Ark_etf_trust_quarterly_report

ARK EXCHANGE TRADED FUNDS (ARK ETFs) Third Quarter 2020 | Update as of September 30, 2020

ACTIVELY MANAGED ETFs

ARKQ ARK Autonomous Technology & Robotics ETF* Inception: 09/30/2014

ark-funds.com/arkq

As of September 30, 2020 | All holdings are subject to change.

PORTFOLIO COMPOSITION Element

TOP 10 HOLDINGS (%) Exposure

Company

36.2%

TESLA INC

Robotics

22.0%

MATERIALISE NV-ADR

6.8%

3D Printing

20.3%

2U INC

6.5% 5.1%

13.7%

XILINX INC

Space Exploration

4.8%

PROTO LABS INC

Development of Infrastructure

2.6%

DEERE & CO

3.8%

Innovative Materials

0.1%

JD.COM INC-ADR

3.6%

Alternate Energy Sources

0.1%

ALPHABET INC-CL C

3.4%

TRIMBLE INC

3.4%

TOTAL

ARK Next Generation Internet ETF* Inception: 09/30/2014

ark-funds.com/arkw

PORTFOLIO COMPOSITION Element

Inception: 10/31/2014

ark-funds.com/arkg

3.4% 50.9%

Exposure

Company

Weight

Cloud Computing

18.7%

TESLA INC

11.0%

E-Commerce

18.7%

ROKU INC

6.4%

Big Data & Machine Learning

15.3%

SQUARE INC - A

6.2%

Digital Media

14.3%

ZILLOW GROUP INC - C

3.4%

Internet of Things

11.7%

FACEBOOK INC-CLASS A

3.3%

Social Platforms

9.0%

PINTEREST INC- CLASS A

3.0%

Mobile

8.8%

SEA LTD-ADR

2.8%

Blockchain & P2P

3.3%

LENDINGTREE INC

2.7%

2U INC

2.7%

TOTAL

ARK Genomic Revolution ETF

4.0%

TOP 10 HOLDINGS (%)

HUYA INC-ADR

ARKG

10.9%

Energy Storage

BYD CO LTD-UNSPONSORED ADR

ARKW

Weight

Autonomous Vehicles

PORTFOLIO COMPOSITION Element

2.7% 44.3%

TOP 10 HOLDINGS (%) Exposure

Company

Weight

Molecular Diagnostics

23.5%

INVITAE CORP

Beyond DNA

17.0%

CRISPR THERAPEUTICS AG

8.1%

Gene Therapy

13.7%

PACIFIC BIOSCIENCES OF CALIF

5.6%

Instrumentation

12.5%

TWIST BIOSCIENCE CORP

4.7%

Bioinformatics

12.0%

ARCTURUS THERAPEUTICS HOLDIN

4.7%

Targeted Therapeutics

11.4%

COMPUGEN LTD

4.4%

Next Generation Oncology

8.0%

SERES THERAPEUTICS INC

3.7%

IOVANCE BIOTHERAPEUTICS INC

3.5%

TELADOC HEALTH INC

3.3%

Agricultural Biology Stem Cells

1.2% 0.2%

PERSONALIS INC TOTAL

12.0%

3.1% 53.1%

*Effective as of November 4, 2020, the name of the ARK Web x.0 ETF changed to the “ARK Next Generation Internet ETF” and the name of the ARK Industrial Innovation ETF changed to the “ARK Autonomous Technology & Robotics ETF”. For additional information, please see: www.sec.gov/Archives/edgar/data/1579982/000114420419043539/tv528835_497.htm

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

1

ARK INNOVATION ETFs – Third Quarter 2020

ACTIVELY MANAGED ETFs

ARKF ARK Fintech Innovation ETF Inception: 02/04/2019

ark-funds.com/arkf

As of September 30, 2020 | All holdings are subject to change.

