Agreements") on behalf of each Fund.

In advance of the quarterly Board meeting held via video conference on June 26, 2025 ("Meeting"), the Independent Trustees and their counsel reviewed and discussed with representatives of an independent data provider the report prepared by that provider, that compared, among other things, each Fund's performance, fees and expenses with those of comparable funds managed by other investment advisers in connection with the Independent Trustees' consideration of the continuation of the Management Agreements. The Independent Trustees also considered other information, provided to the Board during the year, as part of its evaluation process. Prior to voting on the Management Agreements, the Independent Trustees met in Executive Session with ARK's senior management and also met in private sessions with their counsel at which time no representatives of management were present.

After the presentation of relevant information by ARK's senior management and extensive discussions prior to and at the Meeting, the Trustees, including the Independent Trustees voting separately, unanimously approved the continuance of the Management Agreements on behalf of the Funds. The determination made by all of the Trustees to approve the continuation of the Management Agreements was made on the basis of each Trustee's business judgment after considering all of the information presented to them. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the contract review process. In approving the continuation of the Management Agreements for each Fund, the following factors were considered by the Trustees, and no one factor was determinative:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) The nature, extent and quality of the services provided by ARK to the Funds under the Management Agreements.** The Trustees considered the nature, extent and quality of the services that ARK provides and will continue to provide under the Management Agreements, including: (i) the qualifications of the portfolio managers, analysts and other key personnel of ARK who provide and will continue to provide the supervisory and investment advisory services to the Trust; and (ii) the terms of the Management Agreements. The Trustees considered ARK's senior management's discussion of the various duties and responsibilities of ARK under the Management Agreements. The Trustees also considered the organizational structure of ARK, the quality of ARK's investment, administrative, operations, compliance and legal personnel and ARK's management of the operations of the Funds.

Based on these and other factors, the Trustees concluded that the nature, extent and quality of the supervisory and investment advisory services that had been and that were expected to continue to be provided to the Funds by ARK were satisfactory and supported the decision of the Trustees to approve the continuation of the Management Agreements with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) The investment performance of the Funds relative to comparable exchange**-traded **funds ("ETFs") managed by other investment advisers and relevant market indices.** The Trustees considered a report prepared by an independent data provider, which compared the performance of each of the Funds to that of comparable ETFs as identified by such independent data provider and appropriate, recognized market indices for the one-year, three-year and five-year periods ended March 31, 2025, as applicable. The Trustees also considered ARK's senior management's discussion of the relative performance of the Funds for the period ended March 31, 2025 and year to date.

Based upon their review of the investment performance of each Fund and ARK's senior management's discussion of the investment performance of the Funds, the Trustees concluded that each Fund's overall performance was satisfactory relative to the performance of comparable ETFs and relevant market indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) A comparison of the management fees (under the Supervision Agreement, which includes the advisory fees under the Investment Advisory Agreement) of the Funds with those of comparable ETFs managed by other investment advisers and other funds and accounts managed by ARK with comparable investment strategies.** The Trustees considered a report prepared by an independent data provider, which compared the management fees paid by the Funds with those paid by comparable ETFs as identified by such independent data provider. The Board noted that the management fee paid by each actively-managed Fund generally was in line with the applicable actively-managed peer group median and that the management fee paid by each passively-managed Fund was either below or in line with the applicable passively-managed peer group median. The Board also considered fee information for comparable funds and accounts managed by ARK. The Board noted that the fees paid by certain funds and accounts managed by ARK are the same as the advisory fees paid by the Funds and that in instances where comparable funds or accounts managed by ARK paid lower fees than the Funds, ARK generally provides these clients with fewer services than it provides to the Funds. The Board noted the relatively small number of ETFs in the Funds' respective peer groups given the limited number of ETFs with strategies that are comparable to those of the Funds.

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<u> Board Approval of Management Agreements (Unaudited) (concluded) </u>    

Based on their review of the comparative fee data and the other factors considered, the Trustees concluded that the management fee paid by each Fund was reasonable considering the services received by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) A comparison of the net expense ratios of the Funds with those of comparable ETFs managed by other investment advisers.** The Trustees considered a report prepared by an independent data provider, which compared the net expense ratios of the Funds with the net expense ratios of comparable ETFs as identified by such independent data provider. The Trustees noted that the actively-managed Funds' net expense ratios were in line with the applicable actively-managed peer group median and that the passively-managed Funds' net expense ratios were either below or in line with the applicable passively-managed peer group median. The Trustees noted the relatively small number of ETFs in the Funds' respective peer groups given the limited number of ETFs with strategies that are comparable to those of the Funds.

