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Quarterly Report Q2 ∙ 2021 QUARTERLY REPORT ARK Exchange Traded Funds (ETFs) Active ETFs Index ETFs Update as of June 30, 2021 ARKQ PRNT ARKW IZRL ARKG ARKK ARKF ARKX ARK Invest 3 E 28th Street, 7th Floor, New York, NY 10016 [email protected] ark-funds.com ARK INNOVATION ETFs – Second Quarter 2021 Quarterly Commentary Catherine D. Wood, ARK Chief Investment Officer During the second quarter, broad-based global equity increase productivity. Instead of investing to capitalize indexes – as measured by the S&P 500 and MSCI World on the exponential opportunities associated with the 14 – continued to appreciate as many economies began to technologies evolving today, however, many companies reopen in response to successful vaccination rollouts. have catered to short-term oriented shareholders who On Capitol Hill, the Biden Administration continued have demanded results “now”, leveraging their balance negotiations on what could become a bipartisan sheets to buy back stock, bolster earnings, and increase infrastructure bill and another source of economic dividends. As a result, facing the disintermediation and stimulus. Meanwhile, in ARK’s view, the odds of significant disruption associated with aging products and services, capital gains and income tax increases in the US have they could be forced to cut prices to clear inventories declined thanks to an agreement signed by the vast and service bloated debts, resulting in deflation with a majority of 130 countries that, if ratified in October, deleterious impact on economic activity. would impose a 15% minimum tax rate on large global corporations. Now that midterm election campaigns If ARK is correct that the risk to the outlook is deflation, are in early stages, narrow majorities in both Houses of not inflation, then nominal GDP growth is likely to be Congress also could lower the probability of onerous much lower than expected, suggesting that scarce double- tax measures that appear to be unpopular. The US yield digit growth opportunities will be rewarded accordingly. curve flattened slightly as the 10-year Treasury bond Growth stocks in general and innovation-driven stocks in yield fell to 1.47%, well below the 1.74% peak posted at particular could be the prime beneficiaries. the end of March. In other words, the bond market does not seem to be corroborating the fears of inflation that During the second half of the quarter, value gave way to have dominated headlines recently. growth in performance. Through mid-May, as commodity prices soared, the rotation from growth/innovation toward In ARK’s view, inflation will prove temporary thanks value/cyclical strategies gained momentum. ARK believes both to the base effects caused by price collapses that this rotation has broadened and strengthened the bull during the coronavirus crisis last year and to supply market, preventing another tech and telecom bubble and chain bottlenecks that could be causing double- and likely setting the stage for another leg up in innovation- triple-ordering of supplies which, in turn, could lead based strategies. In late May and June, after the reset in to a significant inventory overhang and a commodity growth valuations and the drop in commodity prices like price collapse. With the exception of oil, cracks in the lumber and copper, investors began to return to growth/ commodity markets already are apparent. From their innovation at the expense of value/cyclical strategies. In peaks in the second quarter, lumber prices have dropped ARK’s view, the coronavirus crisis transformed the world more than 57% from $1,686 to $716 per thousand board significantly and permanently, suggesting that many feet while copper prices have dropped roughly 13% from innovation-driven stocks could be productive holdings $4.78 per pound to $4.16. Oil prices probably will not be during the next five to ten years. far behind despite shareholder demands for cutbacks in energy-related capital spending. If drivers in the Among the largest beneficiaries of the rotation toward ride-sharing space migrate to electric vehicles and take cyclicals during the past six to nine months have been advantage of the lower total cost of ownership relative to two sectors that ARK believes will be disrupted the most gas-powered vehicles, any decline in oil prices could be by innovation during the next five years: Energy and exacerbated. Financial Services. In ARK’s view, autonomous electric vehicles and digital wallets, including cryptocurrencies In ARK’s view, exacerbating the cyclical deflation will be and decentralized financial services (DeFi) associated two secular sources of deflation, one good for economic more broadly with blockchain technologies, will disrupt activity and another deleterious. Innovation is the source and disintermediate both Energy and Financial Services of good deflation, as learning curves cut costs and significantly during the next five years. ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 2 ARK INNOVATION ETFs – Second Quarter 2021 ARK’s five actively managed thematically focused ETFs and Among the top contributors were Roku (ROKU) and Trade two self-indexed ETFs appreciated but underperformed Desk (TTD). ROKU rallied in response to strong revenues relative to the S&P 500 and MSCI World Indexes during the and earnings, notably platform ad revenue and gross second quarter. That said, the ARK Innovation ETF (ARKK), profits. Roku has increased its commitment to original a concentrated portfolio of high conviction names with content and has sustained user gains generated during the exposure to all of the ARK’s disruptive innovation themes, coronavirus crisis. In a volatile quarter, TTD appreciated outperformed the broad-based global indexes. after Alphabet announced a delay in its plan to block third-party cookies from Google Chrome. Trade Desk is The ARK Autonomous Technology and Robotics ETF an ad-tech company that facilitates audience targeting (ARKQ) underperformed the broad-based market across media formats. indexes during the quarter. Among the top detractors were Workhorse Group (WKHS) and Virgin Galactic Holdings The ARK Genomic Revolution ETF (ARKG) underperformed (SPCE). WKHS suffered as Capitol Hill failed to clarify its the broad-based market indexes during the quarter. position on the conversion of the US Postal Services’ fleet Among the top detractors were Teladoc Health (TDOC) to electric vehicles. SPCE depreciated not only in response and Iovance Biotherapeutics (IOVA). TDOC depreciated to intensified competition from Blue Origin and SpaceX as several companies including Amazon announced but also to lower than expected earnings and revenue competitive incursions into the digital health space. ARK as well as flight schedule delays and Founder Richard believes Teladoc can process and analyze data unlike any Branson’s decision to sell shares. ARK exited both WKHS competitors, explaining why it has become a leader in and SPCE, capitalizing on the market’s downside volatility telehealth and a single touchpoint for an extensive set of by rotating into higher conviction names. services. Historically in the US, healthcare data has been highly fragmented, an impediment that Teladoc appears Among the top contributors were 3D Systems (DDD) and to be overcoming. Thanks to its recent acquisition of Alphabet (GOOG). DDD appreciated in response to better Livongo, Teledoc has strengthened its data and analytical than expected revenues and earnings in the first quarter. capabilities. IOVA declined after the company disclosed In addition, 3D Systems announced a partnership with a six-month delay in its Biologics License Application CollPlant Biotechnologies to 3D bioprint regenerative (BLA), a commercialization application submitted to the soft tissue for breast reconstructions. GOOG appreciated U.S. Food and Drug Administration (FDA), in response in response to e-commerce tailwinds and a significant to feedback on its potency assays. Additionally, Iovance rebound in ad revenue. Alphabet also announced several disclosed that Maria Fardis, CEO for the last five years, product and service initiatives, including a Pixel 5A 5G would be leaving to pursue other opportunities. Frederick phone and the expansion of Google Workspace, as well as Vogt, General Counsel, has stepped in as interim CEO. several contracts for GCP, its cloud platform. ARK believes that tumor infiltrating lymphocytes (TILs) are the most compelling therapies for solid tumors and that The ARK Next Generation Internet ETF (ARKW) Iovance has the most robust TIL data set. underperformed the broad-based market indexes during the quarter. Among the top detractors were Grayscale Among the top contributors were Intellia Therapeutics Bitcoin Trust (GBTC) and Coinbase Global (COIN). (NTLA) and CareDx (CDNA). Intellia Therapeutics made GBTC responded to a 45%+ drop in the price of bitcoin, history by presenting the first data of a CRISPR Cas9 in precipitated in part, we believe, by Elon Musk’s second vivo gene editing therapy in patients with Hereditary thoughts about the heavy use of energy in bitcoin mining. Transthyretin Amyloidosis (hATTR). Until now, patients ARK believes that bitcoin mining, when incorporated into with hATTR faced limited treatment options. Intellia’s solar+battery utility ecosystems, could accelerate the data highlighted that editing the TTR gene could result proliferation of renewables faster than otherwise would in a one-time treatment, eliminating the need for chronic be the case. COIN also suffered from the
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