PORTFOLIO COMPOSITION Element

TOP 10 HOLDINGS (%) Exposure

Company

Transaction Innovations

27%

SQUARE INC - A

Customer Facing Platforms

23%

MERCADOLIBRE INC

4.5%

Frictionless Funding Platforms

17%

ZILLOW GROUP INC - C

4.3%

Risk Transformations

13%

PINTEREST INC- CLASS A

4.2%

Blockchain

10%

TENCENT HOLDINGS LTD-UNS ADR

4.0%

The New Intermediaries

10%

SEA LTD-ADR

4.0%

LENDINGTREE INC

3.9%

INTERCONTINENTAL EXCHANGE IN

3.7%

ARKK

PORTFOLIO COMPOSITION

ARK Innovation ETF

Element

ark-funds.com/arkk

Cloud Computing E-Commerce Molecular Diagnostics Gene Therapy Big Data & Machine Learning Digital Media 3D Printing Internet of Things Beyond DNA Bioinformatics Mobile Instrumentation Energy Storage Targeted Therapeutics Autonomous Vehicles Next Generation Oncology Robotics Social Platforms Development of Infrastructure Space Exploration Blockchain & P2P Stem Cells

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

12.3%

ADYEN NV

3.7%

ALIBABA GROUP HOLDING-SP ADR

3.6%

TOTAL

Inception: 10/31/2014

Weight

48.3%

TOP 10 HOLDINGS (%) Exposure 10.1% 9.8% 9.4% 7.5% 7.4% 7.3% 7.3% 5.7% 4.8% 4.6% 4.4% 4.2% 3.6% 2.9% 2.2% 1.9% 1.9% 1.5% 1.1% 0.9% 0.7% 0.1%

| [email protected] | ark-funds.com

Company TESLA INC

Weight 11.0%

INVITAE CORP

8.8%

SQUARE INC - A

6.4%

ROKU INC

5.3%

CRISPR THERAPEUTICS AG

4.9%

PROTO LABS INC

3.5%

ZILLOW GROUP INC - C

3.4%

2U INC

3.1%

LENDINGTREE INC

2.9%

TELADOC HEALTH INC TOTAL

2.9% 52.0%

2

ARK INNOVATION ETFs – Third Quarter 2020

INDEX ETFs

As of September 30, 2020 | All holdings are subject to change.

