ARK EXCHANGE TRADED FUNDS (ARK ETFs)

Second Quarter 2019 | Update as of June 30, 2019

A C T I V E LY M A N A G E D E T F s As of June 30, 2019 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARKQ Element Exposure Company Weight
Autonomous Vehicles 36.3% STRATASYS LTD 12.9%
3D Printing 32.0% TESLA INC 10.4%
ARK Industrial Innovation ETF Robotics 21.5% NVIDIA CORP 8.8%
–
Energy Storage 6.7% MATERIALISE NV-ADR 6.0%
THE NEW INDUSTRIAL REVOLUTION
Development of Infrastructure 2.7% PROTO LABS INC 5.0%
–
Alternate Energy Sources <1% TERADYNE INC 4.6%
Inception: 09/30/2014
Space Exploration <1% BAIDU INC - SPON ADR 4.2%
ark-funds.com/arkq
Innovative Materials <1% APTIV PLC 3.4%
AEROVIRONMENT INC 3.3%
TRIMBLE INC 2.9%
TOTAL 61.6%

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARKW Element Exposure Company Weight
E-Commerce 22.4% TESLA INC 9.4%
Big Data & Machine Learning 18.6% NVIDIA CORP 7.1%
ARK Web x.0 ETF Cloud Computing 16.7% SQUARE INC - A 6.9%
–
Digital Media 13.7% TWITTER INC 5.2%
THE NEXT GENERATION INTERNET
Internet of Things 10.2% TENCENT HOLDINGS LTD-UNS ADR 4.4%
–
Social Platforms 7.1% VERACYTE INC 3.9%
Inception: 09/30/2014
Mobile 6.6% LENDINGCLUB CORP 3.5%
ark-funds.com/arkw
Blockchain & P2P 4.5% ALIBABA GROUP HOLDING-SP ADR 3.5%
NETFLIX INC 3.4%
PAYPAL HOLDINGS INC 3.2%
TOTAL 50.5%

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARKG Element Exposure Company Weight
Gene Therapy 20.7% ILLUMINA INC 11.3%
Molecular Diagnostics 16.7% INVITAE CORP 9.9%
ARK Genomic Revolution ETF Instrumentation 12.9% INTELLIA THERAPEUTICS INC 6.7%
–
Targeted Therapeutics 12.2% CRISPR THERAPEUTICS AG 6.4%
WHERE HEALTH CARE
Beyond DNA 11.6% EDITAS MEDICINE INC 5.9%
MEETS TECHNOLOGY
Bioinformatics 10.8% VERACYTE INC 4.8%
–
Next Generation Oncology 10.5% IOVANCE BIOTHERAPEUTICS INC 4.4%
Inception: 10/31/2014
Stem Cells <1% TELADOC HEALTH INC 4.2%
ark-funds.com/arkg
Agricultural Biology <1% NANOSTRING TECHNOLOGIES INC 4.1%
CELLECTIS - ADR 3.1%
TOTAL 60.8%

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com 1
ARK INNOVATION ETFs – Second Quarter 2019

A C T I V E LY M A N A G E D E T F s As of June 30, 2019 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARKF Element Exposure Company Weight
Transaction Innovations 28.1% SQUARE INC - A 9.6%
Customer Facing Platforms 21.7% TENCENT HOLDINGS LTD-UNS ADR 5.9%
ARK Fintech Innovation ETF Frictionless Funding Platforms 15.9% APPLE INC 5.5%
–
Risk Transformations 13.5% ZILLOW GROUP INC - C 4.6%
THE FINANCIAL TRANSFORMATION
Blockchain 11.9% AMAZON.COM INC 4.3%
–
The New Intermediaries 8.7% LENDINGTREE INC 4.0%
Inception: 02/04/2019
PAYPAL HOLDINGS INC 3.9%
ark-funds.com/arkf
ALIBABA GROUP HOLDING-SP ADR 3.8%
RAKUTEN INC 3.3%
LINE CORP 3.0%
TOTAL 47.9%

