ARK Next Generation Internet ETF(ARKW)
AI Look-Through Summary
AI GeneratedThe portfolio's sector allocation is heavily skewed towards technology, with over one-third of assets devoted to this space, followed closely by consumer cyclical and communication services sectors. This suggests that the fund is positioned for growth in areas driven by technological innovation and shifting consumer behaviors. The mid-cap focus also implies a bias towards smaller but rapidly growing companies.
The top holdings are dominated by high-growth names such as Tesla, AMD, and Shopify, which contributes to the portfolio's valuation posture. With a weighted P/E of 60.6x and P/B of 16.25x, the fund is positioned for growth at the expense of current income generation. The concentration risk is evident with only a few large positions making up a significant portion of the portfolio, particularly TSLA and AMD which together account for nearly 18% of assets. A favorable macro environment would likely be one characterized by continued technological advancements and strong consumer spending trends, while a downturn in these areas could pose challenges to the fund's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 20:12:39.068762+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 78/100The thematic alignment of the ARK Next Generation Internet ETF with its stated focus on internet infrastructure and digital transformation is generally strong, though specific holdings introduce some variance. The portfolio heavily features companies deeply embedded in cloud computing, cybersecurity, e-commerce platforms, and social media ecosystems, which directly supports a narrative centered on next-generation internet connectivity. However, the inclusion of significant positions in financial services firms like Credit Acceptance Corp and Robinhood, alongside Tesla's classification as a consumer cyclical leader rather than purely an internet entity, suggests a broader exposure to digital economy enablers beyond strict internet protocol or infrastructure definitions. While these companies utilize technology extensively, their primary business models diverge from pure-play internet service providers, indicating that the fund captures the wider financial and automotive impacts of digitization rather than maintaining a narrow gate on internet-specific operations.
Sector concentration reveals a portfolio heavily weighted toward Technology at 36.8%, which forms the core of the digital theme but also creates dependency on mega-cap performance given the high top-10 concentration of over 50%. The distribution across Communication Services and Consumer Cyclical sectors provides necessary breadth for an internet-themed fund, as these areas are intrinsically linked to data transmission and online commerce. Nevertheless, the substantial allocation to Financial Services, comprising nearly a quarter of the portfolio, dilutes the sector coherence typically expected from a strictly "Next Generation Internet" label, blending it more closely with a general disruptive technology theme. This structure differentiates the fund from broad market indices by targeting specific growth drivers within digital sectors, yet the reliance on large-cap stocks for stability means returns may correlate significantly with overall tech market movements rather than isolated thematic outperformance.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-23 08:52:14.398018+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of ARKW reveals a distinct emphasis on growth-oriented industries, with Technology serving as the dominant component at 36.7%. This heavy weighting aligns with an investment thesis targeting firms poised to benefit from digital transformation and emerging technological paradigms, while significant exposure in Communication Services (14.6%) and Consumer Cyclical sectors (15.3%), particularly through holdings like TSLA, further underscores a focus on high-velocity growth stocks rather than stable utilities or defensive assets. The inclusion of Financial Services at 14.6%, represented by fintech leaders such as CRCL and HOOD in the top five, indicates an additional tilt toward disruptive business models within traditional sectors, suggesting the fund seeks capital appreciation from companies redefining their respective industries through innovation rather than established market dominance.