PRNT

SECTOR WEIGHTS

The 3D Printing ETF

Sector

Inception: 07/19/2016

ark-funds.com/prnt

TOP 10 HOLDINGS (%) Exposure

Company

Information Technology

61.5%

EXONE CO/THE

Industrials

26.2%

MATERIALISE NV-ADR

6.4%

8.4%

SLM SOLUTIONS GROUP AG

6.0%

Materials

2.6%

RENISHAW PLC

5.9%

Consumer Discretionary

0.8%

PROTO LABS INC

5.1%

Not Classified

0.4%

HP INC

4.9%

Consumer Staples

0.1%

STRAUMANN HOLDING AG-REG

4.8%

MGI DIGITAL GRAPHIC TECHNOLO

4.6%

ALTAIR ENGINEERING INC - A

4.4%

Health Care

TRIMBLE INC TOTAL

IZRL ARK Israel Innovative Technology ETF

Weight

SECTOR WEIGHTS Sector

6.6%

4.4% 53.1%

TOP 10 HOLDINGS (%) Exposure

Company

Weight

Information Technology

48.2%

FIVERR INTERNATIONAL LTD

4.1%

Health Care

26.0%

REDHILL BIOPHARMA LTD-SP ADR

3.6%

Inception: 12/05/2017

Communication Services

10.5%

ark-funds.com/izrl

Industrials

PERION NETWORK LTD

3.1%

7.5%

FATTAL HOLDINGS 1998 LTD

3.1%

Consumer Discretionary

7.2%

PLURISTEM THERAPEUTICS INC

2.9%

Not Classified

0.7%

DANEL (ADIR YEOSHUA) LTD

2.9%

NICE LTD - SPON ADR

2.8%

CAMTEK LTD

2.8%

SAPIENS INTERNATIONAL CORP

2.7%

BEZEQ THE ISRAELI TELECOM CO TOTAL

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

2.7% 30.6%

3

ARK INNOVATION ETFs – Third Quarter 2020

QUARTERLY COMMENTARY Catherine D. Wood, ARK Chief Investment Officer

During the third quarter, broad-based equity indexes - as

Relative to the S&P 500 Index and the MSCI World Index,

measured by the S&P 500 and MSCI World – continued to

ARK’s five actively managed ETFs outperformed during the

appreciate, hitting all-time highs. Much like other policymakers

third quarter. ARK’s two self-indexed ETFs turned in mixed

around the world, in an effort to prevent a relapse into

performance.

recession, the Fed reinforced that it will err on the side of ease with an asymmetric response to inflation. Specifically, given

The ARK Autonomous Technology and Robotics ETF (ARKQ)

the long period of time that inflation has hovered below its 2%

outperformed the broad-based market indexes. Among

target, the Fed will not react immediately to readings above

the top contributors to performance was Tesla (TSLA). Tesla

2%; yet, if inflation were to rise and then drop back below

surpassed expectations for revenue and earnings during the

the 2% target, it will respond quickly. On the fiscal policy

second quarter, potentially setting it up for inclusion in the

front, Congress remained deadlocked on the next round

S&P 500 index at some point in the future. At Battery Day,

of fiscal policy measures to support the economy, leaving

Tesla presented plans not only to reduce battery costs by 56%,

incremental stimulus measures to the Fed. Because global

but also to increase range by 54% and reduce capital costs

fiscal and monetary policy makers responded with record-

by 69%, enabling the production of an electric vehicle (EV)

breaking measures to “flatten the curve” and slow the spread

with a $25,000 sticker price during the next three years. In

of COVID-19, fears of an extended global recession appears

our view, Tesla is three to four years ahead of the competition

to have dissipated, giving way to early concerns about “how

in the electric vehicle space. In the absence of specific news,

much is too much”. The Treasury yield curve in the US, for

Materialize (MTLS) also contributed positively to performance,

example, steepened during the third quarter, as long-term

particularly after the COVID-19 pandemic highlighted the

yields increased while short-term rates declined.

importance of its software in quick-turn manufacturing solutions and after Desktop Metal’s roadshow stirred investor

Since the bottom of the market during the COVID-19

interest in 3D printing.

crisis, growth stocks - particularly those associated with companies solving problems created by the pandemic - have

Among the top detractors were Stratasys (SSYS) and 2U (TWOU).

outperformed value stocks significantly. This divergence

3D printing company Stratasys disappointed second quarter

could be a function of fears that the economy will relapse

revenue expectations with sales down nearly 30% on a year-

into recession and that “creative destruction” associated

over-year basis. Its new CEO, Yoav Zeif, is focusing Stratasys

with innovation will plague traditional value sectors like

on plastic 3D printing and manufacturing. 2U detracted from

financial services, energy, and industrials. That said, cyclical

performance even though colleges are adapting to COVID-19

sectors could benefit as producers continue to catch up

by embracing remote education at an accelerated rate. During

with consumer demand during this expansion. The consumer

the second quarter, 2U exceeded top line expectations but

saving rate in the US has dropped from a record high of 34%

missed them on the bottom line and raised roughly $300

during the early days of the pandemic but still is nearly twice

million in a secondary equity offering.

as high as the 8% recorded in March, likely mirroring high rates in the rest of the world and suggesting that pent-up demand

The ARK Next Generation Internet ETF (ARKW) outperformed

will support the recovery now under way. Indeed, given the

the broad-based market indexes during the quarter. Among

record-breaking drawdown in inventories in the US during

the top contributors was Tesla (TSLA) for reasons noted above.

the second and third quarters, businesses seem to have been

Square (SQ) also contributed as its seller businesses recovered

caught off guard and are scrambling to catch up with demand,

much more quickly than expected from the COVID-19 crisis,

suggesting a much stronger than expected V-shaped recovery

and Cash App also delivered stronger than expected growth

during the next year.

