Schedule of Investments
ARK Next Generation Internet ETF
April 30, 2020 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS–97.3% | ||||||||
| Automobiles - 10.8% | ||||||||
| Tesla, Inc.* | 96,004 | $ | 75,063,608 | |||||
| Biotechnology - 2.6% | ||||||||
| Veracyte, Inc.* | 663,691 | 17,899,746 | ||||||
| Consumer Finance - 4.9% | ||||||||
| LendingClub Corp.* | 1,301,489 | 9,982,420 | ||||||
| LendingTree, Inc.* | 96,140 | 23,974,432 | ||||||
| Total Consumer Finance | 33,956,852 | |||||||
| Entertainment - 12.1% | ||||||||
| HUYA, Inc. (China)*(a) | 659,969 | 10,711,297 | ||||||
| Netflix, Inc.* | 31,281 | 13,133,328 | ||||||
| Roku, Inc.* | 340,084 | 41,228,383 | ||||||
| Sea Ltd. (Taiwan)*(a) | 224,512 | 12,478,377 | ||||||
| Spotify Technology SA* | 40,881 | 6,196,333 | ||||||
| Total Entertainment | 83,747,718 | |||||||
| Health Care Technology - 0.8% | ||||||||
| Teladoc Health, Inc.* | 32,818 | 5,401,515 | ||||||
| Interactive Media & Services - 15.1% | ||||||||
| Baidu, Inc. (China)*(a) | 98 | 9,891 | ||||||
| Eventbrite, Inc., Class A* | 3,967 | 36,179 | ||||||
| Facebook, Inc., Class A* | 36,174 | 7,405,179 | ||||||
| Pinterest, Inc., Class A* | 1,427,551 | 29,493,204 | ||||||
| Snap, Inc., Class A* | 1,079,042 | 19,001,930 | ||||||
| Tencent Holdings Ltd. (China)(a) | 297,400 | 15,649,188 | ||||||
| Twitter, Inc.* | 326,572 | 9,366,085 | ||||||
| Zillow Group, Inc., Class C* | 540,547 | 23,762,446 | ||||||
| Total Interactive Media & Services | 104,724,102 | |||||||
| Internet & Direct Marketing Retail - 8.2% | ||||||||
| Alibaba Group Holding Ltd. (China)*(a) | 57,332 | 11,619,476 | ||||||
| Amazon.com, Inc.* | 9,370 | 23,181,380 | ||||||
| MercadoLibre, Inc. (Argentina)* | 24,867 | 14,510,143 | ||||||
| Pinduoduo, Inc. (China)*(a) | 157,747 | 7,483,518 | ||||||
| Total Internet & Direct Marketing Retail | 56,794,517 | |||||||
| IT Services - 11.9% | ||||||||
| Okta, Inc.* | 21,133 | 3,197,423 | ||||||
| PayPal Holdings, Inc.* | 60,109 | 7,393,407 | ||||||
| Shopify, Inc., Class A (Canada)* | 248 | 156,808 | ||||||
| Square, Inc., Class A* | 840,967 | 54,780,590 | ||||||
| Twilio, Inc., Class A* | 153,928 | 17,286,115 | ||||||
| Total IT Services | 82,814,343 | |||||||
| Semiconductors & Semiconductor Equipment - 5.5% | ||||||||
| NVIDIA Corp. | 23,092 | 6,749,330 | ||||||
| Xilinx, Inc. | 355,839 | 31,100,328 | ||||||
| Total Semiconductors & Semiconductor Equipment | 37,849,658 | |||||||
| Software - 21.5% | ||||||||
| 2U, Inc.* | 1,083,494 | 25,732,983 | ||||||
| Adobe, Inc.* | 28,274 | 9,998,817 | ||||||
| Alteryx, Inc., Class A* | 73,498 | 8,318,504 | ||||||
| Atlassian Corp. PLC, Class A* | 52,347 | 8,139,435 | ||||||
| Crowdstrike Holdings, Inc., Class A* | 93,205 | 6,306,250 | ||||||
| HubSpot, Inc.* | 60,781 | 10,249,500 | ||||||
| PagerDuty, Inc.* | 744,426 | 15,714,833 | ||||||
| salesforce.com, Inc.* | 38,409 | 6,220,338 | ||||||
| Splunk, Inc.* | 163,694 | 22,976,090 | ||||||
| Synopsys, Inc.* | 53,306 | 8,375,439 | ||||||
| Trade Desk, Inc. (The), Class A* | 35,685 | 10,440,717 | ||||||
| Workday, Inc., Class A* | 59,987 | 9,231,999 | ||||||
| Zscaler, Inc.* | 107,841 | 7,233,974 | ||||||
| Total Software | 148,938,879 | |||||||
| Technology Hardware, Storage & Peripherals - 3.9% | ||||||||
| Apple, Inc. | 44,507 | $ | 13,076,157 | |||||
| Pure Storage, Inc., Class A* | 952,528 | 13,716,403 | ||||||
| Total Technology Hardware, Storage & Peripherals | 26,792,560 | |||||||
| Total Common Stocks | ||||||||
| (Cost $599,812,586) | 673,983,498 | |||||||
| UNIT TRUST–2.5% | ||||||||
| Financials - 2.5% | ||||||||
| Grayscale Bitcoin Trust BTC* | ||||||||
| (Cost $15,591,161) | 1,736,204 | 17,136,334 | ||||||
| MONEY MARKET FUND–0.2% | ||||||||
| Morgan Stanley Institutional Liquidity Fund - Government Portfolio, 0.15% (b) | ||||||||
| (Cost $1,422,085) | 1,422,085 | 1,422,085 | ||||||
| Total Investments–100.0% | ||||||||
| (Cost $616,825,832) | 692,541,917 | |||||||
| Liabilities in Excess of Other Assets–(0.0)%(c) | (315,692) | |||||||
| Net Assets–100.0% | $ | 692,226,225 | ||||||
| * | Non-income producing security |
| (a) | American Depositary Receipt |
| (b) | Rate shown represents annualized 7-day yield as of April 30, 2020. |
| (c) | Less than 0.05% |
Schedule of Investments
ARK Next Generation Internet ETF
April 30, 2020 (Unaudited)
Fair Value Measurement
The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (i) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (ii) the Fund’s own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:
| · | Level 1 — Quoted prices in active markets for identical assets. |
| · | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| · | Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of April 30, 2020, based upon the three levels defined above:
| ARK Next Generation Internet ETF | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Common Stocks(d) | $ | 673,983,498 | $ | – | $ | – | $ | 673,983,498 | ||||||||
| Unit Trust(d) | 17,136,334 | – | – | 17,136,334 | ||||||||||||
| Money Market Fund | 1,422,085 | – | – | 1,422,085 | ||||||||||||
| Total | $ | 692,541,917 | $ | – | $ | – | $ | 692,541,917 | ||||||||
(d) Please refer to the Schedule of Investments to view securities segregated by industry type.