ARK Innovation ETF (ARKK): The Rise, Fall, and What the Filings Reveal
From $2.9B to $23.4B and back — fund flows, holdings, sector shifts, and the QQQ overlap analysis, all from SEC filings.
Disclaimer: This analysis is AI-generated from SEC filing data via the StockFit API. It is not financial advice. All figures reflect data as filed with the SEC and may not include the most recent quarterly results. Do your own research before making investment decisions.
Data sourced from EDGAR XBRL filings. Generated on April 16, 2026.
ARK Innovation ETF is an actively managed, non-diversified fund that invests in companies ARK believes are leaders or beneficiaries of disruptive innovation — spanning AI, genomics, fintech, autonomous mobility, and cloud computing. It's a high-conviction, concentrated portfolio that became the poster child of the 2020–2021 growth stock mania, and the cautionary tale of what followed.
The Rise and Fall: $2.9B to $23.4B and Back
ARKK's asset trajectory tells one of the most dramatic stories in ETF history. The fund's quarterly net assets, straight from SEC N-PORT filings:
| Quarter End | Net Assets | Holdings | Best Month | Worst Month |
|---|---|---|---|---|
| Apr 2020 | $2.9B | 33 | +25.0% | -16.3% |
| Jan 2021 | $22.6B | 53 | +23.7% | +10.4% |
| Apr 2021 | $23.1B | 59 | +1.0% | -8.3% |
| Jul 2021 | $22.5B | 47 | +16.8% | -8.3% |
| Jan 2022 | $13.0B | 44 | -9.8% | -20.4% |
| Jul 2022 | $9.3B | 35 | +12.9% | -9.4% |
| Jan 2023 | $7.7B | 29 | +27.9% | -16.7% |
| Jul 2023 | $9.3B | 31 | +14.3% | +9.0% |
| Jan 2024 | $7.5B | 35 | +31.6% | -13.3% |
| Jul 2024 | $6.0B | 34 | +3.6% | -2.4% |
| Jan 2025 | $6.8B | 34 | +26.4% | -2.1% |
| Jul 2025 | $8.0B | 42 | +24.8% | +7.0% |
| Jan 2026 | $6.7B | 47 | -2.8% | -10.5% |
The Numbers
Performance: The Long View
The one-year number looks great. The five-year number tells the real story: investors who bought at or near the peak are still underwater. The 10-year annualized return of 14.5% is respectable, but it masks enormous volatility — months of +25% followed by months of -20%.
Fund Flows: Follow the Money
The flow data reveals when money poured in and when it fled. Quarterly net flows (sales minus redemptions):
| Quarter | Inflows | Outflows | Net Flow |
|---|---|---|---|
| Q1 2021 (Jan) | $7.7B | $331M | +$7.4B |
| Q2 2021 (Apr) | $8.5B | $4.5B | +$4.0B |
| Q3 2021 (Jul) | $4.9B | $5.3B | -$0.4B |
| Q4 2021 (Oct) | $3.3B | $4.7B | -$1.4B |
| Q1 2022 (Jan) | $4.8B | $5.4B | -$0.5B |
| Q2 2022 (Apr) | $5.9B | $5.1B | +$0.8B |
| Q1 2025 (Jan) | $2.5B | $3.1B | -$0.6B |
| Q4 2025 (Oct) | $14.2B | $15.3B | -$1.1B |
| Q1 2026 (Jan) | $4.0B | $3.8B | +$0.1B |
The pattern is clear: $7.4B flooded in during Q1 2021 alone — right near the peak. Since mid-2021, most quarters have shown net redemptions. Investors bought the hype and sold the drawdown. The most recent quarter (Jan 2026) is roughly flat.
