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.