Part 2A of FORM ADV
Firm Brochure
ARK Investment Management LLC

200 Central Ave | Suite 220
St. Petersburg, FL 33701
1-727-810-8160
www.ark-invest.com

March 29, 2024

This Brochure provides information about the qualifications and business practices of ARK Investment
Management LLC (“ARK”). If you have any questions about the contents of this Brochure, please contact us at 1727-810-8160 or through www.ark-invest.com/contact. The information in this Brochure has not been approvedor verified by the United States Securities and Exchange Commission (“SEC”) or by any state securities authority.
ARK is a registered investment adviser with the SEC. Registration of an investment adviser does not imply acertain level of skill or training.
Additional information about ARK is also available on the SEC’s website at www.adviserinfo.sec.gov.

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ITEM 2 MATERIAL CHANGESThe following section only discusses material changes that occurred between March 31, 2023 and March 29,2024:
Item 4. Advisory Business.
••

Updates to reflect the Non-Discretionary Sub-advisory and Sub-Sub advisory Services provided to
21Shares US LLC.
Total assets under management (“AUM”) as of February 29, 2024 are approximately$28,534,000,000 (rounded to the nearest million), which is broken out as follows:o Discretionary AUM: $15,177,000,000 (rounded to the nearest million).
o Non-discretionary AUM: $12,630,000,000* (rounded to the nearest million).
*This number includes the assets that are managed by others using our continuous and ongoing
nondiscretionary portfolios, which include Sub-Advised Funds and Non-Discretionary Sub-advisory
and Sub-Sub advisory Services. ARK does not include assets managed by other persons based oncontinuous and ongoing non-discretionary portfolios provided by ARK in the calculation of ourregulatory assets under management in Part 1A, Item 5.F of the Form ADV.

•

Additionally, as of February 29, 2024, ARK’s non-discretionary assets under advisement (“AUA”)
totaled approximately $724,000,000* (rounded to the nearest million).
*This number includes the assets that are managed by others using non-discretionary Wrap Fees or
UMAs, and Model Portfolios (each as described in Item 5). ARK does not include AUA in thecalculation of our regulatory assets under management in Part 1A, Item 5.F of the Form ADV, whichis dated March 29, 2024, or in non-discretionary AUM above.

Item 5. Fees and Compensation.
•

Updates to discuss fees related to Non-Discretionary Sub-advisory and Sub-Sub advisory Services
provided to 21Shares US LLC.

Item 7. Types of Clients.
•

Updates to reflect the Non-Discretionary Sub-advisory and Sub-Sub-advisory Services provided to
21Shares US LLC.

Item 8. Methods of Analysis, Investment Strategies and Risk of Loss.
•

Updates to add the “Cryptoasset”, “Bitcoin”, “Active Bitcoin Futures”, “Active Ethereum Futures”,“Active On-Chain Bitcoin”, “Active Bitcoin Ethereum” and “Blockchain & Digital Economy Innovation”
theme-based investment strategies, including a description of their respective investment objectives,
strategies, and material risks.
2•Updates to add certain risks in the Descriptions of Material Risks section considering the addition of
the aforementioned theme-based investment strategies.

Item 10. Other Financial Industry Activities and Affiliations.
••

Updates to reflect an additional affiliate, ARK Invest Europe.
Updates to reflect the Non-Discretionary Sub-advisory and Sub-Sub-advisory Services provided to
21Shares US LLC.

Item 12. Brokerage Practices.
•

Updates to reflect trading in crypto and crypto-related assets.

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ITEM 3 TABLE OF CONTENTS
Item 1. Cover Page.....................................................................................................................................

1

Item 2. Material Changes............................................................................................................................

2

Item 3. Table of Contents ...........................................................................................................................

4

Item 4. Advisory Business ..........................................................................................................................

5

Item 5. Fees and Compensation.................................................................................................................

13

Item 6. Performance-Based Fees and Side-By-Side Management ............................................................

18

Item 7. Types of Clients ..............................................................................................................................

19

Item 8. Methods of Analysis, Investment Strategies and Risk of Loss........................................................

21

Item 9. Disciplinary Information...................................................................................................................

74

Item 10. Other Financial Industry Activities and Affiliations ........................................................................

74

Item 11. Code of Ethics, Participation or Interest in Client Transactions, and Personal Trading ................ 75
Item 12. Brokerage Practices .....................................................................................................................

78

Item 13. Review of Accounts ......................................................................................................................

86

Item 14. Client Referrals and Other Compensation ....................................................................................

86

Item 15. Custody ........................................................................................................................................

87

Item 16. Investment Discretion ...................................................................................................................

88

Item 17. Voting Client Securities.................................................................................................................

89

Item 18. Financial Information ....................................................................................................................

92

Additional Information .................................................................................................................................

93

Privacy Policy .............................................................................................................................................

93

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ITEM 4 ADVISORY BUSINESS
Description of the Advisory Firm
ARK Investment Management LLC (“ARK” or the “Adviser”) is a Delaware limited liability company with
headquarters located at 200 Central Avenue, Suite 220, St. Petersburg, FL 33701. ARK is anindependent, woman-owned and controlled firm that has been registered with the U.S. Securities andExchange Commission (“SEC”) as an investment adviser since January 2014. ARK began managing
assets in September 2014.
Catherine D. Wood, ARK’s founder, Chief Executive Officer (“CEO”), and Chief Investment Officer (“CIO”)
is the portfolio manager responsible for managing client assets. Ms. Wood has over 40 years ofexperience in theme-based investing (as defined below). Ms. Wood launched ARK after spending theprevious 12 years at AllianceBernstein where she served as Chief Investment Officer for its global
thematic portfolios, managing approximately $5-6 billion. Prior to AllianceBernstein, in 1997, Ms. Woodco-founded Tupelo Capital Management. Prior to Tupelo, Ms. Wood held numerous positions in her 18
years at Jennison Associates, including research analyst and portfolio manager. During her career, Ms.
Wood has tracked technologies that enabled the development of new industries, such as cell phones
and database publishing, from their nascent stage to their full realization for the benefit of her investors
and clients.
ARK (an acronym for “Active, Research and Knowledge”) specializes in thematic investing in disruptive
innovation with a fresh take on fundamental analysis. Thematic investing is based on broader,macroeconomic topics (i.e., themes) rather than benchmarks, and seeks to capture long-term growth
independent of sectors, geographic boundaries, and market-caps. Specifically, ARK invests in themesthat participate in disruptive innovation across sectors. ARK defines “disruptive innovation” as theintroduction of a technologically enabled new product or service that ARK expects to change an industry
landscape. It typically involves declining cost structures and increased productivity and unit growth.
Despite its potential, ARK believes the full magnitude of disruptive innovation and the investment
opportunities it creates are often unrecognized or misunderstood by traditional investors.
ARK’s goal is to invest at the pace of innovation based on the belief that technologically enabled change
is occurring at an accelerated rate, challenging benchmarks and index-based products to adjust to this
rapid pace of change. ARK’s differentiated investment strategy is to find and invest in the companies thatare poised to transform the global economy.
ARK’s Investment Process
ARK recognizes that many traditional research analysts, by focusing narrowly on individual sectors,
create inefficiencies in the financial markets both in understanding the market potential of disruptive
innovations and in sizing investment opportunities appropriately. ARK’s cohesive team, specifically its
Chief Futurist, Chief Investment Strategist, Directors of Research, Digital Assets, and Investment
Analysis, Associate Portfolio Managers, Research Analysts, Research Associates and its Portfolio
Manager (“ARK Team”), seek to identify what they believe to be the best companies within theirrespective themes (and the elements within those themes) to power ARK’s investment decisions. ARK’sdistinctive and dynamic investment process is rooted in fundamental analysis and distinguished by ARK’sability to access and harness the vast amount of information available through social media andtraditional research sources to support ARK’s investment decisions.

ARK has a rigorous investment process, which includes “top-down” and “bottom-up” investment analysis
and a proprietary scoring system. ARK’s investment process initially examines from the top-down how
the world is changing and where it is headed. By anticipating and quantifying multi-year value-chaintransformations, typically caused by technologically enabled disruptive innovation, ARK believes it canidentify and capitalize on these opportunities. To understand quickly changing innovation themes, ARK
employs an open research ecosystem (“ARK’s Open Research Ecosystem”) to gather information andrefine its internal research process. Inputs include ideas, thoughts and public information from theme
developers who we believe are thought leaders in their fields, social media interactions, and crowdsourced insights as people respond to ARK’s public research. ARK’s Open Research Ecosystem powers
the distinctive and dynamic investment process that enables ARK to understand and keep pace with thepoweroftechnologicallyenabledinnovation.
Using this information in an iterative fashion, ARK’s Team works to “size” and “re-size” the opportunities.
As a result of extensive and iterative research steps, ARK anticipates and quantifies multi-year valuechain transformations and market opportunities. ARK models cost-curves and calculates elasticity ofdemand to identify entry points for technology-enabled disruption. Through this process, specificcompanies percolate to the top as those we believe are best positioned to benefit from the identified
investment premise, at which point ARK begins its bottom-up process.
ARK scores potential investments based on six key metrics, inputting the values into a proprietary scoring
system to quantify the companies in the context of the opportunity. ARK builds models that incorporate
the company’s unit volume growth, cost declines, market adoption and penetration, share count growth,and future multiples. The CIO has final accountability for the selection of investments and approval for
all investment decisions.
Additionally, in ARK’s “top-down” and “bottom-up” approaches, ARK evaluates environmental, social,and governance (“ESG”) considerations. In its “top-down” approach, ARK uses the framework of theUnited Nations Sustainable Development Goals (“UN Goals”) to integrate ESG considerations into its
research and investment process. In its “bottom-up” approach, ARK makes its investment decisions
primarily based on its analysis of the potential of individual companies, while integrating ESG
considerations into that process. ARK’s highest-conviction investment ideas are those that it believes
present the best risk-reward opportunities. ARK, however, does not use ESG considerations to limit,
restrict or otherwise exclude companies or sectors from an investment universe.
ARK’s Open Research Ecosystem
ARK’s Open Research Ecosystem is the unique process through which the ARK Team evaluates, models
and exchanges data and public information to fuel ongoing thematic research, start creative discussions
around burgeoning research ideas, gather data and public information from multiple sources, and drive
the conclusions leading to ARK’s theme-based research decisions in disruptive innovation.
The ARK Team introduces an idea or concept that requires investment research and analysis,
determines the overarching direction of the research and then pulls together and analyzes information,
insights and data from numerous sources. ARK’s Open Research Ecosystem begins with internaldeliberations and iteration of disruptive innovation ideas generated from ARK’s discerning use of
traditional and social media sources. Once the ARK Team believes an idea is ripe for deeper external
analysis and comment, the appropriate ARK Team members communicate and collaborate with relevant
Theme Developers (as defined below) about the particular idea.

This intense and deep exploration often results in “living research” articles that are prepared by the ARKTeam members, which are published on our external website (www.ark-invest.com). This living researchis available for open-source discussion and feedback and is subject to potential revisions, refinements
and enhancements by the ARK Team and publication of further refined research. The knowledge andinsights gained throughout ARK’s Open Research Ecosystem enables ARK to modify its portfolio
positions accordingly, feeding the ARK investment process.
ARK Theme Developers
Theme Developers are those we deem to be thought leaders from a variety of fields who offer meaningful
insights, experience, and knowledge about ARK’s research themes. The ARK Team actively engages withthese Theme Developers in ARK’s Open Research Ecosystem. ARK’s Theme Developers do not receive
any monetary compensation for participating in ARK’s Open Research Ecosystem and are only benefited
through the exchange of ideas, knowledge and research. Also, ARK contractually obligates Theme
Developers to, among other things: not exchange material non-public information; not share confidential
information about ARK and/or its clients; and disclose all conflicts of interest to ARK’s Chief Compliance
Officer (“CCO”) initially and on an ongoing basis with respect to serving as a Theme Developer for ARK.
Types of Advisory Services
Advisory and Supervisory Services to the ARK ETFs
ARK provides investment advisory services to the ARK ETF Trust, a registered investment company.
The ARK ETF Trust has eight separate series (each, an “ARK ETF”, and collectively, “ARK ETFs”), which
are exchange-traded funds. ARK serves as the investment adviser to each ARK ETF, subject to thegeneral supervision of the Board of Trustees of the ARK ETF Trust. ARK’s duties as adviser to each ARKETF include furnishing a continuous investment program for the ARK ETFs and determining what
investments or securities will be purchased, held or sold. After the initial two-year period following
commencement of operations of the relevant ARK ETF, the ARK ETF Trust’s Board of Trustees annuallyreviews and evaluates the services provided by ARK under the investment advisory agreement (“Advisory
Agreement”) and is asked to approve the Advisory Agreement for an additional one-year period.
Pursuant to a supervision agreement between ARK and the ARK ETF Trust, with respect to each ARKETF (“Supervision Agreement”), and subject to the general supervision of the Board of Trustees of the
ARK ETF Trust, ARK also provides or causes to be furnished, all management, supervisory and otherservices reasonably necessary for the operation of each ARK ETF and bears the costs of various thirdparty services required by the ARK ETFs, including administration, certain custody, audit, legal, transfer
agency, and printing costs. The Supervision Agreement also requires ARK to provide investment advisory
services to the ARK ETFs pursuant to the Advisory Agreement.
Additional information regarding the services provided by ARK to the ARK ETF Trust can be found in the
ARK ETFs’ prospectuses and statement of additional information, which are publicly available atwww.ark- funds.com, on the EDGAR Database on the SEC’s website (www.sec.gov) or by contacting
the ARK ETFs’ principal underwriter, Foreside Fund Services, LLC at Three Canal Plaza, Suite 100,
Portland, ME 04101 or by calling 855-406-1506.
Advisory Services to the ARK Venture FundARK provides investment advisory services to the ARK Venture Fund (the “Venture Fund”), a Delaware
statutory trust that is registered under the 1940 Act as a non-diversified, closed-end managementinvestment company. ARK serves as the investment adviser to the Venture Fund, subject to the general
oversight of the Venture Fund’s Board of Trustees and is responsible for the day-to-day investment
management of the fund. The Venture Fund is designed primarily for long-term investors and not as a
trading vehicle. The Venture Fund is an “interval fund” pursuant to which it, subject to applicable law, willconduct quarterly repurchase offers for between 5% and 25% of the Fund’s outstanding shares ofbeneficial interest (“Shares”) at net asset value (“NAV”) generally.
Additional information regarding the services provided by ARK to the Venture Fund can be found in the
ARK Venture Fund prospectus and statement of additional information, which are publicly available atwww.ark- ventures.com, on the EDGAR Database on the SEC’s website (www.sec.gov) or writing to the
Venture Fund at ARK Investment Management, LLC, 200 Central Ave., St. Petersburg, Florida 33701,
or by calling toll-free 888-511-2347.
Advisory Services to Separately Managed Accounts, Other Pooled Investment Vehicles and Clients
ARK provides investment advisory services to certain separately managed accounts and pooled
investment vehicles (some of which include retirement plans, tax-exempt entities, limited liability
companies, public funds, foundations, endowments, insurance companies and their separately managed
accounts, high net worth clients, emerging manager programs, and financial institutions and theircustomers and clients). ARK also provides sub-advisory services to U.S. and non-U.S. collectively
managed funds sponsored by third-parties (“Sub-Advised Funds”). ARK also provides advisory services
to private funds (“Private Funds”). ARK can provide investment advisory services to unit investment trusts(“UITs”), other mutual funds, and closed-end funds (“Other Registered Investment Companies”).
Such accounts will be managed in accordance with investment objectives, guidelines, strategies, policies
and restrictions established by each client and documented in a written advisory agreement (and related
documents) with, or on behalf of, each client and ARK. Depending upon the contractual arrangements,
ARK executes purchases and sales of securities for these accounts either through firms that the client
directs ARK to use or through broker-dealer firms ARK selects including firms that can furnish ARK withinvestment research and other brokerage services. As described in more detail in Item 12, in executing
trades for accounts where the client authorizes ARK to choose broker-dealers, ARK will seek to obtainthe most favorable execution for each transaction under the circumstances taking into consideration
several factors, including price. Certain clients can choose to execute their own portfolio transactions
based on advice and/or information provided by ARK (including through the provision of model portfolios
to certain institutional clients). Additional details about each of the client types to which ARK provides
advisory services is provided in Item 7.
Advisory Services to Wrap and UMA Programs and Model Portfolios
ARK also offers investment advisory services to clients of wrap fee programs and provides
nondiscretionary model portfolios to Unified Managed Account (“UMA”) programs sponsored by nonaffiliates. ARK’s nondiscretionary services consist of furnishing model portfolios in various equity
strategies, which the UMA program sponsor in some cases chooses to employ in its management ofaccounts under one or more managed account programs. For more information about the strategies that
ARK offers to wrap and UMA programs, please see Item 8. ARK does not effect or arrange for thepurchase or sale of any securities in connection with nondiscretionary model portfolios.
Typically, the sponsor of the wrap fee or UMA program charges a single fee to its clients for all services
provided under the program (brokerage, custody and advisory) and pays its advisers, including ARK, aportion of the fee for the services that ARK provides. In some cases, wrap program clients enter into
unbundled arrangements with the sponsor where they enter into investment management agreements
directly with ARK. These are known as “dual contract” arrangements.
ARK’s portfolios in wrap programs and nondiscretionary models for UMA programs typically hold fewer
securities and can be subject to additional constraints, such as minimum market caps or restrictedsecurities, than portfolios managed in a comparable strategy for clients, and can have different brokerage
execution. ARK cannot guarantee that the performance and composition of wrap portfolios andnondiscretionary model portfolios will be similar to the performance results and composition of accounts
in a comparable strategy and vice-versa due to a variety of reasons, including the difference in the types,
availability and diversity of securities that can be purchased, economies of scale, regulations and otherfactors applicable to the management of ARK’s client accounts.
Non-Discretionary Sub-advisory and Sub-Sub advisory Services
ARK provides investment sub-advisory services to the ARK 21Shares Bitcoin ETF (ARKB) (“Bitcoin
ETF”), a Delaware statutory trust that is an offering of an indeterminate amount of shares registered inaccordance with the Securities Act of 1933, as amended (the “1933 Act”) and is not subject to regulation
under the 1940 Act or registered under the 1940 Act as an open-end management investment company.
The shares trade on the Cboe BZX Exchange, Inc. 21Shares US LLC (“21 Shares”) is the sponsor of
the Bitcoin ETF, and ARK serves as the sub-adviser to the Bitcoin ETF and provides assistance in themarketing of the shares through a support services agreement (as discussed further below). ARK
provides data, research, and, as needed, operational support to the Bitcoin ETF. The Bitcoin ETF’s
investment objective is to seek to track the performance of bitcoin, as measured by the performance of
the CME CF Bitcoin Reference Rate - New York Variant, adjusted for expenses and other liabilities.
Additional information regarding the services provided by ARK to the Bitcoin ETF can be found in the
Bitcoin ETF prospectus and statement of additional information, which are publicly available athttps://21shares.com/en-us, on the EDGAR Database on the SEC’s website (www.sec.gov) or writing to
the 37 W. 20th St, Suite 1101 New York, NY 10011, or by calling 212-223-3460.
ARK provides investment sub-sub advisory services to 21Shares in respect of the following ETFs: ARK
21Shares Active Bitcoin Futures Strategy ETF (ARKA); ARK 21Shares Active Bitcoin Ethereum Strategy
ETF (ARKY); ARK 21Shares Active Ethereum Futures Strategy ETF (ARKZ); ARK 21Shares Active OnChain Bitcoin Strategy ETF (ARKC); and ARK 21Shares Blockchain and Digital Economy Innovation
ETF (ARKD, collectively with ARKA, ARKY, ARKZ and ARKC, the “Digital Asset ETFs” and each a“Digital Asset ETF”). Each Digital Asset ETF is a series of a trust organized as a Delaware statutory trustthat is registered under the 1940 Act as an open-end management investment company. The Digital
Asset ETF shares are listed on the Cboe BZX, Inc. EA Advisers serves as the investment adviser toeach Digital Asset ETF, 21Shares serves as the sponsor and sub-adviser to each Digital Asset ETF, andARK serves as the sub-sub adviser to each Digital Asset ETF. The adviser receives 21Shares trading
recommendations and is responsible for selecting the brokers and placing the Digital Asset ETF’s trades.
21Shares selects such funds’ investments in accordance with its investment objectives, policies, andrestrictions, subject to the overall supervision and oversight of the adviser and the board. ARK, as subsub adviser, provides non-discretionary advice to 21Shares related to the markets in which the Digital
Asset ETFs invest. 21Shares, in its sole discretion, considers the advice provided by ARK when making
trade recommendations for a Digital Asset ETF to the extent 21Shares deems necessary. 21Shares and
ARK could use quantitative analyses with respect to the Digital Asset ETFs.

Additional information regarding the services provided by ARK to the Digital Asset ETFs can be found in each
Digital Asset ETF prospectus and statement of additional information, which are publicly available athttps://21shares-funds.com/, on the EDGAR Database on the SEC’s website (www.sec.gov) or writing to
21Shares at 19 East Eagle Road Havertown, PA 19083, or by calling 215-882-9983.
Additional Non-Advisory Services
Marketing Support Services
In addition to providing sub-advisory services, ARK provides marketing support services to cryptoasset
products related to the launch, listing and ongoing operations of these products. In connection with thelaunch and listing, ARK creates a marketing and distribution strategy for these products, assists with thedevelopment and maintenance of websites, and consults on marketing efforts. In connection with theongoing operations of these products, ARK uses commercially reasonable efforts to facilitate inclusion of
the products on distribution platforms, including those platforms on which ARK ETFs are distributed.
Disclosed Research
ARK can, subject to applicable law, discuss with clients, potential clients or other third parties, one ormore issuers (public or private) that it does not then hold in any portfolio managed by ARK and which
ARK could consider for investment. Any such discussions are solely for informational purposes, will only
regard public information, and are not intended to constitute investment advice (except to the extent suchdiscussions are investment advisory services specifically contemplated by an investment advisory
agreement between ARK and a client). Such discussions could include, among other things, the viewsof the ARK Team regarding the issuer or its securities, the issuer’s financial condition or prospects, orthe merits generally of an investment (or non-investment) in that issuer or any industry or sector of whichthat issuer is a part. ARK is under no obligation to enter into such discussions with any client or all clientsand can elect to have such discussions only with certain clients or with third parties in its sole discretion.
ARK will not, as a result of any such discussion, be limited in any way from purchasing or sellinginvestments of any such issuer, including investments that could be or appear to be inconsistent with theviews expressed in such discussion, except as required by law.
Published Research
ARK publishes most of its research analysis (“living research”) on our external website (www.arkinvest.com) in an on-going effort to educate investors on disruptive innovation. This initiative includes
publication of research articles, investment models, white papers, videos, podcasts, or other content
formats, hosting of educational research events (live and virtual), and sending research newsletters,
stock commentaries, and market commentaries to clients and subscribers (collectively, “ResearchContent”). Also, ARK publishes fund content on its external websites (www.ark-funds.com and www.arkventures.com) in an on-going effort to educate investors on disruptive innovation. This initiative includes
publication of fund articles, videos, or other content formats, hosting of educational webinars, andsending newsletters to clients and subscribers (collectively, “Fund Content”). All Research Content andFund Content is original and has been researched and produced by ARK unless otherwise stated. Nopart of ARK’s Research Content or Fund Content may be reproduced in any form, or referred to in any
other publication, without the express written permission of ARK.
The Research Content and Fund Content is for informational and educational purposes only and should
not be construed, either explicitly or implicitly, as investment advice or an offer or solicitation in respectto any products or services by ARK; or services for any persons who are prohibited from receiving suchinformation under the laws applicable to their place of citizenship, domicile or residence. The ResearchContent and Fund Content is intended only to provide observations and views of the author(s) at the timeof publishing, both of which are subject to change at any time without prior notice. Certain of thestatements contained within the Research Content and Fund Content are statements of future
expectations and other forward-looking statements that are based on ARK's current views andassumptions 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's
Research Content and Fund Content and the statements therein are not endorsements of any company
or recommendations to buy, sell, or hold any security.
All Research Content and Fund Content is subject to change without notice. All statements regarding
companies or securities or other financial information in the Research Content, Fund Content, or any
sites relating to ARK are strictly beliefs and points of view held by ARK or the third party making suchstatement. Research Content and Fund Content should not be used as the basis for any investment
decision, and does not purport to provide any legal, tax or accounting advice. Additionally, while ARK’scurrent assessment of subject companies utilized within Research Content or Fund Content may bepositive, it may be necessary for ARK to liquidate or reduce position sizes prior to the company attaining
any indicated valuation prices due to a variety of conditions including, but not limited to, client specificguidelines, changing market conditions, investor activity, fundamental changes in the company’sbusiness model and competitive landscape, headline risk, and government/regulatory activity. ARK does
not have investment banking, consulting, or any type of fee-paying relationship with any subject company
represented in its Research Content or Fund Content.
Index Research Services
ARK provides research services to a certain index provider in the form of information and insight inputs
with respect to industry trends, investment themes, and other relevant topics for indexes focused on
disruptive innovation and potentially other themes.
Client-Tailored Services and Client-Imposed Restrictions
Generally, ARK provides advisory services to each client under the terms of an investment advisory
agreement between ARK and the client.
As a general matter, ARK’s management of any pooled investment vehicle or registered or unregisteredfund will be in accordance with the governing documents for that vehicle or fund including the investment
objective, guidelines, differentiated investment strategy or strategies, policies and restrictions for thevehicle or fund. ARK’s management of such vehicle or fund is not tailored to or intended to reflect the
specific requirements or needs of any individual investor in the vehicle or fund. ARK’s management of aclient’s separately managed account will be tailored to the client and consistent with the particularinvestment objective, guidelines, differentiated investment strategy or strategies, policies and restrictions
the client selects for that account.
Within a given investment theme and consistent with the account, fund, or vehicle’s stated investment
objectives, investment strategies, guidelines, policies and restrictions, ARK typically has the authority toselect which and how many securities and other instruments to buy or sell without consultation with theclient (or, in the case of a fund or vehicle, its management or investors).

In certain circumstances, ARK will agree to manage a client’s account subject to certain reasonable
restrictions imposed by the client, including, without limitation, the exclusion of specific securities or typesof securities, within that account, cash levels permitted in the account or techniques that can be used inmanaging the account. In addition, ARK can agree to manage a client’s account where such client wishes
to engage in securities lending, provided that sufficient restrictions are established to mitigate the risksof such practice. However, ARK reserves the right not to enter into an agreement with a prospective
client, or to terminate an investment advisory agreement with an existing client, if any proposed limitation
or restriction is, in ARK’s opinion, likely to impair ARK’s ability to appropriately provide services to a client,or ARK otherwise believes the limitations or restrictions to be operationally impractical or unfeasible.
The menu of investment themes that ARK can make available to institutional clients, and a brief
description of each theme’s investment objective(s), along with the investment strategies used to achieve
the objective and the material risks associated with such investment strategies, is provided in response
to Item 8. Other investment themes not described in Item 8 can be made available to institutional clients.
Additional detail about each investment theme is available at no charge by contacting ARK at 1-727-8108160 or through www.ark-invest.com/contact.
The portfolio composition of accounts within the same investment theme can differ at any given time.
These differences in portfolio composition are attributable to a variety of factors, including, but not limited
to, the type of account (e.g., manner of trade execution), client objectives, guidelines, policies, practices(e.g., securities lending), limitations and restrictions, size of the account, date of initial funding, whether
ARK has investment discretion, and significant account activity (e.g., significant number of contributions
and/or withdrawals). As a result, the performance of an account within a particular investment theme
could differ from other accounts having the same investment strategy.
AssetsAssets Under Management
As of February 29, 2024, ARK’s assets under management totaled approximately $28,534,000,000(rounded to the nearest million) and breaks out as follows:••

Discretionary:Non-discretionary:$15,177,000,000 (rounded to the nearest million)$12,630,000,000* (rounded to the nearest million)*This number includes the assets that are managed by others using our continuous and ongoing
nondiscretionary portfolios, which include Sub-Advised Funds and Non-Discretionary Sub-Advisory and
Sub-Sub advisory Services. ARK does not include assets managed by other persons based oncontinuous and ongoing non-discretionary portfolios provided by ARK in the calculation of our regulatory
assets under management in Part 1A, Item 5.F of the Form ADV.
Assets Under Advisement
Additionally, as of February 29, 2024, ARK’s non-discretionary assets under advisement (“AUA”) totaled
approximately $724,000,000* (rounded to the nearest million).
*This number includes the assets that are managed by others using non-discretionary Wrap Fees or
UMAs, and Model Portfolios (each as described in Item 5). ARK does not include AUA in the calculationof our regulatory assets under management in Part 1A, Item 5.F of the Form ADV, which is dated March29, 2024, or in non-discretionary AUM above.

ITEM 5 FEES AND COMPENSATION
Fees and Compensation
The following information describes ARK’s compensation for the advisory services it provides to eachtype of client account.
ARK ETFs
In accordance with the Supervision Agreement, each ARK ETF pays ARK an annual fee (“ManagementFee”) in return for providing investment management and supervisory services (including the provisionof all services typically needed for the operation of the ARK ETF) under a comprehensive unitary fee
structure. The unitary fee structure allows each ARK ETF to pay for the advisory, supervisory,
administrative, custody and other services they require under what is essentially an all-in fee structure.
However, each ARK ETF bears other expenses that are not covered under the Supervision Agreement(i.e., that are not included in the Management Fee) that can vary and will affect the total level of expenses
paid by each ARK ETF. Those expenses include taxes and governmental fees, certain transaction
expenses, certain custodial fees and expenses, costs of borrowing money (including interest expenses),and extraordinary expenses (such as litigation and indemnification expenses), as well as various fees andexpenses relating to regulatory reporting and filings, and preparing and sending reports to shareholders.
Actively Managed ETFs. The annual Management Fee of 0.75% for each of the six actively
managed ETFs is paid to ARK monthly in arrears based on the average daily net assets of each
ARK ETF. Pursuant to the Advisory Agreement, the annual investment advisory fee payable to
ARK by each ARK ETF, which fee is included within the Management Fee, is 0.55% of average
daily net assets of each ARK ETF.
Index ETFs. The annual Management Fee for the two current index ETFs are 0.48% for the ARK
Israel Innovative Technology ETF and 0.65% for The 3D Printing ETF, and each Management
Fee is paid to ARK monthly in arrears based on the average daily net assets of each ARK ETF.
Pursuant to the Advisory Agreement, the annual investment advisory fee payable to ARK by eachof these index ETFs, which fee is included within the Management Fee, is 0.30% of average daily
net assets of each ARK ETF. The ARK Israel Innovative Technology ETF and The 3D Printing
ETF are also charged an additional 0.01% to cover foreign custodial fees and expenses.
Additional information about the fees charged to the ARK ETFs is available in the ARK ETFs’
prospectuses and statement of additional information, which are publicly available at www.arkfunds.com, on the EDGAR Database on the SEC’s website (www.sec.gov), or by contacting the ARK
ETFs’ principal underwriter, Foreside Fund Services, LLC at Three Canal Plaza, Suite 100, Portland, ME
04101 or calling 855-406- 1506.
ARK Venture Fund
Pursuant to the Advisory Agreement, and in consideration of the advisory services provided by theAdviser to the Venture Fund, the Adviser is entitled to a Management Fee, which is calculated andpayable monthly in arrears at the annual rate of 2.75% of the average daily value of the Venture Fund’s
Net Assets. “Net Assets” means the total assets of the Venture Fund minus the fund’s liabilities. In
addition to the Management Fee, the Venture Fund bears other fees and expenses, which may vary andwill affect the total expense ratio of the Venture Fund, such as taxes and governmental fees, brokerage
fees, commissions and other transaction expenses, certain foreign custodial fees and expenses, costsof borrowing money, including interest expenses, and extraordinary expenses (such as litigation andindemnification expenses).
Additional information regarding the Venture Fund expenses can be found in the ARK Venture Fundprospectus in the “Fund Expenses” section, which is publicly available at www.ark- ventures.com, on the
EDGAR Database on the SEC’s website (www.sec.gov) or writing to the Venture Fund at ARK Investment
Management, LLC, 200 Central Ave., St. Petersburg, Florida 33701, or by calling toll-free 888-511-2347.
Separately Managed Accounts, Other Pooled Investment Vehicles and Clients
When ARK enters into an investment advisory agreement or other agreements to provide investment
management or advisory services to clients, ARK will charge each such client a fee at a specified annual
percentage rate of the client’s assets under management (“AUM”). Fees also can include a performancecomponent for certain clients and Private Funds, as discussed in Item 6.
Separately Managed Accounts
ARK’s standard fee rates for management of separately managed accounts are normally between 0.45%
and 0.60% of AUM. The fees charged to separately managed accounts are negotiable and typically willvary and can be reduced or can include breakpoints at ARK’s sole discretion depending on a number offactors including, but not limited to: the type of client, the strategy, the size of the account, the total
amount of client AUM managed or advised by ARK, whether the client wishes to impose particular
limitations or restrictions on ARK’s discretionary investment authority (e.g., restrictions on the types of
securities that ARK acquires for the account), and other business considerations. ARK generally imposes
investment minimums on separately managed accounts.
ARK’s fee rates do not include fees that separately managed account clients normally pay to other thirdparty service providers, including custodial, administrative, securities lending agent, consultant,brokerage, and exchange fees. Additional information on brokerage fees are detailed in Item 12
Brokerage Practices.
Generally, ARK will not enter into contracts with “most favored nation” clauses. However, certain
institutional separately managed account clients could seek to include such clauses in their investment
advisory agreements. These clauses generally would require ARK to decrease the fees charged to the“most favored nation” client if ARK entered into an advisory agreement at a lower fee rate with anothersimilarly situated institutional client. The applicability of a “most favored nation” clause depends on
factors including the degree of similarity between institutional clients, including the AUM and the particularinvestment objective, strategy, guidelines, limitations, restrictions, reporting requirements, policies, andpractices applicable to each client. ARK will not agree to “most favored nation” clauses in all
circumstances where institutional clients are similarly situated. ARK does not consider the fee structure
charged to a seeding client for a new strategy to be applicable to most favored nation clauses,
calculations or considerations.
Sub-Advised Funds
The fees charged to any Sub-Advised Funds are negotiable and in some cases, ARK receives fees from
Sub- Advised Funds that are different from those it receives for managing separately managed accounts