during the second quarter. Square pivoted its offline sellers to online commerce, increasing the latter’s gross payment

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

4

ARK INNOVATION ETFs – Third Quarter 2020

volume (GPV) by 50%. Roughly one third of its online sellers

top contributors were Square (SQ), for reasons noted above,

were new to Square.

and Zillow (Z). Zillow contributed to performance after a St. Louis Federal Reserve report that homeownership in the

Among the Next Generation Internet’s top detractors were

second quarter rose to levels not seen since July 2009. We

Alteryx (AYX) and Slack Technologies (WORK). Alteryx

believe that the residential real estate market and Zillow will

delivered weak second quarter earnings as revenue growth

continue to benefit from mortgage rates that have dropped to

dropped from 43% on a year over year basis in the first quarter

50-year lows and from the premium now placed on personal

to 17% in the face of flat bookings, triggering our exit. Slack

space as a result of COVID-19.

Technologies detracted from performance after billings growth decelerated from 49% in the first quarter to 24% as

Among the top detractors were Slack Technologies (WORK),

its customers laid off users in response to the COVID-19 crisis.

for reasons noted above, and Splunk (SPLK). Splunk

Slack Connect, which allows intercompany communications,

announced weaker than expected third quarter guidance.

saw a user growth of 200% in the quarter, enabling the

Also Sumo Logi, which offers “Splunk-like” functionality in the

company to capture new customers organically.

cloud, announced that it will conduct an initial public offering. We believe that the breadth and depth of Splunk’s products

The ARK Genomic Revolution ETF (ARKG) outperformed the

are difficult to duplicate.

broad-based market indexes. Among the top contributors to performance was Seres Therapeutics (MCRB). Seres

With some of the highest conviction names from the

Therapeutics appreciated after reporting positive top line data

Funds discussed above, the ARK Innovation ETF (ARKK)

from its SER-109 trial which tested a microbiome therapeutic

outperformed the broad-based indexes during the quarter.

for C. difficile. Invitae (NVTA) contributed to performance

Among the top contributors were Tesla and Square, for reasons

after it acquired ArcherDx, a precision oncology company

noted above. Detracting from performance were Illumina and

focused on high-quality, decentralized molecular diagnostics.

Slack Technologies, for reasons noted above.

We believe that once the two companies integrate, Invitae is likely to offer the most accurate, comprehensive, and flexible

ARK’s self-indexed ETFs, The 3D Printing ETF (PRNT) and the

oncology tests in the world. Moreover, its investments in

ARK Israel Innovation Technology ETF (IZRL), appreciated

telemedicine, AI, genetic counseling, world-class germline

during the quarter, with mixed performance. The 3D Printing

variant

clinical

ETF (PRNT) outperformed relative to the broad-based market

workflows should give Invitae an advantage over the

indexes. Materialize (MTLS) was the largest contributor in PRNT,

competition.

for reasons noted above. 3D Systems (DDD) was the largest

interpretation,

pharmacogenomics,

and

detractor from performance after it missed analysts’ estimates Among the top detractors were Illumina (ILMN) and Inovio

for the second quarter and announced a restructuring focused

Pharmaceuticals (INO). Illumina detracted from performance

on Healthcare and Industrial, spearheaded by new CEO, Jeffrey

primarily because the company announced its intention to

Graves. 3D Systems also appointed Jagtar Narula as CFO, who

increase its ownership of GRAIL, an innovative cancer screening

brings experience from Blackbaud, Xerox, and GE.

company, from 15% to 100% for $8 billion. While GRAIL’s methylation-based approach to multi-cancer screening is

The ARK Israel Innovation Technology ETF (IZRL) under-

accurate and cost-effective, we do not believe that it has a

performed the broad-based market indexes for the period.

significant technological or IP advantage over other screening

The largest detractor was Urogen Pharma (URGN), as its Phase

companies like Guardant Health (GH), Exact Sciences (EXAS), etc.

