ETF Research Center

ARKF is an actively managed Exchange Traded Fund (ETF) that seeks long-term growth of capital by investing in companies engaged in financial technology innovation.

FUND BASICS
Category	Global Equities
Fund Sponsor	ARK
Website	ark-funds.com
Inception date	Feb 04, 2019
Assets (mns)	$79
Currency	USD
Expense ratio	75 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	44
Wgt avg mkt cap (mns)	$185,433
Large cap (>$10bn)	78.0%
Mid cap ($2-10bn)	20.0%
Small cap (<$2bn)	2.0%
Developed mkts	81.1%
Emerging mkts	19.0%

TOP TEN HOLDINGS
Total	48.0 %
SQUARE, INC. CLASS A	9.8 %
APPLE INC	6.1 %
TENCENT HOLDINGS LTD-UNS ADR	4.9 %
ZILLOW GROUP, INC. CLASS C	4.8 %
LINE CORP.	4.6 %
ALIBABA GROUP HOLDING LTD. SPONSOR	4.0 %
LENDINGTREE, INC.	3.9 %
MERCADOLIBRE INC	3.7 %
MEITUAN DIANPING	3.2 %
SPLUNK INC	3.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	58.6 %
	CHINA	18.2 %
	JAPAN	8.6 %
	ARGENTINA	3.8 %
	NETHERLANDS	2.1 %
	INDIA	2.0 %
	TAIWAN	1.8 %
	CANADA	1.6 %
	GERMANY	1.5 %
	SOUTH AFRICA	0.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
12.7%	--	--	--	12.7%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$23.65
30d moving avg.	$23.04
Annualized volatility	0.0%
Short interest (ETF)	0.5%
Relative strength (RSI)	75

Liquidity measures
Avg. volume (thou.)	17
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$27,579

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the ARK Fintech Innovation ETF based on the alternatives' overlap in portfolio holdings with ARKF. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

ARKF

Expense:

75 bp

ALTAR Score™:

1.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH ARKF
Ticker	Fund Name	Overlap¹ vs ARKF (%)	Expense ratio (bp)	Savings vs ARKF (bp)	ALTAR Score™ (%)	ALTAR vs ARKF (%)
ARKW	ARK Web x.O	47.5	75	0	-0.8	-2.6
PLAT	WisdomTree Modern Tech Platforms	34.7	45	30	2.8	+1.0
GIGE	SoFi Gig Economy	33.4	59	16	0.4	-1.4
XNTK	SPDR NYSE Technology	26.0	35	40	5.7	+3.9
ARKK	ARK Innovation	24.5	75	0	-4.4	-6.2
OGIG	O'Shares Global Internet Giants	23.2	48	27	1.5	-0.3
BLCN	Reality Shares NASDAQ NextGen Economy	19.8	68	7	5.6	+3.7
AIQ	Global X Future Analytics Tech	19.3	68	7	4.6	+2.8
FINX	Global X FinTech Thematic	18.7	68	7	3.3	+1.4
BLOK	Amplify Transformational Data Sharing	18.1	70	5	5.5	+3.7
IETC	iShares Evolved U.S. Technology	17.9	18	57	4.9	+3.1
GFIN	Goldman Sachs Motif Finance Reimagined	17.6	50	25	4.9	+3.1
IGM	iShares S&P N. American Technology	17.3	46	29	4.6	+2.8
SKYY	First Trust Cloud Computing	17.0	60	15	2.4	+0.6
EBIZ	Global X E-commerce	16.4	68	7	2.8	+1.0
TTTN	TigerShares China-U.S. Internet Titans	16.4	59	16	3.9	+2.1
KOIN	Innovation Shares NextGen Protocol	16.0	95	-20	4.7	+2.9
TMFC	Motley Fool 100 Index	16.0	50	25	4.3	+2.5
ENTR	ERShares Entrepreneur 30	15.5	49	26	3.9	+2.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	ARK Fintech Innovation
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.0	%
Divided by: Fwd. P/BV	5.1	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	1.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.55

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.