Q4 2025 Update Webinar Summary

As we entered 2026, ARK Invest’s leadership team convened for the Q4 Fund Webinar to reflect on 2025 performance and share our outlook for the year ahead. With four of ARK’s ETFs ranked among Morningstar’s top five performers of 2025,¹ our conviction in the convergence of transformative technologies has never been stronger. The discussion covered macroeconomic expectations, fund-level strategy, company-specific insights, and key innovation themes. For further insights, please view the full webinar here.

Could You Explain How ARK Balances High-Conviction Positions With Position Sizing And Downside Risk Management Across Different Market Regimes?

Cathie Wood, Chief Executive Officer and Chief Investment Officer, explained that while ARK is known for its top-down research—exemplified by our Big Ideas reports—our portfolio construction also relies on a rigorous bottom-up scoring system. Key criteria include visionary management, competitive moats, execution, and product leadership. Valuation discipline is embedded through our assumption that premium multiples compress toward market averages over time. During downturns, we consolidate around high-conviction names. In bull markets, we diversify as initial public offering (IPO) activity picks up and mergers and acquisitions (M&A) reintroduces strategic price discovery.

How Does Your Team View The Authenticity Of Roblox’s Recent Legal Problems? How Serious Might This Be To Roblox’s Operation?

Nicholas Grous, Director of Research, Consumer Internet and Fintech, addressed recent litigation involving Roblox and concerns about user safety. While the platform’s scale attracts bad actors, Grous emphasized that Roblox has made substantial strides in safeguarding users. These include mandatory age verification, age-based chat restrictions, and advanced AI moderation systems. ARK has maintained open dialogue with management and believes the company takes these issues seriously and is proactively improving platform safety.

How Does Your Team Evaluate Your Investment In Roblox Before And After The Recent News And Legal Activity?

Grous clarified that safety has always been a monitored risk factor for Roblox. The firm continually evaluates new developments but remains confident in Roblox’s long-term positioning due to its proactive policy updates, ongoing improvements, and demographic shift toward older users. The team sees no reason to revise the thesis materially at this stage.

Can You Please Provide An Updated Thesis On ROKU, Especially Since It Is A Top 3 Name In ARKK?

Roku remains central to ARK’s digital streaming thesis. Grous highlighted that Roku is now the leading TV operating system in over 50% of US broadband households and continues to grow internationally. The company’s advertising and subscription monetization potential is enhanced by its owned and operated properties, such as The Roku Channel. Its position as the first touchpoint on smart TVs gives Roku significant influence over streaming traffic and ad placement, supporting its long-term growth outlook.

What Are Your Top AI Infrastructure Investments? What Makes Each One Special And How Do You Determine Their Relative Weights In The Portfolio?

Frank Downing, Director of Research, AI and Cloud, outlined ARK’s approach to AI infrastructure, which spans manufacturing, chip design, and cloud computing. Top holdings include:

• Tawain Semiconductor Manufacturing Company (TSMC) for cutting-edge semiconductor fabrication.
• Advanced Micro Devices (AMD), ARK’s top pick in chip design, due to its gains in data center and AI workloads.
• Broadcom, a leader in custom silicon design for hyperscalers, including Google and Meta.
• NVIDIA, a key player in GPU compute, albeit with a relatively smaller weighting due to higher expectations that already are priced in.
• CoreWeave, the leading independent AI cloud, and Amazon AWS, whose relationship with Anthropic is driving rapid revenue growth.

Downing noted that application-specific integrated circuits (ASICs) are likely to take share from GPUs over the next five years, which has led ARK to increase its position in Broadcom. Cathie emphasized that while Broadcom’s past was driven by M&A, the rising demand for custom chips could drive organic growth going forward.

What Are Your Thoughts On Tesla Full Self Driving (FSD) Becoming Available Only As A Monthly Subscription In February?

Tasha Keeney, Director of Investment Analysis & Institutional Strategies, explained that the shift to subscription aligns with Tesla’s longer-term strategy to transition toward a fleet-based robotaxi model. While the FSD subscription monetization is notable, it’s not explicitly modeled in ARK’s valuation. Instead, ARK sees far greater financial upside from Tesla’s eventual robotaxi network, where cash flow per vehicle could vastly outpace revenue from vehicle sales or software subscriptions.

Please Provide An ARKG 2026 Outlook.