2 trial missed its primary endpoint of improving overactive

Inovio depreciated primarily because the FDA placed a clinical

bladder symptoms. IZRL’s top contributor to performance

hold on the Phase II/III trial of its COVID-19 vaccine, INO-4800.

was Fiverr International (FVRR), the marketplace for freelance

Inovio will respond in October, at which point the agency will

services, which benefited from the shift to online commerce

have 30 days to decide whether or not the trial can proceed.

in the face of the COVID-19 crisis.

The ARK Fintech Innovation ETF (ARKF) outperformed the broad-based market indexes during the quarter. Among the

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

5

ARK INNOVATION ETFs – Third Quarter 2020

PERFORMANCE | Q 3 2020

For the period July 1 — September 30, 2020

Active ETFs

Index ETF

Total Return

ARKQ

ARKW

ARKG

ARKF

ARKK

PRNT

IZRL

NAV

21.26%

27.99%

22.19%

25.16%

29.18%

13.03%

4.79%

MKT Price

21.28%

28.00%

22.14%

25.56%

29.01%

13.30%

4.76%

P E R F O R M A N C E I N P E R S P E C T I V E | Q 3 2020 S&P 500 Index (SPX)

8.93%

MSCI World Net Index (M1WO)

7.93%

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares when redeemed may be worth more or less than the original cost. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com

