Published 2026-09-03 · Theo Ledger
An ETF that is fully invested cannot add a $695 million position without funding it. Here is the bill, line by line — including a complete exit from a stock ARK had held for years.
ARK's ETFs hold almost no cash. When a new position appears, something else shrinks. Over the last 90 days ARK built a SpaceX stake now worth $694.7 million across four funds, and added meaningfully to Bitcoin exposure, Nvidia, Tempus AI and its genomics tooling names. All of that had to come from somewhere.
Comparing ARK's holdings file from 90 days ago against the latest one shows exactly where.
The headline is the exit. Roku had been an ARK holding for years and a recognisable name in the flagship fund. ARK's last disclosure showing any Roku position was 5 August 2026 . It is not a trim, not a reweighting — the position is closed.
In this post
- The arithmetic of a fully invested fund
- The biggest reductions
- Roku is gone
- The Rocket Lab trade is the interesting one
- Semiconductors funded a lot of this
- Where the money went
- The shape of the rotation
- Following this yourself