or directly advised pooled investment vehicles. For funds that ARK sub-advises, the respective fund’s
adviser (not ARK) typically provides administrative, regulatory compliance, distribution, marketing andshareholder services, including any necessary disclosures to and communications with shareholders.
ARK’s fee will be a component of the total investment advisory fee paid by an investor in the specific subadvised fund. Additional detail about the fees charged to an investor in any such Sub-Advised Fund will
be available in (i) the sub-advised fund’s prospectus and statement of additional information (if the fundis a U.S. registered investment company), (ii) in the offering document for an unregistered fund or (iii) similar
disclosure documents for a non-U.S. sub-advised fund.
Pooled Investment Vehicles
ARK’s fees for providing management and advisory services to pooled investment vehicles, which can
include performance-based fees, are described in the offering documents for such vehicles. Further
information about ARK’s ability to receive performance-based fees is described below in response to Item
6.
Wrap and UMA Programs and Model Portfolios
Wrap Fee and UMA Program Fees
Typically, a managed account sponsor client pays the sponsor a single asset-based fee for brokerage,
custody and advisory services and ARK is paid by the sponsor for ARK’s services. For additional
information about the fees that a wrap account client could incur, please review the sponsor’s brochurefor the wrap program. We negotiate the fee for ARK’s services to wrap and UMA programs with thesponsor of the programs. The fees negotiated with the sponsor for ARK’s advisory service to suchprograms vary and depend on such factors as the asset class, market capitalization of the strategy, anddiscretionary versus nondiscretionary services. ARK can individually negotiate its fees for dual contract
managed accounts dependent on the sponsor program and does not have a standard fee schedule.
Model Portfolios
ARK enters into agreements with certain institutional clients to provide them with periodic investment
instructions or model portfolios based on the AUM of the portfolio in question. ARK’s standard fee rates
for such services normally are between 0.25% and 0.50% of AUM. These fees are negotiable and will
depend on a variety of factors, including customary rates of other similar advisers and advisory structures
for providing substantially the same advisory services in the jurisdiction in question.
Non-Discretionary Sub-advisory and Sub-Sub advisory Services
The fees charged for non-discretionary sub-advisory and sub-sub advisory services are negotiable andin some cases, ARK receives fees from sub-advised and sub-sub advised funds that are different fromthose it receives for providing discretionary advice to separately managed accounts or directly advisedpooled investment vehicles. Fees are not negotiable for individual investors and have been subject to a
waiver.
Bitcoin ETF
For the Bitcoin ETF that ARK provides non-discretionary sub-advisory services, the respective fund’ssponsor (not ARK) typically provides administrative, custody, and other services, including any
necessary disclosures to and communications with shareholders. Additionally, ARK provides marketingsupport services. ARK’s fee will be a component of the total unitary sponsor fee paid by an investor in
the specific sub-advised fund. In the sponsor’s sole discretion, all or any portion of these operating
expenses can be re-designated and would become payable by the fund. The Bitcoin ETF bears otherexpenses that are not included in the unitary sponsor fee that can vary and will affect the total level of
expenses, including certain extraordinary, non-recurring expenses, including, but not limited to, taxes
and governmental charges, expenses and costs of any extraordinary services performed by the sponsor(or any other service provider) on behalf of the trust to protect the trust or the interests of shareholders,
any indemnification of the bitcoin custodian, administrator or other agents, service providers or counterparties of the trust, the fees and expenses related to the listing, and extraordinary legal fees andexpenses, including any legal fees and expenses incurred in connection with litigation, regulatory
enforcement or investigation matters. There are other fees that you could pay to third-parties as well,including the brokerage commissions on the purchase and sale of shares. Additional information
regarding the services provided by ARK to the Bitcoin ETF can be found in the Bitcoin ETF prospectus
and statement of additional information, which are publicly available at https://21shares.com/en-us, on
the EDGAR Database on the SEC’s website (www.sec.gov) or writing to the 37 W. 20th St, Suite 1101
New York, NY 10011, or by calling 212-223-3460.
Digital Asset ETFs
For funds that ARK provides non-discretionary sub-sub advisory services, the respective fund’s adviser
and sub-adviser (not ARK) typically provides administrative, regulatory compliance, distribution,marketing and shareholder services, including any necessary disclosures to and communications withshareholders. ARK’s fee will be a component of the total management fee paid by an investor in thespecific sub-sub advised fund. The Digital Asset ETFs are subject to a management fee (and some ofthat fee is paid to ARK as the sub-subadviser for the non-discretionary advice provided) as well as otherexpenses and certain of the funds have an acquired fund fee and expense. There are other fees that you
could pay to third-parties as well, including the brokerage commissions on the purchase and sale ofshares. Additional detail about the fees charged to an investor in any such sub-advised fund will beavailable in the sub-sub advised fund’s prospectus and statement of additional information.
Payment of Fees
The Management Fee paid by the ARK ETFs, Venture Fund and Sub-Advised Funds to ARK are
calculated and accrued daily and paid monthly or quarterly in arrears based on the average daily net
assets of the relevant fund.
Generally, ARK will bill separately managed account clients and firms receiving investment instructions
or model portfolio services quarterly in arrears based on the average market value of assets in theaccount as of the last day of each calendar month during such quarter and in some cases withadjustments for contributions and withdrawals made during the quarter.
Certain separately managed account clients, however, have the option to pay their advisory fees up to
one quarter in advance. If a client with a separately managed account or model services terminates its
investment advisory agreement with ARK before the end of the period through which the advisory fee
has been paid, the fee previously paid will be prorated based on the number of days elapsed in that
period prior to the termination, and the unearned portion will be refunded by ARK to the client.
Pooled investment vehicles, Sub-Advised Funds and Other Registered Investment Companies (such as
mutual funds and unit investment trusts) accrue asset-based management, advisory or sub-advisory fees

daily and pay such fees to ARK monthly, quarterly or periodically in arrears (as described in theprospectus, offering document or other disclosure document) for the vehicle, fund or investmentcompany. As further described in the offering documents, the Private Funds accrue asset-based
management fees and deduct such fees monthly in arrears, as further described in the offering
documents. Additionally, the Private Funds can receive a performance-based fee that is payable to ARK
as defined in the offering documents and be subject to the expiration of any applicable lock-up period.
Please see Item 6 Performance-Based Fees and Side-by-Side Management for additional information
about ARK’s performance-based fees.
In certain instances, ARK waives, reduces or calculates differently all or any portion of the management
fees otherwise due to ARK with respect to any investment at its sole discretion. A client can select to
pay fees directly to ARK or can instruct its custodian to pay fees from the client’s account. In instancesin which a client has authorized direct billing, the client’s “qualified custodian” for purposes of the Custody
Rule (as defined below) sends periodic statements, no less frequently than quarterly, showing alltransactions to the account in accordance with Rule 206(4)-2 (“Custody Rule”) under the Investment
Advisers Act of 1940, as amended (“Advisers Act”). Clients can also request that billings be made directly
to the client or a designated third party if authorized in writing by the client. If ARK receives fees
inadvertently then it will handle them in compliance with the Custody Rule and the guidance thereunder.
Other Fees and Third-Party Fees
In addition to the advisory fees paid to ARK, clients bear other expenses associated with theirinvestments, including those owed to third parties. Clients pay brokerage commissions and any othertransaction costs associated with the trading, maintenance, and operations of their accounts. Please see
Item 12 Brokerage Practices for additional information about ARK’s brokerage practices.
Separately managed account clients generally engage their own custodians and are responsible for feesand other charges associated with their custodians. Separately managed account clients have the option
to engage their own administrator, securities lending agent, and consultants and are responsible for feesand other charges associated with the services provided by such entities.
If ARK invests a client’s assets in a mutual fund, exchange-traded fund or other collective unitized vehicle,
the client could incur expenses and fees as a shareholder of those such funds. These expenses include
advisory/management fees, service and/or distribution fees, administrative expenses, and other fundoperating expenses. Clients wishing to obtain more information about the fees and expenses that apply
due to investing in mutual funds or exchange-traded funds should contact ARK. Clients can also obtain
more information by reviewing the relevant prospectuses for the mutual funds, exchange-traded funds orcollective unitized vehicles in which the clients’ assets are invested.
As further detailed in the offering documents, the Private Funds (as well as, indirectly, any investors
therein) will bear all expenses and obligations related to their operations, including, without limitation:organizational and offering expenses (including, without limitation, related travel, lodging and meal
expenses); investment related fees and expenses, including, without limitation, trading related expenses
and related software expenses; fees and expenses of any external consultants and administrators;
regulatory and other reporting and filing expenses and costs; due diligence and investment-related travel
expenses; government expenses; taxes; administrative expenses, legal expenses and external
accounting expenses; research and market data expenses; valuation-related expenses; costs of reports
and other communications to investors; custodial fees and related expenses; directors’ and officers’
liability insurance and other insurance; and indemnification expenses and other extraordinary expenses.

However, ARK may choose to absorb any such expenses incurred on behalf of the Private Funds.
Further details on the Bitcoin ETF and Digital Asset ETFs are disclosed above under “Fees andCompensation – Non-Discretionary Sub-advisory and Sub-Sub advisory Services” in this Item and ineach fund’s prospectus and statement of additional information.
Outside Compensation for the Sale of Securities
Neither ARK nor its supervised persons accept or receive compensation for the sale of securities or otherinvestment products outside of their association with ARK.

ITEM 6 PERFORMANCE-BASED FEES AND SIDE-BY-SIDE MANAGEMENTARK offers performance fee arrangements, a method of compensating an investment adviser based ona share of the gains or appreciation of the client’s assets under management. Generally, the fee structure
will consist of a base fee and a performance fee. Performance fee rates generally will be negotiable.
Generally, a client can negotiate the base fee rate, performance fee rate, and the index used to calculate
the performance fee (if any). Performance fee arrangements are not necessarily available for all
investment themes and must be approved by ARK on a case-by-case basis. Any performance fee that
ARK charges is intended to comply with requirements of Rule 205-3 under Advisers Act. Subject tocertain limitations (such as loss carryforward provisions), the Private Funds managing member andgeneral partner are entitled to receive an allocation of net profits, as further described in the offering
documents.
Performance fee arrangements provide an incentive for ARK to seek to maximize the investment returnof accounts paying performance fees by making investments that are subject to greater risk or are more
speculative than would be the case if ARK’s compensation was not based upon the investment return ofsuch accounts. Under such arrangements, ARK’s compensation is contingent upon the returnexperienced by the client, which generally is computed based upon unrealized and realized appreciationof assets in the client's account. Accounts participating in a performance fee arrangement could pay ARK
more compensation when compared to standard fee rates. Consequently, ARK would be incentivized tofavor accounts that charge higher fees, including performance fee accounts, over accounts that do not
pay such fees in allocating investments with higher return potential or to devote more resources toward
such accounts’ management. Similarly, ARK can be incentivized to allocate opportunities to clients
whose accounts are new or ramping if such accounts must meet a threshold prior to accruing fees. ARK
seeks to mitigate the potential conflicts of interest that could arise from managing accounts that bearhigher fees, including a performance fee, by monitoring and diligently enforcing its policies andprocedures, including those related to investment allocation. Nonetheless, ARK does not consider higher
fees in the allocation of investment opportunities.
ARK has a fiduciary duty to act in the best interests of its clients. As part of ARK’s fiduciary duty, ARK
owes a duty of loyalty to its clients. Nevertheless, because ARK has multiple clients, whose interests are
not necessarily aligned, ARK’s duty of loyalty to one client could conflict with its duty of loyalty to another,including with respect to allocating trades. From time to time, an investment opportunity that is
appropriate for multiple client accounts will not be available in a sufficient quantity to satisfy all clients.
To address conflicts of interest that arise in the investment and trade allocation process, including
potential conflicts between competing client interests and between client interests and ARK’s interests,
ARK has adopted a trade aggregation and allocation policy intended to provide fair and equitabletreatment of its clients over time, consistent with ARK’s duty of loyalty. ARK and its personnel endeavor
to ensure that, over time: each client is treated fairly as to the securities purchased or sold for its account;each client is treated fairly with respect to priority of execution of orders; and each client is treated fairly
in the allocation of investment opportunities. In any particular allocation of an investment opportunity, it
is likely that certain client accounts will receive a smaller allocation than other client accounts, or notreceive an allocation at all. ARK’s trade aggregation and allocation policy is intended to provide fair andequitable treatment over time. For additional information, see ‘Aggregation and Allocation Policies’ in
Item 12 below.
Because of the diversity of investment goals, risk tolerances, tax situations, and differences in the timingof capital investments/contributions and redemptions/withdrawals, investment positions in client accounts
inevitably will differ among client accounts. All allocations of securities among client accounts areintended to be consistent with each client account’s investment goals and financial situation, and theforegoing principles. ARK intends to allocate investment opportunities among client accounts on a basisthat is fair and equitable over time in light of the circumstances.

ITEM 7 TYPES OF CLIENTSARK ETFs
Currently, ARK is the investment manager and provides management and supervisory services to the
ARK ETFs:
ARK Genomic Revolution ETF (ARKG)
ARK Autonomous Technology & Robotics ETF(ARKQ)
ARK Innovation ETF (ARKK)ARK Next Generation Internet ETF(ARKW)ARK Fintech Innovation ETF (ARKF)
ARK Space Exploration & Innovation ETF (ARKX)ARK Israel Innovative Technology ETF (IZRL)The 3D Printing ETF (PRNT)The ARK ETFs are exchange-traded funds. Each ARK ETF is a non-diversified, open-end management
investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”),
whose shares are registered for sale under the Securities Act of 1933, as amended (“1933 Act”).
ARK’s services to each ARK ETF are supervised by the governing board of the ARK ETF Trust, currently
composed of four Trustees. For independence purposes, three of the four Trustees are not “interested
persons” of the ARK ETF Trust or ARK. Additional information about each ARK ETF, including theservices that ARK provides and the ARK ETFs’ investment objectives, strategies and risks, can be foundin the ARK ETFs’ prospectuses and statement of additional information, which are publicly available atwww.ark-funds.com, on the EDGAR Database on the SEC’s website (www.sec.gov) or by contacting the
ARK ETFs’ principal underwriter, Foreside Fund Services, LLC at Three Canal Plaza, Suite 100,
Portland, ME 04101 or by calling 855-406-1506.
ARK Monthly and Quarterly ETF Webinars. ARK publishes a Monthly webinar to provide ongoingeducation around the ARK ETFs and answer investor questions. ARK publishes a Quarterly webinar
following the completion of each calendar quarter to discuss the performance of the ARK ETFs. During

the Quarterly webinar, performance, composition, outlook, and commentary will be provided for each of
the ARK ETFs, followed by a Question and Answer session. This information is not investment advice andwill only discuss public information. The on-demand webinars and materials will be posted to the ARK
website for at least a quarter and can be found at www.ark-funds.com. All interested parties can obtain
more information s at www.ark-funds.com. Such webinars are published on the third Thursday following
a quarter end at 4:30PM EST unless otherwise announced.
Advisory Services to the ARK Venture FundARK provides investment advisory services to the ARK Venture Fund (the “Venture Fund”), a Delaware
statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management
investment company. ARK serves as the investment adviser to the Venture Fund, subject to the general
oversight of the Venture Fund’s Board of Trustees, and is responsible for the day-to-day investment
management of the fund. The Venture Fund is designed primarily for long-term investors and not as a
trading vehicle. The Venture Fund is an “interval fund” pursuant to which it, subject to applicable law, willconduct quarterly repurchase offers for between 5% and 25% of the Fund’s outstanding shares ofbeneficial interest (“Shares”) at net asset value (“NAV”) generally.
Additional information regarding the services provided by ARK to the Venture Fund can be found in the
ARK Venture Fund prospectus and statement of additional information, which are publicly available atwww.ark- ventures.com, on the EDGAR Database on the SEC’s website (www.sec.gov) or writing to the
Venture Fund at ARK Investment Management, LLC, 200 Central Ave., St. Petersburg, Florida 33701,
or by calling toll-free 888-511-2347.
Separately Managed Accounts, Other Pooled Investment Vehicles and Clients
ARK currently provides investment advisory services to certain separately managed accounts for U.S.
institutions (which can include retirement plans, employee pension benefit plans, tax-exempt entities,
limited liability companies, public funds, foundations, endowments, insurance companies and theirseparately managed accounts, emerging manager programs, and financial institutions and theircustomers and clients), non-U.S. institutions, high net worth clients (which can include individual
investors, trusts and smaller employee benefit plans), pooled investment vehicles (including the Private
Funds), Sub-Advised Funds (as described more fully in Items 4 and 5), retail clients and Other Registered
Investment Companies (such as mutual funds and unit investment trusts). The Private Funds generally
impose investment minimums for investors, as described in more detail in the offering documents.
Wrap and UMA Programs
ARK also offers investment advisory services to clients of wrap fee programs and provides
nondiscretionary models to UMA programs sponsored by non-affiliates. ARK’s nondiscretionary services
consist of furnishing model portfolios in various equity strategies, which the UMA program sponsor could
choose to employ in its management of accounts under one or more managed account programs. The
sponsors of these programs could impose minimums or other requirements for opening or maintaining
an account, as described in more detail in the programs governing documents. For more information
about the strategies that ARK can offer to wrap and UMA programs, please see Item 8.
Non-Discretionary Sub-advisory and Sub-sub advisory Services
ARK also offers sub-advisory and sub-sub advisory services to registered investment advisers that

manage the Bitcoin ETF and Digital Asset ETFs. ARK’s non-discretionary sub-advisory services consistof providing data, research, and, as needed, operational support to the Bitcoin ETF as well as marketing
support services. ARK provides non-discretionary sub-sub advisory services related to the markets inwhich the Digital Asset ETFs invest. These products are exchange-traded as described in more detail inthe prospectuses and statements of additional information that are publicly available on the 21Shareswebsite, SEC website and can be obtained through contacting 21Shares via phone. For more information
about the strategies that ARK can offer as a sub advisor, please see Item 8.

ITEM 8 METHODS OF ANALYSIS, INVESTMENT STRATEGIES AND RISK OF LOSSARK offers the following multi-sector, theme-based investment strategies to clients by, under normal
circumstances, generally investing primarily in U.S. and non-U.S. equity securities of companies that are
relevant to each differentiated theme, however, certain crypto themes invest exclusively in cryptoassets
or derivatives thereon while the Venture Theme can invest in early- to late-stage private companies,
including private funds. In selecting companies that ARK believes are relevant to a particular investment
theme, it seeks to identify, using its own internal research and analysis, companies capitalizing on
disruptive innovation or that are enabling the further development of a theme (or elements of a theme) in
the markets in which they operate. ARK’s internal research and analysis leverages insights from diverse
sources, including social media, external research and the input of ARK’s Theme Developers, to advanceand refine its investment themes and identify and take advantage of trends that could have ramifications
for individual companies or entire industries. Currently, ARK focuses on the following themes:
Theme
FinTech Innovation
Genomic Revolution
Autonomous Technology & Robotics
Next Generation Internet
Disruptive Innovation
3D Printing
Israel Innovative Technology
Mobility-as-a-Service (MaaS)Space Exploration
Cryptoasset
Cryptocurrency
Global Digital‘ARK 10’
Early Stage Disruptors
Positive Change
Innovation (UN SDG)
Metaverse
VentureBitcoin
Active Bitcoin Futures
Active Ethereum Futures
Active On-Chain Bitcoin
Active Bitcoin Ethereum
Blockchain & Digital Economy Innovation

Portfolio Manager
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
William Scherer
William Scherer
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood
Catherine D. Wood

ARK can manage accounts with investment themes that are different from those listed above. In suchcases, each client account will be managed in accordance with the investment objective, guidelines,
strategy or strategies, policies and restrictions established by each client and documented in a written
investment advisory agreement (and related documents) with or on behalf of each client and ARK.
ARK’s distinct investment process and methods of analysis are described more fully in response to Item
4. Please refer to Item 4 for more information. There is no guarantee that ARK’s investment process andstrategies will meet the investment objectives and goals of its clients. Additionally, the investment
strategies and techniques ARK uses with respect to each investment theme might vary over timedepending on various factors. ARK can give advice and take action for clients that can differ from advice
given or the timing or nature of action taken for other clients with similar or different goals. ARK is not
obligated to initiate transactions for clients in any security that its principals, affiliates or employees canpurchase or sell for their own accounts or for other clients.
ARK manages both discretionary and non-discretionary accounts. However, even where ARK has
discretion, clients can place reasonable limitations and restrictions on the management of their accounts.
Certain clients can also direct ARK to sell, or to avoid selling, particular securities for the purpose ofrealizing a capital loss or avoiding a capital gain.
The investment objectives, principal investment strategies and material risks that are provided below aresummaries and are presented for general information purposes in accordance with regulatory
requirements. Consequently, these summaries are more fully explained and, in all instances, qualified
and superseded by the descriptions of objectives, guidelines, strategies, limitations, restrictions, andrisks, and any portfolio reports and other communications that are provided to each client in connection
with the creation and maintenance of the client’s account with ARK. If there is a conflict between theinformation provided herein and the governing documents of your account, the governing documents ofyour account control. Additional detail about each theme can be obtained at no charge by contacting
ARK at 1-727-810-8160 or through www.ark-invest.com/contact.
Clients should bear in mind that ARK’s investment themes can involve moderately high turnover ratios.
Thus, the potential for high volatility and increased transaction costs (including increased brokerage andtaxes) exists.
Wrap Fee and UMA Programs
ARK offers versions of its strategies offered to ARK’s separate account and collectively managed vehicle
clients to sponsors of wrap fee and UMA programs. ARK’s management of the strategies that it offers to
Wrap Fee (including dual contract) and UMA Programs is similar to ARK’s management of the strategies
that it offers to non-wrap clients described above, except for the differences noted in Item 4.
Risk of Loss
Investing in securities involves the risk of monetary loss, and clients investing their money with ARKshould be prepared to bear that loss. ARK is not responsible for ensuring your account is diversified, andthere is no guarantee that a diversified portfolio would not incur losses. None of the accounts, investment
vehicles, funds or investment companies for which ARK provides portfolio management services is a
deposit in any bank, nor are those accounts, investment vehicles, funds or investment companies insured
or guaranteed by the Federal Deposit Insurance Corporation or any other U.S. governmental agency.

Tax Considerations
Tax efficiency is generally a consideration in the management of ARK accounts, unless tax management
for a particular account (or types of accounts) is not necessary or appropriate. Certain investments
utilized can have unique and significant tax implications. Clients should consult with a tax professional
prior to investing.
IRS Circular 230 Disclosure: ARK, its agents and employees are not in the business of providing tax,
regulatory, accounting or legal advice. This Brochure and any tax-related statements provided by ARK
are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the
purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s
particular circumstances from an independent tax advisor.
A brief description of each theme and the investment objective and general investment strategies
typically used in managing client assets, including the methods of analysis, and the material risks
associated with investing in each disruptive innovation theme are provided below.
Note: The narrative discussion of each investment theme includes a list of the material risks associatedwith an investment in that theme. A description of each of the named risks is included at the end of this
Item 8, following the narrative discussion of all of the investment themes.
Descriptions of Investment Themes
Active Bitcoin Ethereum Theme
Investment Objective: Capital appreciation.
Principal Investment Strategies: The Active Bitcoin Ethereum theme-based investment strategy seeks tooutperform the returns of bitcoin over a market cycle by dynamically allocating its assets between bitcoin futurescontracts and ether futures contracts. The following may be taken into account when determining allocations:
historical and expected correlations between bitcoin and ether; fundamental analysis of the markets for bitcoinand ether as well as other markets that may impact the prices of bitcoin and ether; and interest rates and othermacroeconomic factors. The strategy does not invest directly in bitcoin, ether, or other digital assets, or maintaindirect exposure to “spot” bitcoin or ether. Under normal conditions, the strategy invests more than 25% of its
total assets in investments that provide exposure to (i) bitcoin and/or Bitcoin Futures and/or (ii) ether and/or Ether
Futures. The strategy may invest in affiliated underlying funds and may also invest in Bitcoin Futures and Ether
Futures through a subsidiary, as well as other investment companies that ARK believes can provide bitcoin
and/or ether exposure. In addition, under normal conditions, the strategy will allocate its remaining net assets tocash and cash equivalents, primarily U.S. government securities.
Material Risks: Market and Volatility Risk for Digital Assets; Digital Asset Risk; Bitcoin Futures Risk; Ether
Futures Risk; Bitcoin and Bitcoin Network Risks; Ether and the Ethereum Network Risks; Fund of Funds Risk;
Liquidity Risk of Digital Assets; Investment Capacity Risk; Counterparty Risk for Digital Assets; Concentration
Risk of Digital Assets; Leverage Risk for Digital Assets; Non-Diversified Risk; Active Management Risk;
Quantitative Investment Selection & Model Risk; Subsidiary Risk; Repurchase Agreements Risk; Derivatives
Risk; Bond and Fixed Income Risks (Credit Risk; Interest Rate Risk; US Governmental Securities Risk; Inflation
Risk); Tax for Digital Assets; ETF Risks (Authorized Participants, Market Makers and Liquidity Providers
Concentration Risk; Premium-Discount Risk; Cost of Trading Risk; Trading Risk); Investment in Other
Investment Companies Risk; Investment Risk; Cash Creation Unit Risk; Reverse Repurchase Agreement Risk;
New Fund Risk; Portfolio Turnover Risk for Digital Assets; Valuation Risk; Market Risk.
Active Bitcoin Futures Theme
Investment Objective: Capital appreciation.

Principal Investment Strategies: The Active Bitcoin Futures theme-based investment strategy seeks to achieve
its investment objective by investing in a portfolio of bitcoin futures contracts that are cash settled in U.S. dollars
and are traded on, or subject to the rules of, commodity exchanges registered with the Commodity Futures
Trading Commission (“CFTC”), such as the Chicago Mercantile Exchange (the “CME”) (“Bitcoin Futures”). The
Bitcoin Futures theme-based investment strategy does not invest directly in bitcoin or other digital assets, ormaintain direct exposure to “spot” bitcoin. The strategy may, however, have indirect exposure to bitcoin by virtue
of its investments in Bitcoin Futures contracts or investment companies that hold such contracts. Under normal
conditions, the strategy seeks to invest more than 25% of its total assets in investments that provide exposure
to bitcoin and/or Bitcoin Futures. The strategy will generally invest its remaining assets in any one or more of thefollowing types of short-term cash instruments to provide liquidity, serve as margin, or collateralize investments
in Bitcoin Futures: U.S. Treasury securities; money market instruments; and repurchase agreements.
Material Risks: Market and Volatility Risk for Digital Assets; Digital Asset Risk; Bitcoin Futures Risk; Bitcoin andBitcoin Network Risks; Liquidity Risk of Digital Assets; Investment Capacity Risk; Counterparty Risk for Digital
Assets; Concentration Risk of Digital Assets; Leverage Risk for Digital Assets; Non-Diversified Risk; Active
Management Risk; Subsidiary Risk; Repurchase Agreements Risk; Derivatives Risk; Bond and Fixed Income
Risks (Credit Risk; Interest Rate Risk; US Governmental Securities Risk; Inflation Risk); Tax for Digital Assets;
ETF Risks (Authorized Participants, Market Makers and Liquidity Providers Concentration Risk; PremiumDiscount Risk; Cost of Trading Risk; Trading Risk); Large Shareholder Risk; Investment Risk; Cash Creation
Unit Risk; Reverse Repurchase Agreement Risk; New Fund Risk; Portfolio Turnover Risk for Digital Assets;
Valuation Risk; Market Risk.
Active Ethereum Futures Theme
Investment Objective: Capital appreciation.
Principal Investment Strategies: The Active Ethereum Futures theme-based investment strategy seeks toachieve its investment objective by investing in a portfolio of ether futures contracts. Through a subsidiary, thestrategy will invest in standardized, exchange-traded ether futures contracts that are cash settled in U.S. dollars
and are traded on, or subject to the rules of, commodity exchanges registered with the Commodity Futures
Trading Commission (“CFTC”), such as the Chicago Mercantile Exchange (the “CME”) (“Ether Futures”). The
strategy does not invest directly in ether or other digital assets or maintain direct exposure to “spot” ether. Under
normal conditions, the strategy invests more than 25% of its total assets in investments that provide exposure
to ether and/or Ether Futures. The strategy will generally invest its remaining assets in any one or more of thefollowing types of short-term cash instruments to provide liquidity, serve as margin, or collateralize investments
in Ether Futures: U.S. Treasury securities; money market instruments; and repurchase agreements.
Material Risks: Market and Volatility Risk for Digital Assets; Digital Asset Risk; Ether Futures Risk; Ether and the
Ethereum Network Risks; Liquidity Risk of Digital Assets; Investment Capacity Risk; Counterparty Risk for Digital
Assets; Concentration Risk; Leverage Risk; Non-Diversified Risk; Active Management Risk; Subsidiary Risk;
Repurchase Agreements Risk; Derivatives Risk; Bond and Fixed Income Risks (Credit Risk; Interest Rate Risk;
US Governmental Securities Risk; Inflation Risk); Tax for Digital Assets; ETF Risks (Authorized Participants,
Market Makers and Liquidity Providers Concentration Risk of Digital Assets; Premium-Discount Risk; Cost of
Trading Risk; Trading Risk); Investment in Other Investment Companies Risk; Investment Risk; Cash Creation
Unit Risk; Reverse Repurchase Agreement Risk; New Fund Risk; Portfolio Turnover Risk for Digital Assets;
Valuation Risk; Market Risk.
Active On-Chain Bitcoin Theme
Investment Objective: Capital appreciation.
Principal Investment Strategies: The Active On-Chain Bitcoin theme-based investment strategy seeks todynamically allocate its assets between exposures to bitcoin futures contracts and cash equivalents, dependingon the prevailing trend of the bitcoin market. The strategy uses a proprietary trend indicator to formulate andadjust its allocation strategy and determine whether the bitcoin market trend is bullish or bearish. Under normal
conditions, the strategy expects to invest at least 25% of its net assets in an affiliated underlying fund and mayalso invest in Bitcoin Futures through a subsidiary, as well as other investment companies that are regulated
under the Investment Company Act of 1940, as amended, operating companies with securities regulated under
the Securities Exchange Act of 1934 and that are publicly traded which ARK believes can provide bitcoin
exposure. In addition, under normal conditions, the strategy will allocate its remaining net assets to cash andcash equivalents, primarily U.S. government securities.
Material Risks: Market and Volatility Risk for Digital Assets; Digital Asset Risk; Bitcoin Futures Risk; Bitcoin andBitcoin Network Risks; Fund of Funds Risk; Liquidity Risk of Digital Assets; Investment Capacity Risk;
Counterparty Risk for Digital Assets; Concentration Risk of Digital Assets; Leverage Risk for Digital Assets; NonDiversified Risk; Active Management Risk; Quantitative Investment Selection & Model Risk; Subsidiary Risk;
Repurchase Agreements Risk; Derivatives Risk; Bond and Fixed Income Risks (Credit Risk; Interest Rate Risk;
US Governmental Securities Risk; Inflation Risk); Tax for Digital Assets; ETF Risks (Authorized Participants,
Market Makers and Liquidity Providers Concentration Risk; Premium-Discount Risk; Cost of Trading Risk;
Trading Risk); Investment in Other Investment Companies Risk; Large Shareholder Risk; Investment Risk; CashCreation Unit Risk; Reverse Repurchase Agreement Risk; New Fund Risk; Portfolio Turnover Risk for Digital
Assets; Valuation Risk; Market Risk.
‘ARK 10’ Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The ‘ARK 10’ theme-based investment strategy is a selection of ten (10)equity securities that ARK believes presents the best risk-reward profile from the Disruptive Innovation
theme-based investment strategy. The ten equity securities are domestic and foreign equity securities ofcompanies that are relevant to the investment theme of disruptive innovation. The Adviser believes
companies relevant to this theme are Genomic Revolution Companies, Automation Transformation
Companies, Energy Transformation Companies, Artificial Intelligence Companies, Next Generation
Internet Companies and FinTech Innovation Companies. For accounts using this strategy, ARK will selectinvestments that represent its highest-conviction investment ideas within the theme of disruptive
innovation.
Material Risks: Communications Sector Risk; Consumer Discretionary Risk; Cryptocurrency Risk;
Cryptocurrency Tax Risk; Emerging Markets Securities Risk; Equity Securities Risk; FinTech Risk;
Foreign Securities Risk (including Depositary Receipts Risk); Future Expected Genomic Business Risk;
Health Care Sector Risk; Industrials Sector Risk; Information Technology Sector Risk; Issuer Risk;
Innovative Technology Risk; Large-Capitalization Companies Risk; Management Risk; Market Risk;
Market Trading Risk; Micro- Capitalization Companies Risk; Small- and Medium-Capitalization
Companies Risk; Next Generation Internet Companies Risk; Technology and Cyber Security Risks;
Currency Risk; Disruptive Innovation Risk; and International Closed-Market Trading Risk.
Bitcoin Theme
Investment Objective: Growth by seeking to track the performance of bitcoin.
Principal Investment Strategies: The Bitcoin theme-based investment strategy seeks to track the performanceof bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate - New York Variant (the“Index”), through investment in bitcoin. This theme-based investment strategy is valued daily based on the bitcoin
price reported by the Index.
Material Risks: Risks Associated with Bitcoin and the Bitcoin Network; Risks Associated with Investing in the
Trust; Risks Associated with the Regulatory Environment of Bitcoin; Risks Associated with the Tax Treatment of
Bitcoin; Other Risks.
Blockchain and Digital Economy Theme
Investment Objective: Capital appreciation.

Principal Investment Strategies: The Blockchain and Digital Economy theme-based investment strategy seeks
to invest 80% of its net assets (plus any borrowings for investment purposes) in investments that provide
exposure to the blockchain and in securities issued by companies principally engaged in the blockchain industry
and/or digital economy. The “digital economy” generally refers to economic activity conducted via the internet
and through the use of digital intermediaries. Companies in the blockchain industry and/or involved in the digital
economy include, but are not limited to, companies involved in the facilitation, trading, exchange, infrastructure,or custody of digital assets, digital asset transactions, and related services incidental or necessary for thefunctioning of a digital asset protocol or network. The strategy may invest in affiliated underlying funds and may
also invest in Bitcoin Futures and Ether Futures through a subsidiary. The strategy does not invest directly inbitcoin, ether or other digital assets, or maintain direct exposure to “spot” bitcoin or “spot” ether.
Material Risks: Market and Volatility Risk for Digital Assets; Digital Asset Risk; Bitcoin Futures Risks; Ether
Futures Risks; Bitcoin and Bitcoin Network Risks; Ether and the Ethereum Network Risks; Blockchain Industry
and Digital Economy Companies Risk; Fund of Funds Risk; Liquidity Risk of Digital Assets; Investment Capacity
Risk; Counterparty Risk for Digital Assets; Concentration Risk of Digital Assets; Leverage Risk for Digital Assets;
Non-Diversified Risk; Active Management Risk; Quantitative Investment Selection & Model Risk; Subsidiary
Risk; Emerging Markets Risk; Foreign Investment Risk; Repurchase Agreements Risk; Derivatives Risk; Bondand Fixed Income Risks (Credit Risk; Interest Rate Risk; US Governmental Securities Risk; Inflation Risk); Real
Estate Investment Trusts (REITs) Risk; Tax for Digital Assets; ETF Risks (Authorized Participants, Market
Makers and Liquidity Providers Concentration Risk; Premium-Discount Risk; Cost of Trading Risk; Trading Risk);
Investment in Other Investment Companies Risk; Large Shareholder Risk; Investment Risk; Cash Creation Unit
Risk; Reverse Repurchase Agreement Risk; IPO Risk; Small- and Mid-Capitalization Companies Risk; New
Fund Risk; Portfolio Turnover Risk for Digital Assets; Valuation Risk; Market Risk.
Cryptoasset Theme
Investment Objective: Diversified growth and capital preservation by providing exposure to cryptoasset
strategies.
Principal Investment Strategies: The Cryptoasset theme-based investment strategy invests in (a) Cryptoassetsthat ARK considers, in its sole and absolute discretion, to be relevant to public blockchain innovation, (b)decentralized finance and similar activities operating through the use of technologies, protocols, networks, or
platforms involving Cryptoassets or other blockchain technologies, and (c) equity and equity-like investments inpublic and private companies operating in the blockchain and Cryptoasset industries. ARK defines“Cryptoassets” generally to include digital “native” assets issued on a decentralized, open-source peer-to-peer
protocol and all other digital assets related to public blockchain technology, including, without limitation,
cryptocurrencies, digital currencies, virtual currencies, tokens, blockchain-based assets, decentralized
application tokens, protocol tokens, securities tokens, non-securities tokens, non-fungible tokens, smart
contracts, digital currency networks, stablecoins, digital coins, altcoins, network participants, token warrants,
decentralized autonomous organizations and their underlying protocol tokens, synthetic digital assets, othersimilar digital and cryptofinance assets that currently exist or may exist in the future, the ownership ortransmission of which is recorded or verified by a distributed ledger or other similar technology, including, without
limitation, a blockchain or directed acyclic graph.
Material Risks: Market Risk; Forward Trading Risk; Concentration Risk; Hedging Transactions Risk;
Counterparty Risk; Bitcoin and Bitcoin Network Risks; Ether and the Ethereum Network Risks;
Regulatory Environment of Bitcoin under “Bitcoin ETF”; Equity Securities Risk; “Follow-on” Investment
Risk; Portfolio Company Selection; Portfolio Company Deal Flow; Lack of Operating History of Portfolio
Companies; Intellectual Property Risk; Portfolio Company Financing Risk; Liquidity Risk; Blockchain
Investment Risk; Valuation Risk; Cryptoasset Risk; Cryptoasset Regulation Risk; Volatility Risk for
Cryptoassets; Investment Capacity Risk; Decentralized Exchanges and Investing in DeFi and
Decentralized Lending and Borrowing Risk; Staking Risks; Cryptoasset Derivative Regulatory Risk.