However, this strategic positioning introduces notable concentration risk, evidenced by a top-10 holding concentration of 50.0%. Such a high degree of overlap means that portfolio performance will be disproportionately influenced by the fortunes of just ten specific entities, creating vulnerability to idiosyncratic events or sector-specific downturns affecting these particular names. The presence of two major positions in the top five—TSLA and AMD, each nearing 9% weightings—amplifies this risk profile, as any significant volatility within these single stocks could materially impact overall fund stability. Furthermore, while the Technology sector offers a broad base with thirteen holdings, the sheer reliance on a small number of high-beta names across multiple sectors suggests that the fund's returns will likely mirror market sentiment toward speculative growth more closely than broader market indices or value-oriented strategies would imply.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-22 00:33:03.091937+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share ARKW's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of ARKW's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| ARKKARK Innovation ETF | $7B | 0.75% | 23 | 73.5% |
| VONGVONG | $46B | — | 26 | 72.7% |
| ESGVESGV | $11B | — | 23 | 66.7% |
| VTIVanguard Total Stock Market Index Fund ETF Shares | $2.1T | 0.03% | 21 | 65.4% |
| ONEOONEO | $25M | — | 22 | 62.9% |
74% of ARKW's portfolio by weight is also held by ARKK, which commands 4× more assets under management. When ARKK receives inflows, it mechanically buys these shared stocks — dragging ARKW's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofARKW's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 73% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 89% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside ARKW collectively pay out 25% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 12% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryARKW is up 23.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +28.3%. Despite earnings growth, valuations have contracted by 5.0% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 80% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of ARKW's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of ARKW's analyzed weight, 29% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 71% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 62% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDARKW's top holding TSLA at 8.9% is above the 8% elevated-concentration threshold. The effective number of stocks is 27 vs. the actual count of 39.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
ARKW has a Passive Crowding Score of 25/100. On average, 7.6% of the market capitalization of ARKW's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 38 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | TSLA | TESLA INC Consumer Cyclical | 8.91% | 399.8x | 5/9 |
| 2 | AMD | ADVANCED MICRO DEVICES Technology | 8.85% | 172.6x | 7/9 |
| 3 | CRCL | CIRCLE INTERNET GROUP INC Financial Services | 4.74% | — | 3/9 |
| 4 | HOOD | ROBINHOOD MARKETS INC - A Financial Services | 4.57% | 45.8x | 4/9 |
| 5 | ROKU | ROKU INC Communication Services | 4.11% | 96.4x | 6/9 |
| 6 | SHOP | SHOPIFY INC - CLASS A Technology | 4.05% | 116.4x | 5/9 |
| 7 | AMZN | AMAZON.COM INC Consumer Cyclical | 4.02% | 31.7x | 6/9 |
| 8 | GOOG | ALPHABET INC-CL C Communication Services | 3.73% | 28.7x | 6/9 |
| 9 | CRWV | COREWEAVE INC-CL A Technology | 3.64% | — | 5/9 |
| 10 | COIN | COINBASE GLOBAL INC -CLASS A Financial Services | 3.63% | 69.5x | 4/9 |
| 11 | PLTR | PALANTIR TECHNOLOGIES INC-A Technology | 2.63% | 175.9x | 8/9 |
| 12 | XYZ | BLOCK INC Technology | 2.60% | 59.2x | 6/9 |
| 13 | RBLX | ROBLOX CORP -CLASS A Communication Services | 2.55% | — | 6/9 |
| 14 | CRWD | CROWDSTRIKE HOLDINGS INC - A Technology | 2.47% | — | 4/9 |
| 15 | DDOG | DATADOG INC - CLASS A Technology | 2.29% | 618.4x | 6/9 |
Historical Holdings Snapshots
Browse how ARKW’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 62.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSLA | 8.91% | 370,429 | $154.8M |
| 2 | AMD | 8.85% | 341,887 | $153.7M |
| 3 | CRCL | 4.74% | 717,190 | $82.4M |
| 4 | HOOD | 4.57% | 1,044,954 | $79.3M |
| 5 | ROKU | 4.11% | 570,091 | $71.3M |
| 6 | SHOP | 4.05% | 670,960 | $70.4M |
| 7 | AMZN | 4.02% | 259,764 | $69.7M |
| 8 | GOOG | 3.73% | 168,918 | $64.8M |
| 9 | CRWV | 3.64% | 587,258 | $63.2M |
| 10 | COIN | 3.63% | 326,042 | $63.1M |
| 11 | PLTR | 2.63% | 332,926 | $45.7M |
| 12 | XYZ | 2.60% | 658,641 | $45.2M |
| 13 | RBLX | 2.55% | 960,065 | $44.3M |
| 14 | CRWD | 2.47% | 66,118 | $42.9M |
| 15 | DDOG | 2.29% | 182,362 | $39.8M |
2026-05-23
15 holdings · 62.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSLA | 8.91% | 370,429 | $154.8M |
| 2 | AMD | 8.85% | 341,887 | $153.7M |
| 3 | CRCL | 4.74% | 717,190 | $82.4M |
| 4 | HOOD | 4.57% | 1,044,954 | $79.3M |
| 5 | ROKU | 4.11% | 570,091 | $71.3M |
| 6 | SHOP | 4.05% | 670,960 | $70.4M |
| 7 | AMZN | 4.02% | 259,764 | $69.7M |
| 8 | GOOG | 3.73% | 168,918 | $64.8M |
| 9 | CRWV | 3.64% | 587,258 | $63.2M |
| 10 | COIN | 3.63% | 326,042 | $63.1M |
| 11 | PLTR | 2.63% | 332,926 | $45.7M |
| 12 | XYZ | 2.60% | 658,641 | $45.2M |
| 13 | RBLX | 2.55% | 960,065 | $44.3M |
| 14 | CRWD | 2.47% | 66,118 | $42.9M |
| 15 | DDOG | 2.29% | 182,362 | $39.8M |
2026-05-22
15 holdings · 62.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSLA | 8.91% | 370,429 | $154.8M |
