What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

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.

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 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%

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

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.

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 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%

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

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.

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 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%

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

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.

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 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%