Cryptocurrency Theme
Investment Objective: Diversified growth by providing exposure to cryptocurrency.
Principal Investment Strategies: The Cryptocurrency theme-based investment strategy seeks to provide
exposure to a high-conviction portfolio of cryptocurrencies measured against a Bitcoin benchmark. Under normal
conditions, the strategy will be invested primarily in bitcoin and ether, the largest cryptocurrencies by network
value. In selecting cryptocurrencies, ARK uses its internal research and analysis to identify assets that provide
strong money assurances including but not limited to, censorship-resistance, inflation-resistance, seizure-resistanceand open validation & transparency. ARK applies both a top-down and bottom-up approach to analyzing potential
investments. The top-down analysis includes macro indicators and sentiment, global adoption, infrastructuredevelopment, and regulations. The bottom-up analysis includes fundamental and quantitative metrics forindividual cryptocurrencies.
Material Risks: Cryptocurrency Risk; Cryptocurrency Tax Risk; Valuation Risk; Counterparty Risk;
Liquidity Risk; Leverage Risk; Market Risk; Concentration Risk; Futures, Options, Swaps, andCommodities Risk; Forward Trading Risk; Short Sales Risk; Hedging Transactions Risk; Foreign
Securities Risk; and Technology and Cyber Security Risks.
Early Stage Disruptors Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Early Stage Disruptors theme-based investment strategy invests
under normal circumstances, in companies that ARK believes are early stage disruptors. “Disruptors” areleading innovative companies that stimulate substantial growth or create new markets while also
disrupting existing sectors. An innovative company is one that introduces a technologically enabled new
product or service that ARK believes might change an industry by creating simplicity and accessibility,
while possibly driving down costs. An early stage disruptor is either: 1) a newer public company that thesponsor believes is a disruptor company and has the potential for future long-term growth, or 2) acompany that has introduced a technologically enabled product or service that is in the early stages ofdevelopment and has the potential for future long-term growth. ARK invests in securities that it believes
are early stage disruptors that are involved in at least one of the following five innovation platforms: DNA
sequencing, robotics, energy storage, artificial intelligence, and blockchain technology. Each innovation
platform has associated transformative technologies and while the client could be exposed to some of
the associated transformative technologies, the client might not have exposure to all of them. The
associated transformative technologies for the innovation platforms are:• DNA sequencing – immunotherapy, gene editing and sequencing technology• Robotics – adaptive robotics, 3D printing and reusable rockets• Energy storage – autonomous mobility and battery systems• Artificial intelligence – neural networks, mobile connected devices, cloud computing and internet ofthings• Blockchain technology – blockchain and frictionless value transfer
Material Risks: Market Risk; Early Stage Disruptors Risk; Health Care Sector Risk; Financial Sector Risk;
DNA Sequencing Companies Risk; Artificial Sequencing Companies Risk; Foreign Securities Risk;
Emerging Markets Securities Risk; Small- and Medium-Capitalization Companies Risk; Technology andCyber Security Risk; Operational and Service Provider Risk; Litigation and Legislation Risk; and Inflation
Risk.
Global Digital Theme
Investment Objective: Mid and long-term growth of capital.
Principal Investment Strategies: The Global Digital theme-based investment strategy invests primarily indomestic and foreign equity securities of companies that are relevant to the investment theme of Global
Digital (“Global Digital Companies”). ARK believes companies relevant to this theme are focused on andexpected to benefit from using digital technology to offer zero-contact, interactive services and/or
products related to interactive services. These companies can include mail order houses which generate
the entirety of their business through websites and which offer internet-based products and services,such as streaming media or cloud storage in addition to traditional physical goods. These companies canalso include ones that develop, use or rely on innovative payment methodologies, big data, the internetof things, and social distribution, cybersecurity, cryptocurrencies, media and technologies that makefinancial services more efficient.
Material Risks: Communications Sector Risk; Cryptocurrency Risk; Cryptocurrency Tax Risk; Emerging
Markets Securities Risk; Equity Securities Risk; FinTech Risk; Foreign Securities Risk (including
Depositary Receipts Risk); Information Technology Sector Risk; Issuer Risk; Large-Capitalization
Companies Risk; Management Risk; Innovative Technology Risk; Market Risk; Market Trading Risk;
Micro-Capitalization Companies Risk; Small- and Medium-Capitalization Companies Risk; Next
Generation Internet Companies Risk; Technology and Cyber Security Risks; Blockchain Investment Risk;
Concentration Risk; Consumer Discretionary Risk; Currency Risk; Disruptive Innovation Risk; andInternational Closed-Market Trading Risk.
FinTech Innovation Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The FinTech Innovation theme-based investment strategy invests
primarily in domestic and foreign equity securities of companies that are relevant to the investment themeof Financial Technology, or FinTech (“FinTech Innovation Companies”). ARK believes companies
relevant to this theme are those that are focused on and expected to benefit from shifting the bases ofthe financial sector and economic transactions to technology infrastructure platforms, and technologicalintermediaries. These companies can also include ones that develop, use or rely on innovative payment
platforms and methodologies, point of sale providers, transactional innovations, business analytics, fraud
reduction, frictionless funding platforms, peer to peer lending, intermediary exchanges, asset allocation
technology, blockchain technologies, cryptocurrency, mobile payments, and risk pricing and poolingaggregators.
Material Risks: Blockchain Investments Risk; Communications Sector Risk; Equity Securities Risk;
Financial Sector Risk; FinTech Risk; Foreign Securities Risk (including Depositary Receipts Risk); Issuer
Risk; Large- Capitalization Companies Risk; Management Risk; Market Risk; Market Trading Risk; MicroCapitalization Companies Risk; Small- and Medium-Capitalization Companies Risk; Innovative
Technology Risk; Next Generation Internet Companies Risk; Information Technology Sector Risk;
International Closed-Market Trading Risk; Concentration Risk; Currency Risk; Disruptive Innovation Risk;
Emerging Market Risk; and Technology and Cyber Security Risks.
Genomic Revolution Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Genomic Revolution theme-based investment strategy invests
primarily in domestic and foreign equity securities of companies across multiple sectors, including healthcare, information technology, materials, energy and consumer discretionary, that are relevant to theinvestment theme of the genomics revolution (“Genomic Revolution Companies”). ARK believes
companies relevant to this theme are those that ARK believes are substantially focused on and are
expected to substantially benefit from extending and enhancing the quality of human and other life
by incorporating technological and scientific developments, improvements and advancements ingenomics into their business, such as by offering new products or services that rely on genomic
sequencing, analysis, synthesis or instrumentation. These companies can include ones that develop,
produce, manufacture or significantly rely on or enable bionic devices, bio-inspired computing,bioinformatics, molecular medicine and agricultural biotechnology.

Material Risks: Equity Securities Risk; Foreign Securities Risk (including Depositary Receipts Risk);
Future Expected Genomic Business Risk; Health Care Sector Risk; Issuer Risk; Large-Capitalization
Companies Risk; Management Risk; Market Risk; Market Trading Risk; Innovative Technology Risk;
Micro-Capitalization Companies Risk; Small- and Medium-Capitalization Companies Risk; Concentration
Risk; Currency Risk; Disruptive Innovation Risk; Emerging Market Securities Risk; International ClosedMarket Trading Risk; and Technology and Cyber Security Risks.
Autonomous Technology & Robotics (Industrial Innovation) Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Autonomous Technology & Robotics theme-based investment
strategy invests primarily in domestic and foreign equity securities of companies that are relevant to theinvestment theme of Autonomous Technology & Robotics (“Autonomous Technology & Robotics”). ARK
believes companies relevant to this theme are those that ARK expects to focus on and benefit from thedevelopment of new products or services, technological improvements and advancements in scientificresearch related to, among other things, disruptive innovation in energy (“energy transformationcompanies”), automation and manufacturing (“automation transformation companies”), artificial
intelligence (“artificial intelligence companies”), materials, and transportation. ARK considers a company
to be an energy transformation company if it seeks to capitalize on innovations or evolutions in: (i) waysthat energy is stored or used; (ii) the discovery, collection and/or implementation of new sources ofenergy, including unconventional sources of oil or natural gas and/or (iii) the production or developmentof new materials for use in commercial applications of energy production, use or storage. ARK considers
a company to be an automation transformation company if it is focused on humans capitalizing on the
productivity of machines, such as through the automation of functions, processes or activities previously
performed by human labor or the use of robotics to perform other functions, activities or processes. ARK
considers a company to be an artificial intelligence (“AI”) company if it: (i) designs, creates, integrates, ordelivers robotics, autonomous technology, and/or AI in the form of products, software, or systems; (ii)develops the building block components for robotics, autonomous technology, or AI, such as advanced
machinery, semiconductors and databases used for machine learning; (iii) provides its own value-added
services on top of such building block components, but are not core to the company’s product or service
offering; and/or (iv) develops computer systems that are able to perform tasks that normally require
human intelligence, such as visual perception, speech recognition, decision-making, and translation
between languages.
Material Risks: Equity Securities Risk; FinTech Risk; Foreign Securities Risk (including Depositary
Receipts Risk); Industrials Sector Risk; Information Technology Sector Risk; Innovative Technology Risk;
Issuer Risk; Large-Capitalization Companies Risk; Management Risk; Market Risk; Market Trading Risk;
Micro- Capitalization Companies Risk; and Small- and Medium-Capitalization Companies Risk andTechnology and Cyber Security Risks.
Next Generation Internet Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Next Generation Internet theme-based investment strategy invests
primarily in domestic and foreign equity securities of companies that are relevant to the investment themeof Next Generation Internet (“Next Generation Internet Companies”). ARK believes companies relevantto this theme are focused on and expected to benefit from shifting the bases of technology infrastructurefrom hardware and software to the cloud, enabling mobile and local services, such as companies that
rely on or benefit from the increased use of shared technology, infrastructure and services. These
companies can include mail order houses which generate the entirety of their business through websites,
and which offer internet-based products and services, such as streaming media or cloud storage in
addition to traditional physical goods. These companies can also include ones that develop, use or rely

on innovative payment methodologies, big data, the internet of things, and social distribution,
cybersecurity, cryptocurrencies, media and technologies that make financial services more efficient.
Material Risks: Communications Sector Risk; Cryptocurrency Risk; Cryptocurrency Tax Risk; Emerging
Markets Securities Risk; Equity Securities Risk; FinTech Risk; Foreign Securities Risk (including
Depositary Receipts Risk); Information Technology Sector Risk; Issuer Risk; Large-Capitalization
Companies Risk; Management Risk; Innovative Technology Risk; Market Risk; Market Trading Risk;
Micro-Capitalization Companies Risk; Small- and Medium-Capitalization Companies Risk; Next
Generation Internet Companies Risk; Technology and Cyber Security Risks; Blockchain Investment Risk;
Concentration Risk; Consumer Discretionary Risk; Currency Risk; Disruptive Innovation Risk; andInternational Closed-Market Trading Risk.
Disruptive Innovation Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Disruptive Innovation theme-based investment strategy invests
primarily in domestic and foreign equity securities of companies that are relevant to the investment themeof disruptive innovation. ARK believes companies relevant to this theme are Genomic Revolution
Companies, Automation Transformation Companies, Energy Transformation Companies, Artificial
Intelligence Companies, Next Generation Internet Companies and FinTech Innovation Companies. For
accounts using this strategy, ARK will select investments that represent its highest-conviction investment
ideas within the theme of disruptive innovation.
Material Risks: Communications Sector Risk; Consumer Discretionary Risk; Cryptocurrency Risk;
Cryptocurrency Tax Risk; Emerging Markets Securities Risk; Equity Securities Risk; FinTech Risk;
Foreign Securities Risk (including Depositary Receipts Risk); Future Expected Genomic Business Risk;
Health Care Sector Risk; Industrials Sector Risk; Information Technology Sector Risk; Issuer Risk;
Innovative Technology Risk; Large-Capitalization Companies Risk; Management Risk; Market Risk;
Market Trading Risk; Micro- Capitalization Companies Risk; Small- and Medium-Capitalization
Companies Risk; Next Generation Internet Companies Risk; Technology and Cyber Security Risks;
Currency Risk; Disruptive Innovation Risk; and International Closed-Market Trading Risk.
3D Printing Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The 3D Printing theme-based investment strategy invests primarily indomestic and foreign equity securities of companies that are relevant to the investment theme of 3D
Printing (“3D Printing Companies”). ARK believes companies relevant to this theme are focused on and
expected to benefit from the next industrial revolution of “additive manufacturing” that is collapsing thetime between design and production. As technology evolves and the costs continue to decline, thetechnology should provide greater design complexity, accuracy, efficiency, customization, andprototyping. Performance will closely correspond, before fees and expenses, to the Total 3-D Printing
Index. The Total 3D-Printing Index attempts to track the price movements of equity securities ofcompanies involved in the 3D Printing industry. The Index is composed of equity securities and depositary
receipts of exchange listed companies from the U.S., non-U.S. developed markets and Taiwan that are
engaged in 3D printing related businesses within the following business lines: (i) 3D printing hardware, (ii)computer aided design and 3D printing simulation software, (iii) 3D printing centers, (iv) scanning andmeasurement, and (v) 3D printing materials. The index is a total return index calculated in USD andrebalanced quarterly.
Material Risks: Currency Risk; Sampling Risk; Concentration Risk; Foreign Securities (including
Depositary Receipts Risk); Equity Securities Risk; Index Tracking Risk; Information Technology Sector
Risk; Innovative Technology Risk; International Closed-Market Trading Risk; Investable Universe ofCompanies Risk, Issuer Risk; Large-Capitalization Companies Risk; Management Risk; Market Risk;

Market Trading Risk; Micro-Capitalization Companies Risk; Portfolio Turnover Risk; Replication
Management Risk; Small- and Medium-Capitalization Companies Risk; Health Care Sector Risk;
Industrials Sector Risk; and Technology and Cyber Security Risks.
Positive Change Innovation (UN SDG) Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Positive Change Innovation (UN SDG) theme-based investment
strategy invests primarily in domestic and foreign equity securities of companies that ARK believes will
have a positive impact on the environment, our society, and the world’s ability to create further
innovations. ARK believes companies relevant to this theme are those that are focused on and expected
to benefit from shifting the bases of the financial sector and economic transactions to technology
infrastructure platforms, and technological intermediaries. These companies can also include ones thatdevelop, use or rely on innovative payment platforms and methodologies, point of sale providers,transactional innovations, business analytics, fraud reduction, frictionless funding platforms, peer to peer
lending, intermediary exchanges, asset allocation technology, blockchain technologies, cryptocurrency,
mobile payments, and risk pricing and pooling aggregators.
Material Risks: Blockchain Investments Risk; Communications Sector Risk; Equity Securities Risk;
Financial Sector Risk; FinTech Risk; Foreign Securities Risk (including Depositary Receipts Risk); Future
Expected Genomic Business Risk; Health Care Sector Risk; Issuer Risk; Large- Capitalization
Companies Risk; Management Risk; Market Risk; Market Trading Risk; Micro-Capitalization Companies
Risk; Small- and Medium-Capitalization Companies Risk; Innovative Technology Risk; Next Generation
Internet Companies Risk; Information Technology Sector Risk; International Closed-Market Trading Risk;
Concentration Risk; Currency Risk; Disruptive Innovation Risk; Emerging Market Risk; UN SDG Risk;
and Technology and Cyber Security Risks.
Metaverse Theme
Investment Objective: Mid and Long-term growth of capital.
Principal Investment Strategies: The Metaverse theme-based investment strategy invests primarily indomestic and foreign equity securities of companies that are relevant to the investment theme of the
Metaverse (“Metaverse Companies”). ARK has identified six core criteria for which to evaluate companies
on: virtual worlds, entertainment and assets, next generation hardware, digital infrastructure,
decentralized standards, and identity validators. These companies can include: video game publishers;
AR/VR device manufacturers and their suppliers; Infrastructure-as-a-Service (IaaS), Platform-as-aService (PaaS), and Software-as-a-Service (SaaS) companies; crypto enabling software products; publicblockchains and cryptocurrency companies; social media platforms; and various service and content
companies that ARK believes will populate the Metaverse.
Material Risks: Communications Sector Risk; Cryptocurrency Risk; Cryptocurrency Tax Risk; Emerging
Markets Securities Risk; Equity Securities Risk; FinTech Risk; Foreign Securities Risk (including
Depositary Receipts Risk); Information Technology Sector Risk; Issuer Risk; Large-Capitalization
Companies Risk; Management Risk; Innovative Technology Risk; Market Risk; Market Trading Risk;
Micro-Capitalization Companies Risk; Small- and Medium-Capitalization Companies Risk; Next
Generation Internet Companies Risk; Technology and Cyber Security Risks; Blockchain Investment Risk;
Concentration Risk; Consumer Discretionary Risk; Currency Risk; Disruptive Innovation Risk; andInternational Closed-Market Trading Risk.
Venture Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Venture theme invests primarily in domestic and foreign equity
securities of companies that are relevant to the theme of disruptive innovation. ARK believes companies

relevant to this theme are Genomic Revolution Companies, Automation Transformation Companies,
Energy Transformation Companies, Artificial Intelligence Companies, Next Generation Internet
Companies and FinTech Innovation Companies. In selecting companies, ARK seeks to identify, using
its own internal research and analysis, companies capitalizing on disruptive innovation or that are
enabling the further development of a theme in the markets in which they operate. Investments will
include early- to late-stage private companies and micro-, small-, medium- and large-capitalization publiccompanies, including private funds.
Material Risks: Currency Risk; Foreign Securities Risk (including Depository Receipts Risk); Equity
Securities Risk; SPAC Risk; Repurchase Program Risk; Unlisted Shares Risk; Issuer Risk; LargeCapitalization Companies Risk; Market Risk; Micro-Capitalization Companies Risk; Small- and MediumCapitalization Companies Risk; Non-Diversified Risk; Disruptive Innovation Risk; Emerging Market
Securities Risk; Communications Sector Risk; Consumer Discretionary Risk; Cryptocurrency Risk;
Cryptocurrency Tax Risk; Future Expected Genomic Business Risk; Health Care Sector Risk; Information
Technology Sector Risk; Next Generation Internet Companies Risk; New Fund Risk; Privately Held
Company Risk; Investment Opportunity Risk; Valuation Risk; Liquidity Risk; Leverage Risk; Performance
Risk; and “Follow-on” Investment Risk.
Israel Innovative Technology Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Israel Innovative Technology theme-based investment strategy
invests primarily in domestic and Israeli equity securities of companies that are relevant to the investment
theme of disruptive innovation. Companies must be incorporated in and/or domiciled in Israel and, must
publicly trade on an Israeli or United States exchange to be considered for the strategy. ARK believes
companies relevant to this theme are Genomic Revolution Companies, Industrial Innovation Companies
or Next Generation Internet Companies. For accounts using this strategy, ARK will seek to closely
correspond to the ARK Israeli Innovation Index, selecting investments that represent investment ideas
within the theme of innovative technology.
Material Risks: Currency Risk; Cyber Security Risk; Focused Investment Risk; International ClosedMarket Trading Risk; Sampling Risk; Concentration Risk; Foreign Securities Risk (including Depository
Receipts Risk); Equity Securities Risk; Future Expected Genomic Business Risk; Health Care Sector
Risk; Index Tracking Risk; Industrials Sector Risk; Information Technology Sector Risk; Innovative
Technology Risk; Investable Universe of Companies Risk; Israel Risk; Issuer Risk; Large-Capitalization
Companies Risk; Management Risk; Market Risk; Market Trading Risk; Micro-Capitalization Companies
Risk; Replication Management Risk; Small- and Medium-Capitalization Companies Risk; and Next
Generation Internet Companies Risk.
Mobility-as-a-Service (MaaS) Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Mobility-as-a-Service (MaaS) theme-based investment strategy
invests primarily in domestic and foreign equity securities of companies that are relevant to the investment
theme of Mobility-as-a-Service (“MaaS Companies”). ARK believes companies relevant to this theme arefocused on and expected to benefit from the shift to self-driving vehicles and other autonomous platforms(including passenger drones), decreasing the price and increasing the flexibility of personal mobility.
Platform technology providers in ARK’s view could be more valuable than automakers and will comprise an
ecosystem alongside manufacturers and lead generators. The shift from the internal combustion engine
to electric vehicles will be a key component of the transition.
Material Risks: Equity Securities Risk; Foreign Securities Risk (including Depositary Receipts Risk);
Industrials Sector Risk; Information Technology Sector Risk; Issuer Risk; Large-Capitalization
Companies Risk; Management Risk; Market Risk; Market Trading Risk; Innovative Technology Risk;

Micro-Capitalization Companies Risk; Small- and Medium-Capitalization Companies Risk; Next
Generation Internet Companies Risk; and International Closed-Market Risk.
Space Exploration and Innovation Theme
Investment Objective: Long-term growth of capital.
Principal Investment Strategies: The Space Exploration and Innovation theme-based investment strategy
invests primarily in domestic and foreign equity securities of companies that are relevant to theinvestment theme of Space Exploration and Innovation (“Space Exploration and Innovation Companies”).
ARK believes companies relevant to this theme are those that are leading, enabling, or benefiting fromtechnologically enabled products and/or services that occur beyond the surface of the Earth. ARK
defines Innovation, including the investment theme of “disruptive innovation,” as the introduction of atechnologically enabled new product or service that ARK expects to change the industry landscape.
ARK believes that Space Exploration and Innovation related companies can be grouped into four
overarching categories, each of which contains relevant sub-elements. Orbital Aerospace Companies
are companies that launch, make, service, or operate platforms in orbital space, including satellites andlaunch vehicles. Suborbital Aerospace Companies are companies that launch, make, service, or operate
platforms in suborbital space, but do not reach a velocity needed to remain in orbit around a planet.
Enabling Technologies Companies are companies that develop technologies used by Space Exploration
and Innovation related companies for successful value-add aerospace operations. These operations
include artificial intelligence, robotics, 3D printing, materials and energy storage. For example, 3D printing
companies create value-add for space and aerospace exploration related companies by accelerating
innovation thanks to low-costs and rapid prototyping, and by lowering the weight of low volume, highly
complex parts. Aerospace Beneficiary Companies are companies whose operations stand to benefit fromaerospace activities, including agriculture, internet access, global positioning system (GPS),construction, imaging, drones, air taxis and electric aviation vehicles. For example, agriculture companies
utilize technologies advanced by space exploration and innovation, such as satellite imagery. Space
exploration and Innovation is possible due to the convergence of a number of themes. Many of thecompanies ARK invests in only have an indirect and not a substantial involvement in the space industry.
A Space Exploration and Innovation Theme related company might not currently derive any revenue,
and there is no assurance that such company will derive any revenue from innovative technologies in the
future.
Material Risks: Communications Sector Risk; Consumer Discretionary Risk; Equity Securities Risk;
Foreign Securities Risk (including Depositary Receipts Risk); Industrials Sector Risk; Information
Technology Sector Risk; International Closed- Market Trading Risk; Issuer Risk; Large-Capitalization
Companies Risk; Management Risk; Market Risk; Market Trading Risk; Innovative Technology Risk;
Micro-Capitalization Companies Risk; Small- and Medium-Capitalization Companies Risk; Next
Generation Internet Companies Risk; and Technology and Cyber Security Risks.
Descriptions of Material Risks
Active Management Risk. The Fund is actively managed and its performance is based on the judgments
and investment decisions that 21Shares makes for the Fund. The judgments and decisions made by the
portfolio manager or 21Shares might not implement the strategy correctly, which could cause the Fundto underperform as compared to investments of similar risk.
Artificial Intelligence Companies Risk. Artificial intelligence companies may have limited product lines,
markets, financial resources or personnel and are subject to the risks of changes in business cycles,
world economic growth, technological progress and government regulation. These companies faceintense competition and potentially rapid product obsolescence, and many depend significantly onretaining and growing the consumer base of their respective products and services. Many of thesecompanies are also reliant on the end-user demand of products and services in various industries that
may in part utilize artificial intelligence. These companies are also heavily dependent on intellectual
property rights, and challenges to or misappropriation of such rights could have a material adverse effecton such companies. Legal and regulatory changes, particularly related information privacy and dataprotection, may have an impact on a company’s products or services. Securities of artificial intelligencecompanies tend to be more volatile than securities of companies that rely less heavily on technology.
Artificial intelligence companies typically engage in significant amounts of spending on research anddevelopment and there is no guarantee that the products or services produced by these companies will
be successful. Rapid changes to the field could have a material adverse effect on a company’s operating
results.
Bitcoin and Bitcoin Network Risks. The Fund may be subject to the following risks as a result of its
investments in Bitcoin or Bitcoin Futures:•

Bitcoin and other digital assets are a relatively new and developing asset subject to bothdevelopmental and regulatory uncertainty. Future U.S. or foreign regulatory changes may alter
the risks associated with an investment in the Fund, or the Fund’s ability to implement its
investment strategy.

•

Digital assets such as bitcoin were introduced relatively recently, and the medium-to-long term
value of bitcoin is subject to a number of factors relating to the capabilities and development ofblockchain technologies and to the fundamental investment characteristics of digital assets thatare uncertain and difficult to evaluate.

•

The value of bitcoin depends on the development and acceptance of the bitcoin network. The
slowing or stopping of the development or acceptance of the bitcoin network may adversely
affect an investment in the Fund.

•

New competing digital assets may pose a challenge to bitcoin’s current market position,
resulting in a reduction in demand for bitcoin, which could have a negative impact on the priceof bitcoin and Bitcoin Futures, and thus a negative impact on the performance of the Fund.

•

If one or a coordinated group of miners were to gain control of more than 50% of the bitcoin
network, they could have the ability to manipulate transactions, halt payments and fraudulently
obtain bitcoin.

•

There is no registry showing which individuals or entities own bitcoin or the quantity of bitcoin
owned by any particular person or entity. It is possible, and in fact, reasonably likely, that a small
group of early bitcoin adopters hold a significant portion of the bitcoin that has thus far beencreated. There are no regulations in place that would prevent a large holder of bitcoin fromselling their bitcoin. Substantial bitcoin sales may adversely affect the price of bitcoin and Bitcoin
Futures.

•

Although the Fund’s investments will be in bitcoin or Bitcoin Futures contracts traded on
regulated futures exchanges, bitcoin and bitcoin trading venues may be subject to similar orless regulation. As a result, there is the risk that individuals or groups may engage in fraud or
market manipulation and investors may be more exposed to the risk of theft, fraud and market
manipulation than when investing in more traditional assets. Over the past several years, anumber of bitcoin trading venues have been closed due to fraud, failure or security breaches.
Investors in bitcoin may have little or no recourse should such theft, fraud or manipulation occur
and could suffer significant losses. Although the Fund’s direct investments will be in bitcoin or
Bitcoin Futures contracts traded on regulated futures exchanges, to the extent Bitcoin Futures
are tracking the spot bitcoin markets, the Fund’s investments could be adversely affected byfraud, failure or security breaches in spot bitcoin markets.
•

The market price of bitcoin has been subject to extreme fluctuations. Additionally, the value of
bitcoin has been and may continue to be substantially dependent on speculation such thattrading and investing in crypto assets generally may not be based on fundamental analysis. If
bitcoin markets continue to be subject to sharp fluctuations, the Fund’s shareholders may
experience losses. In addition, the Fund’s performance may be adversely impacted by industrywide developments beyond its control, including the fallout from the recent insolvency
proceedings of digital asset market participants such as digital asset trading venues. Although
the Fund has no exposure to any of these market participants, the price of bitcoin and therefore
the Fund may be negatively impacted by unfavorable investor sentiment resulting from theserecent developments in the broader digital asset industry.

•

The open-source nature of the bitcoin network can result in changes to the underlying code of
bitcoin, which may result in the creation of new, separate digital assets, commonly called a“fork,” or in the release of a large amount of a newly created digital asset, commonly called an“airdrop.” A fork or an airdrop could result in significant and unexpected changes in the value of
bitcoin on spot markets, which could adversely affect Bitcoin Futures, and the Fund.

Bitcoin Futures Risk. Bitcoin Futures expose the Fund to the following risks:•

Bitcoin and Bitcoin Futures are relatively new assets and bitcoin and the bitcoin network aresubject to rapid changes, uncertainty and regulation that may adversely affect the value of the
Bitcoin Futures or the nature of an investment in the Fund, and may adversely affect the abilityof the Fund to buy and sell Bitcoin Futures or achieve its investment objective.

•

Historically, bitcoin and Bitcoin Futures have been subject to significant price volatility. The priceof Bitcoin Futures may differ significantly from the spot price of bitcoin and changes in the priceof Bitcoin Futures may happen rapidly and without notice.

•

The market for Bitcoin Futures is less developed than older, more established futures markets(such as corn or wheat futures) and may be more volatile and less liquid than other futures
markets. Although this market has grown since Bitcoin Futures were initially developed, there
is no guarantee that the market will continue to develop in ways that support the continued
growth and operation of the Fund.

•

An exchange or market may close early, close late or issue trading halts on Bitcoin Futurescontracts. As a result, the ability to trade Bitcoin Futures contracts may be restricted, which may
disrupt the Fund’s creation and redemption process, potentially affect the price at which theFund’s shares trade in the secondary market, result in the Fund being unable to trade Bitcoin
Futures contracts at all, and/or cause significant deviations in the performance of Bitcoin Futurescontracts from spot bitcoin. In these circumstances, the Fund may be unable to rebalance its
portfolio, may be unable to accurately price its investments and/or may incur substantial trading
losses.

•

Increased demand for Bitcoin Futures may cause Bitcoin Futures to become more expensive toacquire and may cause the value of Bitcoin Futures to diverge more significantly from the valueof the reference rate. Bitcoin Futures are valued based on the Bitcoin Reference Rate (“BRR”),
which is a rate determined by the CME and designed to provide an indicative price for spot
bitcoin across a specific set of cash bitcoin trading venues. If demand for bitcoin rises, this could
affect the reference rate and the value of Bitcoin Futures.

•

In some cases, the near month Bitcoin Futures contract’s price can be lower than later expiringcontracts’ prices (“contango”). If Bitcoin Futures suffer a prolonged period of contango, andabsent the impact of rising or falling bitcoin prices, the Fund’s net assets value (“NAV”) and total
return could be adversely affected, and you could suffer a partial or total loss of your investmentin the Fund.

•

Bitcoin Futures are subject to position limits, accountability limits and dynamic price fluctuation
limits that may limit the Fund’s ability to invest the proceeds of creation baskets in Bitcoin
Futures and may cause the Fund to fail to maintain its target bitcoin exposure or may impair the
Fund’s ability to meet its investment objective. Bitcoin Futures also are subject to relatively highinitial margin requirements that may limit the Fund’s ability to achieve its desired investment
exposure and may require the Fund to liquidate a position in Bitcoin Futures when it otherwise
would not do so.

•

When a Bitcoin Futures contract is nearing expiration, the Fund will generally sell it and use theproceeds of the sale to buy a Bitcoin Futures contract with a later expiration date. This is called“rolling.” The costs associated with rolling Bitcoin Futures typically are substantially higher thanthe costs associated with rolling futures contracts for other types of reference assets. Costs
associated with rolling Bitcoin Futures contracts may have a significant adverse impact on the
Fund’s investment performance.

•

There may be imperfect correlation between changes in the market value of a Bitcoin Futurescontract and the value of its underlying reference asset, the BRR, and this may be exaggerated
in times of market stress or volatility. Bitcoin Futures require the Fund to post margin or collateralin a manner that satisfies contractual undertakings. In order to satisfy margin requirements, theFund may need to sell securities from its portfolio or exit positions at a time when it may bedisadvantageous to do so. All of this could, in turn, affect the Fund’s ability to fully execute its
investment strategies and/or achieve its investment objective.

Bitcoin ETF. The following risks are associated with the Fund:
Bitcoin and the Bitcoin Network.
• Digital assets such as bitcoin were only introduced within the past decade, and the medium-tolong term value of the shares is subject to a number of factors relating to the capabilities anddevelopment of blockchain technologies and to the fundamental investment characteristics ofdigital assets that are uncertain and difficult to evaluate.
• The value of the shares relates directly to the value of bitcoin, the value of which may be highly
volatile and subject to fluctuations due to a number of factors.
• The value of the shares depends on the development and acceptance of the Bitcoin network.
The slowing or stopping of the development or acceptance of the Bitcoin network may adversely
affect an investment in the trust.