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARKK Element Exposure Company Weight
3D Printing 12.8% TESLA INC 10.3%
Gene Therapy 10.4% STRATASYS LTD 8.1%
ARK Innovation ETF Molecular Diagnostics 8.6% INVITAE CORP 7.5%
– Instrumentation 8.3% ILLUMINA INC 5.9%
THE CORNERSTONE THEMES OF Big Data & Machine Learning 8.1%
SQUARE INC - A 5.5%
DISRUPTIVE INNOVATION E-Commerce 6.7%
NANOSTRING TECHNOLOGIES INC 4.7%
– Bioinformatics 5.2%
INTELLIA THERAPEUTICS INC 4.6%
Inception: 10/31/2014 Internet of Things 4.9%
NVIDIA CORP 4.4%
Autonomous Vehicles 4.6%
ark-funds.com/arkk
Digital Media 4.0% CRISPR THERAPEUTICS AG 3.9%
Robotics 3.7% EDITAS MEDICINE INC 3.8%
Beyond DNA 3.6% TOTAL 58.6%
Cloud Computing 3.6%
Social Platforms 3.6%
Energy Storage 3.3%
Targeted Therapeutics 2.8%
Mobile 2.3%
Blockchain & P2P 1.8%
Development of Infrastructure 1.0%
Next Generation Oncology <1%
Stem Cells <1%

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com 2
ARK INNOVATION ETFs – Second Quarter 2019

INDEX ETFs As of June 30, 2019 | All holdings are subject to change.

SECTOR WEIGHTS TOP 10 HOLDINGS (%)

PRNT Sector Exposure Company Weight
Information Technology 51.7% SLM SOLUTIONS GROUP AG 8.4%
Industrials 27.9% STRATASYS LTD 7.4%
The 3D Printing ETF STRAUMANN HOLDING AG 6.4%
Health Care 18.2%
–
Materials 1.9% EXONE CO/THE 6.3%
SHAPING THE FUTURE OF DESIGN
Funds 0.2% HP INC 6.1%
AND MANUFACTURING
Consumer Staples 0.1% RENISHAW PLC 5.4%
–
3D SYSTEMS CORP 4.8%
Inception: 07/19/2016
CONFORMIS INC 4.5%
ark-funds.com/prnt
MATERIALISE NV-ADR 3.3%
TRIMBLE INC 3.2%
TOTAL 55.8%

SECTOR WEIGHTS TOP 10 HOLDINGS (%)

IZRL Sector Exposure Company Weight
Information Technology 55.3% SOLAREDGE TECHNOLOGIES INC 3.9%
Health Care 25.9% STRATASYS LTD 3.3%
ARK Israel Innovative Industrials 10.9% WIX.COM LTD 3.1%
Technology ETF Communication Services 7.0% DANEL (ADIR YEOSHUA) LTD 3.1%
–
Funds 0.9% HILAN LTD 3.1%
ISRAEL:
COMPUGEN LTD 3.0%
THE INNOVATION
SAPIENS INTERNATIONAL CORP 3.0%
POWERHOUSE
ELBIT SYSTEMS LTD 2.9%
–
CYBERARK SOFTWARE LTD/ISRAEL 2.9%
Inception: 12/05/2017
BET SHEMESH ENGINES HOLDINGS 2.9%
ark-funds.com/izrl
TOTAL 30.9%