The Trustees also took into consideration ARK's view that the unitary structure of the Funds' management fees (which encompasses, among other things, the advisory fees) would continue to be easy to understand by investors and would provide a level of predictability with respect to the net expense ratios of the Funds.

Based on the fee comparisons provided to the Board and other factors considered, the Trustees concluded that the net expense ratio of each Fund, which reflected both the advisory fee and management fee, was reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) The extent to which economies of scale may be realized as the Funds' assets increase and whether fee levels would reflect economies of scale.** The Trustees considered ARK's senior management's discussion of the structure of the current management fees and advisory fees and noted that the unitary fee structure effectively acts as a cap on the fees and expenses (excluding certain specific investment-related and extraordinary fees and expenses) that are borne by the Funds. The Trustees also noted that, although there currently are no breakpoints in any Fund's management fees or advisory fees, if a Fund's assets increase over time, the Fund might realize other economies of scale if assets increase proportionally more than certain other expenses.

Based on these considerations, the Trustees concluded that adding breakpoints at specified levels to the Funds' management fees and advisory fees was not necessary at that time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) The cost of the services provided and profits realized by ARK from the relationship with the Funds.** The Trustees considered with respect to each Fund the revenues ARK received from the Fund and the costs ARK incurred in providing services to the Fund. The Trustees also took into account that certain fees and expenses of the Funds had been assumed and paid by ARK in accordance with the Management Agreements. The Trustees noted that for the 2024 calendar year, all but two of the Funds had been profitable to ARK.

Based on the information provided to the Trustees, the Trustees concluded that ARK's profitability from its relationship with each Fund was reasonable given the quality and scope of services provided by ARK and the overall investment performance of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(g) Benefits derived or to be derived by ARK and its affiliates from ARK's relationship with the Funds.** The Trustees noted that ARK's reputation as an asset manager has likely benefited from the performance of the Funds and had the potential to aid ARK in gathering assets for its non-fund business operations. The Trustees also considered that ARK's affiliates were likely to benefit from the popularity and positive reception of the Funds.

The Board concluded that the nature and amount of any indirect benefits received by ARK and its affiliates from ARK's relationship with the Funds are reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(h) Financial Resources of ARK.** The Trustees then considered whether ARK was financially sound and had adequate resources to perform its obligations under the Management Agreements.

Based on the information provided to the Board, the Trustees concluded that ARK had sufficient financial resources necessary to continue to perform its obligations under the Management Agreements.

**General Conclusion.** Based on its consideration of the factors discussed above, and such other information as it deemed appropriate and relevant, the Board concluded that it would be in the best interest of each Fund and its shareholders to approve the continuation of the Management Agreements, including the fees payable under those Agreements. Accordingly, the Board, with Independent Trustees voting separately, unanimously approved the continuation of the Management Agreements with respect to each Fund for an additional one-year period.

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| General Information (Unaudited) | ![](tark_logo.jpg) |

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**Investment Adviser** ARK Investment Management LLC

200 Central Avenue

St. Petersburg, FL 33701

**Administrator, Custodian, Transfer Agent, and Accounting Agent** The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

**Distributor** Foreside Fund Services, LLC

Three Canal Plaza, Suite 100

Portland, ME 04101

**Independent Registered Public Accounting Firm** Ernst & Young LLP

One Manhattan West

New York, NY 10001

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**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, St. Petersburg, FL 33701 \| 727.810.8160 \| info@ark-invest.com \| ark-funds.com

(b) The Financial Highlights are included with the Financial Statements under Item 7(a).

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. 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 16. 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 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not Applicable.

**Item 19. Exhibits.**

(a)(1) [Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](ea025484301_ex99-codeeth.htm)

(a)(2) Not applicable.

(a)(3) [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea025484301_ex99-cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea025484301_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.

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| | |
|:---|:---|
| (Registrant) | ARK ETF Trust |
| By (Signature and Title)\* | /s/ Catherine D. Wood |
|  | Catherine D. Wood |
|  | Chief Executive Officer and Chief Investment Officer |
|  | (principal executive officer) |
| Date <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 8, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 8, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |  |

---

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ William C. Cox |
|  | William C. Cox |
|  | Treasurer and Chief Financial Officer |
|  | (principal financial officer) |
| Date <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 8, 2025&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |  |

---

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

## Ex-99.Code

**Exhibit 99.CODEETH**

**APPENDIX C**

**ARK ETF TRUST**

**ARK VENTURE FUND**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND <br> SENIOR FINANCIAL OFFICERS**

<u>**Preamble**</u>

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"), the Securities and Exchange Commission ("SEC") has adopted rules requiring annual disclosure of an investment company's code of ethics applicable to its principal executive, principal financial and principal accounting officers. ARK ETF Trust and ARK Venture Fund (each, a "Trust") have adopted this Code of Ethics (the "Code") pursuant to these rules.