• Due to the nature of private keys, bitcoin transactions are irrevocable, and stolen or incorrectlytransferred bitcoin may be irretrievable. As a result, any incorrectly executed bitcoin transactions
could adversely affect an investment in the Trust.
• Security threats to the trust’s account with the bitcoin custodian could result in the halting of trust
operations and a loss of trust assets or damage to the reputation of the trust, each of which could
result in a reduction in the price of the shares.
• Potential amendments to the bitcoin network’s protocols and software could, if accepted andauthorized by the bitcoin network community, adversely affect an investment in the trust.
• A temporary or permanent “fork” of the bitcoin blockchain could adversely affect an investment in
the trust.
• Blockchain technologies are based on the theoretical conjectures as to the impossibility ofsolving certain cryptographical puzzles quickly. These premises may be incorrect or may become
incorrect due to technological advances and could negatively impact the future usefulness of
bitcoin and adversely affect an investment in the Trust.
• The price of bitcoin on the bitcoin market has exhibited periods of extreme volatility, which could
have a negative impact on the performance of the trust.
• Bitcoin exchanges on which bitcoin trades are relatively new and, in some cases, unregulated,
and, therefore, may be more exposed to fraud and security breaches than established, regulated
exchanges for other financial assets or instruments, which could have a negative impact on theperformance of the trust.
• New competing digital assets may pose a challenge to bitcoin’s current market position, resulting
in a reduction in demand for bitcoin, which could have a negative impact on the price of bitcoin
and may have a negative impact on the performance of the trust.
Investing in a Trust.
• The value of the shares will be influenced by a variety of factors unrelated to the value of bitcoin.
• The NAV or principal market NAV might not always correspond to the market price of bitcoin and,as a result, creation baskets may be created or redeemed at a value that is different from the market
price of the shares.
• The inability of authorized participants and market makers to hedge their bitcoin exposure may
adversely affect the liquidity of shares and the value of an investment in the shares.
• The trust is subject to risks due to its concentration of investments in a single asset.
• Possible illiquid markets could exacerbate losses or increase the variability between the trust’s
NAV or the principal market NAV and its market price.
Regulatory Environment of Bitcoin.
• Future and current regulations by a United States or foreign government or quasi-governmental
agency could have an adverse effect on an investment in the trust.
• Shareholders do not have the protections associated with ownership of shares in an investmentcompany registered under the 1940 Ac or the protections afforded by the Commodity Exchange Act(the “CEA”).
• Future legal or regulatory developments may negatively affect the value of bitcoin or require theTrust or the sponsor to become registered with the SEC or Commodity Futures Trading Commission(“CFTC”), which may cause the trust to incur unforeseen expenses or liquidate.
• If regulatory changes or interpretations of an authorized participant’s, the trust’s or the sponsor’s
activities require the regulation of an Authorized Participant, the Trust or the Sponsor as a money
service business under the regulations promulgated by the Financial Crimes Enforcement Network(“FinCEN”), an authorized participant, the trust or the sponsor may be required to register andcomply with such regulations, which could result in extraordinary, recurring and/or nonrecurringexpenses.
Tax Treatment of Bitcoin.
• Shareholders could incur a tax liability without an associated distribution of the trust.
• The tax treatment of bitcoin and transactions involving bitcoin for state and local tax purposes is
not settled.
• A hard “fork” of the bitcoin blockchain could result in shareholders incurring a tax liability.
Other Risks.
• The exchange on which the shares are listed may halt trading in the trust’s shares, which would
adversely impact a shareholder’s ability to sell shares.
• The market infrastructure of the bitcoin spot market could result in the absence of active authorized
Participants able to support the trading activity of the trust, which would affect the liquidity of theshares in the secondary market and make it difficult to dispose of shares.
• Shareholders that are not authorized participants may only purchase or sell their shares insecondary trading markets, and the conditions associated with trading in secondary markets may
adversely affect shareholders’ investment in the shares.
• The sponsor and sub-adviser are leanly staffed and rely heavily on key personnel. The departureof any such key personnel could negatively impact the trust’s operations and adversely impact aninvestment in the trust.
• Shareholders do not have the rights enjoyed by investors in certain other vehicles and may be
adversely affected by a lack of statutory rights and by limited voting and distribution rights.
• The liability of the sponsor, sub-adviser and the trustee is limited, and the value of the shares will
be adversely affected if the trust is required to indemnify the trustee, the sponsor or the sub-adviser.
• Due to the increased use of technologies, intentional and unintentional cyber-attacks pose
operational and information security risks, the occurrence of which can negatively impact aninvestment in the trust.
Blockchain Industry and Digital Economy Companies Risk. Companies that are developing financial
technologies that seek to disrupt or displace established financial institutions generally face competition
from much larger and more established firms. Such companies might not be able to capitalize on theirdisruptive technologies if they face political and/or legal attacks from competitors, industry groups or local
and national governments. Laws generally vary by country, creating some challenges to achieving scale.
Companies involved in digital assets face slower adoption rates and be subject to higher levels of
regulatory scrutiny in the future, which could severely impact the viability of these companies. Companies
in the blockchain industry and digital economy might not currently derive any revenue, and there is no
assurance that such companies will derive any revenue from innovative technologies in the future.
Additionally, companies in the blockchain industry and digital economy can be adversely impacted bypotential rapid product obsolescence, cybersecurity attacks, increased regulatory oversight anddisruptions in the technology they depend on.
Blockchain Investments Risk. An investment in companies actively engaged in blockchain technology
may be subject to the following risks:•

The technology is new and many of its uses may be untested. The mechanics of using distributed
ledger technology to transact in other types of assets, such as securities or derivatives, is lessclear. There is no assurance that widespread adoption will occur. A lack of expansion in theusage of blockchain technology could adversely affect an investment in an investment vehicle.
A breach to one blockchain could cause investors, and the public generally, to lose trust in

•

•
•

•

•

•

•

•

blockchain technology and increase reluctance to issue and invest in assets recorded onblockchains. Furthermore, blockchain technology is subject to a rapidly-evolving regulatory
landscape in the United States and in other countries, which might include security, privacy orother regulatory concerns that could require changes to blockchain networks.
Theft, loss or destruction. Transacting on a blockchain depends in part specifically on the use of
cryptographic keys that are required to access a user’s account (or ‘‘wallet’’). The theft, loss ordestruction of these keys impairs the value of ownership claims users have over the relevant
assets being represented by the ledger (whether ‘‘smart contracts,’’ securities, currency or otherdigital assets). The theft, loss or destruction of private or public keys needed to transact on a
blockchain could also adversely affect a company’s business or operations if it were dependent
on the ledger.
Competing platforms and technologies. The development and acceptance of competing platforms
or technologies may cause consumers or investors to use an alternative to blockchains.
Cyber security incidents. Cyber security incidents may compromise an issuer, its operations or
its business. Cyber security incidents may also specifically target a user’s transaction history,
digital assets, or identity, thereby leading to privacy concerns. In addition, certain features ofblockchain technology, such as decentralization, open-source protocol, and reliance on peer-topeer connectivity, may increase the risk of fraud or cyber-attack by potentially reducing the
likelihood of a coordinated response.
Developmental risk. Blockchain technology may never develop optimized transactional
processes that lead to realized economic returns for any company in which an investment vehicle
invests. Companies that are developing applications of block chain technology applications may
not in fact do so or may not be able to capitalize on those blockchain technologies. The
development of new or competing platforms may cause consumers and investors to use
alternatives to blockchains.
Intellectual property claims. A proliferation of recent startups attempting to apply blockchain
technology in different contexts means the possibility of conflicting intellectual property claims
could be a risk to an issuer, its operations or its business. This could also pose a risk toblockchain platforms that permit transactions in digital securities. Regardless of the merit of any
intellectual property or other legal action, any threatened action that reduces confidence in theviability of blockchain may adversely affect an investment in an investment vehicle.
Lack of liquid markets, and possible manipulation of blockchain-based assets. Digital assets thatare represented and trade on a blockchain may not necessarily benefit from viable trading markets.
Stock exchanges have listing requirements and vet issuers, and perhaps users. These
conditions may not necessarily be replicated on a blockchain, depending on the platform’s
controls and other policies. The more lenient a blockchain is about vetting issuers of digital assets
or users that transact on the platform, the higher the potential risk for fraud or the manipulationof digital assets. These factors may decrease liquidity or volume or increase volatility of digital
securities or other assets trading on a blockchain.
Lack of regulation. Digital commodities and their associated platforms are largely unregulated,
and the regulatory environment is rapidly evolving. Because blockchain works by having everytransaction build on every other transaction, participants can self-police any corruption, which
can mitigate the need to depend on the current level of legal or government safeguards tomonitor and control the flow of business transactions. As a result, companies engaged in suchblockchain activities may be exposed to adverse regulatory action, fraudulent activity or even
failure.
Third party product defects or vulnerabilities. Where blockchain systems are built using third
party products, those products may contain technical defects or vulnerabilities beyond a
company’s control. Open-source technologies that are used to build a blockchain application may

••also introduce defects and vulnerabilities.
Reliance on the Internet. Blockchain functionality relies on the Internet. A significant disruptionof Internet connectivity affecting large numbers of users or geographic areas could impede thefunctionality of blockchain technologies and adversely affect investment vehicles. In addition,certain features of blockchain technology, such as decentralization, open-source protocol, andreliance on peer-to-peer connectivity, may increase the risk of fraud or cyber-attack by potentiallyreducing the likelihood of a coordinated response.
Line of business risk. Some of the companies in which investment vehicles may invest are
engaged in other lines of business unrelated to blockchain and these lines of business could
adversely affect their operating results. The operating results of these companies may fluctuate
as a result of these additional risks and events in the other lines of business. In addition, acompany’s ability to engage in new activities may expose it to business risks with which it hasless experience than it has with the business risks associated with its traditional businesses.
Despite a company’s possible success in activities linked to its use of blockchain, there can be noassurance that the other lines of business in which these companies are engaged will not havean adverse effect on a company’s business or financial condition.

Bond and Fixed Income Risk. The Fund’s investments in fixed income securities are subject to one ormore of the following risks:Credit Risk. Bonds are subject to credit risk, which is the possibility that the issuer or guarantorof a security will be unable and/or unwilling to make timely interest payments and/or repay theprincipal on its debt or to otherwise honor its obligations and/or default completely. Bonds are
subject to varying degrees of credit risk, depending on the issuer’s financial condition and on theterms of the securities, which may be reflected in credit ratings. The credit rating of a bond may
be downgraded after purchase or the perception of an issuer’s credit worthiness may decline,
which may adversely affect the value of the security.
Interest Rate Risk. Debt securities, including bonds, are also subject to interest rate risk. Interest
rate risk refers to fluctuations in the value of a bond resulting from changes in the general levelof interest rates. When the general level of interest rates goes up, the prices of most debt
securities go down. When the general level of interest rates goes down, the prices of most debt
securities go up. Rising interest rates increases the potential for periods of volatility andincreased redemptions. In addition, debt securities, such as bonds, with longer durations tend to
be more sensitive to interest rate changes, usually making them more volatile than debt
securities with shorter durations.
U.S. Government Securities Risk. U.S. government securities are subject to market risk, interest
rate risk and credit risk. Securities, such as those issued or guaranteed the U.S. Treasury, thatare backed by the full faith and credit of the United States are guaranteed only as to the timely
payment of interest and principal when held to maturity and the market prices for such securities
will fluctuate. Shorter term U.S. government securities may be more sensitive to rising interest
rates than longer term obligations. Notwithstanding that these securities are backed by the full
faith and credit of the United States, circumstances could arise that would prevent the payment
of interest or principal. This would result in losses the Fund.
Inflation Risk. Inflation rates change frequently and suddenly, based on a variety of factors
including changes in global markets and economies. Fixed income securities tend to be moresensitive to changes in inflation rates. The Fund’s investments in fixed income securities could

be subject to increased volatility or illiquidity events in response to changes in inflation rates.
Cash Creation Unit Risk. To the extent the Fund effects its creations and redemptions for cash, rather
than in-kind securities, the Fund’s shares may trade in the market at greater bid-ask spreads or greater
premiums or discounts to the Fund’s NAV. As a practical matter, only institutions and large investors,
such as market makers or other large broker dealers, also known as “authorized participants,” create orredeem shares directly through the Fund. Most investors will buy and sell shares of the Fund on an
exchange through a broker-dealer. Cash creation and redemption transactions may result in certain
brokerage, tax, execution, price movement and other costs and expenses related to the execution of
trades resulting from such transactions. To offset these expenses, the Fund will collect fees from theapplicable authorized participant to reimburse the Fund for any costs incurred by the Fund that result
from a cash creation or redemption. The use of cash for redemptions will limit the tax efficiency of theFund.
Communications Sector Risk. Communication companies are particularly vulnerable to the potential
obsolescence of products and services due to technological advancement and the innovation ofcompetitors. Companies in the communications sector may also be affected by other competitive
pressures, such as pricing competition, as well as research and development costs, substantial capitalrequirements and government regulation. Additionally, fluctuating domestic and international demand,
shifting demographics and often unpredictable changes in consumer tastes can drastically affect a
communication company’s profitability. While all companies may be susceptible to network security
breaches, certain companies in the communications sector may be particular targets of hacking andpotential theft of proprietary or consumer information or disruptions in service, which could have amaterial adverse effect on their businesses.
Consumer Discretionary Risk. The consumer discretionary sector may be affected by changes indomestic and international economies, exchange and interest rates, competition, consumers’ disposable
income and consumer preferences, social trends and marketing campaigns.
Concentration Risk. Accounts that concentrate their investments in a particular industry or group ofindustries will be subject to the risk that economic, political or other conditions that have a negative effecton one or more of the identified industries or sectors may negatively impact such accounts to a greater
extent than if the assets were invested in a wider variety of industries or sectors.
Concentration Risk of Digital Assets. The Fund may be susceptible to an increased risk of loss, including
losses due to adverse events that affect the Fund’s investments more than the market as a whole, to theextent that the Fund’s investments are concentrated in investments that provide exposure to bitcoin andether.
Conflicts of Interest Risks: Various conflicts of interest are discussed throughout this document. Please
review this information carefully and contact ARK if you have any questions.
Like other investment advisers, ARK is subject to various conflicts of interest in the ordinary course of its
business. ARK strives to identify potential risks, including conflicts of interest, which are inherent in ARK’sbusiness. When actual or potential conflicts of interest are identified, ARK seeks to address such conflicts
through one or more of the following methods:••

elimination of the conflict;disclosure of the conflict; or•management of the conflict through the adoption of appropriate policies and procedures.

ARK follows its policies on business ethics, insider trading, personal trading and information barriers.
ARK has adopted a code of ethics (see Item 11), allocation policies and conflicts of interest policies, among
others, and has adopted supervisory procedures to assess compliance with our policies. ARK cannot
guarantee, however, that its policies and procedures will detect and prevent, or lead to the disclosure of,each and every situation in which a conflict may arise.
Counterparty Risk. An exchange or over-the-counter (“OTC”) counterparty may not settle a transactionin accordance with its terms and conditions, which could result in a loss. There is a risk of trade failureand non-performance by exchanges and OTC counterparties, and such non-performance may result in
unrealized trades.
Counterparty Risk for Digital Assets. Investing in futures contracts, derivatives and repurchaseagreements involves entering into contracts with third parties (collectively, “counterparties”). Using
derivatives and repurchase agreements involves risks that are different from the risks associated withordinary portfolio securities transactions. The Fund will be subject to credit risk (i.e., the risk that acounterparty is or is perceived to be unwilling or unable to make timely payments or otherwise meet its
contractual obligations) with respect to the amount it expects to receive from counterparties to derivatives
and repurchase agreements entered into by the Fund. If a counterparty becomes bankrupt or fails toperform its obligations, or if any collateral posted by the counterparty for the benefit of the Fund isinsufficient or there are delays in the Fund’s ability to access such collateral, the value of an investmentin the Fund may decline. The counterparty to a listed futures contract, such as Bitcoin Futures or Ether
Futures, is the derivatives clearing organization for the listed future. The listed future is held through an
FCM acting on behalf of the Fund. Consequently, the counterparty risk on a listed futures contract is thecreditworthiness of the FCM and the exchange’s clearing corporation.
Cryptoasset Derivative Regulatory Risk. Although the Fund’s emphasis will be on spot Cryptoassets, theFund may invest and trade in perpetual futures and a variety of other derivative instruments related to or
based on Cryptoassets (collectively, “Cryptoasset Derivatives”). Pursuant to the Commodity ExchangeAct, many, if not all, of such Cryptoasset Derivatives must either be traded on, or subject to the rules ofa board of trade, of an exchange that has been designated or registered with the CFTC for the specific
Cryptoasset Derivative, such as a futures commission merchant or swap execution facility, or else fallunder an applicable exemption. To the extent the Fund invests or trades in Cryptoasset Derivatives on
exchanges or platforms not registered with the CFTC, including without limitation non-U.S. or
Decentralized Exchanges (“Non-Registered Exchanges”), or otherwise enters into Cryptoasset
Derivatives transactions that are not subject to an exemption, the Fund may be in violation of theCommodity Exchange Act. The CFTC may, now or in the future, assert jurisdiction over such activity andtake enforcement actions against the Managing Member, the Investment Manager, and/or the Fund. Anysuch enforcement actions may result in fines, sanctions, and other penalties that could materially andadversely affect the Managing Member, the Investment Manager, and/or the Fund.
In addition to the foregoing, Non-Registered Exchanges have been, and may continue in the future tobe, subject to CFTC enforcement actions, fines, sanctions, and other penalties for failing to register as
futures commission merchants or otherwise being in violation of the Commodity Exchange Act. In theevent of any CFTC investigation, inquiry, enforcement action, or other review of or action against a NonRegistered Exchange, such Non-Registered Exchange may elect or be required to close the Fund’s
positions or otherwise freeze the Fund’s assets.

Cryptoasset Regulation Risk. Regulation of Cryptoassets and Cryptoasset exchanges is currently
undeveloped and likely to rapidly evolve. The level of regulation, if any, varies significantly amonginternational, federal, state and local jurisdictions and is subject to significant uncertainty. Various
legislative and executive bodies in the United States and in other countries have adopted, and may inthe future, adopt laws, regulations, and/or guidance, and have taken and may, in the future, take, otheractions, which may severely impact the development and growth of the Cryptoassets and/or Cryptoasset
exchanges.
As blockchain networks and Cryptoassets have grown in popularity and in market size, federal and stateagencies have begun to take interest in, and in some cases regulate, their use and operation. In the caseof cryptocurrencies, U.S. state regulators like the New York Department of Financial Services havecreated new regulatory frameworks. Others, as in Texas, have published guidance on how their existing
regulatory regimes apply to cryptocurrencies. Some U.S. states, like New Hampshire, North Carolina,
Washington and Wyoming, have amended their state's statutes to include cryptocurrencies andCryptoassets generally into existing licensing regimes. Treatment of cryptocurrencies continues to evolve
under U.S. federal law as well. The U.S. Department of the Treasury, SEC, and CFTC, for example, havepublished guidance on the treatment of cryptocurrencies. Both U.S. federal and state agencies haveinstituted enforcement actions against those violating their interpretation of existing laws.
The regulation of non-currency use of Cryptoassets is also uncertain. The CFTC has publicly taken theposition that certain Cryptoassets are commodities, and the SEC has issued a public report stating U.S.
federal securities laws require treating some Cryptoassets as securities. To the extent that a domestic
government or quasi-governmental agency exerts regulatory authority over a digital network or asset
held or being considered for investment by the Master Fund, the Master Fund may be materially andadversely affected.
Cryptoasset networks also face an uncertain regulatory landscape in many non-U.S. jurisdictions.
Various non-U.S. jurisdictions may, in the near future, adopt laws, regulations or directives that affect the
Cryptoassets. For example, several jurisdictions, including Egypt, Iraq, Qatar, Oman, Morocco, Algeria,
Tunisia, Bangladesh, and China have significantly restricted or banned the trading in cryptocurrencies.
Further, as of February 2023, the United Kingdom (“UK”) has formally established plans to regulate thecryptocurrency industry, and the European Union (“EU”) has indicated that it intends to regulate
Cryptoassets in accordance with the proposed Markets in Crypto-Assets regulations. Such laws,
regulations or directives may conflict with those of the U.S. or may directly and negatively impact the
Master Fund’s investments and/or investment activities. The effect of any future regulatory change is
impossible to predict, but such change could be substantial and materially adverse to the development
and growth of the Cryptoasset market.
New or changing laws and regulations or interpretations of existing laws and regulations, in the U.S. andother jurisdictions, may materially and adversely impact the value, liquidity and transferability of
Cryptoassets held or considered for investment by the Master Fund. To the extent that any Cryptoasset
held by the Master Fund is determined to be a security, commodity future or other regulated asset, or to
the extent that a United States or foreign government or quasi-governmental agency exerts regulatory
authority over trading or ownership in Cryptoassets, such determination may have an adverse effect on
the value of a Member’s investment in the Fund. Moreover, in addition to exposing the Master Fund topotential new costs and expenses, additional regulation or changes to existing regulation may also
require changes to the Master Fund’s investment strategies. Although there continues to be uncertainty
about the full impact of these and other regulatory changes, it is the case that the Master Fund may besubject to a more complex regulatory framework, and incur additional costs to comply with newrequirements as well as to monitor for compliance with any new requirements going forward.
Cryptoasset Risk. The Fund intends to invest in a portfolio of cryptoassets, which can include
cryptocurrencies, investments in smart contracting networks, DeFi, Web3, and infrastructure and scaling
technologies. Because the class of cryptoasset investments is growing at a rapid pace, all risks relating
to the underlying technology may not be known. For instance, while bitcoin has existed since 2009 andits blockchain structure and function is well understood, the Master Fund may invest in other cryptoassets
which employ a variation of the bitcoin blockchain (i.e., Litecoin, Dash, etc.), use a new and functionallydifferent blockchain (i.e., Ether, Lisk, etc.), or do not rely on blockchain technology at all (i.e.,
MadeSafeCoin, GBYTE, IOTA, etc.). Many crypto networks have limited operating histories, have notbeen validated in production and are still in the process of developing and making significant decisions
that will affect the design, supply, issuance, functionality and governance of their respective cryptoassets
and underlying blockchain networks, any of which could adversely affect their respective cryptoassets.
As new cryptoassets develop and attract interest from the development community and investors, they
may also become greater targets for exploitation. Any weaknesses identified with a cryptoasset, including
a hack to its network, could adversely affect its price, security, liquidity and/or adoption, and may therefore
harm public perception of such asset’s network and other cryptoassets in general, thus negatively
impacting an investment in the Fund. Security issues, bugs and/or software errors have been identified
with many cryptoassets and their underlying blockchain networks, some of which have been exploitedby malicious actors. There are also inherent security weaknesses in the design and operation of somecryptoassets, such as when creators of certain crypto networks use procedures that could allow hackers
to counterfeit tokens.
The development of new technologies for mining, such as improved application-specific integrated
circuits, and changes in industry patterns, such as the consolidation of mining power in a small numberof large mining farms, could reduce the security of blockchain networks, lead to increased liquid supplyof cryptoassets and reduce a cryptoasset’s price and attractiveness.
Cryptoassets, although generally open-source, are highly dependent on their developers, particularly atearly stages, and there is no guarantee that development will continue or that the developers will notabandon the project with little or no notice. The governance of many decentralized blockchain networks
is by voluntary consensus and open competition, and many developers are not directly compensated fortheir contributions. As a result, there may be a lack of consensus or clarity on the governance of any
particular crypto network, a lack of incentives for developers to maintain or develop the network, andother unforeseen issues, any of which could result in unexpected or undesirable errors, bugs or changes.
Additionally, some cryptoassets (and agreements to purchase cryptoassets) may be or become subject
to the securities laws or other regulation in one or more jurisdictions, which may negatively impact thecryptoasset and have negative legal consequences and/or result in increased expenses for the Fund.
Investments in cryptoassets are highly speculative and the Investment Manager may select cryptoassets
for investment that are not successful.
Cryptocurrency Risk. Cryptocurrency (e.g., bitcoin and ether), often referred to as “virtual currency”,“digital currency,” or “digital assets,” is designed to act as a medium of exchange. Cryptocurrency is an
emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is bitcoin.
Certain of ARK’s Clients have exposure to bitcoin, a cryptocurrency, indirectly through an investment suchas a trust, closed-end fund, ETF, other investment vehicles, or directly through investment in pooled
investment vehicles managed by ARK. Clients invested in one of the Private Funds may also have

exposure to cryptocurrencies other than bitcoin. Cryptocurrency operates without central authority orbanks and is not backed by any government. Even indirectly, cryptocurrencies (e.g., bitcoin or ether) may
experience very high volatility and related investment vehicles may be affected by such volatility. As aresult of holding cryptocurrency, certain of ARK’s Clients may also trade at a significant premium or
discount to NAV. Cryptocurrency is also not legal tender. Federal, state or foreign governments may
restrict the use and exchange of cryptocurrency, and regulation in the U.S. is still developing. The market
price of bitcoin has been subject to extreme fluctuations. Similar to fiat currencies (i.e., a currency that isbacked by a central bank or a national, supra-national or quasi-national organization), cryptocurrencies
are susceptible to theft, loss and destruction. Cryptocurrency exchanges and other trading venues on
which cryptocurrencies trade are relatively new and, in most cases, largely unregulated and may
therefore be more exposed to fraud and failure than established, regulated exchanges for securities,
derivatives and other currencies. The client’s indirect investment in bitcoin remains subject to volatility
experienced by the cryptocurrency exchanges and other cryptocurrency trading venues. Such volatility
can adversely affect an investment. The SEC has issued a public report stating U.S. federal securities
laws require treating some digital assets as securities. Cryptocurrency exchanges may stop operating or
permanently shut down due to fraud, technical glitches, hackers or malware. Due to relatively recent
launches, bitcoin and ether have a limited trading history, making it difficult for investors to evaluate
investments in cryptocurrency. It is also possible that a cryptocurrency other than bitcoin, including
cryptocurrencies in which one of the Private Funds has limited or no exposure to, could become materially
popular and have a negative impact on the demand for and price of bitcoin. It is possible that anotherentity could manipulate the blockchain in a manner that is detrimental to the bitcoin network. Bitcointransactions are irreversible such that an improper transfer can only be undone by the receiver of the
bitcoin agreeing to return the bitcoin to the original sender. Digital assets are highly dependent on theirdevelopers and there is no guarantee that development will continue or that developers will not abandon
a project with little or no notice. Third parties may assert intellectual property claims relating to the holding
and transfer of digital assets, including cryptocurrencies, and their source code. Any threatened actionthat reduces confidence in a network’s long-term ability to hold and transfer cryptocurrency may affectinvestments in cryptocurrencies.
Cryptocurrency Tax Risk. Many significant aspects of the U.S. federal income tax treatment ofinvestments in bitcoin are uncertain and an investment in bitcoin may produce income that is not treatedas qualifying income for purposes of the income test applicable to regulated investment companies.
Certain cryptocurrency investments may be treated as a grantor trust for U.S. federal income tax
purposes, and an investment by ARK’s Clients in such a vehicle will generally be treated as a direct
investment in bitcoin for tax purposes and “flow-through” to the underlying investors. The taxation of thePrivate Funds and their investors will depend on a number of factors, including the nature of any
investments the Private Fund makes, the jurisdiction in which the income from such investments may besubject to tax, the jurisdiction in which the investor is subject to tax, and the applicable laws in any relevant
jurisdiction. The offering documents for the Private Funds contain further details on the tax implicationsof investing in a Private Fund.
Currency Risk. Changes in currency exchange rates will affect the value of non-U.S. dollar denominatedsecurities, the value of dividends and interest earned from such securities, gains and losses realized on
the sale of such securities, and derivative transactions tied to such securities. A strong U.S. dollar relative
to these other currencies will adversely affect the value of the client’s portfolio.
Decentralized Exchanges and Investing in DeFi and Decentralized Lending and Borrowing Risk. The
master fund expects to engage in investment activities in the DeFi space. Defi is a system of finance thatuses protocols, cryptoassets, smart contracts and decentralized applications in an attempt to build aglobal, open alternative to traditional finance services. The most popular types of DeFi applications

include decentralized exchanges (“decentralized exchanges”), lending platforms and prediction markets
without third-party interference.
Decentralized exchanges operate in the rapidly changing fields of blockchain technology and markets
for cryptoassets and face special risks related to those fields. The adviser has no control over and limited
visibility into future technological developments. The rapid pace of technological development creates
the risk that a decentralized exchange’s products or services become obsolete, fail to gain meaningfulmarket share, or fall out of favor as more appealing and advanced technologies and products emerge. A
decentralized exchange’s intellectual property rights may also be subject to legal challenge. Manycompanies in that develop or use products and services based on or related to blockchain technology
and cryptoassets have limited operating histories. Such a company may be unable to engage and retain
sufficient skilled engineering, marketing, and management personnel to allow it to maintain its
technological edge and develop the corporate infrastructure required to sustain and grow its business.
For these and other reasons specific to the lending industry, investments through decentralizedexchanges pose greater risks than those in certain other sectors.
There are currently very few decentralized, non-custodial protocols with platforms through which the fundmay invest. If platforms representing any significant portion of the decentralized credit market were todissolve, liquidate, become bankrupt, or otherwise cease operations, change their business, and cease
originating loans, the fund may be unable to fulfill its investment objective.
Investing in DeFi is relatively new and experimental, and involves software risks, including coding errors,
bugs that may cause software to malfunction, and security vulnerabilities allowing hackers to break inand steal funds from the protocol. As a result, decentralized exchanges are vulnerable to any bugs intheir programming such as logic errors or economic exploits, and are more susceptible to cyberattacks.
While the master fund may invest in DeFi protocols with higher deposits and longer track records in an
attempt to reduce software risk, there is no guaranteed method to avoid software risk in a DeFi
investment. In particular, the adviser has a limited ability to determine whether and to what degree
decentralized exchanges are interconnected, which may result in risks associated with one decentralizedexchange or type of DeFi activity resulting in systemic issues across other decentralized exchanges.
Additionally, a DeFi loan agreement involves counterparty risk, the risk of loaning money in a DeFi
protocol to a counterparty that does not repay. The master fund may invest in DeFi lending protocols that
require borrowers to over-collateralize their loans, but there is no guarantee that the master fund will not
be subject to DeFi counterparty risk.
The master fund may engage in decentralized lending and/or decentralized borrowing. Decentralized
lending and borrowing relies on code that operates as contracts in which the borrower offers as collateralcryptocurrency or some other asset over which the smart contract can automatically give the lender
control if the borrower fails to repay the loan. The use of smart contracts creates increased risk exposure
because smart contracts often use experimental cryptography, which can increase risks associated with
software and coding errors and security vulnerabilities, and smart contracts may exacerbate volatility inthe pricing of collateral or cause the fund to engage in transactions at times or on terms less favorable
to the fund than those that might be obtained without the use of smart contracts.
Decentralized exchanges use computer programs and systems to borrow or make loans, settle
transactions and monitor its portfolio. The adviser may not be in a position to verify the risks or reliabilityof such systems. If there is a failure in the price mechanism, or the occurrence of data manipulation orother failure to retrieve correct market data owing to price source issues, the value of collateral provided
by a buyer for any loans invested in by the fund may be determined incorrectly, which could adversely
impact the fund.

The fund is subject to various risks associated with the collateral securing the loans in which the fundinvests, including, without limitation, the risk of impermanent loss, which occurs when the price of assets
in a liquidity pool changes and results in a lower rise in value than would have occurred if lenders had
held their assets in a crypto wallet. Cryptoasset prices can be extremely volatile, and the value ofcollateral pledged by a borrower may decrease, resulting in a loan being under-collateralized. If the valueof the collateral decreases and the fund were forced to liquidate the collateral upon a default, there is no
assurance that liquidation of such collateral would satisfy the borrower’s obligations under the applicableloan. Although borrowers on most decentralized exchanges are required to “over-collateralize” (i.e., post
collateral valued greater than the value of the loan), typically in a range of 120% to 150%, the extreme
volatility of cryptoassets may result in the value of the posted collateral falling so rapidly that, despite
algorithmic liquidation triggers, there is insufficient collateral value left over to repay the loan. In addition,
the volatility of cryptoasset prices may reduce the demand for a cryptoasset posted as collateral, and thefund may have difficulty liquidating such collateral if a borrower defaults.
The fund is also subject to liquidation risks when borrowing cryptoassets or using cryptoassets as
collateral for secured loans. Decentralized exchanges utilized by the fund or the lenders on thoseexchanges may cause the cryptoassets posted as collateral by the fund to be liquidated at a time whenthe value of those cryptoassets is depressed or undergoing significant volatility, resulting in a lower priceupon liquidation than might have been obtained in other circumstances. Generally, collateral is liquidated
when a borrower is in default on a loan or if the value of the posted collateral falls below a specificcollateral ratio in comparison to the value of the amount borrowed. If the collateral posted by the fund isforcibly liquidated, the fund may also be required to pay a liquidation penalty, resulting in greater losses
to the fund’s investments.
Decentralized lending and borrowing is also susceptible to flash loan attacks. Flash loans are a type of
unsecured loan that use smart contracts to execute the disbursement and repayment of loans within thesame transaction. If the loan is not repaid, the lender can roll back the transaction. Flash loan attacks
occur when a borrower takes on a loan for a large sum of money and uses them to manipulate the market
or exploit DeFi protocols. In 2021, a flash loan attack on PancakeBunny caused significant depreciationof its token, BUNNY, after the attackers took out large flash loans, used the loans to manipulate the priceof BUNNY in lending pools, and then dumped huge amounts of bunny on the open market.
In addition, decentralized lending and borrowing is vulnerable to “rug pulls,” an exit scam in which DeFi
developers convince investors to pay into a liquidity pool with a leading cryptocurrency and a new token.
Once the pool has a substantial amount of leading cryptocurrency, the developers mint new tokens anduse them to drain the liquidity pool of the leading cryptocurrency, leaving the new, worthless tokens
behind.
The adviser’s ability to execute the DeFi portion of the fund’s investment strategy depends, in part, on its
ability to access a sufficient supply of stablecoins or other cryptoassets. The extent of such supply isoutside of the fund’s and the adviser’s control. The fund may not be able to acquire such assets insufficient quantities or when needed or desired in connection with its investment activities. In such cases,
the fund may hold large cash or cash-equivalent positions for extended periods of time, which may
adversely affect its performance. In addition, if insufficient attractive investments are available, the fundmay not accept additional capital, which could cause greater concentration in the fund’s portfolio andcause the fund’s expense ratio to be higher than it would with a larger asset base. The fund is also
expected to compete with other investors for investment opportunities in or on decentralized exchanges.
Competition for investment opportunities may adversely affect the pricing and other terms of suchinvestments and may prevent the fund from finding a sufficient number of attractive opportunities to meet
its investment objectives.