Current Holdings: 47 Positions, High Conviction
Top 10 holdings represent 50.2% of the fund. As of January 30, 2026:
| Holding | Ticker | Weight | Value |
|---|---|---|---|
| Tesla | TSLA | 10.9% | $726M |
| CRISPR Therapeutics | CRSP | 5.5% | $366M |
| Roku | ROKU | 5.0% | $334M |
| Tempus AI | TEM | 4.9% | $325M |
| Coinbase Global | COIN | 4.6% | $309M |
| Shopify | SHOP | 4.2% | $283M |
| Robinhood Markets | HOOD | 4.0% | $267M |
| AMD | AMD | 4.0% | $265M |
| Teradyne | TER | 3.6% | $238M |
| Beam Therapeutics | BEAM | 3.5% | $236M |
Tesla remains the largest position at nearly 11% — a defining bet for the fund. The portfolio spans genomics (CRISPR, Beam, Intellia), crypto/fintech (Coinbase, Robinhood, Block), streaming (Roku), and AI/semis (AMD, NVIDIA, Palantir).
Recent Portfolio Changes
Comparing the two most recent N-PORT filings (Oct 2025 vs Jan 2026):
Added
- Alphabet (GOOGL)0.5%
- Broadcom (AVGO)0.9%
- CoreWeave (CRWV)1.5%
Removed
- Pinterest (PINS)was 1.0%
- Exact Sciences (EXAS)was 1.3%
- GitLab (GTLB)was 1.1%
- Iridium Comm. (IRDM)was 0.4%
The additions signal a pivot toward AI infrastructure (CoreWeave, Broadcom, Alphabet) — a shift from pure software/biotech innovation toward the hardware layer powering AI.
Sector Evolution: How the Portfolio Shifted
ARKK's sector mix has evolved significantly. Using SIC-based classification from the fund's N-PORT holdings:
| Quarter | Manufacturing | Services | Finance | Telecom |
|---|---|---|---|---|
| Apr 2020 | 44.8% | 29.3% | 4.2% | 7.3% |
| Jan 2021 | 33.2% | 38.9% | 3.2% | 10.2% |
| Jan 2022 | 27.4% | 48.2% | 6.9% | 7.7% |
| Jan 2023 | 25.4% | 56.5% | 7.2% | 6.9% |
| Jan 2024 | 23.6% | 51.7% | 11.8% | 7.8% |
| Jan 2025 | 30.4% | 39.4% | 14.8% | 9.1% |
| Jan 2026 | 42.4% | 29.6% | 14.0% | 5.0% |
The story arc: Services (software, platforms) peaked at 56.5% in early 2023 and has since fallen to 29.6%. Manufacturing (semis, Tesla, biotech hardware) has surged back to 42.4%. Finance (crypto/fintech) quietly grew from 3% to 14%. This reflects ARK's rotation toward AI hardware and digital assets.
Current Industry Group Breakdown
Geographic Exposure
Overwhelmingly US-listed, but the international exposure is notable: CRISPR Therapeutics (Switzerland), Shopify (Canada), TSMC (Taiwan), Baidu and Alibaba (China/HK). US exposure has ranged from 76% (Jan 2021, when Chinese stocks were heavier) to 94% (late 2023).
ARKK vs QQQ: How Different Is It Really?
The fund overlap analysis comparing ARKK to QQQ (Invesco Nasdaq-100) reveals just how differentiated the portfolio is:
| Shared Holding | ARKK Weight | QQQ Weight |
|---|---|---|
| Tesla (TSLA) | 10.9% | 4.0% |
| Shopify (SHOP) | 4.2% | 1.1% |
| AMD | 4.0% | 1.9% |
| Palantir (PLTR) | 3.2% | 2.2% |
| Amazon (AMZN) | 1.9% | 4.9% |
| NVIDIA (NVDA) | 1.6% | 9.0% |
| Meta (META) | 1.2% | 3.9% |
| Airbnb (ABNB) | 1.1% | 0.3% |
| Broadcom (AVGO) | 0.9% | 3.3% |
| Alphabet (GOOGL) | 0.5% | 7.0% |
Only 29.5% of ARKK's weight overlaps with QQQ. Where they share names, the sizing is inverted: ARKK overweights Tesla, Shopify, and AMD while massively underweighting the mega-caps (NVIDIA at 1.6% vs QQQ's 9.0%, Alphabet at 0.5% vs 7.0%). ARKK's 37 unique holdings — CRISPR, Roku, Coinbase, Robinhood, Beam Therapeutics — are what you're actually paying for.