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com 3
ARK INNOVATION ETFs – Second Quarter 2019
Q U A R T E R LY C O M M E N TA RY
Catherine D. Wood, ARK Chief Investment Officer
Toward the end of a volatile second quarter, broad-based global equity
indexes reentered positive territory, extending their gains for the year.
In May, risk assets appear to backtracked for two reasons, both of them
inciting fears of recession: a seeming impasse in the trade negotiations
between the U.S. and China and an inversion of the yield curve. These
fears started to fade after the Federal Reserve and European Central
Bank reassured investors that they are on high alert and will respond
to weakness in economic statistics. Then, in June optimism about the
trade negotiations increased as Presidents Trump and Xi prepared for
the G20 meetings in Japan. In addition, short rates fell more than long
rates, allaying some fears about impact of the inverted yield curve.
In our view, real GDP growth in most regions of the world will regain
momentum and surprise on the high side of expectations later this year
for four reasons: continued deregulation and potential rate cuts in the
US, continued moves toward ease in both fiscal and monetary policies
in China, lower tariffs globally as trade negotiations evolve, and the
exponential growth and low inflation associated with technologically
enabled disruptive innovation. Because President Trump believes
that the US stock market is one of the most important gauges of his
performance, odds are high that the move to block Huawei’s business
globally was one of the biggest and last bargaining chips in a push to
resolve the trade negotiation impasse. Tariff and income tax rate cuts
should breathe new life not only into China and, thereby, the Asia-
Pacific but also into Europe and North America. As long as supply side
policies prevail in the US and China, productivity gains should offset
the impact of accelerated wage gains, limiting inflation and interest
rate gains.
While the Fed might respond to softer economic activity with a rate
cut some time this year, once trade uncertainties dissipate short-
term interest rates should turn up in response to stronger than
anticipated real growth while long-term interest rates respond more
to lower inflation in the US, extending the inversion that the yield
curve entered this spring. While most investors fear the impact of a
“bearish flattening”, we are interpreting the recent inversion of the
yield curve as a “bullish flattening”. In other words, technologically
enabled disruptive innovation and productivity gains seem likely to
evolve into a “deflationary boom” the likes of which we have not seen
since the late 1800s. The combination of rapid real GDP growth and
low inflation could provide a productive backdrop for equity markets
around the world during the next few years.
ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com
Relative to the S&P 500 Index and the MSCI World Index, ARK
Invest’s five actively managed ETFs turned in mixed performance
during the second quarter, as did ARK’s self-indexed strategies, The
3D Printing ETF (PRNT) and the ARK Israel Innovative Technology
ETF (IZRL).
The ARK Industrial Innovation ETF (ARKQ) underperformed the
broad-based market indexes. Among the top detractors during the
quarter was Tesla (TSLA) based on concerns about its balance sheet
and the demand for electric vehicles. Deliveries dropped during the
first quarter because of inventories in transit to Europe and China,
which investors did not seem to believe, and Tesla raised $2.4 billion
in convertible notes and equity, which investors also did not seem to
believe was enough. In April, Tesla held its first Autonomy Investor
Day where information presented appeared to validate our research
conclusions that Tesla’s autonomous hardware is four years ahead of
the competition, while its batteries and autonomous data collection
are three years ahead. During Autonomy Day, Tesla gave investors test
rides including unreleased Autopilot features that enable its vehicles
to enter and exit highways and to stop at lights and intersections with
no guidance from human drivers. The Model 3 was the best-selling
premium mid-size sedan in the US during the first quarter, outselling
the second best, the Mercedes C class, by 60%. Our battery cost decline
forecast suggests that electric vehicle sales will surpass many analysts’
expectations, rising from 1.45 million last year to 26 million units
sold in 2023. Bolstering this expectation was a disclosure in Tesla’s
first quarter report that 69% of the trade-ins since the launch of the
standard range Model 3 were non-premium vehicles, suggesting that
Tesla is pulling in mass market customers. Baidu (BIDU) detracted
from performance after posting a loss for the first time since 2005,
fueled by investments and higher content and marketing costs. Baidu’s
guidance for second quarter revenue also fell below expectations. That
said, 15,000 software engineers are building on top of Apollo, Baidu’s
autonomous driving software platform, which in turn is the basis for
autonomous driving partnerships, including robotaxi pilots, with
many local governments in China. Among the top contributors to
performance during the quarter was Stratasys (SSYS), which struck
two new aerospace deals in June. Marshall Aerospace and Defense
Group selected Stratasys’s fuse deposition modelling technology and
its ULTEM 9085 resin to produce final parts for aircraft. Stratasys also
extended for an additional seven years its partnership to supply Boom
Supersonic with production parts for aircraft that will fly at twice the
| ark-funds.com 4
ARK INNOVATION ETFs – Second Quarter 2019