Decentralized credit models are fairly new, and their compliance with various aspects of regulatory
regimes applicable to consumer credit transactions is untested. A federal or state regulator may allege
that a decentralized exchange’s activities or the activities of participants on a decentralized exchange,
including the fund, do not comply with applicable law. Further, decentralized exchanges may in the future
be mandated to comply with “anti-money laundering”, “know your customer”, or similar rules andregulations applicable to traditional lenders as well as jurisdiction-specific lending laws. Any such
regulatory action could adversely affect the fund and the limited partners.
Decentralized exchanges rely on various parties to execute their business models. For example,
decentralized exchange administrators may rely on hardware security modules, cloud-based solutionsfor key management, and other critical operating infrastructure, which could be the subject of failure,
loss, or theft. In such cases, administrative governance and control of a decentralized exchange could
be materially affected and, in some scenarios, lead to complete loss of funds. A single decentralizedexchange could be adversely affected if any such party ceases to provide those services or, in the eventthe same service provider provides the same or similar services to multiple decentralized exchanges, thefailure of a single service provider could cause systemic issues across the DeFi ecosystem.
The structure of decentralized exchanges also permits independent network participants (“searchers”) to
seek out and execute trades to obtain the maximal extractable value (“mev”) that can be extracted fromblock production in excess of the standard block reward and gas fees. Searchers can also utilize the botsor algorithms used to identify mev opportunities to copy potentially profitable trades identified by othernetwork participants and submit them with a higher gas price, enabling the searcher to “front-run” theother network participants’ trading activity. Such activities by searchers may adversely affect the fund by
reducing or eliminating the profits available to the fund in connection with its trading activity.
Derivatives Risk. The Fund’s use of derivatives (in the form of Bitcoin Futures and Ether Futures, as
permitted by the offering documents) presents risks different than investing directly in traditional
securities. Using derivatives can lead to losses because of adverse movements in the price or value ofthe underlying reference asset, which could be magnified by features of the derivatives. Derivative
strategies often involve leverage, which exaggerates a loss, potentially causing the Fund to lose moremoney than it originally committed to initial margin, and more money than it would have lost had it
invested in the underlying reference asset directly. The values of derivatives might move in unexpected
ways, especially in unusual market conditions, and result in increased volatility, among otherconsequences. There could be imperfect correlation between changes in the market value of a derivative
and the value of its underlying reference asset, and this might be exaggerated in times of market stressor volatility. Bitcoin Futures and Ether Futures require the Fund to post margin or collateral in a mannerthat satisfies contractual undertakings. In order to satisfy margin requirements, the Fund might need tosell securities from its portfolio or exit positions at a time when it is disadvantageous to do so. All of this
could, in turn, affect the Fund’s ability to fully execute its investment strategies and/or achieve its
investment objective. Using derivatives also increases the amount of taxes payable by shareholders
because changes in government regulation of derivatives could affect the character, timing and amountof the Fund’s taxable income or gains. Other risks arise from the Fund’s potential inability to terminate or
sell derivative positions. A liquid secondary market might not always exist for the Fund’s derivative
positions at times when the Fund might wish to terminate or exit those positions. Using derivatives also
involves the risk of mispricing or improper valuation and changes in the value of the derivative might notcorrelate perfectly with the underlying reference rate. Derivatives are subject to changing government
regulation that could impact the Fund’s ability to use certain derivatives and their cost.
Digital Asset Risk. The Fund seeks to maintain managed exposure to bitcoin and/or ether through its
investment in Bitcoin Futures and Ether Futures, respectively, but the Fund does not invest in bitcoin orether directly. The price of Bitcoin Futures and Ether Futures varies from the current value or current
price of bitcoin or ether in cash markets, which is called the “spot” price. The Fund’s performance will
diverge from the performance of bitcoin and ether in the spot markets, or from the performance of Bitcoin
Futures and/or Ether Futures. The Fund’s exposure to Bitcoin Futures and Ether Futures will be effected
through a wholly-owned subsidiaries, and references to the Fund below includes the subsidiaries.
Disruptive Innovation Risk. Companies that the Adviser believes are capitalizing on disruptive innovationand developing technologies to displace older technologies or create new markets may not in fact do so.
Companies that initially develop a novel technology may not be able to capitalize on the technology.
Companies that develop disruptive technologies may face political or legal attacks from competitors,
industry groups or local and national governments. These companies may also be exposed to risks
applicable to sectors other than the disruptive innovation theme for which they are chosen, and the
securities issued by these companies may underperform the securities of other companies that areprimarily focused on a particular theme. The Adviser may invest in a company that does not currently
derive any revenue from disruptive innovations or technologies, and there is no assurance that acompany will derive any revenue from disruptive innovations or technologies in the future. A disruptive
innovation or technology may constitute a small portion of a company’s overall business. As a result, thesuccess of a disruptive innovation or technology may not affect the value of the equity securities issued
by the company.
Depositary Receipts Risk. The investment accounts may invest in depositary receipts, which involve
similar risks to those associated with investments in foreign securities. Depositary receipts are receipts
listed on U.S. or foreign exchanges issued by banks or trust companies that entitle the holder to all
dividends and capital gains that are paid out on the underlying foreign shares. Investments in depositary
receipts may be less liquid than the underlying shares in their primary trading market and, if not includedin the Index, may negatively affect the accounts’ ability to replicate the performance of the Index.
DNA Sequencing Companies Risk. DNA sequencing companies typically engage in significant amountsof spending on research and development, and there is no guarantee that the products or services
produced by these companies will be successful. In addition, the field of DNA sequencing science could
face increasing regulatory scrutiny in the future and the process of obtaining regulatory approvals may
be long and costly. Regulatory changes and requirements may limit the development of this technology
and impede the growth of companies that develop and/or utilize this technology. DNA sequencing
companies typically face intense competition and potentially rapid product obsolescence. These
companies are also heavily dependent on intellectual property rights and may be adversely affected byloss or impairment of those rights.
There can be no assurance these companies will be able to successfully protect their intellectual property
to prevent the misappropriation of their technology, or that competitors will not develop technology thatis substantially similar or superior to such companies’ technology. Demand for DNA sequencing products
may fluctuate due to unexpected events, including but not limited to global health crises like pandemics
which could strain health care systems and alter health care needs. Such demand fluctuations could
positively or negatively impact DNA sequencing companies.
Early Stage Disruptors Risk. Companies that may be capitalizing on disruptive innovation and developing
technologies to displace older technologies or create new markets may not in fact do so. Companies that
initially develop a novel technology may not be able to capitalize on the technology. Companies thatdevelop disruptive technologies may face political or legal attacks from competitors, industry groups or
local and national governments. These companies may also be exposed to risks applicable to sectors
other than the disruptive innovation platform for which they are chosen, and the securities issued bythese companies may underperform the securities of other companies that are primarily focused on aparticular innovation platform. A company may be held that does not currently derive any revenue from
disruptive innovations or technologies, and there is no assurance that a company will derive any revenue
from disruptive innovations or technologies in the future. A disruptive innovation or technology may
constitute a small portion of a company’s overall business. As a result, the success of a disruptive
innovation or technology may not affect the value of the equity securities issued by the company.
Emerging Market Securities Risk. Investment in securities of emerging market issuers may present risks
that are greater than or different from those associated with foreign securities due to less developed andliquid markets and such factors as increased economic, political, regulatory, or other uncertainties.
Certain emerging market countries may be subject to less stringent requirements regarding accounting,auditing, financial reporting and record keeping and therefore, material information related to an
investment may not be available or reliable. In addition, the client is limited in its ability to exercise its
legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the UnitedStates, in particular, in emerging markets countries.
Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging
markets, or that provide exposure to those securities or markets, can involve additional risks relating topolitical, economic, or regulatory conditions not associated with investments in U.S. securities andinstruments. For example, developing and emerging markets may be subject to (i) greater market
volatility, (ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv)governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower
disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections ofproperty rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading
practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Fundto buy, sell or otherwise transfer securities, adversely affect the trading market and price for Shares andcause the Fund to decline in value.
Equity Securities Risk. The value of the equity securities the client holds may fall due to general market
and economic conditions, perceptions regarding the industries in which the issuers of securities the client
holds participate or factors relating to specific companies in which the client invests. These can include
stock movements, purchases or sales of securities by the client, government policies, litigation andchanges in interest rates, inflation, the financial condition of the securities’ issuer or perceptions of theissuer, or economic conditions in general or specific to the issuer. Equity securities may also be
particularly sensitive to general movements in the stock market, and a decline in the broader market may
affect the value of the client’s equity investments.
Ether and the Ethereum Network Risks. The Fund is subject to the following risks as a result of its
investments in Ether Futures:•

Ether and other crypto assets are a relatively new and developing asset subject to bothdevelopmental and regulatory uncertainty. Future U.S. or foreign regulatory changes may alter
the risks associated with an investment in the Fund, or the Fund’s ability to implement its
investment strategy.

•

Digital assets such as ether were introduced relatively recently, and the medium-to-long term
value of ether is subject to a number of factors relating to the capabilities and development ofblockchain technologies and to the fundamental investment characteristics of digital assets thatare uncertain and difficult to evaluate.

•The value of ether depends on the development and acceptance of the Ethereum network. The
slowing or stopping of the development or acceptance of the Ethereum network may adversely
affect an investment in the Fund.

•

Possession of 33% of staked Ether is the minimum stake that can be used to execute an attackon the Ethereum Blockchain. If one or a coordinated group of miners were to gain control of morethan 50% of the Ethereum network, they could have the ability to manipulate transactions, halt
payments and fraudulently obtain ether. Any such attacks could alter the blockchain andadversely affect the value of ether, which would adversely affect the Fund’s investments in Ether
Futures.

•

New competing digital assets may pose a challenge to ether’s current market position, resulting
in a reduction in demand for ether, which could have a negative impact on the price of ether andEther Futures, and thus a negative impact on the performance of the Fund.

•

If one or a coordinated group of validators were to gain control of two-thirds of staked ether, they
could have the ability to manipulate transactions and fraudulently obtain ether. If such a validator
or coordinated group of validators were to gain control of one-third of staked ether, they could
have the ability to halt payments.

•

There is no registry showing which individuals or entities own ether or the quantity of ether owned
by any particular person or entity. There are no regulations in place that would prevent a large
holder of ether from selling their ether. Substantial ether sales may adversely affect the price ofether and Ether Futures.

•

Although the Fund’s investments will be in Ether Futures contracts traded on regulated futures
exchanges, ether and digital asset trading venues may be subject to similar or less regulation.
As a result, there is the risk that individuals or groups may engage in fraud or market
manipulation and investors may be more exposed to the risk of theft, fraud and market
manipulation than when investing in more traditional assets. Over the past several years, anumber of digital asset trading venues have been closed due to fraud, failure or security
breaches. Investors in ether may have little or no recourse should such theft, fraud ormanipulation occur and could suffer significant losses. Although the Fund’s direct investments
will be in Ether Futures contracts traded on regulated futures exchanges, to the extent Ether
Futures are tracking the spot ether markets, the Fund’s investments in Ether Futures could be
adversely affected by fraud, failure or security breaches in spot ether markets.

•

The open-source nature of the Ethereum network can result in changes to the underlying codeof ether, which may result in the creation of new, separate digital assets, commonly called a“fork,” or in the release of a large amount of a newly created digital asset, commonly called an“air drop.” A fork or an air drop could result in significant and unexpected changes in the valueof ether on spot markets, which could adversely affect Ether Futures, and the Fund.

Ether Futures Risk. Ether Futures expose the Fund to the following risks:•

Ether and Ether Futures are relatively new assets and ether and the Ethereum network aresubject to rapid changes, uncertainty and regulation that may adversely affect the value of the
Ether Futures or the nature of an investment in the Fund, and may adversely affect the ability of

the Fund to buy and sell Ether Futures or achieve its investment objective.
•

Historically, ether and Ether Futures have been subject to significant price volatility. The price of
Ether Futures may differ significantly from the spot price of ether and changes in the price of
Ether Futures may happen rapidly and without notice.

•

The market for Ether Futures is less developed than older, more established futures markets(such as corn or wheat futures) and may be more volatile and less liquid than other futures
markets. Although this market has grown since Ether Futures were initially developed, there is
no guarantee that the market will continue to develop in ways that support the continued growthand operation of the Fund.

•

An exchange or market may close early, close late or issue trading halts on Ether Futurescontracts. As a result, the ability to trade Ether Futures contracts may be restricted, which may
disrupt the Fund’s creation and redemption process, potentially affect the price at which theFund’s shares trade in the secondary market, result in the Fund being unable to trade Ether
Futures contracts at all, and/or cause significant deviations in the performance of Ether Futurescontracts from spot ether. In these circumstances, the Fund may be unable to rebalance its
portfolio, may be unable to accurately price its investments and/or may incur substantial trading
losses.

•Increased demand for Ether Futures may cause Ether Futures to become more expensive toacquire and may cause the value of Ether Futures to diverge more significantly from the valueof the reference rate. Ether Futures are valued based on the CME CF Ether Reference Rate,
which is a rate determined by the CME and designed to provide an indicative price for spot ether
across a specific set of cash digital asset trading venues. If demand for ether rises, this could
affect the reference rate and the value of Ether Futures.

•

In some cases, the near month Ether Futures contract’s price can be lower than later expiringcontracts’ prices (“contango”). If Ether Futures suffer a prolonged period of contango, and absent
the impact of rising or falling ether prices, the Fund’s net assets value (“NAV”) and total return
could be adversely affected, and you could suffer a partial or total loss of your investment in the
Fund.

•

Market conditions and expectations, position limits, accountability limits, availability ofcounterparties and other factors may limit the Fund’s ability to invest the proceeds of creationbaskets in Ether Futures and may cause the Fund to fail to maintain its target ether exposure or
may impair the Fund’s ability to meet its investment objective.

•

When an Ether Futures contract is nearing expiration, the Fund will generally sell it and use theproceeds of the sale to buy an Ether Futures contract with a later expiration date. This is called“rolling.” The costs associated with rolling Ether Futures typically are substantially higher thanthe costs associated with rolling futures contracts for other types of reference assets. Costs
associated with rolling Ether Futures contracts may have a significant adverse impact on the
Fund’s investment performance.

•

There may be imperfect correlation between changes in the market value of an Ether Futurescontract and the value of its underlying reference asset and this may be exaggerated in times ofmarket stress or volatility. Ether Futures require the Fund to post margin or collateral in a mannerthat satisfies contractual undertakings. In order to satisfy margin requirements, the Fund mayneed to sell securities from its portfolio or exit positions at a time when it may be disadvantageous
to do so. All of this could, in turn, affect the Fund’s ability to fully execute its investment strategies
and/or achieve its investment objective.
ETF Risks.
Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. The Fundhas a limited number of financial institutions that may act as Authorized Participants (“APs”). In
addition, there may be a limited number of market makers and/or liquidity providers in themarketplace. To the extent either of the following events occur, shares can trade at a material
discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become
unable to process creation and/or redemption orders and no other APs step forward to performthese services, or (ii) market makers and/or liquidity providers exit the business or significantly
reduce their business activities and no other entities step forward to perform their functions.
Premium-Discount Risk. The shares could trade above or below their net asset value (“NAV”).
The market prices of shares will generally fluctuate in accordance with changes in NAV as wellas the relative supply of, and demand for, Shares on the Cboe BZX, Inc. (the “Exchange”) or
other securities exchanges. The trading price of shares could deviate significantly from NAV
during periods of market volatility or limited trading activity in shares.
Cost of Trading Risk. Investors buying or selling shares in the secondary market will pay
brokerage commissions or other charges imposed by brokers as determined by that broker.
Brokerage commissions are often a fixed amount and may be a significant proportional cost forinvestors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market
investors will also incur the cost of the difference between the price that an investor is willing to
pay for shares (the “bid” price) and the price at which an investor is willing to sell shares (the“ask” price). This difference in bid and ask prices is often referred to as the “spread” or “bid/ask
spread.” The bid/ask spread varies over time for shares based on trading volume and market
liquidity, and is generally lower if the Fund’s shares have more trading volume and market
liquidity and higher if the Fund’s shares have little trading volume and market liquidity. Further,increased market volatility can cause increased bid/ask spreads.
Trading Risk. Although the Shares are listed on the Exchange, there can be no assurance thatan active or liquid trading market for them will develop or be maintained. In addition, trading inshares on the Exchange may be halted. In stressed market conditions, the liquidity of the Fund’s
shares may begin to mirror the liquidity of its underlying portfolio holdings, which can besignificantly less liquid than the Fund’s Shares, potentially causing the market price of the Fund’s
shares to deviate from its NAV.
European Economic Risk. The European financial markets have recently experienced volatility andadverse trends due to concerns about economic downturns in, or rising government debt levels of,several European countries as well as acts of war in the region. These events may spread to othercountries in Europe and may affect the value and liquidity of certain investments. Responses to thefinancial problems by European governments, central banks and others, including austerity measuresand reforms, may not work, may result in social unrest and may limit future growth and economic recovery
or have other unintended consequences. Further defaults or restructurings by governments and othersof their debt could have additional adverse effects on economies, financial markets and asset valuations

around the world. The United Kingdom has withdrawn from the European Union, and one or more othercountries may withdraw from the European Union and/or abandon the Euro, the common currency of theEuropean Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear
but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine
on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting
future market disruptions in the region are impossible to predict, but could be significant and have asevere adverse effect on the region, including significant negative impacts on the economy.
Financial Sector Risk. The financial sector has a number of inherent risks. Regulatory risks significantly
impact the highly regulated financial sector, because financial institutions face considerable costs forregulatory compliance and reporting. New financial regulations, domestically or abroad, will have a direct
impact on this sector. In addition, the financial sector faces (i) credit risks, as sudden freezes or a loss ofcredit can disrupt daily operations, (ii) liquidity risk when assets or investments lose value and collateral
cannot be sold in time to prevent a loss and (iii) recoupment risk if financial institutions lose their ability
to recover loans and/or investments made regarding assets that have lost their value. Financial institutions
also face (i) operational risks due to speculation as to how the markets will react in the future, (ii) security
risks (including cybersecurity risks), and (iii) business continuity risks. Finally, some financial institutions
face diversification risk because they may be very concentrated in their business focus or exposed tosingle business lines.
FinTech Risk. Companies that are developing financial technologies that seek to disrupt or displaceestablished financial institutions generally face competition from much larger and more established firms.
FinTech Innovation Companies may not be able to capitalize on their disruptive technologies if they facepolitical and/or legal attacks from competitors, industry groups or local and national governments. Laws
generally vary by country, creating some challenges to achieving scale. A FinTech company may notcurrently derive any revenue, and there is no assurance that a FinTech company will derive any revenue
from innovative technologies in the future. Additionally, Fintech Innovation Companies may be adversely
impacted by potential rapid product obsolescence, cybersecurity attacks, increased regulatory oversightand disruptions in the technology they depend on.
Focused Investment Risk: The Israel Innovative Technology (“IIT”) theme-based investment strategy
assets will be focused on Israeli Companies. Therefore, the IIT strategy will be subject to the risk thatcertain economic, political or other conditions may have a negative effect on Israeli securities orcompanies. The IIT strategy assets may be concentrated in a particular industry or group of industries tothe extent the Index concentrates in a particular industry or group of industries. The IIT strategy assets
also may be focused in a particular sector or sectors to the extent the Index focuses in a certain sector
or sectors. Based on the composition of the Index as of November 3, 2021, the health care sector andinformation technology sector represented a significant portion of the Index. Thus, adverse
consequences to companies within the health care sector and information technology sector may
negatively impact the IIT strategy to a greater extent than if the IIT strategy assets were invested in a
wider variety of sectors.
“Follow-on” Investment Risk. Following an initial investment in a portfolio company, a Fund may makeadditional investments in that portfolio company as “follow-on” investments, in order to: (1) increase or
maintain in whole or in part the Fund’s equity ownership percentage; (2) exercise warrants, options orconvertible securities that were acquired in the original or subsequent financing; or (3) attempt topreserve or enhance the value of the Fund’s investment.
A Fund may elect not to make follow-on investments or may otherwise lack sufficient funds to make thoseinvestments or lack access to desired follow-on investment opportunities. Funds have the discretion to
make any follow-on investments, subject to the availability of capital resources and of the investment
opportunity. The failure to make follow-on investments may, in some circumstances, jeopardize thecontinued viability of a portfolio company and a Fund’s initial investment, or may result in a missed
opportunity for a Fund to increase its participation in a successful operation. Even if a Fund has sufficient
capital to make a desired follow-on investment, a Fund may elect not to make a follow-on investment
because it may not want to increase its concentration of risk, because it prefers other opportunities, or
because a Fund is inhibited by compliance with the desire to qualify to maintain a Fund’s status as a
Registered Investment Company or lack access to the desired follow-on investment opportunity.
In addition, a Fund may be unable to complete follow-on investments in its portfolio companies that haveconducted an initial public offering as a result of regulatory or financial restrictions.
Foreign Securities Risk. Investments in the securities of foreign issuers involve risks beyond those
associated with investments in U.S. securities. These additional risks include greater market volatility,
the availability of less reliable financial information, higher transactional costs, potentially higher custody
costs, taxation by foreign governments, decreased market liquidity and political and economic instability.
Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail
the returns on, investments in U.S. securities. Investments in or exposures to foreign securities are
subject to special risks, including risks associated with foreign securities generally. Those special risks
may arise due to differences in information available about issuers of securities and investor protection
standards applicable in other jurisdictions; capital controls risks, including the risk of a foreign jurisdiction
imposing restrictions on the ability to repatriate or transfer currency or other assets; currency risks;
political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks, including
the costs of trading and risks of settlement in foreign jurisdictions.
Forward Trading Risk. Forward contracts and options thereon, unlike futures contracts, are not traded on
exchanges and are not standardized; rather, banks and dealers act as principals in these markets,
negotiating each transaction on an individual basis. Forward and “cash” trading is substantiallyunregulated; there is no limitation on daily price movements and speculative position limits are notapplicable. Disruptions can occur in forward markets due to unusually high trading volume, politicalintervention or other factors.
Future Expected Genomic Business Risk. Certain Genomics Revolution Companies do not currently
derive a substantial portion of their current revenues from genomic-focused businesses and there is no
assurance that any company will do so in the future.
Fund of Funds Risk. Because it invests significantly in the underlying ETFs, the Fund’s investment
performance largely depends on the investment performance of underlying ETF. An investment in theFund is subject to the risks associated with the underlying ETF. The Fund will pay a proportional shareof the expenses of the underlying ETF (including operating expenses and management fees), which areincluded in the Fund’s unitary management fee.
Futures, Options, Swaps, and Commodities Risk. The prices of commodities contracts and derivative
instruments, including futures and options, are highly volatile. Payments made pursuant to swap
agreements and other derivative instruments also may be highly volatile. The risks posed by suchderivative instruments and techniques can be extremely complex and may involve significant leverage.
The Private Funds may use several option strategies, including put and call options. The risk involved inwriting a put option is that there could be a decrease in the market value of the underlying security. If thisoccurred, the option could be exercised and the underlying security would then be sold to the Private Fundat a higher price than its current market value. The risk involved in writing a call option is that there could
be an increase in the market value of the underlying security. If this occurred, the option could be
exercised and the underlying security would then be sold by the Private Fund at a lower price than its
current market value.
Geopolitical Risk. Geopolitical risks, including those arising from trade tension and/or the imposition of
trade tariffs, terrorist activity or acts of civil or international hostility, are increasing. For instance, military
conflict and escalating tensions globally could result in geopolitical instability and adversely affect the
global economy or specific markets. Strategic competition between the US and China and resulting
tensions have also contributed to uncertainty in the geopolitical and regulatory landscapes. Similarly,
other events outside of the Trust’s control, including natural disasters, climate change-related events,
pandemics (such as the COVID-19 pandemic) or health crises may arise from time to time and beaccompanied by governmental actions that may increase international tension. Any such events andresponses, including regulatory developments, may cause significant volatility and declines in the global
markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including toeconomic activity, travel and supply chains), loss of life and property damage, and may adversely affect
the global economy or capital markets and may cause client assets to decline.
Health Care Sector Risk. The health care sector may be affected by government regulations andgovernment health care programs, restrictions on government reimbursement for medical expenses,
increases or decreases in the cost of medical products and services and product liability claims, among
other factors. Many health care companies are (i) heavily dependent on patent protection and intellectual
property rights and the expiration of a patent may adversely affect their profitability, (ii) subject toextensive litigation based on product liability and similar claims, and (iii) subject to competitive forces that
may make it difficult to raise prices and, in fact, may result in price discounting. Many health care products
and services may be subject to regulatory approvals. The process of obtaining such approvals may belong and costly, and delays or failure to receive such approvals may negatively impact the business ofsuch companies. Additional or more stringent laws and regulations enacted in the future could have amaterial adverse effect on such companies in the health care sector. In addition, issuers in the healthcare sector include issuers having their principal activities in the biotechnology industry, medicallaboratories and research, drug laboratories and research and drug manufacturers, which have theadditional risks described below.
Biotechnology Company Risk. A biotechnology company’s valuation can often be based largelyon the potential or actual performance of a limited number of products and can accordingly begreatly affected if one of its products proves unsafe, ineffective or unprofitable. Biotechnology
companies are subject to regulation by, and the restrictions of, the Food and Drug Administration,
the Environmental Protection Agency, state and local governments, and foreign regulatory
authorities.
Pharmaceutical Company Risk. Companies in the pharmaceutical industry can be significantly
affected by government approval of products and services, government regulation andreimbursement rates, product liability claims, patent expirations and protection and intensecompetition.
Hedging Transactions Risk. ARK may engage in short sales and utilize derivative instruments forinvestment purposes and to seek to hedge against fluctuations in the relative values of a Private Funds
portfolio positions. While ARK may enter into such transactions to seek to reduce market currency

exchange rate and interest rate risks, incorrect assessments of relationships between groupings of
securities and unanticipated changes in currency or interest rates may result in lower overall performancefor the Private Fund than if it had not engaged in any such hedging transaction. For a variety of reasons,
ARK may not seek to establish a perfect correlation between such hedging instruments and the portfolio
holdings being hedged. Such imperfect correlation may prevent the Private Fund from achieving theintended hedge or expose the Private Fund to risk of loss.
Index Tracking Risk. The returns of the index-based investment accounts may not match the return of
the applicable index for a number of reasons. For example, the accounts will incur a number of operating
expenses not applicable to the index and will incur costs associated with buying and selling securities,
especially when rebalancing the securities holdings of the investment accounts to reflect changes in thecomposition of the relevant index. When the index is rebalanced and the account in turn rebalances its
portfolio to attempt to increase the correlation between the account’s portfolio and its index, anytransaction costs and market exposure arising from such portfolio rebalancing will be borne directly by
the account and its shareholders. Apart from scheduled rebalances, the index provider or its agents may
carry out additional ad hoc rebalances to the accounts’ Index, which may increase the costs to and thetracking error risk of the fund. The accounts also bear the costs and risks associated with buying andselling securities while such costs and risks are not factored into the return of the relevant index. In
addition, the accounts may not be able to invest in certain securities included in the index or may not beable to invest in them in the exact proportions in which they are represented in the index, due to legal
restrictions or limitations imposed by the governments of certain countries, potential adverse tax
consequences or other regulatory reasons.
Industrials Sector Risk. The industrials sector includes companies engaged in the aerospace anddefense industry, electrical engineering, machinery, and professional services. Companies in theindustrials sector may be adversely affected by changes in government regulation, world events andeconomic conditions. In addition, companies in the industrials sector may be adversely affected byenvironmental damages, product liability claims and exchange rates.
Aerospace and Defense Company Risk. Companies in the aerospace and defense industry rely
to a large extent on U.S. (and other) Government demand for their products and services andmay be significantly affected by changes in government regulations and spending, as well as
economic conditions and industry consolidation. The machinery industry can be significantly
affected by general economic trends, including employment, economic growth, and interest
rates; changes in consumer sentiment and spending; overall capital spending levels, which are
influenced by an individual company’s profitability and broader factors such as interest rates andforeign competition; commodity prices; technical obsolescence; labor relations legislation;
government regulation and spending; import controls; and worldwide competition. Companies inthis industry also can be adversely affected by liability for environmental damage, depletion of
resources, and mandated expenditures for safety and pollution control.
Professional Services Company Risk. Professional services companies may be materially
impacted by economic conditions and related fluctuations in client demand for marketing,business, technology and other consulting services. Professional services companies’ successdepends in large part upon attracting and retaining key employees and a failure to do so could
adversely affect a company’s business. There are relatively few barriers to entry into theprofessional services market, and new competitors could readily seek to compete in one or moremarket segments, which could adversely affect a company’s operating results through pricing
pressure and loss of market share.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less inthe future as inflation decreases the value of money.
Information Technology Sector Risk. The information technology sector includes companies engaged ininternet software and services, technology hardware and storage peripherals, electronic equipment
instruments and components, and semiconductors and semiconductor equipment. Information
technology companies face intense competition, both domestically and internationally, which may have an
adverse effect on profit margins. Information technology companies may have limited product lines,
markets, financial resources or personnel. The products of information technology companies may face
product rapid obsolescence due to technological developments and frequent new product introduction,
unpredictable changes in growth rates and competition for the services of qualified personnel. Failure to
introduce new products, develop and maintain a loyal customer base or achieve general market
acceptance for their products could have a material adverse effect on a company’s business. Companies
in the information technology sector are heavily dependent on intellectual property and the loss of patent,
copyright and trademark protections may adversely affect the profitability of these companies.
Internet Company Risk. Many Internet-related companies have incurred large losses since their
inception and may continue to incur large losses in the hope of capturing market share andgenerating future revenues. Accordingly, many such companies expect to incur significant
operating losses for the foreseeable future and may never be profitable. The markets in which
many Internet companies compete face rapidly evolving industry standards, frequent newservice and product announcements, introductions and enhancements and changing customer
demands. The failure of an Internet company to adapt to such changes could have a material
adverse effect on the company’s business. In addition, the widespread adoption of new Internet,
networking, telecommunications technologies, or other technological changes could require
substantial expenditures by an Internet company to modify or adapt its services or infrastructure,
which could have a material adverse effect on an Internet company’s business.
Semiconductor Company Risk. Competitive pressures may have a significant effect on thefinancial condition of semi-conductor companies and, as product cycles shorten andmanufacturing capacity increases, these companies may become increasingly subject toaggressive pricing, which hampers profitability. Reduced demand for end-user products, underutilization of manufacturing capacity, and other factors could adversely impact the operating
results of companies in the semiconductor sector. Semiconductor companies typically face highcapital costs and may be heavily dependent on intellectual property rights. The semiconductor
sector is highly cyclical, which may cause the operating results of many semiconductor
companies to vary significantly. The stock prices of companies in the semiconductor sector havebeen and likely will continue to be extremely volatile.
Software Industry Risk. The software industry can be significantly affected by intensecompetition, aggressive pricing, technological innovations, and product obsolescence.
Companies in the software industry are subject to significant competitive pressures, such as
aggressive pricing, new market entrants, competition for market share, short product cycles due
to an accelerated rate of technological developments and the potential for limited earnings and/or
falling profit margins. These companies also face the risks that new services, equipment or
technologies will not be accepted by consumers and businesses or will become rapidly obsolete.
These factors can affect the profitability of these companies and, as a result, the value of theirsecurities. Also, patent protection is integral to the success of many companies in this industry,and profitability can be affected materially by, among other things, the cost of obtaining (or failingto obtain) patent approvals, the cost of litigating patent infringement and the loss of patent
protection for products (which significantly increases pricing pressures and can materially reduce
profitability with respect to such products). In addition, many software companies have limited
operating histories. Prices of these companies’ securities historically have been more volatile
than other securities, especially over the short term.
Innovative Technology Risk. Companies that are developing technologies to displace older technologies
or create new markets may not in fact do so. Companies that initially develop a novel technology may
not be able to capitalize on the technology. Companies that develop disruptive technologies may facepolitical or legal attacks from competitors, industry groups or local and national governments. A company
may not currently derive any revenue from innovative technologies, and there is no assurance that acompany will derive any revenue from innovative technologies in the future. An innovative technology
may constitute a small portion of a company’s overall business. As a result, the success of an innovativetechnology may not affect the value of the equity securities issued by the company.
Intellectual Property Risk. The success of the Fund’s investment strategy depends in part on the abilityof the portfolio companies to obtain and maintain proprietary technology used in their products andservices. Venture growth and late-stage companies will rely, in part, on patent, trade secret andtrademark law to protect that technology, but competitors may misappropriate their intellectual property,
and disputes as to ownership of intellectual property may arise. Venture growth and late-stage companies
may have also failed to properly obtain intellectual property ownership that, under intellectual property
laws, by default resides with the personnel who created the intellectual property. Consequently, venture
growth and late-stage companies may, from time to time, be required to institute litigation in order toenforce their patents, copyrights or other intellectual property rights, to protect their trade secrets, todetermine the validity and scope of the proprietary rights of others or to defend against claims ofinfringement. Such litigation could result in substantial costs and diversion of resources. Similarly, if a
venture growth and late-stage company is found to infringe upon or misappropriate a third-party's patentor other proprietary rights, that company could be required to pay damages to such third-party, alter its
own products or processes, obtain a license from the third-party and/or cease activities utilizing suchproprietary rights, including making or selling products utilizing such proprietary rights. Any of theforegoing events could negatively affect the Fund’s investment in a portfolio company.
International Closed-Market Trading Risk. Certain securities may trade on an exchange that is closed
when the securities exchange on which certain pooled investment vehicles’ shares list and trade is open,
there are likely to be deviations between the current pricing of an underlying security and stale security
pricing (i.e., the last quote from its closed foreign market), likely resulting in premiums or discounts to
NAV that may be greater than those experienced by pooled investment vehicles that do not invest in
foreign securities.
Investable Capacity Risk. The Fund invests in specific types of instruments, Bitcoin Futures and/or Ether
Futures, each as permitted by the Fund offering documents. If the Fund or an underlying ETF cannot
obtain its desired type or amount of Bitcoin Futures or Ether Futures for any reason, including limited
liquidity in the Bitcoin Futures or Ether Futures market, additional demand for Bitcoin Futures or Ether
Futures, a disruption to the Bitcoin Futures or Ether Futures market, or changes in margin requirementsor position limits imposed by the Fund’s futures commission merchants (“FCMs”), the CME, or the CFTC,
the Fund might not be able to achieve its investment objective and could experience significant losses.
Any disruption in the Fund’s ability to obtain exposure to Bitcoin Futures or Ether Futures contracts willcause the Fund’s performance to deviate from the performance of bitcoin and Bitcoin Futures and etherand Ether Futures. Additionally, the ability of the Fund to obtain exposure to Bitcoin Futures and Ether

Futures contracts is limited by certain tax rules that limit the amount the Fund can invest in the subsidiary.
Investable Universe of Companies Risk. The investable universe of companies in which two index-based
thematic investment accounts may invest may be limited. If a company no longer meets the criteria forinclusion in the relevant index, the accounts may need to reduce or eliminate its holdings in that company.
The reduction or elimination of the holdings in the company may have an adverse impact on the liquidityof the accounts’ underlying portfolio holdings and on the performance of the accounts.
Investments in Other Investment Companies Risk. The Fund’s investment in another investmentcompany, including a money market fund or another exchange-traded fund, if permitted by the Fundoffering documents, could subject the Fund indirectly to the underlying risks of the investment company.
The Fund also will bear its share of the underlying investment company’s fees and expenses, which arein addition to the Fund’s own fees and expenses.
Investment Opportunity Risk. The marketplace for venture capital investing has become increasinglycompetitive. Participation by financial intermediaries have increased, substantial amounts of funds havebeen dedicated to making investments in the private sector and the competition for investment
opportunities is high. There can be no assurances that an adequate number of attractive investment
opportunities can be located. To the extent that there is competition for investments, returns may vary.
Investment Risk. When you sell your shares of the Fund, they could be worth less than what you paid forthem. In addition, there are several factors that may cause the returns of the Fund to differ substantiallyfrom the returns of an account that held a corresponding amount of bitcoin or ether directly. The Fund
could lose money due to short-term market movements and over longer periods during market
downturns. Securities could decline in value due to factors affecting securities markets generally or
particular asset classes or industries represented in the markets. The value of a security could decline
due to general market conditions, economic trends or events that are not specifically related to the issuerof the security or to factors that affect a particular industry or group of industries. During a general
downturn in the securities markets, multiple asset classes may be negatively affected. Therefore, you
could lose money by investing in the Fund.
IPO Risk. The Fund can invest in companies that have recently completed an initial public offering (“IPO”).
These companies are typically unseasoned and lack a trading history, a track record of reporting toinvestors, and widely available research coverage. IPOs are thus often subject to extreme price volatility
and speculative trading. These stocks could have above-average price appreciation in connection with
the IPO prior to the Fund’s purchase. The price of stocks selected might not continue to appreciate andthe performance of these stocks might not replicate the performance exhibited in the past. In addition,
IPOs share similar illiquidity risks of private equity and venture capital.
Israel Risk. Because the Israel Innovative Technology accounts invests in securities of Israeli companies,
these accounts may be exposed to special risks and considerations. There may be less information
concerning the securities of Israeli companies available to the public than the securities of U.S.
companies. There is also potential difficulty in obtaining or enforcing a court judgment, and the uniquecharacteristics of securities of Israeli companies and the Israel stock market may have a negative impact
on such accounts. Any major hostilities involving Israel, including hostilities with neighboring countries,or the interruption or curtailment of trade between Israel and its present trading partners, could have anegative impact on these accounts. Shares and dividends of Israeli companies are often Israeli new shekel(“ILS”) denominated. Changes in the relationship of the ILS to the dollar and other currencies could havea negative impact on these accounts. The government of Israel may change the way in which Israeli

companies are taxed or may impose taxes on foreign investment. Such actions could have an adverse
impact on the overall market for securities of Israeli companies and on these accounts.
On October 7, 2023, Hamas launched a significant attack on Israel from the Gaza Strip. The extent andduration of the Israel-Hamas war and any related economic and market impacts are impossible to predictbut may be significant, and may negatively impact Israel’s economy and issuers of securities in which
the Fund invests. Terrorist groups, such as Hezbollah, the “Islamic State” and Hamas, operate in close
proximity to Israel’s borders and frequently threaten Israel with attack. Additionally, the establishment offundamentalist Islamic regimes or governments that are hostile to Israel could have serious
consequences for the peace and stability of the region, place additional political, economic and military
constraints upon Israel, materially adversely affect the operations of Israeli issuers and limit such issuers’
ability to sell products abroad. Among other things, actual hostilities or the threat of future hostilities may
cause significant volatility in the share price of companies based in or having significant operations in
Israel.
Issuer Risk. The value of an issuer’s equity securities may decline for reasons directly related to theissuer, such as management performance, financial leverage and reduced demand for the issuer’s goods
or services. The value of an individual security or particular type of security can be more volatile than themarket as a whole and can perform differently from the value of the market as a whole. The value of
securities of smaller issuers can be more volatile than that of larger issuers. A change in the financial
condition, market perception or credit rating of an issuer of securities may cause the value of its securities
to decline.
Lack of Operating History of Portfolio Companies. The Fund expects to make investments in portfolio
companies and teams that have relatively limited operating histories. Generally, very little public
information exists about these investments in portfolio companies, and the Fund will rely on the ability of
the Investment Manager to obtain adequate information to evaluate the potential returns. If theInvestment Manager is unable to uncover all material information about these investments in portfolio
companies, the Fund may not make a fully informed investment decision, and may lose money on its
investment. These investments in portfolio companies may be particularly vulnerable to U.S. and foreign
economic downturns such as the recent recession and may have limited access to capital. Thesebusinesses also frequently have less diverse product lines and a smaller market presence than larger
competitors and may experience substantial variations in operating results. They may face intensecompetition, including from companies with greater financial, technical, operational and marketing
resources, and typically depend upon the expertise and experience of a single individual executive or asmall management team.
The Fund’s success depends, in large part, upon the abilities of the key management personnel involved
with the investments in portfolio company. Competition for qualified personnel is intense at any stage ofa company’s development. The loss of one or more key managers can hinder or delay a company’s
implementation of its business plan and harm its financial condition. Certain companies involved ininvestments in portfolio companies may not be able to attract and retain qualified managers andpersonnel. In addition, projects and companies may compete with each other for investment or business
opportunities and the success of one could negatively impact the other. Furthermore, certain projects
and companies that the Fund plans to invest in do business in regulated industries and could be affectedby changes in government regulation. Accordingly, these factors could impair their cash flow or result inother events, such as bankruptcy, which could limit their ability to repay their obligations to the Fund, andmay materially and adversely affect the return on, or the recovery of, the Fund’s investment. As a result,
the Fund may lose its entire investment in any such project or company.