Fund Structure & Health
Operational Health (from N-CEN filings)
Costs & Fees
| Metric | Value |
|---|---|
| Management Fee | 0.75% |
| 12b-1 Fee | 0% |
| Other Expenses | 0% |
| Total Expense Ratio | 0.75% |
| Fee Waiver | None |
| Sales Load | None |
| Redemption Fee | None |
At 0.75%, ARKK is expensive relative to index ETFs (QQQ charges ~0.20%) but typical for an actively managed thematic fund. The fee has been unchanged since inception. No fee waivers, no expense limitations — ARK charges the full rate.
AUM & Fee Revenue Trajectory
| Year | Avg Monthly Net Assets | Aggregate Commission |
|---|---|---|
| 2018 | $529M | $634,740 |
| 2019 | $1.4B | $1M |
| 2020 | $2.6B | $2M |
| 2021 | $17.3B | $5M |
| 2022 | $14.9B | $2M |
| 2023 | $7.6B | $1M |
| 2024 | $7.4B | $3M |
| 2025 | $1.8B | $1M |
Note: Average monthly net assets peaked at $17.3B in 2021. At 0.75%, that generated ~$130M in management fees for ARK in a single year.
Service Providers
21 authorized participants including Goldman Sachs, J.P. Morgan, Citadel Securities, Jane Street, and Virtu Americas provide ETF creation/redemption liquidity.
Risk Profile & Failure Modes
Growth style underperformance
ARKK is highly sensitive to interest rates and discount rates. In rising-rate regimes, long-duration growth stocks get hammered — as seen in 2022.
Concentration risk
Top 10 = 50% of the fund. A single position (Tesla at 11%) can drive outsized gains or losses. This is by design, but it amplifies volatility.
Innovation thesis risk
ARK bets on disruption timelines. If adoption is slower than expected (autonomous driving, gene editing commercialization), holdings can stagnate for years.
Liquidity/flow dynamics
In stressed markets, redemptions can force selling of less-liquid small/mid-cap names, amplifying drawdowns beyond what the underlying holdings warrant.
Behavioral risk (buy high, sell low)
The flow data proves it: $7.4B flooded in at the peak and has been draining ever since. ARKK's volatility attracts performance chasers.
Peer Landscape
| Peer | Relationship | Key Difference |
|---|---|---|
| QQQ (Nasdaq-100) | Risk alternative | Index-based, much broader, only 10 shared holdings |
| VGT (Vanguard IT) | Risk alternative | Sector-constrained index fund, low cost |
| ARKW (ARK Next Gen) | Same-family peer | Narrower internet/software focus, same manager |
| ARKG (ARK Genomics) | Same-family peer | Genomics-only sleeve, same research process |
| SPY (S&P 500) | Benchmark reference | Broad market beta for evaluating active performance |
The Bottom Line
ARKK is a fascinating case study in active management, market psychology, and thematic investing. The SEC filing data tells the full story: $23.4B at peak, $6.7B today, with 37 unique holdings that barely overlap with the Nasdaq-100.
The fund flow data is the most revealing: billions poured in during the 2020–2021 euphoria and have been slowly draining out since. The 5-year annualized return of -0.8% means the average investor who bought during the hype cycle has lost money, even though the fund's 10-year return is a respectable 14.5%.
What you're buying with ARKK is a concentrated, high-conviction bet on Cathie Wood's innovation thesis — heavy on Tesla, genomics, crypto infrastructure, and now pivoting toward AI hardware. It's not a core holding. It's a satellite allocation for investors who want active thematic exposure and can stomach the volatility.
0.75% expense ratio. 47 holdings. Top 10 = 50%. You're paying for conviction, not diversification.
Data sourced from StockFit API
This analysis was built entirely from 13 StockFit API fund endpoints: fund profile, holdings, performance, fees, flows, composition, fund health, fee analysis, structure, exposure model, service providers, portfolio changes, and fund overlap (vs QQQ). All data sourced from SEC N-PORT, N-CSR, N-CEN, and N-1A filings.
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