speed of sound. 3D printing is a key technology enabling smaller and
lighter aircraft parts. Materialise (MTLS) contributed positively to
performance after its Mimics Enlight cardiovascular planning software
suite received clearance from the FDA, the first 3D printing software
approval since the FDA determined that software is a medical device.
The ARK Web x.0 ETF (ARKW) underperformed the broad-based
market indexes during the quarter. Among the top detractors were Tesla
(TSLA), for reasons noted above, and Cloudera (CLDR). Cloudera
reported weak first quarter earnings and reduced guidance based on a
hiatus in demand ahead of its next generation product, the Cloudera
Data Platform, which will launch this summer. While the short-term
pain has been worse than expected, revenues should stabilize during
the next two quarters and re-accelerate in 2020. Cloudera doubled its
sales lead generation in the first quarter, paving the way for revenue
growth ahead. Among the contributors were Grayscale Bitcoin Trust
(GBTC) and Zillow (Z). In the second quarter, bitcoin’s price soared
to a 52-week high. GBTC’s inflows reached an all-time high, pointing
perhaps to institutional demand for a non-correlated asset class and a
digitally scarce store of value in the face of geopolitical tensions and
macro uncertainty. Zillow (Z) contributed positively thanks to strong
first quarter results, with core results in line and a significant upside
surprise from its Home segment, Zillow Offers, which will enter Los
Angeles, Sacramento, San Antonio, and Tampa by early 2020.
The ARK Genomic Revolution ETF (ARKG) outperformed
the broad-based market indexes, primarily because of Iovance
Biotherapeutics (IOVA) and Illumina (ILMN). Iovance released
positive data for its lead programs, lifileucel for metastatic melanoma
demonstrating a 38% objective response rate and LN-145 for cervical
cancer with 11% complete remissions. Illumina outperformed thanks
to a solid earnings report and to regulatory tailwinds for a broad range
of sequencing applications. The decline in its microarray consumables
could be a sign that the consumer genetics market is evolving
from ancestry to healthcare, which would be a boon to sequencing
consumables. Illumina also responded to the commercialization of
Pacific Biosciences’ (PACB) Sequel II system, offering high-fidelity,
high-throughput long-read sequencing. Illumina still anticipates that
its acquisition of PacBio will close this year. Among the detractors
to performance were Seres Therapeutics (MCRB) and Bluebird Bio
(BLUE). Seres Therapeutics sold off after the ASCO conference which
focused much more on immuno-oncology instead of earlier-stage
microbiome-related cancer therapies in the research pipeline. Despite
increased focus on microbiome research in labs, investors are waiting
for a proof of concept. While Bluebird Bio is facing competition from
gene-editing company, CRISPR Therapeutics, our conviction remains
high in its product pipeline and its strong management team.
ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com
Launched on February 4, the ARK Fintech Innovation ETF (ARKF)
outperformed the broad-based market indexes, thanks primarily to
Zillow (Z) and LendingTree (TREE). Zillow was the top contributor
for reasons noted above. LendingTree reported solid first quarter
earnings with strong growth across multiple business segments,
including its nascent insurance platform which was aided by two
acquisitions, QuoteWizard and ValuePenguin. Among the detractors
during the quarter were Baidu (BIDU), for reasons noted above,
and Line Corp (3938 JP) which continues to face headwinds from a
slowdown in advertising. At the same time, it is expanding its strategic
fintech businesses with high-profile partnerships like Visa (virtual debit
card and physical credit card), Nomura (asset management product),
Mercari and NTT Docomo (mobile payments), and Mizhuo (bank
account and credit scoring system).
With some of the highest conviction names from the Funds discussed
above, the ARK Innovation ETF (ARKK) underperformed relative
to broad-based indexes during the second quarter. Contributing
to performance were Stratasys (SSYS) and Illumina (ILMN).
Counterbalancing them were the top detractors: Tesla (TSLA) and
Baidu (BIDU).
ARK’s self-indexed ETFs, The 3D Printing ETF (PRNT) and the
ARK Israel Innovation Technology ETF (IZRL), turned in mixed
performance relative to the broad-based market indexes. PRNT
outperformed broad-based market indexes, with SLM Solutions
(SLM) the top contributor. Rolls-Royce selected SLM’s quad-laser
3D printing technology to 3D print aerospace parts. SLM also sold
machines to BeamIT, an Italian additive manufacturing bureau,
and Rosswag Engineering in Germany. Organovo (ONVO) was the
largest detractor after it announced additional pre-clinical studies to
optimize its manufacturing process, raising concerns about cash burn.
It also announced a stem cell research partnership with an Australian
children’s hospital which could be a significant pivot, albeit an
important pivot, from its base business. IZRL underperformed the
broad-based market indexes, with SolarEdge Technologies (SEDG)
the top contributor and Intercure (INCR IT) the largest detractor.
SolarEdge reported strong revenues and earnings and increased
guidance. Moreover, a trade organization increased its forecast for
US solar installations, citing strong demand for large-scale projects.
Intercure, an Israeli medical cannabis company, corrected in the
second quarter after a massive run in the first quarter when the Israeli
government threw its support behind cannabis, particularly medical
cannabis.
| ark-funds.com 5
ARK INNOVATION ETFs – Second Quarter 2019