| 2 | AMD | 8.85% | 341,887 | $153.7M |
| 3 | CRCL | 4.74% | 717,190 | $82.4M |
| 4 | HOOD | 4.57% | 1,044,954 | $79.3M |
| 5 | ROKU | 4.11% | 570,091 | $71.3M |
| 6 | SHOP | 4.05% | 670,960 | $70.4M |
| 7 | AMZN | 4.02% | 259,764 | $69.7M |
| 8 | GOOG | 3.73% | 168,918 | $64.8M |
| 9 | CRWV | 3.64% | 587,258 | $63.2M |
| 10 | COIN | 3.63% | 326,042 | $63.1M |
| 11 | PLTR | 2.63% | 332,926 | $45.7M |
| 12 | XYZ | 2.60% | 658,641 | $45.2M |
| 13 | RBLX | 2.55% | 960,065 | $44.3M |
| 14 | CRWD | 2.47% | 66,118 | $42.9M |
| 15 | DDOG | 2.29% | 182,362 | $39.8M |
2026-05-21
15 holdings · 62.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSLA | 8.94% | 370,429 | $154.6M |
| 2 | AMD | 8.85% | 341,887 | $153.0M |
| 3 | CRCL | 4.63% | 717,190 | $80.1M |
| 4 | HOOD | 4.58% | 1,044,954 | $79.2M |
| 5 | ROKU | 4.09% | 570,091 | $70.8M |
| 6 | SHOP | 4.07% | 670,960 | $70.5M |
| 7 | AMZN | 3.98% | 259,764 | $68.8M |
| 8 | GOOG | 3.76% | 168,918 | $65.0M |
| 9 | COIN | 3.61% | 326,042 | $62.4M |
| 10 | CRWV | 3.44% | 587,258 | $59.5M |
| 11 | XYZ | 2.70% | 658,641 | $46.7M |
| 12 | PLTR | 2.64% | 332,926 | $45.7M |
| 13 | RBLX | 2.54% | 960,065 | $44.0M |
| 14 | CRWD | 2.49% | 66,118 | $43.0M |
| 15 | DDOG | 2.24% | 182,362 | $38.7M |
2026-05-20
15 holdings · 62.2% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSLA | 8.84% | 370,429 | $149.7M |
| 2 | AMD | 8.36% | 341,887 | $141.6M |
| 3 | CRCL | 4.70% | 717,190 | $79.6M |
| 4 | HOOD | 4.58% | 1,044,954 | $77.5M |
| 5 | ROKU | 4.09% | 574,309 | $69.3M |
| 6 | SHOP | 4.00% | 670,960 | $67.8M |
| 7 | AMZN | 3.98% | 259,764 | $67.4M |
| 8 | GOOG | 3.84% | 168,918 | $65.0M |
| 9 | COIN | 3.72% | 326,042 | $63.1M |
| 10 | CRWV | 3.46% | 587,258 | $58.6M |
| 11 | XYZ | 2.69% | 658,641 | $45.6M |
| 12 | PLTR | 2.66% | 332,926 | $45.0M |
| 13 | RBLX | 2.52% | 960,065 | $42.7M |
| 14 | CRWD | 2.41% | 66,118 | $40.8M |
| 15 | DDOG | 2.32% | 182,362 | $39.2M |
2026-05-19
15 holdings · 62.5% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | TSLA | 8.87% | 370,429 | $151.9M |
| 2 | AMD | 8.41% | 341,887 | $143.9M |
| 3 | HOOD | 4.71% | 1,044,954 | $80.6M |
| 4 | CRCL | 4.67% | 717,190 | $79.9M |
| 5 | ROKU | 4.17% | 575,289 | $71.4M |
| 6 | AMZN | 4.02% | 259,764 | $68.8M |
| 7 | SHOP | 4.01% | 670,960 | $68.7M |
| 8 | GOOG | 3.88% | 168,918 | $66.4M |
| 9 | COIN | 3.61% | 326,042 | $61.8M |
| 10 | CRWV | 3.56% | 587,258 | $60.9M |
| 11 | XYZ | 2.72% | 658,641 | $46.5M |
| 12 | RBLX | 2.63% | 960,065 | $45.1M |
| 13 | PLTR | 2.63% | 332,926 | $45.0M |
| 14 | CRWD | 2.39% | 66,118 | $40.9M |
| 15 | AVGO | 2.26% | 91,839 | $38.6M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove ARKW Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price of $143.11 for ARKW presents a specific context when analyzed alongside mid-cap growth sector dynamics, though the provided dataset lacks the granular technical metrics such as Simple Moving Average crossovers or volume trends necessary to definitively gauge institutional positioning. Without data on whether larger market participants are accumulating shares through rising volume above key moving averages or distributing via declining price momentum relative to longer-term trends, any assertion regarding specific institutional behavior remains speculative rather than factual. The absence of these critical indicators prevents a clear synthesis of how sophisticated players might be structuring their exposure at this level. Institutional activity is often inferred from the confluence of price action crossing significant moving averages and accompanying shifts in trading volume, neither of which are present here to offer concrete evidence of entry or exit strategies by large entities. While the stock resides within the mid-cap growth sector, a determination regarding whether major funds view this as an accumulation zone or a distribution phase cannot be made without observing how current prices interact with historical support and resistance levels defined by moving averages. The existing information isolates a single price point but fails to provide the temporal depth required to interpret potential shifts in professional investor sentiment or capital allocation patterns at this specific moment. Consequently, while the listed price offers a snapshot of market valuation, it does not independently reveal the strategic posture of institutional investors without supplementary data on trend alignment and liquidity flows. Readers must evaluate how $143.11 compares to broader sector benchmarks and
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How ARKW’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
AUM & Capital Flow Tracker
Estimated assets under management derived from SEC filings and daily price movements — tracks how the fund's value evolves over time.
Estimated AUM derived from the latest SEC N-PORT filing TNA ($2.51B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.