Large-Capitalization Companies Risk. Large-capitalization companies tend to be less volatile thancompanies with smaller market capitalizations. In exchange for this potentially lower risk, the value of alarge- capitalization company may not rise as much as that of a company with a smaller market
capitalization.
Large Shareholder Risk. To the extent that a large portion of the Shares are held by a small number ofshareholders (or a single shareholder), including proprietary accounts of the Adviser, Sub-Advisers or
their respective affiliates, the Fund is subject to the risk that those shareholders may purchase or redeem
a large amount of Shares. To satisfy such large shareholder redemptions, the Fund may have to sellportfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s
NAV and liquidity. These transactions could adversely affect the ability of the Fund to conduct its
investment program.
Leverage Risk. The Private Funds may employ leverage to gain exposure to a particular investment inaccordance with the Private Fund’s investment process. The use of leverage exposes each Private Fundto additional levels of risk, including (i) greater losses from investments than would otherwise have been
the case had the Private Fund not borrowed to make the investments, (ii) margin calls or changes inmargin requirements may force premature liquidations of investment positions, and (iii) losses oninvestments where the investment fails to earn a return that equals or exceeds the Private Fund’s cost ofleverage related to such investments.
LIBOR Transition Risk and Term SOFR. Certain financial instruments were tied to the London Interbank
Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies orinvestment value. Derivative instruments utilized also referenced LIBOR. The United Kingdom’s Financial
Conduct Authority ceased publishing all LIBOR settings on a representative basis after June 30, 2023.
Some USD LIBOR settings will continue to be published under a synthetic methodology until September
30, 2024 for certain legacy contracts. It is expected that all synthetic U.S. dollar LIBOR settings will be
discontinued at the end of September 2024. Some regulators have prohibited the use of any LIBOR
benchmarks in new contracts. Alternatives to LIBOR are established or in development in most major
currencies, including Secured Overnight Financing Rate (“SOFR”), the prevailing reference rate
replacement for U.S. dollar LIBOR. While LIBOR was a forward-looking rate based on uncollateralized
transactions, SOFR is a backward-looking rate based on transactions collateralized by near risk-free U.S.
Treasury securities. The Federal Reserve Bank of New York calculates SOFR as the dollar-volumeweighted 50th percentile rate of transactions in the visible repo markets: the cleared bilateral repo market;
and the triparty repo market. SOFR differs from LIBOR in two major ways: it is a secured rather thanunsecured rate; and is an overnight rate rather than a term rate. Since the initial publication of SOFR,
daily changes in SOFR have, on occasion, been more volatile than daily changes in comparable
benchmark or market rates, and SOFR may bear little or no relation to the historical actual or historicalindicative data. There is no guarantee that CME Group Benchmark Administration Limited will continue
to publish Term SOFR, or that the rates calculated and reported by CME Group Benchmark
Administration Limited reflect rates applied in actual transactions. The transition from LIBOR to SOFR
imposes additional challenges for market participants. For example, if a portfolio contains unsecured
liabilities, it will be exposed to the risk of a widening spread between secured and unsecured rates.
Additionally, hedging future cash flows using rates in the SOFR-complex than they did in the LIBORcomplex because borrowing at a forward-looking term rate allows for liabilities to be calculated at the
beginning of the loan, while a backward-looking rate means that interest liability will not be known until
the end.
There may also be challenges for the Fund to enter into hedging transactions against such newly-issued

instruments until a market for such hedging transactions develops. In December 2023, the SEC adopted
rule amendments providing that any covered clearing agency (“CCA”) for U.S. Treasury securities requirethat every direct participant of the CCA (which generally would be a bank or broker-dealer) submit forclearance and settlement all eligible secondary market transactions in U.S. Treasury securities to which
it is a counterparty. Compliance with the clearing mandate for Treasury repo transactions is scheduled
to be required by June 30, 2026. The clearing mandate is expected to alter the scope of the visible repo
markets, which serve as the input for SOFR calculations. All of the above may adversely affect a client’s
performance or net asset value (“NAV”).
Liquidity Risk. Certain assets may be difficult (or impossible) to sell at a desired time and at a desired
price. As a result, ARK may need to hold certain assets longer that it would like and may forego otherinvestment opportunities. Liquidity risk can be more pronounced during periods of market turmoil.
Liquidity Risk of Digital Assets. Liquidity risk is the risk that the Fund might not be able to sell an
investment without significantly changing the value of the investment on the Fund’s books. Liquidity risk
can be elevated by market disruptions or volatility, and during these periods, it may be difficult or
impossible for the Fund to buy or sell an investment, including in Bitcoin Futures and Ether Futures tothe extent that such a future is within the permissible investable universe of the Fund, at a desired price.
The market for such futures is still developing and could experience periods of significant illiquidity. The
demand for such futures and the large size of the positions which the Fund could acquire increases therisk of illiquidity by making positions more difficult to liquidate, increasing transaction costs, or byincreasing the losses incurred while trying to do so. In addition, limits imposed by counterparties,
exchanges or other regulatory organizations, such as accountability levels, position limits and daily pricefluctuation limits, contributes to a lack of liquidity and have a negative impact on Fund performance.
Developments in the market for spot bitcoin or spot ether (as applicable) could also affect the Fund’sability to transact in Bitcoin Futures or Ether Futures, including rolling positions. The Fund cannot acquire
new investments if 15% of its net assets are held in illiquid securities, so the Fund could be negatively
impacted by periods of illiquidity and the NAV and the market price of the Fund’s shares could be
adversely affected.
Litigation and Legislation Risk. From time to time, various legislative initiatives are proposed in the UnitedStates and abroad which may have a negative impact on certain issuers. In addition, litigation regarding
any of the issuers of the securities or of the sectors represented by these issuers may raise potential
bankruptcy concerns and may negatively impact the share prices of these securities. One cannot predict
what impact any pending or threatened litigation or any bankruptcy concerns will have on the prices ofthe securities.
Management Risk. ARK applies investment strategies, techniques and analyses in making investment
decisions, but there can be no guarantee that these actions will produce the intended results. The abilityof ARK to successfully implement the investment strategy will significantly influence the performance ofan account.
Market Risk. The value of the clients’ assets will fluctuate as the markets in which the client invests
fluctuate. The value of the client’s investments can decline, sometimes rapidly and unpredictably, simply
because of economic changes or other events, including inflation (or expectations for inflation), interest
rates, global demand for particular products or resources, market instability, debt crises and downgrades,
embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade ormarket control programs and related geopolitical events. In addition, the value of the client’s investments
can be negatively affected by the occurrence of global events such as war, terrorism, environmental

disasters, natural disasters or events, exchange trading suspensions and closures (including exchangesof the client’s underlying securities), infectious disease outbreaks or pandemics.
The effects of these events, including exchange trading suspensions and closures may continue to havea significant negative impact on the performance of the client’s investments, increase the client’s volatility,
negatively impact the client’s arbitrage and pricing mechanisms, exacerbate pre-existing political, socialand economic risks to the client, and negatively impact broad segments of businesses and populations.
The client’s operations could be interrupted as a result. In addition, governments, their regulatory
agencies, or self-regulatory organizations may take actions in response to such events that affect the
instruments in which the client invests, or the issuers of such instruments, in ways that could have asignificant negative impact on the client’s investment performance. The full impact of the COVID-19
pandemic, or other future epidemics or pandemics, is currently unknown. In addition, there is no
guarantee that such an intervention will be effective or continue. A discontinuation or reversal of thesepolicies could negatively impact overall investor sentiment and further increase volatility in securities
markets.
These events can cause markets to become volatile and result in lower levels of monitoring or
enforcement of existing regulation, which can exacerbate any event. Escalations of these events or
protracted circumstances can lead to: market participants operating under business continuity plan forindeterminate periods of time; higher prices and disruption of supply chains; imposition of taxes, duties
and sanctions (and reciprocal measures); rerouting of long-standing trade relationships; exacerbationsof global supply and pricing issues; migrations of persons; other dislocations; and credit rating changes,
failed debt payments and currency devaluation. Such escalation can affect particular regions, sectors orindustries, asset classes, companies, or commodities. These effects can spread to other regions,sectors, industries, or asset classes, and more broadly impact the global economy and represent a risk
for markets and securities, including in ways that cannot necessarily be foreseen, and impact even those
not directly exposed to a particular escalation of conflict.
Markets experiencing these events can have substantial and, in some periods, extremely high rates
of inflation for many years. Inflation and rapid fluctuations in inflation rates could have negative effects
on such countries’ economies and securities markets. High rates of inflation for prolonged periods oftime can lead to decreased demand, tightened available credit, an economic slowdown, andrecession, all of which could begin another prolonged period of instability until inflation rates and othereconomic indicators normalize.
There can be no assurance that adverse events will not cause a client to suffer a loss of any or all of its
investments or, in the case of fixed income securities, interest thereon.
Market and Volatility Risk for Digital Assets. The Fund’s investments, including its investments in Bitcoin
Futures, Ether Futures and any underlying ETFs (as applicable), are subject to market risk. Market risk
is the risk that the value of an investment will rise or fall, which could occur due to specific factors relating
to bitcoin, ether, Bitcoin Futures or Ether Futures, and due to general market or economic conditions orother factors.
Market Trading Risk. Market trading risks include losses from trading in secondary markets, the existenceof extreme market volatility or potential lack of an active trading market.
Micro-Capitalization Companies Risk. Micro-capitalization companies are subject to substantially greaterrisks of loss and price fluctuations because their earnings and revenues tend to be less predictable (andsome companies may be experiencing significant losses). Their share prices tend to be more volatile andtheir markets less liquid than companies with larger market capitalizations. The shares of microcapitalization companies tend to trade less frequently than those of larger, more established companies,
which can adversely affect the pricing of these securities and the future ability to sell these securities.
Model Risk. ARK uses quantitative tools in its research process to analyze securities and to help ARKmake investment decisions. These models may be flawed or incomplete and may not produce the desired
results.
Next Generation Internet Companies Risk. The risks described below apply, in particular, to investments
in Next Generation Internet Companies.
Internet Information Provider Company Risk. Internet information provider companies provide
Internet navigation services and reference guide information and publish, provide or present
proprietary, advertising and/or third-party content. Such companies often derive a large portionof their revenues from advertising, and a reduction in spending by or loss of advertisers could
seriously harm their business. This business is rapidly evolving and intensely competitive, andis subject to changing technologies, shifting user needs, and frequent introductions of new
products and services. The research and development of new, technologically advanced
products is a complex and uncertain process requiring high levels of innovation and investment,
as well as the accurate anticipation of technology, market trends and consumer needs. The
number of people who access the Internet is increasing dramatically and a failure to attract andretain a substantial number of such users to a company’s products and services or to develop
products and technologies that are more compatible with alternative devices could adversely
affect operating results. Concerns regarding a company’s products, services or processes
compromise the privacy of users or other privacy related matters, even if unfounded, could
damage a company’s reputation and adversely affect operating results.
Catalog and Mail Order House Company Risk. Catalog and mail order house companies may
be exposed to significant inventory risks that may adversely affect operating results due toseasonality, new product launches, rapid changes in product cycles and pricing, defective
merchandise, changes in consumer demand and consumer spending patterns, changes in
consumer tastes with respect to products, and other factors. Demand for products can change
significantly between the time inventory or components are ordered and the date of sale. The
acquisition of certain types of inventory or components may require significant lead-time andprepayment and they may not be returnable. Failure to adequately predict customer demand orotherwise optimize and operate distribution centers could result in excess or insufficient inventory
or distribution capacity, result in increased costs, impairment charges, or both. The business ofcatalog and mail order house companies can be highly seasonal and failure to stock or restock
popular products in sufficient amounts during high demand periods could significantly affectrevenue and future growth. Increased website traffic during peak periods could cause systeminterruptions which may reduce the volume of goods sold and the attractiveness of a company’s
products and services.
New Fund Risk. The Fund is newly organized. There can be no assurance that any new Fund will growto or maintain an economically viable size, or that an active trading market for the Fund’s shares willdevelop or be maintained. In such an instance, the associated Board may determine to liquidate the Fund
if it determines that liquidation is in the best interest of shareholders. Liquidation of the Fund can beinitiated without shareholder approval. As a result, the timing of the Fund’s liquidation may not befavorable.
Non-Diversified Risk. Non-diversified investment companies are subject to the risk that it will be morevolatile than a diversified fund because the Fund may invest a relatively higher proportion of its assets ina relatively smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As
a result, the gains and losses on a single investment may have a greater impact on the Fund’s NAV andmay make the Fund more volatile than more diversified funds.
Operational and Service Provider Risk. Operational factors include, but not limited to, human error,
processing and communication errors, errors of the trust’s service providers, counterparties or other third
parties, failed or inadequate processes and technology or systems failures. Additionally, there is a riskthat a service provider may not be willing or able to perform their duties as required or contemplated bytheir agreements. Although there may be ways to reduce these operational risks through controls andprocedures, there is no way to completely protect against such risks.
Performance Risk. If a significant investment in one or more portfolio companies fails to perform as
expected, a Fund’s financial results could be more negatively affected, and the magnitude of the loss
could be more significant, than if the Fund had made smaller investments in more companies. A Fund’s
financial results could be materially adversely affected if these portfolio companies, or any of the Fund’s
other significant portfolio companies, encounters financial difficulty and fails to repay their obligations or
to perform as expected.
Portfolio Company Deal Flow. The marketplace for investing in private companies is competitive.
Intermediation by financial intermediaries has increased, substantial amounts of funds have been
dedicated to making investments in the private sector, and the competition for investment opportunities
is at historically high levels. Although the adviser will attempt to make investments in portfolio company
on behalf of the Fund which meet the criteria set forth in this Memorandum, there is no assurance thatsuch investments can be located in sufficient quantity to meet the Fund’s target exposure to investments
in portfolio company. Market and other conditions may require the Fund to make investments that offer
a lower rate of return or involve a higher degree of risk than described herein. There can be no guaranteethat the adviser’s investment decisions will be profitable.
Portfolio Company Financing Risk. Venture, growth, and late-stage companies may require additional
equity financing if their cash flow from operating activities is insufficient to satisfy their continuing growth,working capital and other requirements. Each round of venture financing is typically intended to provide
a venture capital-backed company with only enough capital to reach the next stage of development. It is
possible that one or more of the portfolio companies will not be able to raise additional financing or may
be able to do so only at a price or on terms unfavorable to the Fund, either of which would negatively
impact the Fund’s investment returns, the fair value of the Fund’s portfolio and its ability to restructure
investments. Some of the portfolio companies may be unable to obtain sufficient financing from private
investors, public or private capital markets or traditional lenders. This may have a significant impact if theportfolio companies are unable to obtain certain federal, state or foreign agency approval for theirproducts or the marketing thereof, of if regulatory review processes extend longer than anticipated andthe portfolio companies need continued funding for their operations during these times. Accordingly,
financing these types of companies may entail a higher risk of loss than would financing companies thatare able to utilize traditional credit sources.
Portfolio Company Selections. The Fundʼs returns on its investments will depend in part on the adviser’s
skill in selecting particular investments in portfolio companies. In making their decisions, the Investment

Manager may rely on information and data provided and prepared by third parties, including the portfolio
companies and others, such as third parties who provide origination and due diligence support. Although
the adviser intends to evaluate the accuracy and importance of such information and data, it will notalways be in a position to confirm the completeness, genuineness, or accuracy of such information anddata. adviser will use valuation procedures that they believe are fair and accurate. However, theseprocedures are subjective in nature, may not conform to any particular industry standards (if any suchindustry standards exist) and may not reflect actual values at which the investments are ultimately
realized.
Portfolio Turnover Risk. Each investment account that is based on the performance of an index isadjusted to add or delete companies from such accounts once per quarter or upon certain extraordinary
events or corporate actions affecting companies that are included in the relevant index. As companies
leave and enter the relevant index, accounts based on the index will be adjusted to match the current
composition of the relevant index. This process may result in the realization of capital gains or losses
and may have adverse tax consequences for you as an investor if such composition changes are nottreated as tax free events. Because such accounts will buy and sell securities as needed to maintain theircorrelation to the relevant index, portfolio turnover in such accounts may be substantial.
Portfolio Turnover Risk for Digital Assets. The Fund can engage in frequent trading of its portfolio
holdings, and the subsidiaries can engage in frequent trading of Bitcoin Futures and Ether Futures (aspermitted by the Fund offering documents). Frequent trading results in higher transaction costs, including
brokerage commissions, dealer mark-ups and other transaction costs on the sale of the Bitcoin Futuresand Ether Futures and on reinvestment of the Fund’s assets. High portfolio turnover may also result inhigher tax exposure. The Fund’s portfolio turnover rate will likely be higher as compared to funds withsimilar investment risks that do not frequently trade their portfolio securities.
Privately Held Company Risk. Investments in privately held companies involve a number of significant
risks, including the following:• these companies may have limited financial resources and may be unable to meet their obligations,which may be accompanied by a deterioration in the value of any collateral and a reduction in thelikelihood of the Fund realizing any guarantees it may have obtained in connection with its
investment;• they typically have shorter operating histories, narrower product lines and smaller market sharesthan larger businesses, which tend to render them more vulnerable to competitors’ actions andmarket conditions, as well as general economic downturns;• they typically depend on the management talents and efforts of a small group of persons; therefore,
the death, disability, resignation or termination of one or more of these persons could have a material
adverse effect on the Fund’s portfolio company and, in turn, on us;• there is generally little public information about these companies. These companies and theirfinancial information are not subject to the Securities Exchange Act of 1934 and other regulations
that govern public companies. A Fund which holds such companies may be unable to uncover allmaterial information about these companies, which may prevent the Fund from making a fully
informed investment decision and cause the Fund to lose money on its investments;• they generally have less predictable operating results and may require substantial additional

capital to support their operations, finance expansion or maintain their competitive position;• the Fund’s executive officers, trustees and the Adviser may, in the ordinary course of business, be
named as defendants in litigation arising from the Fund’s investments in the Fund’s portfolio
companies;• changes in laws and regulations, as well as their interpretations, may adversely affect theirbusiness, financial structure or prospects; and• they may have difficulty accessing the capital markets to meet future capital needs.
Quantitative Investment Selection & Model Risk. Data for some market investors’ holdings or sentiments
may be less available and/or less current than data used by other investment advisory firms. 21Shares
and ARK use quantitative analyses, and their processes could be adversely affected if erroneous or
outdated data is utilized. Moreover, the data utilized to evaluate investor sentiment will reflect data thatis collected by regulators and other third-parties. This data may be incomplete or incorrect and therefore
could be inaccurate in whole or in part. If the data is incomplete or incorrect, any decisions made inreliance thereon may lead to the inclusion or exclusion of securities that would have been excluded or
included had the data been more comprehensive. In addition, investments selected using a quantitative
analysis could perform differently from the financial markets as a whole as a result of the characteristics
used in the analysis, the weight placed on each characteristic, and changes in the characteristic’s
historical trends.
Regulation Risk. Laws and regulations affecting ARK’s business change from time to time. ARK cannot
predict the effects, if any, of future legal and regulatory changes on ARK’s business or the services ARK
provides.
Real Estate Investment Trusts (REITs) Risk. A REIT is a company that owns or finances incomeproducing real estate. Through its investments in REITs, the Fund is subject to the risks of investing in
the real estate market, including decreases in property revenues, increases in interest rates, increases
in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital,
defaults by borrowers or tenants, environmental problems and natural disasters. Investments in REITs
may be volatile. REITs are pooled investment vehicles with their own fees and expenses and the Fund
will indirectly bear a proportionate share of those fees and expenses.
Replication Management Risk. Because an index-based investment account is not “actively” managed,
unless a specific security is removed from the relevant index through quarterly rebalancing or otherwise
because it no longer qualifies to be included in the index, such an account generally will not sell a security
because the security’s issuer is in financial trouble. Therefore, the account’s performance could be lower
than accounts that may actively shift their portfolio assets to take advantage of market opportunities or
to lessen the impact of a market decline or a decline in the value of one or more issuers.
Repurchase Agreements Risk. The Fund can enter into repurchase agreements. In a repurchaseagreement, a party sells a security, commonly a U.S. government security, and agrees to buy the security
back at a specific price at a specified later time. A repurchase agreement exposes the Fund to the riskthat the party that sells the security may default on its obligation to repurchase it. The Fund could losemoney if it cannot sell the security at the agreed-upon time and price or the security loses value before
it can be sold

Repurchase Program Risk. Although the Venture Fund intends to implement a quarterly share
repurchase program, there is no guarantee that an investor will be able to sell all of the Shares that theinvestor desires to sell. The Venture Fund should therefore be considered to offer limited liquidity.
Reverse Repurchase Agreement Risk. A reverse repurchase agreement is the sale by the Fund of a debt
obligation to a party for a specified price, with the simultaneous agreement by the Fund to repurchasethat debt obligation from that party on a future date at a higher price. Similar to borrowing, reverse
repurchase agreements provide the Fund with cash for investment purposes, which creates leverageand subjects the Fund to the risks of leverage. Reverse repurchase agreements also involve the risk thatthe other party may fail to return the securities in a timely manner or at all. The Fund could lose money
if it is unable to recover the securities and/or if the value of collateral held by the Fund, including the valueof the investments made with cash collateral, is less than the value of securities.
Sampling Risk. The Fund’s use of a representative sampling approach may result in it holding a smaller
number of securities than are in the Index. As a result, an adverse development respecting an issuer of
securities held by the Fund could result in a greater decline in NAV than would be the case if the Fundheld all of the securities in the Index. Conversely, a positive development relating to an issuer of securities
in the Index that is not held by the Fund could cause the Fund to underperform the Index. To the extent
the assets in the Fund are smaller, these risks will be greater. A representative sampling strategy may
increase the Fund’s susceptibility to Index Tracking Risk.
Security Selection Risk. The value of an individual security and, similarly, the value of an investment inthat security, may rise or fall. ARK’s investment process for a particular strategy may favor specificsecurities, industries or sectors that underperform investments in other securities, industries, sectors, orthe market generally.
Small- and Medium-Capitalization Companies Risk. Small- and medium-capitalization companies may
be more volatile and more likely than large-capitalization companies to have narrower product lines,
fewer financial resources, less management depth and experience and less competitive strength.
Returns on investments in securities of small- and medium-capitalization companies could trail the
returns on investments in securities of large-capitalization companies.
Special Purpose Acquisition Companies (SPACs) Risk. The Adviser may invest in stock of, warrants topurchase stock of, and other interests in SPACs or similar special purposes entities. A SPAC is a publicly
traded company that raises investment capital for the purpose of acquiring or merging with an existing
company. Investments in SPACs and similar entities are subject to a variety of risks beyond those
associated with other equity securities. Because SPACs and similar entities do not have any operating
history or ongoing business other than seeking acquisitions or mergers, the value of their securities isparticularly dependent on the ability of the SPAC’s management to identify a particular acquisition or
merger target and complete a transaction. Until an acquisition or merger is completed, a SPAC generally
invests its assets, less a portion retained to cover expenses, in U.S. government securities, money
market securities and cash and does not typically pay dividends in respect of its common stock. As aresult, it is possible that an investment in a SPAC may lose value.
Subsidiary Risk. The Fund seeks to gain its targeted investment exposure through investment in the
Fund’s wholly-owned subsidiary, which is organized under the laws of the Cayman Islands. Certain
policies and procedures require that the subsidiary be consolidated with the Fund for purposes of testing
compliance with applicable tax regulations and investment limitations. Changes in laws in the UnitedStates or the Cayman Islands could affect the use of the subsidiary structure, which could adverselyaffect the Fund’s ability to achieve its investment objective.
Technology and Cyber Security Risks. Investment advisers, including ARK, must rely in part on digitaland network technologies to conduct their businesses and to maintain substantial computerized data
relating to client account activities. These technologies include those owned or managed by ARK as wellas those owned or managed by others, such as custodians, financial intermediaries, transfer agents, andother parties to which ARK or such other parties outsource the provision of services or business
operations.
Like all businesses that use computerized data, ARK and such third parties and the systems ARK uses
could be subject to a variety of possible cybersecurity incidents or similar events that could potentiallyresult in the inadvertent disclosure of confidential computerized data or client data to unintended parties,
or the intentional misappropriation or destruction of data by malicious hackers mounting an attack on
computer systems. ARK and such third parties maintain an information technology security policy andcertain technical and physical safeguards intended to protect the confidentiality of our internal data andtake other reasonable precautions to limit the potential for cybersecurity incidents, and to protect datafrom inadvertent disclosure or wrongful misappropriation or destruction.
Nevertheless, despite reasonable precautions, cybersecurity incidents could occur, and might in somecircumstances result in unauthorized access to sensitive information about ARK or its clients. In addition,such incidents might cause damage to client accounts, data, systems or affect client services.
Furthermore, these systems may fail to operate properly or become disabled as a result of events orcircumstances wholly or partly beyond ARK’s or others’ control. Technology failures, whether deliberate
or not, including those arising from use of third-party service providers or client usage of systems toaccess accounts, could have a material adverse effect on ARK’s business or ARK’s clients and could result
in, among other things, financial loss, reputational damage, regulatory penalties or the inability to transact
business.
Next Generation Internet Companies Risk. The risks described below apply, in particular, to investments
in Next Generation Internet Companies.
Internet Information Provider Company Risk. Internet information provider companies provide
Internet navigation services and reference guide information and publish, provide or present
proprietary, advertising and/or third-party content. Such companies often derive a large portionof their revenues from advertising, and a reduction in spending by or loss of advertisers could
seriously harm their business. This business is rapidly evolving and intensely competitive, andis subject to changing technologies, shifting user needs, and frequent introductions of new
products and services. The research and development of new, technologically advanced
products is a complex and uncertain process requiring high levels of innovation and investment,
as well as the accurate anticipation of technology, market trends and consumer needs. The
number of people who access the Internet is increasing dramatically and a failure to attract andretain a substantial number of such users to a company’s products and services or to develop
products and technologies that are more compatible with alternative devices could adversely
affect operating results. Concerns regarding a company’s products, services or processes
compromise the privacy of users or other privacy related matters, even if unfounded, could
damage a company’s reputation and adversely affect operating results.
Catalog and Mail Order House Company Risk. Catalog and mail order house companies may

be exposed to significant inventory risks that may adversely affect operating results due toseasonality, new product launches, rapid changes in product cycles and pricing, defective
merchandise, changes in consumer demand and consumer spending patterns, changes in
consumer tastes with respect to products, and other factors. Demand for products can change
significantly between the time inventory or components are ordered and the date of sale. The
acquisition of certain types of inventory or components may require significant lead-time andprepayment and they may not be returnable. Failure to adequately predict customer demand orotherwise optimize and operate distribution centers could result in excess or insufficient inventory
or distribution capacity, result in increased costs, impairment charges, or both. The business ofcatalog and mail order house companies can be highly seasonal and failure to stock or restock
popular products in sufficient amounts during high demand periods could significantly affectrevenue and future growth. Increased website traffic during peak periods could cause systeminterruptions which may reduce the volume of goods sold and the attractiveness of a company’s
products and services.
Staking Risk. The adviser expects that cryptoassets held by the master fund may be leveraged, including
through the use of “staking”, including, without limitation, through protocols that verify transactions
through a concept known as proof of stake (“Proof-of-Stake”).
Proof-of-Stake generally allows holders of a cryptoasset to verify future transactions in a protocol basedon various factors, depending on the rules of the protocol. Some protocols allow holders with a larger
amount of the cryptoasset (i.e., stakes) deposited in the protocol to be awarded with additional
cryptoassets through the verification of future transactions. Those with stakes in some protocols may
also have the ability to govern and vote on how the protocol is controlled in the future. As Proof-of-Staketypically requires storing a large amount of the relevant cryptoasset for a potentially long period of timein order to verify future transactions on the protocol, such investments may be illiquid for an extended
period of time before there is any return on investment. Such illiquidity could have an adverse effect on
the Fund. To the extent the Fund invests any of its assets through Proof-of-Stake-based protocols, there
is a risk that a protocol assesses a penalty against the Fund in connection with the Fund’s activities inverifying transactions in such protocol, which could result in a loss of some or all of the Fund’s
cryptoassets that have been deposited in the protocol. Further, Proof-of-Stake is subject to the samerisks associated with cryptoassets in general including, but not limited to, equipment failure, regulatory
control, and a failure of the network which the stake is deposited on.
The master fund may hold certain cryptoassets in a “cold wallet.” Consequently, the master fund may not
be able to stake such cryptoassets and may not benefit from potential dividends and distributions related
to such staking. Additionally, the Master Fund may hold certain cryptoassets in a “hot wallet” in order tobenefit from distributions related to staking as well as benefit from participation in governance of thecryptoasset. Staking in this context increases the risk of loss of such cryptoassets through increasing
vulnerabilities to hacking.
The master fund may use a custodian to stake assets using the custodian’s infrastructure on the Fund’sbehalf (“hosted staking”). The master fund may also run its own infrastructure to validate to stake assets(“direct self-hosted staking”). Investors engaged in either hosted or direct self-hosted staking are at riskof “slashing”. A “slashing” is an event where the validator in a Proof-of-Stake cryptoasset network or
blockchain is penalized for violating a rule of the protocol, typically by forcing such validator to forfeit adefined proportion of staked tokens, which are then typically burned or redistributed to otherstakeholders. Tokens pledged by delegators to validators are typically not subject to slashing, but once
pledged by the validator to the protocol are subject to slashing. Downtime and double-signing areexamples of behaviors that may be deemed harmful to the protocol and that may result in slashingpenalties. Most Proof-of-Stake networks have defined slashing parameters with corresponding penalties
and varying degrees of severity, although some networks do not penalize such activities and, instead,rely on opportunity costs and validator reputation to create an efficient delegation market. Certain
networks therefore will pose more risks due to parameters around slashing. Additionally, while the adviser
will seek to only delegate cryptoassets to reputable validators, any validator may engage in dishonest
validations or other malicious behavior for which the Investment Manager has no control, and which may
result in the “slashing” of the cryptoassets staked by the validator (including cryptoassets delegated by
the Fund to the validator). To the extent the Fund delegates cryptoasset to a validator on a Proof-ofStake cryptoasset network or blockchain that is subject to slashing, such assets are also subject toslashing which may result in a partial or complete loss of such assets.
Hosted and direct self-hosted staking also involve mandatory lock-up periods in which investors cannot
access their staked assets. Once the lock-up period ends, investors may remove their staked assets but
the value of those assets is determined by the validators, which limits investors’ earning potential.
The master fund may also engage in liquid staking, which allows investors to avoid the lock-up period.
Investors stake their tokens through a liquid staking provider and are issued new tokens of an equivalentvalue, which investors can invest on other DeFi platforms. Whether the new tokens maintain an
equivalent value is affected by the volatility of the liquid staked asset and withdrawal restrictions set by
the liquid staking provider. Also, like hosted and direct self-hosted staked assets, liquid staked assets
are at risk of slashing.
Tax Risk for Digital Assets. The Fund intends to qualify as a regulated investment company under
Subchapter M of the U.S. Internal Revenue Code of 1986, as amended. In order to qualify as a regulated
investment company, at least 90% of the Fund’s gross income must be “qualifying income”, derived from
specific types of assets. In addition, the Fund must meet quarterly asset diversification tests and annual
distribution requirements. The Fund’s investment activities will be limited by the Fund’s intention to qualify
for such treatment. The Fund can make investments even if the treatment of those investments is unclear.
If the Fund fails to qualify for Subchapter M treatment in any year, the Fund would be taxed like anordinary corporation subject to U.S. federal income tax on all of its income at the fund level, which would
reduce the Fund’s net assets and the amount of income available for distribution. In addition, in order torequalify for taxation as a regulated investment company, the Fund could be required to recognize
unrealized gains, pay substantial taxes and interest, and make certain distributions. Please see thesection entitled “Taxation” in the Statement of Additional Information for more information.
The Fund invests in certain futures indirectly through a wholly-owned subsidiary because income andgains from such investments if made by the Fund directly would not be treated as qualifying income forpurposes of the Fund qualifying as a regulated investment company for federal income tax purposes.
Under Internal Revenue Service (“IRS”) regulations, income derived from the subsidiary will generally beconsidered qualifying income if there is a current-year distribution out of the earnings and profits of thesubsidiary that are attributable to such income inclusion or if the income inclusion is derived with respect
to the Fund’s business of investing in stocks and securities. The Fund expects that income and gains
derived from the subsidiary to constitute qualifying income, but future regulations, enforcement, guidanceor statutory changes in the U.S. or the Cayman Islands could limit the circumstances in which suchincome gains would be considered qualifying income or otherwise prevent the Fund or the subsidiary or
both from operating as intended and cause the Fund to make changes to its operations. Such changes
could result in adverse tax consequences or decreased investment returns. Please see the section
entitled “Risks Associated with Bitcoin and Bitcoin Futures” and the section entitled “Taxation” in theStatement of Additional Information for more information. For additional disclosure related to thesubsidiaries, please see the section entitled “Taxation” in the Statement of Additional Information for
more information. The rules dealing with U.S. federal income taxation and the rates themselves areconstantly under review in the legislative process and by the IRS and the U.S. Treasury Department.
Changes in tax laws or regulations or future interpretations of such laws or regulations could adversely
affect the Fund and/or the Fund’s shareholders.
United Nations Sustainable Development Goals ("UN SDGs") Risk. In evaluating whether a security or
issuer meets the UN SDG criteria, ARK may depend upon information and data from third parties, which
may be incomplete, inaccurate or unavailable. As a result, there is a risk that ARK may incorrectly assessa security or issuer. There is also a risk that ARK may not apply the relevant UN SDG criteria correctly.
ARK makes no representation or warranty, express or implied, with respect to the fairness, correctness,accuracy, reasonableness or completeness of such assessment. The evaluation of the ability of acompany and/or its technology to positively impact the UN SDGs is to a degree subjective, may involvelack of standardized taxonomy, and there is no assurance that all investments will reflect the beliefs orvalues of any particular investor or result in more favorable performance.
Unlisted Shares Risk. Unlike many closed-end funds, the Fund’s Shares will not be listed on any
securities exchange.
Valuation Risk. Fair value pricing involves subjective judgments, and it is possible that a fair value
determination for a cryptocurrency is materially different than the value that could be realized upon thesale of the cryptocurrency. Additionally, some portfolio holdings, potentially a large portion of the Fund’sinvestment portfolio, can be valued on the basis of factors other than market quotations. This could occur
more often in times of market turmoil or reduced liquidity. There are multiple methods that can be used
to value a portfolio holding when market quotations are not readily available. The value established forany portfolio holding at a point in time might differ from what would be produced using a different
methodology or if it had been priced using market quotations. Portfolio holdings that are valued using
techniques other than market quotations, including “fair valued” securities, might be subject to greaterfluctuation in their valuations from one day to the next than if market quotations were used. In addition,
there is no assurance that the Fund could sell or close out a portfolio position for the value established
for it at any time, and it is possible that the Fund would incur a loss because a portfolio position is soldor closed out at a discount to the valuation established by the Fund at that time. The fair value of theFund’s Bitcoin Futures and Ether Futures can be determined by reference, in whole or in part, to the spot
bitcoin and spot ether markets, respectively. These circumstances could be more likely to occur withrespect to Bitcoin Futures and Ether Futures than with respect to futures on more traditional assets. In
addition, the Bitcoin Futures and Ether Futures held by a Fund and bitcoin and ether may be traded inmarkets on days and at times when the Fund is not open for business. As a result, the value of the Fund’s
holdings may vary, perhaps significantly, on days and at times when investors are unable to purchase or
sell Fund shares.
Volatility Risk of Cryptoassets. The price of cryptoassets has experienced periods of extreme volatility.
This volatility is due in part to the changes exhibited by an early stage technological innovation. For
example, in 2017, the value of certain cryptoassets, including bitcoin, experienced steep increases invalue. The increase in value of bitcoin from 2016 to 2017 was followed by a steep decline in 2018. The
value of certain cryptoassets continued to experience periods of extreme volatility in 2020 and 2021. The
price and trading volume of any cryptoasset are subject to significant uncertainty and volatility, depending
on a number of factors, including: (i) market conditions across the cryptoassets economy; (ii) changes inliquidity, market-making volume, and trading activities; (iii) trading activities on crypto platforms

worldwide, many of which may be unregulated, and may include manipulative activities; (iv) investment
and trading activities of highly active retail and institutional users, speculators, miners and investors; (v)the speed and rate at which cryptoassets are able to gain adoption as a medium of exchange, utility,
store of value, or other financial assets worldwide, if at all; (vi) decreased user and investor confidencein cryptoassets and crypto platforms; and (vii) negative publicity and events relating to the crypto
economy.
Speculators and investors who seek to profit from trading and holding cryptoassets currently account fora significant portion of demand. Such speculation regarding the potential future appreciation in the valueof a cryptoasset may artificially inflate the price of such asset. Conversely, government regulation andthe perception of onerous regulatory actions may cause a drop in the price of a cryptoasset.
Developments related to a cryptoasset’s operations, individual exchanges and the overall market for
cryptoassets also contribute to the volatility in the price of cryptoassets.