**I.** **Covered Officers/Purpose of Code** 

This Code applies to the Principal Executive Officer and Principal Financial Officer/Principal Accounting Officer (the "Covered Officers") of the Trust for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling
of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure
in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of this Code to
an appropriate person or persons identified herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to this Code.

Each Covered Officer owes a duty to the Trust to adhere to a high standard of business ethics, and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Each Covered Officer should encourage his or her colleagues who provide services to the Trust, whether directly or indirectly, to do the same.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("1940 Act"), and the Investment Advisers Act of 1940, as amended ("Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust. The compliance program and procedures of the Trust and its investment adviser, any sub-adviser and distributor are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace this program or these procedures.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and distributor, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions which will have different effects on the investment adviser, the distributor and the Trust. The participation of the Covered Officers in such activities is inherent in these contractual relationships and is consistent with the performance by the Covered Officers of their duties as officers of the Trust and, if addressed in conformity with the provisions of the 1940 Act and the Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees of the Trust (the "Board") that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act or the Advisers Act. Covered Officers should keep in mind that the following list of prohibitions does not cover every possible situation. The overarching principle – that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust – should be the guiding principle in all circumstances.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally
to the detriment of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause the Trust to take action, or fail to take action,
for the individual personal benefit of the Covered Officer rather than the benefit of the Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use material non-public knowledge of portfolio transactions
made or contemplated for the Trust to profit personally or cause others to profit, by the market effect of such transactions.

There are some conflict of interest situations that should be discussed with the Chief Compliance Officer of the Trust (the "CCO"), if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any outside business activity that detracts from the ability
of a Covered Officer to devote appropriate time and attention to his or her responsibilities as a Covered Officer of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any gifts related to the business of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which the Trust has current
or prospective business dealings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership in, or any consulting or employment relationship
with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated
person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect personal financial interest in commissions,
transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an
interest arising from the Covered Officer's employment, such as compensation or equity ownership.

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• must familiarize himself or herself with the disclosure requirements
applicable to the Trust and its disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• must not knowingly misrepresent, or cause others to misrepresent,
facts about the Trust to others, whether within or outside the Trust, including to the Trust's trustees and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility,
consult with other officers and employees of the Trust and its investment adviser and distributor and take other appropriate steps with
the goal of promoting full, fair, accurate and timely disclosure in the reports and documents the Trust files with, or submits to, the
SEC and that are signed or certified by him or her; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• must cooperate with the Trust's independent accountants, regulatory
agencies and internal auditors in their review or inspection of the Trust and its operations.

**III.** **Compliance** 

It is the responsibility of each Covered Officer to otherwise promote adherence with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report at least annually his or her affiliations and other relationships as requested
in the Trust's annual Trustees and Officers Questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of this Code, affirm in writing that he or she has received and read
this Code and understands it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm that he or she has complied with the requirements of
this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any person for reports of potential violations that are made
in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if he or she knows of any violation of this Code. Failure
to do so is itself a violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

**V.** **Investigations and Enforcements** 

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all appropriate action to investigate any violations and potential
violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CCO believes that no material violation has occurred,
the CCO is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CCO believes is a material violation will be reported to the
Board after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Board determines that a violation has occurred, it will consider appropriate
action, which may, without limitation, include review of, and appropriate modifications to, applicable policies and procedures; notification
to appropriate personnel of the investment adviser, distributor or their respective boards; or recommendation of the dismissal of the
Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Board will be responsible for granting waivers, as appropriate; and

**VI.** **Public Disclosure of Changes and Waivers** 

Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**VII.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. The Trust's and its investment adviser's and distributor's codes of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VIII.** **Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board.

**IX.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters will not be disclosed to anyone other than the Board, the Trust's investment adviser and distributor, and their respective counsel.

**X.** **Internal Use** 

This Code is intended solely for the internal use by the Trust. This Code is a statement of certain fundamental principles, policies and procedures that govern the Covered Officers in the conduct of the Trust's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person.

Adopted: June 30, 2014

Amended: June 30, 2015

Amended as of April 27, 2022

## 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;(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;(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;(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 90 days prior to the filing date of this report based on such evaluation; and

&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;(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;(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: | <u>October 8, 2025</u> | /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;(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;(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;(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 90 days prior to the filing date of this report based on such evaluation; and

&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;(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;(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: | <u>October 8, 2025</u> | /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: | <u>October 8, 2025</u> | /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: | <u>October 8, 2025</u> | /s/ William C. Cox |
| | | William C. Cox |
| | | Treasurer and Chief Financial Officer<br> (principal financial officer) |

---