Cathie Wood has her favorites. Among the eight exchange-traded funds operated by Ark Invest, the asset management company CEO's original Ark Innovation ETF (ARKK 1.05%) stands out as her crown jewel fund.

Within this top ETF, Wood clearly has several stocks that are her favorites as well. Nearly 40% of Wood's flagship portfolio is invested in five particular growth stocks. Here's a look at each.

1. Tesla

It should come as no surprise that Tesla (TSLA -1.11%) ranks as the top stock in Wood's Ark Innovation ETF portfolio. The electric vehicle (EV) maker makes up 10.31% of the ETF's total holdings. Wood has been a longtime cheerleader for Tesla.

Sure, she has trimmed ARKK's position in Tesla a little in recent weeks. However, that probably only reflects minor rebalancing as the EV stock has already soared 115% this year. Tesla almost certainly remains near and dear to Wood's heart.

2. Roku

Roku (ROKU -10.29%) comes in a close second after Tesla. The streaming stock comprises 8.94% of ARKK's total holdings. 

Wood bought shares of Roku for the ETF in April 2023 but hasn't traded the stock since. With Roku now up more than 130% year to date, could we see ARKK sell a few shares in the coming months? Maybe, but Wood really likes the stock.

3. Coinbase Global

Not long ago, Coinbase Global (COIN 5.68%) ranked as the No. 2 position for ARKK. Now, however, the cryptocurrency exchange platform stock holds the No. 3 spot and makes up 7.9% of the ETF's total portfolio.

Coinbase has been a huge winner for Wood this year, skyrocketing more than 170%. The Ark Invest CEO seems to have decided to take some profits off the table with several of her ETFs, including ARKK, after that impressive run. 

4. Zoom Video Communications

Last year, Ark Invest set a price target for Zoom Video Communications (ZM 1.57%) of $1,500 by 2026. That target is more than 20 times greater than the current share price. It's no wonder that Zoom is ARKK's fourth-largest holding, with a weight of 6.8%.

However, Zoom hasn't been one of Wood's best performers. The stock has risen by only a single-digit percentage so far in 2023. It remains close to 87% below the pandemic high set in late 2020.

5. Block

Block (SQ 2.32%) claims the No. 5 spot in ARKK's portfolio. The fintech stock makes up 6.24% of the ETF's total holdings. Wood added to ARKK's stake in Block as recently as June 2023.  

Like several of the top stocks owned by ARKK, Block is also a major holding for several other Ark Invest ETFs. It's the third-largest position for Ark Fintech Innovation ETF and for Ark Next Generation Internet ETF.  

Don't try this at home

Should investors like these stocks that are clearly among Wood's favorites? Many aggressive, growth-oriented investors might want to check them out.

Tesla should have significant growth opportunities with the increased adoption of electric vehicles. Roku commands a strong market share among streaming platforms, with cord-cutting continuing to gain steam. 

Coinbase survived the huge crypto shakeout and could be positioned for success. Zoom still has big opportunities as companies adopt hybrid and fully remote working models. Block is a leader in two attractive fintech markets: merchant and peer-to-peer payments.

All of these stocks have some knocks against them, though. In several cases, valuations already reflect investors' expectations of tremendous growth.

Even if you research these stocks and decide to buy them, it's wise not to follow fully in Wood's footsteps. Putting nearly 40% of your portfolio in just five stocks increases your risk significantly. You can have the same favorites as Wood without taking on as much risk as she has.