ITEM 9 DISCIPLINARY INFORMATION
Neither ARK, nor any of its management persons, have been the subject of any material legal ordisciplinary action.

ITEM 10 OTHER FINANCIAL INDUSTRY ACTIVITIES AND AFFILIATIONSARK Personnel Are Registered Representatives of a Broker Dealer
Certain ARK management persons are registered representatives of a broker-dealer.
Relationships with Affiliates
ARK Invest Europe is located in the United Kingdom of Great Britain, and is a division of ARK Invest
Limited LLC, a separate legal entity under common control with ARK. ARK Invest Europe allows ARK toestablish a European UCITS suite of its ETF strategies, bringing these strategies to investors acrossEurope, the United Kingdom, and new markets globally.
While under common control, ARK is not privy to transaction decisions of ARK Invest Europe, as
addressed in more detail in Item 11 below.
ARK has additional affiliates that serve as the managing member or general partner to its Private Funds,
and in that role can receive performance-based fees, which presents conflicts of interest with clients.
ARK is the sole owner of the ARK Cryptocurrency Fund MM LLC, the entity which serves as the managing
member of the ARK Cryptocurrency U.S. Fund LLC and the Crypto Revolutions U.S. Fund LLC, two of
ARK’s Private Funds. The Private Funds managing member and general partner are entitled to receive
an allocation of net profits, as further described in the offering documents. These conflicts related toperformance-based fees and how they are addressed are discussed in more detail in Item 6
Performance-Based Fees and Side-By-Side Management.
ARK Permits Certain Clients to Invest in Affiliated Products
ARK permits its ETFs to invest in the securities of affiliated ETFs managed by ARK. Certain of the Digital
Asset ETFs can invest in the Bitcoin ETF and other Digital Asset ETFs in accordance with theirprospectuses and statements of additional information. To eliminate duplicate management fees, ARK
waives the management fees of the underlying affiliated ETFs as well as the Bitcoin ETF and Digital
Asset ETFs.
Other
ARK Manages Multiple Clients Accounts
As described above, ARK is the investment adviser and provides management and supervisory services
to the ARK ETFs and Venture Fund. ARK’s services for the ARK ETFs, Venture Fund and Sub-Advised
Funds and other clients can create conflicts of interest in certain circumstances. In respect of the clientsthat can invest in digital assets (and derivatives thereon) and related securities, ARK serves as an adviser
to certain clients and provides non-discretionary sub-advisory services to the Bitcoin ETF and nondiscretionary sub-sub advisory services to the Digital Asset ETFs. ARK faces conflicts related to side-byside management of accounts invested in a similar strategy, which might have different fee schedules,
as discussed in Item 6 Performance-Based Fees and Side-By-Side Management and in Item 12
Brokerage Practices under “Aggregation and Allocation Policies”.
Relationships with Third Parties
ARK has certain relationships with third-parties that are material to ARK’s advisory business, and cancreate conflicts of interest. ARK will, from time to time, have minority interests in certain third-party
investment advisers and have one or more employees sit on the boards of such investment advisers.
An employee would preclear such activity in accordance with ARK’s Compliance Manual. ARK makes
full disclosure to clients with respect to such interests prior to investing their assets in any investment
products managed by these third-party investment advisers and does not adjust its clients’ management
fee with respect to these investments.
Restrictions on Client Trading Activities Resulting from the Acquisition of Material Non-Public Information
ARK employees regularly acquire confidential information and ARK can enter into confidentiality and/or“standstill agreements” when assessing investment opportunities. By reason of its various activities, ARK
and its employees can have access to material nonpublic information (“MNPI”) about an issuer. For
example, ARK employees could acquire MNPI in the ordinary course of their investment activities, which
acquisition would result in restrictions on a client’s ability to buy or sell a portfolio investment at a time
when it might otherwise have done so, potentially for an extended period. Similarly, ARK could decline
information that would be considered MNPI to the detriment of a client.

ITEM 11 CODE OF ETHICS, PARTICIPATION OR INTEREST IN
CLIENT TRANSACTIONS, AND PERSONAL TRADING
Code of Ethics and Personal Trading
ARK has adopted a Code of Ethics in compliance with Rule 204A-1 under the Advisers Act that establishes
personal trading guidelines and restrictions applicable to ARK employees, certain ARK consultants, andimmediate family members (as defined by ARK’s Code of Ethics) (“Access Persons”). Access Persons are
subject to pre-clearance requirements before buying or selling securities, other than certain exempt securities,
as further detailed below. Access Persons must submit required initial, quarterly, and annual reports of securities(or furnish brokerage statements) and must certify, at least annually, receipt of and compliance with the Code ofEthics.
For a copy of ARK’s Code of Ethics please call 1-727-810-8160 or write to: ARK Investment Management LLC,
Attn: Chief Compliance Officer, 200 Central Avenue, Suite 220, St. Petersburg, FL 33701. Note that ARK’s (andits affiliates) practices with respect to recommending or investing in the same securities, including at the sametime, are addressed below.
Personal Trading Rules
Pre-clearance of Public Securities
ARK’s Access Persons are subject to pre-clearance requirements before buying or selling public securities, otherthan exempt securities (as defined by ARK’s Code of Ethics), for any account in which they have any direct orindirect beneficial ownership. ARK implemented a more stringent policy for Access Persons who fall within theInvestment Team (as defined by ARK’s Code of Ethics). The Investment Team are prohibited from buying
securities, other than exempt securities. They are permitted to hold, or maintain, their securities positions
however, are not able to add to them and will need to receive pre-clearance from Compliance prior to selling any
securities they held, other than Exempt Securities.
The remainder of ARK’s Access Persons are permitted to buy securities, subject to pre-clearance byCompliance, unless such security is held in an advisory client’s portfolio.
As a matter of policy, no Access Person can buy a security that is held in an advisory client’s portfolio. Access
Persons can continue to hold, or maintain, these positions however, are not permitted to add to them and willneed to receive preclearance from Compliance prior to selling any securities held in an advisory client’s portfolio.
Pre-clearance on the sale of securities typically will not be granted: (i) on a day when the security is being
considered for purchase or sale by an advisory client; (ii) if such security is not included in an advisory client’s
portfolio but notice has been given, or Compliance is aware, that such security will be added to an advisory
client’s portfolio (or until such time as ARK completes such transactions for the applicable advisory client’s
portfolio on the day of the trade request); (iii) if the security is included on ARK’s Restricted List; or (iv) if
Compliance reasonably determines that it is in the best interest of ARK or its clients.
In determining whether to approve any trade, Compliance will consider, for example, whether the Access Person
knew, or should have known, that the security was being considered for purchase or sale by ARK for an advisory
client on the day of the trade request or that, as a result of a transaction, the Access Person would hold or sellmore than 5% of the outstanding securities of the issuer in question.
Transactions in Funds Managed by ARK
Access Persons are permitted to transact in exchange-traded funds managed by the ARK without obtaining preclearance. However, Access Persons may not purchase and sell the same exchange-traded fund managed by
ARK within any period of 30 calendar days. In determining the 30-calendar day holding period, the “last-in, firstout” methodology will be applied.
Access Persons must obtain pre-clearance before transacting in the ARK Venture Fund. In order to obtain preclearance, Access Persons must submit a pre-clearance request to Compliance.
Short positions, both direct and synthetic, taken against any of ARK’s Funds, including the ARK Venture Fund,or associated pooled vehicles are strictly prohibited.

Pre-clearance of Exchange Traded Funds Not Managed by ARKBroad-Based Exchange Traded Funds (as defined by ARK’s Code of Ethics) not managed by ARK are Exempt
Securities, therefore Access Persons are permitted to transact without pre-clearance.
Transactions in Narrow-Based Exchange Traded Funds (as defined by ARK’s Code of Ethics) not managed by
ARK are subject to pre-clearance. In order to obtain pre-clearance, Access Persons must submit a pre-clearance
request to Compliance. If the transaction is approved, that approval is valid only for the day on which it is granted.
Compliance may revoke a pre-clearance any time after it is granted and before the transaction is executed.
Private Investments
Access Persons must obtain pre-clearance before transacting in any Private Investment (as defined by ARK’s
Code of Ethics). Private Investment pre-clearances do not expire after one day and are valid for a short windowof time, generally not to exceed a week, after Compliance approval is granted to allow Access Persons time tocomplete any necessary wire payments. Compliance may revoke a pre-clearance any time after it is granted andbefore the transaction is executed. In determining whether to approve a transaction in a Private Investment,
Compliance will consider if such investment may be in conflict with the activities or relationships of ARK and/or
any funds managed by ARK, including the ARK Venture Fund.
Prohibition on Short-Term Trading
Access Persons may not purchase and sell, or sell and purchase, within any period of 30 calendar days, asecurity, other than an exempt security. Additionally, Access Persons may not purchase and sell the same
exchange-traded fund managed by the Adviser within any period of 30 calendar days. In determining the 30calendar day holding period, the “last-in, first-out” methodology will be applied.
Prohibition on Short Sales and Similar Transactions
The Investment Team are prohibited from purchasing a put option or selling a call option, selling short orotherwise taking a short position, either directly or through any beneficial ownership, in any security. The
remainder of the Access Persons are only permitted to partake in the aforementioned transactions if suchtransaction does not involve an issuer that is held in an Advisory Client’s portfolio and is pre-cleared andapproved by Compliance. Short positions taken against any of the ARK’s Funds, including the ARK Venture
Fund, or associated pooled vehicles are strictly prohibited.
Securities Held in Accounts Over Which an Access Person Has No Direct Influence or Control
Compliance may grant a waiver of some of the pre-clearance requirements set forth above for any account overwhich an Access Person does not have direct or indirect influence or control.
Recommendations Involving Material Financial Interests
ARK can effect (but not execute) transactions between client accounts. ARK will not effect a transaction between
client accounts if one of the clients is an Employee Retirement Income Security Act of 1974 49 (“ERISA”) client.
ARK can effect transactions between client accounts that are not registered investment companies subject tocertain restrictions, including the requirements that ARK receives no compensation for effecting the transaction
and the transaction is disclosed to the clients.
ARK can effect transactions between clients that are registered investment companies subject to certain
restrictions, including the requirement that the transaction is effected in compliance with Rule 17a-7 under the1940 Act and any applicable procedures adopted by the registered investment company.
There are certain relationships involving some of ARK’s Access Persons that present conflicts of interest. Forexample, ARK can effect transactions in the Venture Fund with certain private companies where Access Persons
have had and could have a material financial interest in the company. ARK can, and sometimes does,
recommend that the Venture Fund invests in companies in which such Access Persons have a prior personal
investment or for which they serve as a director or advisor. ARK believes that these relationships generally
benefit the Venture Fund in that they provide investments and information that might not otherwise be available
to ARK and the Venture Fund. Nonetheless, the relationships present conflicts of interest in that the relationshipcould provide an incentive for such Access Persons to influence ARK’s decision to recommend an investment
in such company. To manage and address this conflict of interest, it is ARK’s practice to require that such Access
Persons recuse themselves of any and all involvement with respect to the investment decision and that ARK has
documentation to support that the investment decision is in the best interest of the Venture Fund and not a resultof the conflict.
ARK Invest Europe can invest in the same or related securities that ARK recommends to its clients. Whileunder common ownership, ARK is not privy to transaction decisions of certain of its affiliates, including that of
ARK Invest Europe. ARK has a well-defined investment decision process in place, which includes information
barriers where appropriate, to ensure investment decisions are not the result of material financial interests of
ARK and its affiliates. At this time, ARK and ARK Invest Europe have separate investment and trading
processes, and a separation between the entities that acts as information barriers.

ITEM 12 BROKERAGE PRACTICES
Selection of Broker-Dealers to Execute Transactions in Client Accounts
General Practices
Clients can give ARK the authority to determine which broker-dealer will execute transactions. Other
clients retain discretion to select which brokerage firms should execute their transactions. Some clientsthat designate ARK as the investment manager for their account nonetheless have the ability to place
their own trades for their account. Some of ARK’s clients have the ability to select a broker-dealer to act
as custodian for the client’s assets and direct ARK to execute transactions through that broker-dealer. It
will not be ARK’s practice to negotiate commission rates with those broker-dealers. Where a client
chooses to execute a trade or directs the trade to a particular brokerage firm, ARK is not responsible forthe execution or the selection of broker-dealers for such trades.
For accounts for which ARK has brokerage discretion, ARK's general policy is to use its best efforts toseek to obtain best execution for all client portfolio transactions, taking into account a variety of factors
such as:
•
•
•
•
•
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•
•
•
•

the security price;listed bids and asks;
the opportunity for price improvement;
liquidity;
geographic location;access to new issues;
the transaction costs and commission rates;
the size and difficulty of the order and timing of the transaction;
the experience of the broker-dealer;
the reliability, integrity, creditworthiness and financial condition of the broker-dealer;•••the general execution, clearance, settlement, responsiveness and operational
capabilities of the broker-dealer;
the confidentiality provided by the broker-dealer; andthe number of trading errors committed by the broker-dealer.

In seeking best execution, an adviser need not select the broker with the lowest available commission
rate where it believes that a broker or dealer charging a higher commission rate would offer better overall
execution, including for example greater reliability or better price or execution. Transactions placed onbehalf of ARK clients, and recommendations on behalf of nondiscretionary clients and model portfolios,
could be a large portion of a security’s daily trading volume, and securities can therefore be subject toprice movements, which could result in certain ARK clients that did not participate in an aggregate tradeorder as well as nondiscretionary clients or model portfolios receiving prices that are less favorable thanthe prices obtained by those ARK clients that participated in the aggregate order. Based upon theparticular facts and circumstances of the order, ARK will determine whether and how best to executesuch transaction to seek to achieve best execution. Additionally, ARK, in implementing an investment
decision, could determine in light of the facts and circumstances that the value of completing transactions
expeditiously outweighs potential market impact of being a large percentage of daily trading volume.
Further, while ARK believes it takes reasonable steps to minimize the market impact caused bytransactions for accounts over which ARK has investment or trading authority, ARK cannot control themarket impact of such transactions to the same extent for accounts over which ARK does not havetrading authority, including nondiscretionary clients and model trades as discussed further below. While
ARK seeks best execution for discretionary brokerage transactions, ARK cannot assure that best
execution will be achieved for each client transaction.
ARK will maintain a list of approved broker-dealers it will use to place client trades for execution. ARK’sBest Execution Committee will periodically reevaluate these broker-dealers to confirm that they meet
ARK’s criteria and standards, including that they provide trade execution services that ARK views as
satisfactory. Upon reevaluation, ARK’s Best Execution Committee has the ability to add or remove brokerdealers to or from the list of approved broker-dealers.
ARK pays, or is deemed to pay, commission rates higher than if ARK had paid for execution services only
and ARK can “pay up” to receive research or brokerage services that ARK views as beneficial to client
accounts. These services benefit ARK because ARK does not need to produce or pay for such researchservices, and as a result, the receipt of research in exchange for soft dollars creates a conflict of interest.
ARK is incentivized to select or recommend a broker-dealer based on ARK’s interest in receiving
research services, among the other factors that ARK considers, and this can conflict with the client’s
interest to receive best execution. ARK will not agree to direct a specific amount of brokerage transactions
or commissions to any broker-dealer in return for soft dollar or other benefits.
Research or brokerage services ARK receives for conducting transactions in a client account can benefit
other accounts and it is possible that a particular account will not benefit from services obtained related
to transactions conducted through that account. ARK will not attempt to track or allocate the benefits ofresearch or brokerage services it receives to the commissions associated with a particular account orgroup of accounts. Additionally, certain clients could bear more of the cost of soft dollar arrangements
than other clients. Soft dollar arrangements are discussed in more detail below.
Research Services Received from Broker-Dealers
ARK receives a wide range of research services from broker-dealers. These services can include

information on the economy, industries, groups of securities, individual companies, statistical information,accounting and tax law interpretations, political developments, legal developments affecting portfolio
securities, technical market action, pricing and appraisal services, credit analysis, risk measurement
analysis, performance analysis, and analysis of corporate responsibility issues. ARK will receive researchservices primarily as written reports, computer generated services, and personal meetings with security
analysts. Research services can also take the form of meetings arranged with corporate and industry
spokespersons, economists, academicians and government representatives.
The research services provided by broker-dealers can be used to supplement ARK’s own proprietary
ARK Open Research Ecosystem (as described in Item 4), so ARK has an incentive to seek such researchas discussed above. Such research services will be subject to ARK’s intense internal analysis and review
before becoming part of the ARK Open Research Ecosystem. ARK pays cash for certain external
research services.
Soft Dollar Arrangements with Brokers Who Furnish Research Services
ARK has a brokerage allocation policy designed to comply with Section 28(e) of the Securities Exchange
Act of 1934, as amended ("1934 Act"). This section permits an investment adviser to pay a broker-dealer
that “provides brokerage and research services” to the adviser commission rates in excess of the amountanother broker-dealer would charge for effecting the same transaction, if the adviser determines in goodfaith that the commission is reasonable in relation to the value of the brokerage and research services
provided, viewed in terms of either that particular transaction or the adviser’s overall responsibilities tothat client or other client accounts and over which the adviser exercises investment discretion.
ARK enters into arrangements whereby it obtains research products and services, in addition tobrokerage execution, from broker-dealers in connection with client trades. These arrangements are
sometimes referred to as a “soft dollar” arrangement and are common in the financial services industry.
At this time, ARK uses a type of soft dollar arrangement referred to as a commission sharing agreement(a “CSA”) under which a broker retains a portion of the commissions attributable to execution and holds
the remaining “soft” commission related to ARK’s order, which ARK directs the broker to send to ARK’sservice provider (Virtu Financial Inc.) to aggregate the soft commissions, and then ARK can pay forexternal research of its choosing. For example, ARK can use commissions from transactions for client
accounts to obtain quotation equipment and tools that can assist ARK in trade execution or provide ARKwith important market related news and developments. The research products and services can either
be proprietary (created and provided by the broker-dealer) or third party (created by a third party but
provided to ARK by the broker) and include:
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economic research;
industry, security and company research;statistical information;accounting and tax law interpretations;political/legal developments;
pricing and appraisal research;
industry and company computer screening ability;
technical research;commodity research;
portfolio management research;stock and bond quote services; and/or
financial news and other publications.

In accordance with Section 28(e), ARK, in collaboration with Virtu Financial Inc. and its soft-dollar review
software platform, will periodically review and seek to ensure that all soft dollar arrangements pay forbona fide research services. In some cases, the products or services ARK receives will not be used
exclusively for research purposes. For example, certain systems and products that can be used by ARK
provide “mixed use” functions, such as accounting and record keeping, in addition to marketing andinvestment research. ARK’s ability to determine mixed use allocations poses a conflict of interest. In
those cases, ARK will not pay for the non-research portion of any “mixed use” service through any soft
dollar arrangement. Instead, ARK will pay hard dollars for the non-research function.
Evaluating Reasonableness of Brokerage Commissions
ARK’s Best Execution Committee will periodically evaluate the reasonableness of commission rates in
the marketplace for transactions executed on its clients’ behalf. ARK will consider:•••

the rates quoted by brokers and dealers;
the size of a particular transaction, in terms of the number of shares, dollar amount, andnumber of clients involved; andthe complexity of a particular transaction relative to execution and settlement.

Generally, it is not ARK’s practice to negotiate or monitor commission rates where a client has directed
ARK to use a certain broker-dealer.
Directed Brokerage and Commission Recapture
Clients can direct ARK in writing to execute transactions with one or more specific broker-dealers at
commission rate or rates agreed upon by the client and the broker-dealer(s). A client can direct ARK touse a particular broker-dealer for a variety of reasons, including:••••the client’s relationship with the broker-dealer;
the client’s evaluation of the broker-dealer and the quality of its trade execution;
the discounts or other benefits the client receives from the broker-dealer; and/or
the existence of a commission recapture program where the client receives the benefitof rebates or other benefits separately negotiated between the client and the brokerdealer.

Clients subject to ERISA, who wish to participate in directed brokerage, must provide ARK with written
instructions directing ARK to execute transactions with one or more specific brokers. The written noticemust state that the services the broker(s) provide and the commission rate or amount is consistent withERISA provisions and in the client’s best interest. If a client account is subject to ERISA and the client
directs ARK to place all transactions for the client’s account with a particular broker-dealer, the following
apply:•••

the client retains and accepts sole responsibility for determining whether the directed
brokerage arrangement is reasonable in relation to the benefits the plan receives;the client acknowledges and represents to ARK that the directed brokerage arrangement
is used solely and exclusively for the plan’s and the participants’ benefit; andthe client acknowledges and represents to ARK that the directed brokerage arrangement ispermissible under the plan’s governing documents.

In respect of any client that directs ARK to use a particular broker-dealer, ARK cannot negotiate
commission levels or obtain discounts. It is possible that clients who direct ARK to use a particular brokerdealer will not receive commission rates or execution of transactions as favorable as clients who give
ARK full discretion to select the broker-dealer for portfolio transactions. Clients who direct ARK to use aparticular broker-dealer could also incur other transaction costs or greater spreads or, receive lessfavorable net prices on transactions for their accounts. Moreover, when a client directs ARK to use aparticular broker-dealer, ARK will not be able to aggregate the client’s securities transactions with thoseof other clients, and therefore would not be able to obtain the potential efficiencies from trade aggregation,
unless the directed broker-dealer accepts “step-out” transactions, if permitted by the client.
Some clients can direct ARK to use a particular broker-dealer as long as that broker-dealer is reasonably
able to provide the best price and execution for the portfolio’s transactions. ARK uses its best efforts toaccommodate client requests. This type of program where the client can have a consulting or otherrelationship with the designated broker-dealer is sometimes referred to as “commission recapture”
program.
Aggregation and Allocation Policies
Aggregation
Where ARK has investment and brokerage discretion, it has a duty to execute transactions in the bestinterest of its clients. ARK’s policy is designed to allocate trades to clients fairly and equitably over time
based on the circumstances. ARK determines whether the purchase or sale of a particular security isappropriate for more than one account and whether it can aggregate client orders into one order(“Aggregate Orders”) for execution purposes. Regarding Aggregate Orders, generally ARK will
Aggregate Orders when it is buying the same security in more than one client account on the same day.
Aggregate Orders can avoid the adverse effect on a security’s price when simultaneous separate andcompeting orders are placed. Aggregate Orders can also reduce the trading and brokerage costs paid,
and to the extent that the Adviser is not able or permitted to aggregate such orders (as discussed further
below), the costs to the client can increase. The timing of implementing and communicating securities
recommendations could result in the price of a particular client order, or set of client orders, being
adversely impacted. When aggregating orders and subsequently allocating Aggregate Orders(purchases and sales) to individual accounts, it is ARK’s policy to treat all clients fairly and achieve an
equitable distribution of Aggregate Orders over time, considering, among other things, the investment
objectives, restrictions and other circumstances specific to each client. Generally, ARK allocatesaggregated trades pro rata based on each participating client’s share of the aggregate transaction as
indicated in the initial preallocation. ARK will receive no additional compensation or remuneration as aresult of the Aggregate Orders.
Aggregate Orders can be impractical for various reasons, including specific trade directions received
from the Portfolio Manager (e.g., a limit order); in cases where the liquidity of the security could impact
the execution of an order; when the order involves a different investment and/or trading strategy or ispart of a large basket, program or index trade; or if we otherwise determine that aggregation is notconsistent with seeking best execution. In such cases, clients might not receive as favorable executions
as they might otherwise receive from Aggregate Orders, and might pay more for such trades.
Aggregate Orders might not be possible for certain client accounts or transactions, including trades
subject to directed brokerage, or resulting from the opening and closing of accounts, or from contributions
to or withdrawals from existing accounts, often must be executed on an individual basis rather thanaggregated with other trades. Nondiscretionary model portfolios, the recommendations for which areelectronically delivered, are also not included in Aggregate Orders.
For these reasons, one account could receive an average price for a particular transaction that is different
from the average price received by another account for a similar transaction on the same day.
Please refer to ARK’s policy entitled “Initial Public Offerings and New Issues” below for a discussion
relating to the allocation of certain of these investment opportunities.
Allocation
Aggregate Orders are typically assigned an initial preallocation to each participating client, taking into
consideration the size of the order placed, size of the account, investment strategy, investment
restrictions, if any, and any other relevant factors. Aggregate Orders are typically allocated pro rata
based on the initial preallocation. In the event of a partial fill of an Aggregate Order, accounts will receive
an approximate pro rata allocation based on the initial preallocation if there are enough shares executedfor each account. However, ARK can deviate from pro rata allocation in certain circumstances, such as
to correct a trade error or to avoid odd lots or de minimis allocations, if all client accounts receive fairand equitable treatment over time.
Each client that participates in an Aggregate Order will generally participate at the average share pricefor all of the Aggregate Orders on a given day, and pay a proportional share of any commission, subject
to differences due to a client having a commission recapture arrangement. However, if an order is sent
to multiple brokers then certain clients with smaller orders will receive the average price from the broker
who executed their order instead of the average price for all transactions executed across all brokers. If
implementing a trade requires transactions over several days, each day’s execution shares and average
price on all Aggregate Orders for that day shall be allocated by the end of each trading day or no later
than the next trading day, based on the initial preallocation.
Any deviations from a pro rata allocation based on the initial preallocation will be explained in writing andapproved by Compliance in a timely manner. At all times, ARK’s Portfolio Manager has the sole
discretion to determine whether to repeat or complete any such order the following day(s) based onmarket conditions. Additionally, ARK’s traders have the discretion to make rebalancing and compliance
trades on behalf of the ARK Team when necessary.
Delivery of Nondiscretionary Model Portfolios
In the nondiscretionary model portfolios, ARK is responsible for delivering a model portfolio to theprogram sponsor, and the program sponsor has the sole authority and responsibility for selecting brokerdealers and executing transactions for its participant accounts. ARK is not responsible for placing orders
or for giving instructions to the program sponsor with respect thereto.
The nondiscretionary model portfolios implicitly contain recommendations provided to the program
sponsor that reflect investment recommendations and advice being made by ARK contemporaneously
to ARK’s other clients, including clients where ARK has investment and trading discretion. ARK seeks todeliver its investment recommendations for all nondiscretionary model portfolios, as well as place trades
subject to directed brokerage, in a timely manner relative to the placing of discretionary trade orders.
However, ARK might have already commenced trading before the program sponsor has received or had
the opportunity to evaluate or act on ARK’s model portfolio. For these reasons, transactions placed by
the program sponsor for its participants can occur at a later time relative to ARK’s discretionary tradeorders, and the securities can therefore be subject to price movements, particularly with large orders
relative to the given security’s trading volume, which could result in nondiscretionary model portfolio
participants receiving prices that are less favorable than the prices obtained by ARK’s clients. Further,while ARK takes reasonable steps to minimize the market impact caused by transactions for accounts
over which ARK has investment or trading authority, because ARK does not control the program
sponsor’s execution of transactions for participants, ARK cannot control the market impact of suchtransactions to the same extent that it could for accounts over which ARK has trading authority. Overtime, this could lead to differences in the management, composition and performance of accounts as
discussed in Item 4. The timing of the placement of discretionary trade orders and the communication of
trade recommendations to nondiscretionary model portfolios will be reviewed by ARK to determine thatno client is systematically disadvantaged.
Trading in Crypto and Crypto-Related Assets
The Cryptoasset Theme currently has two share classes, Class A & Class B, which have different
investment strategies and therefore different investment universes. At this time, Class A is held by thirdparty investors while Class B is a proprietary account that could in the future be offered to third-party
investors. While it is not anticipated that the same digital asset will be traded at the same time on behalfof the two classes, at this time, if the classes were to trade in the same digital asset at the same time,then Class A would go first.
Beyond the Cryptoasset Theme, ARK provides non-discretionary services, including sub-advisory andsub-sub advisory services, however, such advice does not implicitly contain recommendations provided
to the adviser (and sub-adviser, as applicable) that reflect investment recommendations and advice being
made by ARK contemporaneously to ARK’s other clients, including clients where ARK has investment
and trading discretion. ARK seeks to deliver its investment recommendations for all nondiscretionary
services in a timely manner relative to the placing of discretionary trade orders, if any. However, ARK
might have already commenced trading before the adviser has received or had the opportunity toevaluate or act on ARK’s nondiscretionary advice. For these reasons, transactions placed by the adviser
on behalf of such ETFs can occur at a later time relative to ARK’s discretionary trade orders. Further,while ARK takes reasonable steps to minimize the market impact caused by transactions for accounts
over which ARK has investment or trading authority, because ARK does not control the adviser’s
execution of transactions, ARK cannot control the market impact of such transactions to the same extent
that it could for accounts over which ARK has trading authority.
Initial Public Offerings and New Issues
Some of ARK’s investment themes can purchase securities in initial public offerings (“IPOs”) or “newissues” (“New Issues”) as defined in relevant rules established by the Financial Industry Regulatory
Authority (“FINRA”) as part of their investment theme. Allocations of IPOs and will be made fairly and inaccordance with FINRA Rule 5130. Only accounts that are eligible under FINRA Rule 5130 to participate
in IPO allocations will be permitted to receive such allocations. Because the market for IPOs is uneven,an ARK Team portfolio manager's ability, or inability to participate in IPO allocations can have apotentially significant effect on account performance, and the shares themselves are often subject togreater volatility.
With respect to eligible accounts, ARK generally will allocate securities purchased through an IPO or
New Issues on a pro rata basis for each eligible account in the relevant investment strategy. In situations
where the securities allotment is insufficient to provide meaningful position sizes, ARK can allocate thesecurities on a rotating basis to as many accounts as practical, or choose strategies most relevant and/orappropriate at the ARK Team portfolio manager’s discretion. The ARK Team portfolio manager willoversee allocations ensuring that over time, all eligible accounts will have an equitable opportunity toparticipate in IPOs and New Issues. If an investment theme’s performance in a given year receives asubstantial benefit from profitable IPO or New Issue allocations, ARK might be unable to duplicate that
performance in the succeeding year, because the IPO or New Issue market could have shrunk, or
because ARK’s selections prove unsuccessful. The IPO market is risky and volatile, and clients should
be willing to tolerate a higher degree of risk.
Accounts with directed brokerage will not receive allocations of securities purchased in IPOs or New
Issues. Generally, ARK will only allocate securities purchased in IPOs or New Issues to accounts for which
ARK has discretion to select broker-dealers for transaction executions.
Trade Errors
ARK exercises due care in making and implementing investment decisions on behalf of its clients andrecognizes its obligation to identify and resolve trade errors in a timely manner. However, ARK monitors
for errors and if an error occurs, ARK will endeavor to correct and reduce similar errors in the future. If a
trade error occurs, ARK seeks to ensure that the best interests of its clients are served when correcting
such errors, subject to the terms of its policies and procedures. Violations of an investment policy
contained in one or more of the documents governing a client relationship as well as errors in placement,
execution or settlement resulting in an incorrect settled trade will be considered “trade errors” under
ARK’s policy. Trade errors will be determined based on the totality of trades during a trading day in theshares of any single issuer and not on a trade-by-trade basis. Trade errors do not include good faitherrors in judgment in making investment decisions for clients.
While ARK seeks to avoid errors, when ARK is responsible for a trading error, ARK's policy is to makethe client whole by correcting the error, i.e., restoring the client's account to the position it would havebeen in if the error had not occurred, unless the error is so small (e.g., less than $100) that correcting theerror would cost more the amount of such error. Any trade error that results in a direct loss (i.e., greaterthan $100) will be reimbursed to the client account in which the error was made. If a trade error results
in a gain, the gain generally will accrue to the benefit of the affected client account(s). ARK will use
reasonable efforts to cause any broker or other service provider that is responsible for a trade error toreimburse affected clients for any losses resulting from the trade error. ARK however, is not liable for any
losses caused by such third parties.
Regarding the Private Funds, ARK will determine whether any trade error has resulted from grossnegligence on its part, and, unless it finds that to be the case, any losses will be borne by (and any gains
will benefit) the Private Fund in accordance with its governing documents.
Third-Party Administrator
Emerge Capital Management, Inc. serves as ARK’s third-party administrator, providing marketing,account maintenance, trading and other related services to ARK in respect to certain of ARK’s separately
managed accounts.
Vestmark Advisory Solutions, Inc. provides certain trading and separate account management services
to ARK in respect to certain of ARK’s separately managed accounts.