BIGGEST CONTRIBUTORS/DETRACTORS | Q3 2020 ARKQ

ARKW

ARKG

ARKF

ARKK

PRNT

IZRL

*A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS

BPs*

BOTTOM 5 STOCKS

BPs*

TESLA INC

1007

ELBIT SYSTEMS LTD

-17 -36 -70

MATERIALISE NV-ADR

319

FLIR SYSTEMS INC

DEERE & CO

124

AEROVIRONMENT INC

BYD CO LTD-UNSPONSORED ADR

121

2U INC

WORKHORSE GROUP INC

97

STRATASYS LTD

-70 -107

TESLA INC

881

SPOTIFY TECHNOLOGY SA

SQUARE INC - A

401

2U INC

ROKU INC

336

PURE STORAGE INC - CLASS A

-19 -22 -31

ZILLOW GROUP INC - C

221

SLACK TECHNOLOGIES INC- CL A

-44

PINTEREST INC- CLASS A

176

ALTERYX INC - CLASS A

-52

SERES THERAPEUTICS INC

484

INCYTE CORP

INVITAE CORP

440

SYROS PHARMACEUTICALS INC

PACIFIC BIOSCIENCES OF CALIF

422

SCHRODINGER INC

-35 -39 -72

TWIST BIOSCIENCE CORP

227

INOVIO PHARMACEUTICALS INC

-84

CRISPR THERAPEUTICS AG

167

ILLUMINA INC

-95

SQUARE INC - A

595

TRANSUNION

-4 -9 -10 -12

ZILLOW GROUP INC - C

287

GUIDEWIRE SOFTWARE INC

PINTEREST INC- CLASS A

248

PINDUODUO INC-ADR

APPLE INC

163

SPLUNK INC

SEA LTD-ADR

142

SLACK TECHNOLOGIES INC- CL A

-16

TESLA INC

887

PURE STORAGE INC - CLASS A

SQUARE INC - A

387

2U INC

-28 -29

INVITAE CORP

343

STRATASYS LTD

-40

SERES THERAPEUTICS INC

337

SLACK TECHNOLOGIES INC- CL A

-45

ROKU INC

288

ILLUMINA INC

-64

MATERIALISE NV-ADR

291

NUVASIVE INC

RENISHAW PLC

233

AUTODESK INC

EXONE CO/THE

211

KAISER ALUMINUM CORP

-11 -13 -22

SLM SOLUTIONS GROUP AG

210

STRATASYS LTD

STRAUMANN HOLDING AG-REG

88

3D SYSTEMS CORP

FIVERR INTERNATIONAL LTD

227

BATM ADVANCED COMMUNICATIONS STRATASYS LTD

-108 -152 -49 -50

REDHILL BIOPHARMA LTD-SP ADR

137

PERION NETWORK LTD

83

POLYPID LTD

INMODE LTD

80

TEVA PHARMACEUTICAL-SP ADR

-57 -63

FATTAL HOLDINGS 1998 LTD

77

UROGEN PHARMA LTD

-63

The five holdings that contributed the most and the five holdings that contributed the least to the performance of each ARK ETF during the quarter ended September 30, 2020 are shown. The performance shown represents the amount in basis points that each holding contributed to the performance of the ARK ETF during the quarter. Portfolio holdings are subject to change. Please visit www.ark-funds.com for the most current list of holdings for each ARK ETF. ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

6

ARK INNOVATION ETFs – Third Quarter 2020

PERFORMANCE OVERVIEW | ACTIVELY MANAGED ETFs

For the period ended September 30, 2020

YTD

One Year

Three Years

Five Years

Since Inception

ARKQ NAV

54.16%

80.81%

23.55%

28.24%

20.24%

ARKQ MKT Price

54.52%

81.04%

23.50%

28.40%

20.27%

S&P 500 Index (SPX)

5.57%

15.15%

12.28%

14.15%

11.47%

MSCI World Net Index (M1WO)

1.70%

10.41%

7.74%

10.48%

7.66%

YTD

One Year

Three Years

Five Years

Since Inception

ARKW NAV

88.25%

123.08%

45.63%

43.20%

36.28%

ARKW MKT Price

88.57%

123.14%

45.56%

43.24%

36.30%

S&P 500 Index (SPX)

5.57%

15.15%

12.28%

14.15%

11.47%

MSCI World Net Index (M1WO)

1.70%

10.41%

7.74%

10.48%

7.66%

ARK Autonomous Technology & Robotics ETF

ARK Next Generation Internet ETF

Annualized

Annualized

Annualized

Annualized

(09/30/14) Annualized

(09/30/14) Annualized

YTD

One Year

Three Years

Five Years

Since Inception

ARKG NAV

89.90%

122.11%

37.37%

29.26%

22.92%

ARKG MKT Price

90.07%

122.43%

37.28%

29.35%

22.94%

S&P 500 Index (SPX)

5.57%

15.15%

12.28%

14.15%

11.46%

MSCI World Net Index (M1WO)

1.70%

10.41%

7.74%

10.48%

7.90%

ARK Genomic Revolution ETF

Annualized

Annualized

(10/31/14) Annualized

YTD

One Year

Three Years

Five Years

Since Inception

ARKF NAV

65.00%

86.20%

N/A

N/A

51.87%

ARKF MKT Price

65.34%

86.88%

N/A

N/A

52.14%

S&P 500 Index (SPX)

5.57%

15.15%

N/A

N/A

16.20%

MSCI World Net Index (M1WO)

1.70%

10.41%

N/A

N/A

11.81%

YTD

One Year

Three Years

Five Years

Since Inception

ARKK NAV

83.72%

115.18%

41.39%

39.20%

30.97%

ARKK MKT Price

83.82%

115.30%

41.21%

39.37%

30.98%

S&P 500 Index (SPX)

5.57%

15.15%

12.28%

14.15%

11.46%

MSCI World Net Index (M1WO)

1.70%

10.41%

7.74%

10.48%

7.90%

ARK Fintech Innovation ETF

ARK Innovation ETF

Annualized

Annualized

Annualized

Annualized

(02/04/19)

(10/31/14) Annualized

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares when redeemed may be worth more or less than the original cost. Returns for less than one year are not annualized. As stated in the ARK ETFs’ current prospectuses, the expense ratio for ARKK. ARKG, ARKQ, and ARKF is 0.75%. The expense ratio for ARKW is 0.76%.

