Schedule of Investments
ARK Fintech Innovation ETF
October 31, 2020 (Unaudited)
| Investments | Shares | Value | ||||||
| COMMON STOCKS–99.9% | ||||||||
| Banks - 2.7% | ||||||||
| HDFC Bank Ltd. (India)*(a) | 178,353 | $ | 10,244,596 | |||||
| Silvergate Capital Corp., Class A* | 274,943 | 6,147,726 | ||||||
| TCS Group Holding PLC, Class Reg S (Russia)(b) | 311,797 | 7,451,948 | ||||||
| Total Banks | 23,844,270 | |||||||
| Capital Markets - 8.1% | ||||||||
| Charles Schwab Corp. (The) | 264,196 | 10,861,098 | ||||||
| Interactive Brokers Group, Inc., Class A | 204,519 | 9,728,969 | ||||||
| Intercontinental Exchange, Inc. | 386,958 | 36,528,835 | ||||||
| MarketAxess Holdings, Inc. | 9,138 | 4,924,011 | ||||||
| SBI Holdings, Inc. (Japan) | 464,074 | 10,607,279 | ||||||
| Total Capital Markets | 72,650,192 | |||||||
| Consumer Finance - 5.0% | ||||||||
| LendingClub Corp.* | 1,879,598 | 8,777,723 | ||||||
| LendingTree, Inc.* | 109,632 | 35,475,819 | ||||||
| Total Consumer Finance | 44,253,542 | |||||||
| Entertainment - 3.5% | ||||||||
Sea Ltd. (Taiwan)*(a) | 198,137 | 31,246,205 | ||||||
| Insurance - 3.4% | ||||||||
| Discovery Ltd. (South Africa) | 1,259,773 | 8,283,015 | ||||||
| ZhongAn Online P&C Insurance Co. Ltd., Class H (China)*(c) | 4,278,045 | 22,238,660 | ||||||
| Total Insurance | 30,521,675 | |||||||
| Interactive Media & Services - 21.6% | ||||||||
| Facebook, Inc., Class A* | 80,546 | 21,192,458 | ||||||
| Pinterest, Inc., Class A* | 886,114 | 52,236,420 | ||||||
| Snap, Inc., Class A* | 643,988 | 25,366,688 | ||||||
| Tencent Holdings Ltd. (China)(a) | 495,653 | 37,838,150 | ||||||
| Z Holdings Corp. (Japan) | 3,906,812 | 27,057,924 | ||||||
| Zillow Group, Inc., Class C* | 330,442 | 29,283,770 | ||||||
| Total Interactive Media & Services | 192,975,410 | |||||||
| Internet & Direct Marketing Retail - 16.8% | ||||||||
| Alibaba Group Holding Ltd. (China)*(a) | 107,340 | 32,705,425 | ||||||
| Amazon.com, Inc.* | 7,913 | 24,025,055 | ||||||
| JD.com, Inc. (China)*(a) | 107,648 | 8,775,465 | ||||||
| Meituan, Class B (China)* | 791,215 | 29,413,500 | ||||||
| MercadoLibre, Inc. (Argentina)* | 36,339 | 44,117,363 | ||||||
| Pinduoduo, Inc. (China)*(a) | 128,221 | 11,537,326 | ||||||
| Total Internet & Direct Marketing Retail | 150,574,134 | |||||||
| IT Services - 20.4% | ||||||||
| Adyen NV (Netherlands)*(c) | 17,554 | 29,592,974 | ||||||
| PayPal Holdings, Inc.* | 149,500 | 27,826,435 | ||||||
| Shopify, Inc., Class A (Canada)* | 4,295 | 3,974,722 | ||||||
| Square, Inc., Class A* | 572,766 | 88,709,998 | ||||||
| Twilio, Inc., Class A* | 81,559 | 22,752,514 | ||||||
| Yeahka Ltd. (China)* | 1,770,800 | 9,410,765 | ||||||
| Total IT Services | 182,267,408 | |||||||
| Professional Services - 1.8% | ||||||||
| TransUnion | 103,979 | 8,282,967 | ||||||
| Verisk Analytics, Inc. | 42,066 | 7,486,486 | ||||||
| Total Professional Services | 15,769,453 | |||||||
| Real Estate - 0.4% | ||||||||
| Social Capital Hedosophia Holdings Corp. II, Class A* | 216,144 | 3,553,407 | ||||||
| Semiconductors & Semiconductor Equipment - 2.3% | ||||||||
| NVIDIA Corp. | 18,824 | 9,437,601 | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)(a) | 137,466 | 11,529,273 | ||||||
| Total Semiconductors & Semiconductor Equipment | 20,966,874 | |||||||
| Software - 11.3% | ||||||||
| DocuSign, Inc.* | 74,003 | 14,967,107 | ||||||
| Guidewire Software, Inc.* | 118,385 | 11,377,982 | ||||||
| Intuit, Inc. | 48,561 | 15,281,175 | ||||||
| Lightspeed POS, Inc. (Canada)* | 366,596 | 11,727,330 | ||||||
| salesforce.com, Inc.* | 14 | 3,252 | ||||||
| Slack Technologies, Inc., Class A* | 451,662 | 11,553,514 | ||||||
| Splunk, Inc.* | 93,235 | 18,464,259 | ||||||
| Workday, Inc., Class A* | 61,339 | 12,888,551 | ||||||
| Zscaler, Inc.* | 32,574 | 4,421,921 | ||||||
| Total Software | 100,685,091 | |||||||
| Technology Hardware, Storage & Peripherals - 2.6% | ||||||||
| Apple, Inc. | 211,037 | 22,973,488 | ||||||
| Total Common Stocks | ||||||||
| (Cost $766,992,321) | 892,281,149 | |||||||
| MONEY MARKET FUND–0.2% | ||||||||
| Morgan Stanley Institutional Liquidity Fund - Government Portfolio, 0.02% (d) | ||||||||
| (Cost $1,933,399) | 1,933,399 | 1,933,399 | ||||||
| Total Investments–100.1% | ||||||||
| (Cost $768,925,720) | 894,214,548 | |||||||
| Liabilities in Excess of Other Assets–(0.1)% | (588,244) | |||||||
| Net Assets–100.0% | $ | 893,626,304 | ||||||
| * | Non-income producing security |
| (a) | American Depositary Receipt |
| (b) | Global Depositary Receipt |
| (c) | 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. |
| (d) | Rate shown represents annualized 7-day yield as of October 31, 2020. |
Schedule of Investments (continued)
ARK Fintech Innovation ETF
October 31, 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 October 31, 2020, based upon the three levels defined above: | ||||
| ARK Fintech Innovation ETF | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Common Stocks‡ | $ | 892,281,149 | $ | – | $ | – | $ | 892,281,149 | ||||||||
| Money Market Fund | 1,933,399 | – | – | 1,933,399 | ||||||||||||
| Total | $ | 894,214,548 | $ | – | $ | – | $ | 894,214,548 | ||||||||
| ‡ | Please refer to the Schedule of Investments to view securities segregated by industry type. |