ITEM 13 REVIEW OF ACCOUNTS
Frequency and Nature of Periodic Account Reviews
The ARK Team, including its Portfolio Manager, Trading, and Compliance personnel, will monitor eachclient account and fund on a regular basis to seek to ensure portfolio level compliance (adherence toinvestment strategy and client guidelines) and to determine whether to take any action for that accountbased on its investment objective, strategy or strategies, guidelines, policies, and restrictions and, moregenerally, based on ARK’s review of economic and market conditions.
The timing and nature of account reviews for the ARK ETFs and Venture Fund are further dictated byregulatory requirements including but not limited to the 1940 Act, Internal Revenue Code of 1986, as
amended, and each ARK ETF’s and Venture Fund’s respective prospectus limitations and internal
guidelines. The ARK ETFs and Venture Fund are reviewed by their third-party administrator as well as
the ARK ETF Trust’s, Venture Fund’s and ARK’s CCO.
Factors that Will Trigger a Non-Periodic Review of Separately Managed Accounts
Generally, ARK will review each such account as agreed to with the client. In addition, factors that could
trigger a non-periodic review of a separately managed account include the following: contributions orwithdrawals of cash from an account; a determination to change an account’s cash level; a client's request
for tax-loss selling; a client's direction to refrain from purchasing a particular security or class of securities
for such client’s account; a client's request for information regarding the performance or structure of an
account; changes in the investment objectives, strategy or strategies, guidelines, investment policies orinvestment restrictions; account performance; a client's pledge of an account’s assets as collateral
security; and requirements imposed by court order or regulatory decree (SEC, Department of Labor, etc.).
Content and Frequency of Regular Reports
For each separately managed account or other Sub-Advised Fund, ARK will provide, either directly or
through a designated third party, all information it has agreed to provide to each such client and otherpersons or entities that they designate.
ARK provides written reports to the Board of Trustees of the ARK ETF Trust and ARK Venture Fund as
well as ARK’s Board of Directors at least four times each calendar year. Shareholder reports for the ARKETF Trust and ARK Venture Fund are issued in accordance regulatory requirements.
ARK provides audited financial statements to Private Fund investors on an annual basis as well as
unaudited quarterly (or more frequent) performance reports.
For the non-discretionary sub-advised and sub-sub advised Bitcoin ETF and Digital Asset ETFs, ARK
will provide, either directly or through a designated third party, all information it has agreed to provide toeach such client and other persons or entities that they designate.

ITEM 14 CLIENT REFERRALS AND OTHER COMPENSATION
Economic Benefits Provided by Third Parties
In transactions that involve brokerage commissions, as permitted by Section 28(e) of the 1934 Act, ARKcan cause a client to pay a broker-dealer that provides “brokerage and research services” (as defined in
the 1934 Act) a disclosed commission for effecting a securities transaction for the client in excess of thecommission which another broker-dealer would have charged for effecting that transaction without thebrokerage and research services. Other fees are disclosed more fully in Item 5 and other conflicts ofinterest with regard to the receipt of soft dollars are disclosed more fully in Item 12.
ARK engages in activities designed to educate consultants, broker-dealers, and other financial
intermediaries (collectively, “Consultants”) about its advisory services. These activities include
sponsoring educational events or conferences where ARK’s representatives meet with Consultants andsometimes their clients. ARK uses its own resources to pay for part of the costs associated witheducational events. Clients who desire additional information about payments to particular Consultants
should contact ARK or the Consultant.
Compensation to Non-Advisory Personnel for Client Referrals
ARK has entered into written solicitation agreements with certain entities that introduce prospective
clients to ARK. Under these agreements, the solicitor receives compensation related to the investment
management fees ARK receives from certain investment management clients who engage ARK during
the term of the agreement. As a result of these arrangements, a solicitor has a financial incentive torecommend ARK to a client which the solicitor might not otherwise recommend if there was no payment.
ARK enters into solicitation agreements, and pays fees under these agreements, in accordance with Rule206(4)-1 and, where the solicitation involves certain state or municipal entities, Rule 206(4)-5 under theAdvisers Act. ARK’s solicitors include entities that hold an indirect, non-controlling interest in ARK.
Additionally, ARK makes payments to the distributor of the ARK ETFs and Venture Fund to provide
certain marketing services for the ARK ETFs and Venture Fund. ARK makes these payments from its
own resources. In addition, the ARK ETFs currently do not, but could in the future, reimburse ARK for
amounts it pays pursuant to plans and agreements that are adopted by the ARK ETFs pursuant to Rule12b-1 under the 1940 Act (“Rule 12b-1 Fees”). The prospectuses and statement of additional information
for the ARK ETFs contain information about Rule 12b-1 Fees.
ARK makes payments to select financial intermediaries and/or firms that are strategic partners of ARK
in connection with (i) the sale of shares of the ARK ETFs and Venture Fund and/or interests in otherinvestment advisory products and services provided by ARK and (ii) the servicing of the accounts ofshareholders in the ARK ETFs and Venture Fund or investors in other investment advisory products orservices. Such payments are made by ARK and are not made or reimbursed by the ARK ETFs andVenture Fund. ARK receives benefits for making these payments including: placing the ARK ETFs andVenture Fund on the financial advisor’s funds sales system, possibly placing the ARK ETFs and Venture
Fund on the financial intermediary’s preferred or recommended fund list, and access (in some cases ona preferential basis over other competitors) to individual members of the financial intermediary’s sales
force or to the financial intermediary’s management. ARK compensates financial intermediaries
differently depending on the level and/or type of services the financial intermediary provides.

ITEM 15 CUSTODY
Due to certain potential fee billing arrangements, ARK might be deemed to have “custody” of certain
client accounts within the meaning of the Custody Rule. If ARK is deemed to have custody over a client’s
account, the client’s custodian will send the client periodic account statements (generally on a quarterly
basis) indicating the amounts of any funds or securities in the client’s account as of the end of thestatement period and any transactions in the account during the statement period. ARK encourages all
its clients to review the custodial reports they receive directly from their broker-dealers, banks or othercustodians, and to compare such reports to the reports, if any, they receive from ARK. Additionally, clientsshould contact ARK immediately if they do not receive account statements from their custodian on at least
a quarterly basis or see discrepancies between reports.
ARK is deemed to have custody of its Private Fund assets because the managing member or generalpartner of the Private Funds is a related person of ARK. With respect to any Private Fund for which ARK
is deemed to have custody, each Private Fund’s funds or securities will be held in properly designatedaccounts with qualified custodians in compliance with the Custody Rule. Some cryptocurrencies held byPrivate Fund clients are not “funds” or “securities” and, therefore, will not necessarily be held in the samemanner as “funds and securities.” However, ARK, as a fiduciary, takes appropriate steps to safeguard
these cryptocurrency holdings in a manner that it believes is reasonably designed to protect the Private
Fund against loss or misappropriation of the cryptocurrency interests. Investors in the Private Funds will
receive annual audited financial statements. The Private Funds generally distribute their audited financial
statements to investors on an annual basis within 120 days of the calendar year end (or 180 days after
the calendar year end for funds-of-funds).

ITEM 16 INVESTMENT DISCRETION
ARK accepts discretionary authority to manage securities accounts on behalf of its clients. Before
accepting discretionary authority, ARK enters into a written investment advisory agreement, including an
Advisory Agreement, with a client. In the case of a client with a separately managed account, thisagreement can include investment guidelines or similar documents describing the client’s investment
objective, strategy or strategies, policies, practices (e.g., securities lending), limitations, and restrictions
on ARK’s management of the account, and a benchmark. See Item 4 Advisory Business for examples of
the types of limitations and restrictions that a client can impose.
ARK reserves the right not to enter into an agreement with a prospective client, or to terminate anagreement with an existing client, if, among other things, any proposed limitation or restriction is, in ARK’sview, likely to impair ARK’s ability to appropriately provide services to a client or ARK otherwise believes
the limitations or restrictions to be operationally impractical or unfeasible. Certain investment restrictions
can limit ARK’s ability to execute the investment strategy and reduce the account’s performance as aresult.
ARK will exercise discretionary authority with respect to the management of pooled investment vehicles,
Sub-Advised Funds and Other Registered Investment Companies in accordance with the objective(s),strategies, guidelines, practices, policies, limitations, restrictions, and benchmarks set forth theprospectus (and statement of additional information if applicable) or offering document and/or disclosure
document for each vehicle, fund or investment company.
ARK exercises discretionary authority with respect to the ARK ETFs and Venture Fund in accordancewith the Advisory Agreement and Supervisory Agreement, if and as applicable, as well as the investment
objective, strategies, policies, practices, limitations, and restrictions set forth in the ARK ETFs’ and Venture
Funds’ prospectuses and statement of additional information, which are publicly available at www.arkfunds.com, on the EDGAR Database on the SEC’s website (www.sec.gov) or by contacting the ARK
ETFs’ principal underwriter, Foreside Fund Services, LLC at Three Canal Plaza, Suite 100, Portland, ME
04101 or by calling 855-406- 1506.

ITEM 17 VOTING CLIENT SECURITIESARK recognizes its fiduciary responsibility to vote proxies solely in the client’s best interests. ARK has adopted
a Proxy Voting Policy reasonably designed to ensure that ARK votes shares owned by clients, which havedelegated discretionary proxy voting authority to ARK, in the best interest of the clients considering all relevant
factors and without regard to the interests of ARK or other related parties. For purposes of ARK’s Proxy Voting
Policy, the “best interests of clients” means (unless with respect to a particular client, such client has otherwise
specified) the clients’ best economic interests over the long term – that is, the common interest that all clients
share in seeing the value of a common investment increase over time. ARK will accept directions from a client
to vote the client’s proxies in a manner that could result in its proxies being voted differently than ARK might voteproxies of other clients over which ARK has full discretionary proxy voting authority. ARK believes such client
directions should be treated as customized proxy voting guidelines and ARK’s Proxy Voting Policy does not
generally apply to customized proxy voting guidelines. ARK maintains responsibility for reviewing all proxies
individually and making final decisions based on the merits of each case.
ARK has retained Broadridge Investor Communication Solutions, Inc. (“Proxy Agent”) to provide proxy voting
agent services. The Proxy Agent is responsible for ensuring that all proxy ballots received for securities held in
ARK client accounts are submitted in a timely manner and also provides recordkeeping and reporting services.
As part of ARK’s arrangement with the Proxy Agent it will provide research for each proxy and a recommendation
as to how to vote on each issue based on the research of a third- party research provider (Glass, Lewis & Co.,
LLC) (“Research Provider”) with regard to the individual facts and circumstances of the proxy issue and the
Research Provider’s application of its research findings to the Research Provider’s guidelines (“Guidelines”).
ARK will utilize the Research Provider’s guidelines to help improve its understanding of the issues surrounding
a company’s proxy proposals. Absent a client directive to vote a proposal a certain way or a determination to
override the Research Provider’s recommendations, as set forth below, ARK will instruct the Proxy Agent to castvotes in accordance with the Research Provider’s recommendations (“Recommendation”). ARK will ultimately
follow the voting guidelines outlined below.
Voting Guidelines
ARK has approved proxy voting guidelines applicable to the subject matters of common proxy proposals (the“Approved Guidelines”) based on the Research Provider’s guidelines. Depending on the subject matter of a
proposal, ARK may vote in accordance with a Recommendation, override a Recommendation, and/or consider
a proxy proposal on a case-by-case basis. ARK holds the right to override any Recommendation they deem fit,
as long as it provides and documents valid reasoning. The decision to override remains the responsibility of eachcompany's lead analyst, or his/her designee, as well as ARK’s Portfolio Manager for its indexed products(collectively referred to as the "Lead").
Among other things, ARK may choose not to vote proxies under the following circumstances:
1. if the effect on the clients’ economic interests or the value of the portfolio holding is indeterminable orinsignificant;
2. if the cost of voting the proxy outweighs the possible benefit; or
3. if a jurisdiction whose laws or regulations govern the voting of proxies with respect to the portfolio holding
impose share blocking restrictions which prevent ARK from exercising its voting authority.
If for some other reason proxies are not voted for clients, ARK and/or a third-party will conduct an analysis toreview whether the lack of voting would have had a material impact on the outcome of the vote. ARK will
memorialize the basis for any decision to override a Recommendation or to abstain from voting, including theresolution of any conflicts, as further discussed below. Administrative matters beyond the ARK’s control can, attimes, prevent ARK from voting proxies.
Subject Matter Considerations
Determinations on how to vote proxies will depend largely on the subject matter of the ballot item. When
determining how to vote proxies, ARK will be guided by the Approved Guidelines set forth below. These generalpolicies are intended to promote a consistent approach to proxy voting.
1. Executive, Director, and Employee Compensation
ARK supports efforts by companies to adopt compensation and incentive programs to attract and retain
talent. In instances where the Recommendation is against a compensation-based proposal, the Lead
will review the proposal and generally override the Recommendation.
2. Auditors
ARK agrees with the Research Provider’s guidelines to support auditor ratification except when the nonaudit fees exceed the audit fees paid to the auditor. Therefore, ARK will vote in line with the
Recommendation on auditor-focused proposals.
3. Election of Directors
ARK predominately believes that company management is in the best position to choose which
individuals to elect and re-elect to the company’s Board of Directors. In instances where the
Recommendation is against the election or re-election of a director, the Lead will review the proposal
and the Research Provider’s reasoning against the election and generally override the
Recommendation.
4. Shareholder Rights and Governance
ARK agrees with the Research Provider’s guidelines to support proposals increasing or enhancing
shareholder rights such as declassifying the board, eliminating supermajority voting, allowing
shareholders to call a special meeting, and adopting majority voting for the election of directors. ARK
also agrees with voting against proposals to eliminate or reduce shareholder rights. Therefore, ARK will
vote in line with the Recommendation on shareholder rights proposals.
5. Mergers, Acquisitions and Contested Meetings
ARK believes that proposals related to mergers, acquisitions and contested meetings should be
examined on a case-by-case basis. The Lead will review the facts of each merger, acquisition andcontested meeting ballot item and have the option to override the Recommendation if they deem fit.
6. Shareholder Proposals: Environment
ARK agrees with the Research Provider’s guidelines to vote against proposals seeking to cease acertain practice or take certain actions related to a company’s activities or operations. ARK also agrees
to generally vote against proposals regarding enhanced environmental disclosure and reporting,including those seeking sustainability reporting and disclosure about company’s greenhouse gas
emissions, as well as those advocating compliance with international environmental conventions andadherence to environmental principles. Therefore, ARK will vote in line with the Recommendation forenvironmental-based shareholder proposals.
7. Shareholder Proposals: Social
ARK agrees with the Research Provider’s guidelines to vote against proposals requesting companies
adhere to labor or worker treatment codes of conduct, such as those espoused by the International

Labor Organization, relating to labor standards, human rights conventions and corporate responsibility
at large conventions and principles. ARK also agrees to generally vote against proposals seeking
disclosure concerning the rights of workers, impact on local stakeholders, workers’ rights and humanrights in general and proposals seeking to increase reporting and review of a company’s political andcharitable spending as well as its lobbying practices. Therefore, ARK will vote in line with the
Recommendation for social-based shareholder proposals.
8. Other Categories
The Research Provider’s guidelines are not all-encompassing and do not include all subject matters.
The items listed below are subject matters not covered by the Research Provider’s guidelines, that ARK
has drafted Approved Guidelines for:a. Employment/Service Agreements of Employees
Generally, ARK supports efforts by companies to adopt employment and service agreements
for employees to attract and retain talent and will vote with management on such ballot items.
In instances where the Recommendation is against a proposal regarding an employment and/or
service agreement, the Lead will review the proposal and generally override the
Recommendation.
b. Approval/Ratification of Company Documents
ARK generally votes with the recommendation of company management on ballot items relating
to the approval and/or ratification of company documents (i.e. financial statements, Articles of
Association, bylaws) based on the view that management is typically in a better position toassess these matters. Therefore, in instances where the Recommendation is against a proposal
regarding these items, the Lead will review the proposal and generally override the
Recommendation.
If a ballot item is related to subject matter outside of those described above, the Lead will review the ballot item
and Recommendation on a case-by-case basis and with the option to override the Recommendation if they deem
fit.
ARK will review, and update, if necessary, the Approved Guidelines, periodically and upon major updates to the
Research Provider’s Recommendations.
Addressing Material Conflicts of Interest
Prior to overriding a Recommendation, the Lead must memorialize the determination by filling out a Proxy Vote
Override Form and submit it to Compliance for determination as to whether a potential material conflict of interest
exists between ARK and the clients on whose behalf the proxy is to be voted (“Material Conflict”). Each Leadhas an affirmative duty to disclose any potential Material Conflict known to them related to a proxy vote. Material
Conflicts may exist in situations where ARK is called to vote on a proxy involving an issuer or proponent of aproxy proposal regarding the issuer where the ARK also:
1. manages the issuer’s or proponent’s pension plan; or
2. manages money for an employee group.
Additional Material Conflicts may exist if an executive of ARK is a close relative of, or has a personal or business
relationship with:

1.
2.
3.
4.
5.

an executive of the issuer or proponent;a director of the issuer or proponent;a person who is a candidate to be a director of the issuer;a participant in the proxy contest; ora proponent of a proxy proposal.

Material Conflicts based on business relationships will only be considered to the extent that the Lead has actual
knowledge of such business relationships. Whether a relationship creates a Material Conflict will depend on thefacts and circumstances. Even if these parties do not attempt to influence ARK with respect to voting, the valueof the relationship to ARK can create a Material Conflict.
If Compliance determines that there is no potential Material Conflict, the Lead may override the Recommendationand the proxy issue can be voted as he/she determines is in the best interest of clients. If Compliance determinesthat there exists or may exist a Material Conflict, Compliance will consider the facts and circumstances of thepending proxy vote and the potential or actual Material Conflict and make a determination as to how to vote theproxy – i.e., whether to permit or deny the override of the Recommendation, or whether to take other action,such as delegating the proxy vote to an independent third party or obtaining voting instructions from clients. In
considering the proxy vote and potential or actual Material Conflict, Compliance may consider the following
factors:
1.
2.
3.
4.

the percentage of outstanding securities of the issuer held on behalf of clients by ARK;
the nature of the relationship of the issuer with ARK or its executive officers;whether there has been any attempt to directly or indirectly influence the lead analyst’s decision;
whether the direction (for or against) of the proposed vote would appear to benefit ARK or a related
party; and5. whether an objective decision to vote in a certain way will still create a strong appearance of a conflict.

ARK may not abstain from voting any such proxy for the purpose of avoiding a potential conflict.
Class Action Suits
ARK may take action regarding class action suits, with respect to securities owned by its clients, for those clients
which have delegated class action authority to ARK. In connection with its class action responsibilities, ARK has
retained Broadridge Investor Communication Solutions, Inc. (“Broadridge”) to provide class action services.
Broadridge is authorized to:
1. provide asset recovery services covering global securities class action lawsuits and disgorgements;
2. file the proof of claim and the required documentation directly with the claims administrator; and3. collect and receive payment from the claims administrator and distribute as directed by ARK.
To obtain a copy of ARK’s Proxy Voting Policy, or if you have any questions or would like to know how yourshares were voted, please contact us at 1-727-810-8160 or through www.ark-invest.com/contact.

ITEM 18 FINANCIAL INFORMATIONARK does not require or solicit pre-payment of fees six months or more in advance and is not aware of
any financial condition that is reasonably likely to impair its ability to meet contractual commitments toclients.

ADDITIONAL INFORMATION
Privacy Policy
ARK is committed to protecting the confidentiality of information clients send to us. Regulation S-P
adopted by the SEC requires that we provide the following information to you.
Information about you that we collect: We can collect non-public personal information about you and yourtransactions from the following sources: your account forms, through our website, through yourtransactions with us or others, email and social media.
How we use your information: As permitted by law, we can share information about you with non-affiliatedthird parties that provide services to us or as necessary to service your account. These parties haveagreed to treat your information as confidential and not to share such information with other parties.
Otherwise, we do not disclose your non-public personal information unless authorized by you in writingor as otherwise permitted by law. This policy applies to non-public information about current, former orprospective clients who are natural persons.
How we protect your confidential information: ARK has policies that restrict access to your non-publicpersonal information to employees who need the information to provide investment services to you. We
maintain physical, electronic and procedural safeguards to protect your non-public personal information.
For additional information, please refer to ARK’s Privacy Policy available at: https://arkinvest.com/privacy-policy.

Part 2B of FORM
ADV Brochure
Supplement
ARK Investment Management LLC
200 Central Ave | Suite 220
St. Petersburg, FL 33701
1-727-810-8160
www.ark-invest.com
March 29, 2024
CATHERINE D. WOOD
This Brochure Supplement provides information about Catherine D. Wood that supplements the ARK
Investment Management LLC (“ARK”) Brochure. You should have also received a copy of the Brochure.
Please contact us at 1-727-810-8160 or through www.ark-invest.com/contact if you did not receive ARK’sBrochure or if you have any questions about the contents of this Brochure Supplement.

Name: CATHERINE D. WOOD
Year of Birth: 1955
Item 2‐ Educational Background and Business Experience
Formal education after high school:
Bachelor of Science, summa cum laude, in Finance and Economics from the University of Southern
California
Business background and experience for preceding years:
ARK Investment Management LLC

2014-present

ARK ETF Trust

2014-present

AllianceBernstein L.P.

2001-2013

Tupelo Capital Management
Jennison Associates

1998-2001
1980-1998

Managing Member, Founder, Chief Executive
Officer and Chief Investment Officer
Chief Executive Officer, Chief Investment Officer
and Trustee
Senior Vice President and Chief Investment
Officer of Global Thematic Portfolios
Chief Investment Officer
Chief Economist, Equity Research Analyst,
Portfolio Manager and Director

Item 3 ‐ Disciplinary Information

None

Item 4 ‐ Other Business Activities

Ms. Wood is involved in ten Other Business Activities: (1) Independent, non-executive Director to Amun
Holdings Ltd., a provider of cryptocurrency products; (2) Founder of the ARK Innovation Foundation, a private
foundation equipping vulnerable populations with information to access and advance innovation througheducation, mentorship, and opportunity; (3) Managing Member of Cardinal Covenant LLC, a private company
for residential investment in real estate; (4-8) Director to five NexPoint Advisors funds- NexPoint Diversified
Real Estate Trust (NXDT), NexPoint Homes Trust (NXHT), NexPoint Real Estate Finance Inc. (NREF),
NexPoint Residential Trust Inc. (NXRT); VineBrook Homes Trust Inc. VineBrook Homes. NexPoint Advisors
is an alternative investment advisor; (9) Board Member to the Tampa Bay Innovation Center, a nonprofit witha charitable purpose of serving as the focal point of innovation for the State of Florida and the Tampa Bay
Region; and (10) Board Member of The Tiffin Group LLC, a platform that conceives, creates, and operates
fintech companies in the areas of wealth management, investments, and personal finance.
Item 5 ‐ Additional Compensation

Ms. Wood will receive a salary, and is the principal owner of ARK, currently controlling approximately 70% of
all equity interests in ARK, and can receive earnings from ARK. She is also eligible to receive a bonus basedon the quality of the advisory services and the overall financial performance of ARK.
Item 6 ‐ Supervision

Ms. Wood reports to the ARK ETF Trust Board of Trustees’ Independent Trustees as well as ARK’s Board of
Directors on various business-related and non-investment matters. Also, Ms. Wood is a supervised person of
ARK under its Compliance Manual and Code of Ethics wherein she is obligated to comply with ARK’s policies

and procedures in terms of her conduct and activities. Among other things, ARK’s Compliance Manual
mandates that such Supervised Persons act within the best interest of ARK’s clients in making suitable
investment decisions for ARK’s clients. Mr. D. Forest Wolfe, General Counsel, is ultimately responsible forsupervising Ms. Wood’s advisory activities on behalf of ARK, and he can be reached at telephone number: 727387-5086.

Part 2B of FORM
ADV Brochure
Supplement
ARK Investment Management LLC
200 Central Ave | Suite 220
St. Petersburg, FL 33701
1-727-810-8160
www.ark-invest.com
March 29, 2024
BRETT M. WINTON
This Brochure Supplement provides information about Brett M. Winton that supplements the ARK Investment
Management LLC (“ARK”) Brochure. You should have also received a copy of the Brochure. Please contact
us at 1-727-810-8160 or through www.ark-invest.com/contact if you did not receive ARK’s Brochure or if you
have any questions about the contents of this Brochure Supplement.

Name: BRETT M. WINTON
Year of Birth: 1978
Item 2 ‐ Educational Background and Business Experience

Formal education after high school:

Bachelor of Science in Engineering from the Massachusetts Institute of Technology
Business background and experience for preceding years:
ARK Investment Management LLC

2014-present

iamB Consulting

2012-present

Chief Futurist & ARK Venture Investment
Committee Member
Principal

AllianceBernstein L.P.

2007-2012

Research Analyst

Item 3 ‐ Disciplinary Information

None

Item 4 ‐ Other Business Activities

Mr. Winton is involved with three Other Business Activities: (1) Principal of iamB Consulting, which conducts
bespoke thematic research, specializing in the implications of theme-based disruptive innovation for selectand approved start-up businesses; (2) Non-executive General Partner to Placeholder Ventures LLC, aventure fund in the cryptocurrency space; and (3) Member of the Board of Trustees of Westland School, anonprofit elementary school. Mr. Winton’s activities could present a conflict of interest with the clients that also
pursue thematic investing, but Mr. Winton is not permitted to take on projects or assignment through iamB
Consulting that would conflict with his duties and responsibilities to ARK.
Item 5 ‐ Additional Compensation

Mr. Winton receives a salary at a competitive rate and owns a small equity interest (approximately 2.1%) in
ARK. Mr. Winton receives standard employee benefits and is also eligible to receive a bonus based on thequality of the advisory services and the overall financial performance of ARK.
Item 6 ‐ Supervision

Mr. Winton reports directly to Ms. Catherine Wood and is a supervised person of ARK under its Code of
Ethics. Ms. Wood is the Managing Member, Founder, Chief Executive Officer and Chief Investment Officer
and can be contacted at 1-727-810-8160. Mr. Winton is also obligated to comply with ARK’s Compliance
Manual and Code of Ethics in terms of his conduct and activities.

Part 2B of FORM
ADV Brochure
Supplement
ARK Investment Management LLC
200 Central Ave | Suite 220
St. Petersburg, FL 33701
1-727-810-8160
www.ark-invest.com
March 29, 2024
WILLAM SCHERER
This Brochure Supplement provides information about William Scherer that supplements the ARK Investment
Management LLC (“ARK”) Brochure. You should have also received a copy of the Brochure. Please contact
us at 1-727-810-8160 or through www.ark-invest.com/contact if you did not receive ARK’s Brochure or if you
have any questions about the contents of this Brochure Supplement.

Name: WILLIAM SCHERER
Year of Birth: 1992
Item 2 ‐ Educational Background and Business Experience

Formal education after high school:

Bachelor of Science in Accounting from Bryant University
Master of Business Administration from Baruch College’s Zicklin School of BusinessBusiness background and experience for preceding years:
ARK Investment Management LLC
TIAA-CREF

2014-present
2013-2014

Director of Operations
Business Analyst Intern

Item 3 ‐ Disciplinary Information

None

Item 4 ‐ Other Business Activities

None

Item 5 ‐ Additional Compensation

Mr. Scherer receives a salary at a competitive rate and owns a small equity interest (less than a half of apercent) in ARK. Mr. Scherer receives standard employee benefits and is also eligible to receive a bonus
based on the quality of the advisory services and the overall financial performance of ARK.
Item 6 ‐ Supervision

In this capacity, Mr. Scherer reports directly to Ms. Wood and is a supervised person of ARK under its Codeof Ethics. Ms. Wood is the Managing Member, Founder, Chief Executive Officer and Chief Investment Officer
and can be contacted at 1-727-810-8160. Mr. Scherer is also obligated to comply with ARK’s Compliance
Manual and Code of Ethics in terms of his conduct and activities.

Part 2B of FORM
ADV Brochure
Supplement
ARK Investment Management LLC
200 Central Ave | Suite 220
St. Petersburg, FL 33701
1-727-810-8160
www.ark-invest.com
March 29, 2024
Dan White, CFA
This Brochure Supplement provides information about Dan White that supplements the ARK Investment
Management LLC (“ARK”) Brochure. You should have also received a copy of the Brochure. Please contact
us at 1-727-810-8160 or through www.ark-invest.com/contact if you did not receive ARK’s Brochure or if you
have any questions about the contents of this Brochure Supplement.

Name: Dan WhiteYear of Birth: 1991
Item 2 ‐ Educational Background and Business Experience

Formal education after high school:

CFA Charterholder
Bachelor of Arts in Finance from the University of Rhode Island
Business background and experience for preceding years:
ARK Investment Management LLC
Bank of America

2021-present
2016-2021

Associate Portfolio Manager
V.P./Investment Strategist

Item 3 ‐ Disciplinary Information

None

Item 4 ‐ Other Business Activities

None

Item 5 ‐ Additional Compensation

Mr. White receives a salary at a competitive rate and owns a small equity interest (less than a half of apercent) in ARK. Mr. White receives standard employee benefits and is also eligible to receive a bonus basedon the quality of the advisory services and the overall financial performance of ARK.
Item 6 ‐ Supervision

Mr. White reports directly to Ms. Wood and is a supervised person of ARK under its Code of Ethics. Ms.
Wood is the Managing Member, Founder, Chief Executive Officer and Chief Investment Officer and can becontacted at 1-727-810-8160. Mr. White is also obligated to comply with ARK’s Compliance Manual and Codeof Ethics in terms of his conduct and activities.

Part 2B of FORM
ADV Brochure
Supplement
ARK Investment Management LLC
200 Central Ave | Suite 220
St. Petersburg, FL 33701
1-727-810-8160
www.ark-invest.com
March 29, 2024
NICHOLAS GROUS
This Brochure Supplement provides information about Nicholas Grous that supplements the ARK Investment
Management LLC (“ARK”) Brochure. You should have also received a copy of the Brochure. Please contact
us at 1-727-810-8160 or through www.ark-invest.com/contact if you did not receive ARK’s Brochure or if you
have any questions about the contents of this Brochure Supplement.

Name: NICHOLAS GROUS
Year of Birth: 1995
Item 2 ‐ Educational Background and Business Experience

Formal education after high school:

Bachelor of Arts in Political Science from the University of Michigan
Business background and experience for preceding years:
ARK Investment Management LLC
York International Agency, LLC
Vestorly
Gamma Real Estate

2018-present
2018
2017
2015-2016

Associate Portfolio Manager
Assistant Account Executive
Account Executive
Real Estate Summer Analyst

Item 3 ‐ Disciplinary Information

None

Item 4 ‐ Other Business Activities

None

Item 5 ‐ Additional Compensation

Mr. Grous receives a salary at a competitive rate and owns a small equity interest (less than a half of apercent) in ARK. Mr. Grous receives standard employee benefits and is also eligible to receive a bonus basedon the quality of the advisory services and the overall financial performance of ARK.
Item 6 ‐ Supervision

Mr. Grous reports directly to Ms. Wood and is a supervised person of ARK under its Code of Ethics.
Ms. Wood is the Managing Member, Founder, Chief Executive Officer and Chief Investment Officer and canbe contacted at 1-727-810-8160. Mr. Grous is also obligated to comply with ARK’s Compliance Manual andCode of Ethics in terms of his conduct and activities.

Part 2B of FORM
ADV Brochure
Supplement
ARK Investment Management LLC
200 Central Ave | Suite 220
St. Petersburg, FL 33701
1-727-810-8160
www.ark-invest.com
March 29, 2024
Dr. Charles Roberts
This Brochure Supplement provides information about Charles Roberts that supplements the ARK Investment
Management LLC (“ARK”) Brochure. You should have also received a copy of the Brochure. Please contact
us at 1-727-810-8160 or through www.ark-invest.com/contact if you did not receive ARK’s Brochure or if you
have any questions about the contents of this Brochure Supplement.

Name: DR. CHARLES ROBERTS
Year of Birth: 1977
Item 2 ‐ Educational Background and Business Experience

Formal education after high school:

Bachelor of Medicine and Bachelor of Surgery from the University of Dundee
BSc of Psychology from the University College London
Masters of Experimental Therapeutics from New College at the University of Oxford
Business background and experience for preceding years:
ARK Investment Management LLC

2023-present

Relation Therapeutics Ltd.

2019-present

Freenome Holdings Inc

2014-2023

Anthem, Inc.
Juv Labs
OSI (OxfordSciences)
Agalimmune
Altermune

2020-2021
2018-2021
2016-20182015-20162011-2016

Yourgene Health, Ltd.

2007-2016

Chief Investment Officer & ARK Venture
Investment Committee Member
Co-founder; Chairperson
Co-founder; Researcher; Chief Growth Officer;
Board Observer
Advisor to Digital Health Group
Data Science Advisor
AdvisorCo-founder; Board Member
Co-founder; CEO; Board member
Co-founder (including formative company
Premaitha Health Ltd.); Board Member

Item 3 ‐ Disciplinary Information

None

Item 4 ‐ Other Business Activities

Mr. Roberts is involved in two Other Business Activities: (1) Owner of Campbell Roberts Ltd., a consultancy firm
providing services to biotech companies; and (2) Managing Member of Balance Pilot Capital LLC, a family office
LLC set up for family holdings in the United States. Mr. Roberts does not provide investment-related services
through his work with Campbell Roberts Ltd. Balance Pilot Capital LLC does not have a business relationshipwith ARK or present any known material conflicts of interest with ARK clients. Additionally, Mr. Roberts does notreceive any compensation for the sale of securities or investment products through his work with Balance Pilot
Capital LLC. Please see Part 2A at Item 11 under “Recommendations Involving Material Financial Interests” fora discussion of how ARK manages conflicts of interest related to potential investment opportunities.
Item 5 ‐ Additional Compensation

Mr. Roberts receives a salary at a competitive rate and owns a small equity interest (less than a half of a percent)in ARK. Mr. Roberts receives standard employee benefits and is also eligible to receive a bonus based on thequality of the advisory services and the overall financial performance of ARK.
Item 6 ‐ Supervision

Mr. Roberts reports directly to Ms. Wood and is a supervised person of ARK under its Code of Ethics. Ms.
Wood is the Managing Member, Founder, Chief Executive Officer and Chief Investment Officer and can becontacted at 1-727-810-8160. Mr. Roberts is also obligated to comply with ARK’s Compliance Manual and Codeof Ethics in terms of his conduct and activities.