Additional information about fees and expense levels can be found in the ARK ETFs’ prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time. Market returns are based on the trade price at which shares are bought and sold on the exchange using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total Return reflects reinvestment of distributions on ex-date for NAV returns and payment date for Market Price returns. The market price of ARK ETF shares may differ significantly from their NAV during periods of market volatility.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

7

ARK INNOVATION ETFs – Third Quarter 2020

PERFORMANCE OVERVIEW | INDEX ETFs

For the period ended September 30, 2020

Three Years

Since Inception

14.85%

-1.83%

5.01%

6.64%

16.69%

-1.78%

5.13%

The Total 3D Printing Index (3DPRNT)

6.08%

15.85%

-1.28%

6.06%

S&P 500 Index (SPX)

5.57%

15.15%

12.28%

13.24%

MSCI World Net Index (M1WO)

1.70%

10.41%

7.74%

10.17%

YTD

One Year

Three Years

Since Inception

IZRL NAV

11.90%

23.71%

N/A

10.18%

IZRL MKT Price

13.01%

24.01%

N/A

10.40%

ARK Israeli Innovation Index (IZRLINVN)

13.93%

26.56%

—

11.18%

S&P 500 Index (SPX)

5.57%

15.15%

—

11.09%

MSCI World Net Index (M1WO)

1.70%

10.41%

—

6.84%

The 3D Printing ETF

YTD

One Year

PRNT NAV

5.83%

PRNT MKT Price

ARK Israel Innovative Technology ETF

Annualized

Annualized

Annualized (07/19/16)

Annualized (12/05/17)

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares when redeemed may be worth more or less than the original cost. Returns for less than one year are not annualized. As stated in the ARK ETFs’ current prospectuses, the expense ratio for PRNT is 0.66%. The expense ratio for IZRL is 0.49%. Additional information about fees and expense levels can be found in the ARK ETFs’ prospectuses. Net asset value (“NAV”) returns are based on the dollar value of a single share of an ARK ETF, calculated using the value of the underlying assets of the ARK ETF minus its liabilities, divided by the number of shares outstanding. The NAV is typically calculated at 4:00 pm Eastern time. Market returns are based on the trade price at which shares are bought and sold on the exchange using the last share trade. Market performance does not represent the returns you would receive if you traded shares at other times. Total Return reflects reinvestment of distributions on ex-date for NAV returns and payment date for Market Price returns. The market price of ARK ETF shares may differ significantly from their NAV during periods of market volatility.

FOR FURTHER INFORMATION REGARDING ARK INNOVATION ETFs: Please contact our sales partner, Resolute Investment Distributors: 1-800-679-7 759

Investors should carefully consider the investment objectives and risks as well as charges and expenses of an ARK ETF before investing. This and other information are contained in the ARK ETFs’ prospectuses, which may be obtained by visiting www.ark-funds.com. The prospectus should be read carefully before investing. An investment in an ARK ETF is subject to risks and you can lose money on your investment in an ARK ETF. There can be no assurance that the ARK ETFs will achieve their investment objectives. The ARK ETFs’ portfolios are more volatile than broad market averages. The ARK ETFs also have specific risks, which are described below. More detailed information regarding these risks can be found in the ARK ETFs’ prospectuses.   The principal risks of investing in the ARK ETFs include: Equity Securities Risk. The value of the equity securities the ARK ETF holds may fall due to general market and economic conditions. Foreign Securities Risk. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. Health Care Sector Risk. The Health Care Sector may be affected by government regulations and government health care programs. Industrials Sector Risk. The industrials sector includes companies engaged in the aerospace and defense industry, electrical engineering, machinery, and professional services. Information Technology Sector Risk. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Cryptocurrency Risk. Cryptocurrency (notably, bitcoin), often referred to as ‘‘virtual currency’’ or ‘‘digital currency,’’ operates as a decentralized, peer-to-peer financial exchange and value storage that is used like money. Some of the ARK actively managed Funds may have exposure to bitcoin, a cryptocurrency, indirectly through an investment in the Bitcoin Investment Trust (‘‘GBTC’’), a privately offered, open-end investment vehicle. Cryptocurrency operates without central authority or banks and is not backed by any government. Even indirectly, cryptocurrencies may experience very high volatility and related investment vehicles like GBTC may be affected by such volatility. As a result of holding cryptocurrency, the Fund may also trade at a significant premium 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. Cryptocurrency exchanges may stop operating or permanently shut down due to fraud, technical glitches, hackers or malware. Detailed information regarding the specific risks of the ARK ETFs can be found in the ARK ETFs’ prospectuses.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