Ovid Amadi, Director of Research, Multiomics and Portfolio Manager, and Shea Wihlborg, Research Analyst, Multiomics, offered a detailed outlook. While 2025 was dominated by diagnostics—Measurable Residual Disease (MRD), early cancer detection, Comprehensive Genomic Profiling (CGP)—2026 could be a breakout year for tools and multiomics data platforms. Driving forces include increased academic funding, AI-powered data generation, and expansion into new modalities, such as proteomics and single-cell sequencing. In therapeutics, ongoing progress in gene editing from companies like CRISPR Therapeutics, Intellia, and Beam Therapeutics is anticipated. Psychedelic therapy developers like Compass Pathways are also expected to reach pivotal milestones. Cathie highlighted Tempus AI as a prime example of sequencing and AI convergence, calling it a top holding across multiple ARK funds.

Four Of ARK’s ETFs Were In The Top 5 Best Performing Stock ETFs In 2025 According To Morningstar. Do You Think Outperformance Will Continue In 2026?

Cathie noted that 2025’s performance was rooted in fundamentals—not hype. The long bear market following COVID’s boom-bust cycle cleared out excesses and refocused investor attention on innovation-driven companies with real revenue and strategic value. While refraining from forecasting future outperformance, she reiterated ARK’s belief that we’ve entered “prime time” for convergence across AI, robotics, energy storage, multiomics, and blockchain. With that convergence accelerating, performance tailwinds could persist. For investors seeking innovation exposure with reduced volatility, Cathie highlighted ARK Diet Q1 Buffer ETF, the firm’s buffered ETF, as a new on-ramp into innovation strategies.

Conclusion

As we begin 2026, ARK remains committed to our research-first, high-conviction approach. With a focus on innovation platforms that we believe are on the cusp of exponential growth, we continue to seek opportunities that we believe can deliver long-term value for our shareholders. Thank you to our community for your continued engagement and trust.

Make sure to check out our In The Know video series for deeper insights about inflation, innovation, and macroeconomic developments.

Important Information

Investors should carefully consider the investment objectives and risks as well as charges and expenses of an ARK Fund before investing. This and other information are contained in the ARK Funds’ prospectuses and summary prospectuses, which may be obtained by clicking here. The prospectus and summary prospectus should be read carefully before investing. 

An investment in an ARK Fund is subject to risks and you can lose money on your investment in an ARK Fund. There can be no assurance that the ARK Funds will achieve their investment objectives. The ARK Funds’ portfolios are more volatile than broad market averages. The ARK Funds also have specific risks, which are described in their respective prospectuses. 

The ARK DIET Buffer ETFs have characteristics unlike traditional investment products and are not suitable for all investors.

The information provided in this material is for informational purposes only and should not be used as the basis for any investment decision and is subject to change without notice. It does not constitute, either explicitly or implicitly, any provision of services or products by ARK, and investors should determine for themselves whether a particular investment management service is suitable for their investment needs. All statements made regarding companies or securities are strictly beliefs and points of view held by ARK and are not endorsements by ARK of any company or security or recommendations by ARK to buy, sell or hold any security. Historical results are not indications of future results. 

Certain of the statements contained in this material may be statements of future expectations and other forward-looking statements that are based on ARK's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. ARK assumes no obligation to update any forward-looking information. ARK and its clients as well as its related persons may (but do not necessarily) have financial interests in securities or issuers that are discussed. Certain information was obtained from sources that ARK believes to be reliable; however, ARK does not guarantee the accuracy or completeness of any information obtained from any third party.

Digital assets, often referred to as cryptocurrencies, such as bitcoin and ether are relatively new investments, which have unique and substantial risks and which may be more volatile than other types of investments. ARK strongly encourages any investor considering an investment in any digital asset to consult with a financial professional before investing. All statements made regarding digital assets are strictly beliefs and points of view held by ARK and are not recommendations by ARK to buy, sell or hold any digital asset. Historical results are not indications of future results.

To view the top ten holdings for ARKK click here.

To view the top ten holdings for ARKQ click here.

To view the top ten holdings for ARKW click here.

To view the top ten holdings for ARKG click here.

To view the top ten holdings for ARKF click here.

To view the top ten holdings for ARKX click here.

To view the top ten holdings for ARKVX click here.

Holdings are subject to change

Foreside Fund Services, LLC, distributor.