ARK Investment Management LLC Relationship
Summary | March 29, 2024
ARK Investment Management LLC ("ARK”) is registered with the U.S. Securities and Exchange Commission as an investment adviser.
Brokerage and investment advisory services and fees differ and it is important for you to understand these differences. Free and simple
tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides educational materials about
broker-dealers, investment advisers, and investing.
What investment services and advice can you provide me?
We offer discretionary investment advisory services to retail investors, including to separately managed accounts and to wrap fee
accounts whose programs are sponsored by third-parties. Our approach uses broad thematic investing in disruptive innovation andseeks to capture long-term growth independent of sectors, geographic boundaries, and market-caps, by identifying, through a freshtake on fundamental analysis, those companies with technologically-enabled products or services that ARK expects to disrupt andchange an industry landscape. ARK typically provides advisory services under the terms of an advisory agreement with you, and/or yourprogram sponsor. Separately, ARK also manages various registered and unregistered funds, and provides non-discretionary portfolios tothird-party programs.
Our separately managed accounts are managed in accordance with the thematic strategy, investment objectives, guidelines, policies,and restrictions established by you, and consistent with this mandate, ARK typically has the authority to select which and how many
assets to buy or sell, and you choose to direct brokerage to a particular firm or have ARK select the firm, including those that furnish
ARK with investment research and other brokerage services.
Certain wrap programs offer versions of our thematic strategies that we manage in accordance with an advisory agreement throughyour sponsor (single contract) or directly with ARK (dual contract), and typically the sponsor handles the trade execution. Wrap program
portfolios typically hold fewer securities than our comparable portfolios for separately managed accounts, and can have different
execution and trade rotation schedules, meaning the wrap portfolio performance and composition can differ from non-wrap portfolios
depending on the securities that can be purchased, economies of scale, regulations, and other factors. In certain circumstances, ARK
will agree to manage your account subject to certain reasonable restrictions imposed by you.
We regularly monitor each account for portfolio-level compliance (adherence to investment strategy and client guidelines) and, moregenerally, based on ARK’s review of economic and market conditions. For separately managed accounts, ARK or our third-party service
provider will review each account as agreed with you, and will review the account as needed such as when there are changes to youraccount, cash levels, and at your direction if contractually agreed to.
We also have requirements to open or maintain an account or establish a relationship, such as minimum account size and/or investment
amount, which vary by client, account type, and strategy.
For additional information, please see Form ADV Part 2A at Items 4 and 7.
Ask your financial professional:• Given my financial situation, should I choose an investment advisory service? Why or why not?

•••How will you choose investments to recommend to me?
What is your relevant experience, including your licenses, education and other qualifications?
What do these qualifications mean?

What fees will I pay?
For separately managed accounts, ARK will typically charge an asset-based fee quarterly, meaning a specified rate on the assets undermanagement in your account that varies based on the client type, account size, your restrictions, and total assets. The more assets inyour account, the more you will pay in fees, and ARK may therefore have an incentive to encourage you to increase the assets in youraccount.
For wrap fee accounts, typically the sponsor of the wrap fee program charges a single fee to its clients for all services provided under theprogram (brokerage, custody, and advisory) and pays its advisers, including ARK, a portion of that fee for the advisory services that ARKprovides. For this reason, wrap fee programs with asset-based fees will include most transaction costs and fees to a broker-dealer or bankthat has custody of these assets, and therefore are higher than a typical asset-based advisory fee. We negotiate the fee for ARK’s advisory
services to wrap programs with the program sponsor, which varies based on the asset class, market capitalization of the strategy, and typeof services. The amount of fees we receive typically increases with the amount of assets we manage in your wrap fee account.

ARK Investment Management LLC Relationship
Summary | March 29, 2024
With respect to other fees and costs related to investment advisory services and investments, you can pay additional fees. For separately
managed accounts, you can expect to pay brokerage commissions and any other costs associated with the products, trading, maintenance,and operations of your account. Separately managed account clients normally engage their own custodians and can engage other thirdparty service providers, and are responsible for those fees including custodial, administrative, securities lending agent, consultant,brokerage, and exchange fees. For wrap program accounts, additional information about the other fees that a wrap account could incur
are described in the sponsor’s brochure for the wrap program.
You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money
you make on your investments over time. Please make sure you understand what fees and costs you are paying.
For additional information, please see Form ADV Part 2A at Item 5.
Ask your financial professional:•Help me understand how these fees and costs might affect my investments. If I give you $10,000 to invest, how much will go to fees
and costs, and how much will be invested for me?

What are your legal obligations to me when acting as my investment adviser? How else does your firm make money and what
conflicts of interest do you have?
When we act as your investment adviser, we have to act in your best interest and not put our interest ahead of yours. At the same time,
the way we make money creates some conflicts with your interests. You should understand and ask us about these conflicts because
they affect the investment advice we provide you. Here are some examples to help you understand what this means:••

ARK makes payments to select firms in connection with the sale of interests in ARK products and services, as well as accountservicing that incentivize those firms to recommend ARK products and services. ARK benefits by being placed on platforms,recommended or preferred lists and through access to personnel. ARK also has solicitation agreements for certain clientsthat incentivize the solicitor to recommend ARK to receive payments.
ARK accepts soft dollar benefits from brokers, and ARK is incentivized to select brokers that provide research services because
ARK gains resources it does not produce or pay for. The research services might not benefit all accounts equally, and thesearrangements can result in certain clients bearing more costs.

For additional information, please see Form ADV Part 2A.
Ask your financial professional:•How might your conflicts of interest affect me, and how will you address them?

How do your financial professionals make money?
Our financial professionals receive a salary and own equity interests in ARK. Employees receive standard employee benefit sand may
also receive a bonus based on the quality of the advisory services and the overall financial performance of ARK.
Do your financial professionals have legal or disciplinary history?
No. Please visit Investor.gov/CRS for a free and simple search tool to research us and our financial professionals.
Ask your financial professional:•As a financial professional, do you have any disciplinary history? For what type of conduct?

Additional Information
For additional information about our advisory services, up-to-date information, or a copy of this relationship summary, please call 1727-810-8160 or visit us at ark-invest.com/.
Ask your financial professional:•

Who is my primary contact person? Is he or she a representative of an investment adviser or a broker-dealer? Who can I talk to if I
have concerns about how this person is treating me?