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ARK INNOVATION ETFs – Third Quarter 2020

Risks specific to Index ETFs include Index Tracking Risk. The returns of the ETF may not match the returns of the underlying index that the ETF is designed to track. Israel Risk. Israeli companies may be adversely affected by changes in political climate, government regulation, world events, economic conditions, and exchange rates. The unique characteristics of securities of Israeli companies and the Israel stock market may have a negative impact on the ETF. Detailed information regarding the specific risks of the ARK ETFs can be found in the ARK ETFs’ prospectuses. Additional risks of investing in ARK ETFs include market, management and non-diversification risks, as well as fluctuations in market value NAV. ETF shares may only be redeemed directly with the ETF at NAV by Authorized Participants, in very large creation units. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns. The Fund’s exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the Fund’s portfolio. Many significant aspects of the U.S. federal income tax treatment of investments in bitcoin are uncertain and an investment in bitcoin may produce income that is not treated as qualifying income for purposes of the income test applicable to regulated investment companies, such as the Fund. GBTC is expected to be treated as a grantor trust for U.S. federal income tax purposes, and therefore an investment by the Fund in GBTC will generally be treated as a direct investment in bitcoin for such purposes. See ‘‘Taxes’’ in the Fund’s SAI for more information. Index Descriptions: The ARK Israeli Innovation Index is designed to track the price movements of exchange listed companies that are incorporated and/or domiciled in Israel whose main business operations are causing disruptive innovation in the areas of genomics, health care, biotechnology, industrials, manufacturing, the Internet or information technology. The Total 3D-Printing 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 and measurement, and (v) 3D printing materials. The S&P 500® Index is a widely recognized capitalization-weighted index that measures the performance of the large- capitalization sector of the U.S. stock market. The MSCI World Net Index represents large and mid-cap equity performance across 23 developed markets countries. Returns shown for the MSCI World Net Index are net of foreign withholding taxes applicable to U.S. investors. Securities in the ETF’s portfolio will not match those in any index. The actively managed ETF strategies are benchmark agnostic and corresponding portfolios may have significant non-correlation to any index. Index returns are generally provided as an overall market indicator. You cannot invest directly in an index. Although reinvestment of dividend and interest payments is assumed, no expenses are netted against an index’s returns. Index performance information was furnished by sources deemed reliable and is believed to be accurate, however, no warranty or representation is made as to the accuracy thereof and the information is subject to correction. The Synopsis presents the views of ARK Invest, and information about the ARK ETFs’ holdings that is believed to be accurate, as of the noted date. The views of ARK Invest and the information about the ARK ETFs’ holdings may change, and ARK Invest and the ARK ETFs disclaim any obligation to advise investors of any such changes. Discussions regarding specific holdings are for illustration only and are not intended as recommendations to purchase or sell individual stocks. Percentages shown for each ARK ETF’s Top Ten holdings are based on the ARK ETF’s total investments. Portfolio Composition categories are determined by ARK Invest. Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security. The securities identified and described do not represent all of the securities purchased, sold or recommended for client accounts. The reader should not assume that an investment in the securities identified was or will be profitable. Please visit www. ark-funds.com for the most current list of holdings for the ARK ETFs. Certain information was obtained from sources that ARK believes to be reliable; however, ARK does not guarantee the accuracy or completeness of any information obtained from any third party.  The information herein is general in nature and should not be considered legal or tax advice. An investor should consult an attorney or tax professional regarding the investor’s specific situation. ARK Investment Management LLC is the investment adviser to the ARK ETFs.   Foreside Fund Services, LLC, distributor.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016

| [email protected] | ark-funds.com

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