PERFORMANCE | Q2 2019 For the period April 1 — June 30, 2019

Active ETFs Index ETF

Total Return ARKQ ARKW ARKG ARKF ARKK PRNT IZRL
NAV -0.76% 0.44% 5.14% 5.22% 2.73% 7.32% -4.83%
MKT Price -0.82% 0.38% 4.84% 5.11% 2.68% 6.45% -4.68%

PERFORMANCE IN PERSPECTIVE | Q2 2019

S&P 500 Index (SPX) 4.30% MSCI World Net Index (M1WO) 4.00%

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 | Q2 2019 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs*

ARKQ STRATASYS LTD 251 AEROVIRONMENT INC -58
M ATERIALISE NV-ADR 117 NVIDIA CORP -81
TERADYNE INC 94 2U INC -139
KRATOS DEFENSE & SECURITY 60 BAIDU INC - SPON ADR -202
PROTO L ABS INC 43 TESL A INC -210
ARKW GRAYSCALE BITCOIN TRUST BTC 198 NUTANIX INC - A -75
ZILLOW GROUP INC - C 95 2U INC -102
MEDIDATA SOLUTIONS INC 55 BAIDU INC - SPON ADR -116
SHOPIFY INC - CL ASS A 52 CLOUDERA INC -151
VERACYTE INC 50 TESL A INC -151
ARKG IOVANCE BIOTHERAPEUTICS INC 301 ORGANOVO HOLDINGS INC - 64
ILLUMINA INC 194 IONIS PHARM ACEUTICALS INC - 64
CRISPR THERAPEUTICS AG 170 INOVIO PHARM ACEUTICALS INC -71
MEDIDATA SOLUTIONS INC 122 BLUEBIRD BIO INC -73
NANOSTRING TECHNOLOGIES INC 101 SERES THERAPEUTICS INC -123
ARKF ZILLOW GROUP INC - C 139 ALIBABA GROUP HOLDING -SP ADR -21
LENDINGTREE INC 90 PINDUODUO INC-ADR -22
RAKUTEN INC 69 ZHONGAN ONLINE P&C INSURAN - H -57
SHOPIFY INC - CL ASS A 63 LINE CORP - 64
MEDIDATA SOLUTIONS INC 61 BAIDU INC - SPON ADR -87
ARKK STRATASYS LTD 163 NUTANIX INC - A -49
ILLUMINA INC 110 SERES THERAPEUTICS INC - 69
NANOSTRING TECHNOLOGIES INC 103 2U INC - 69
CRISPR THERAPEUTICS AG 95 BAIDU INC - SPON ADR -126
ZILLOW GROUP INC - C 69 TESL A INC -192
PRNT SLM SOLUTIONS GROUP AG 233 OC OERLIKON CORP AG - REG -8
CONFORMIS INC 205 MGI DIGITAL GRAPHIC TECHNOLO -22
STRATASYS LTD 150 PRODWAYS GROUP SA -70
M ATERIALISE NV-ADR 71 3D SYSTEMS CORP -92
EXONE CO/THE 57 ORGANOVO HOLDINGS INC -319
IZRL SOL AREDGE TECHNOLOGIES INC 141 FOAMIX PHARM ACEUTICALS LTD -86
STRATASYS LTD 61 PLURISTEM THERAPEUTICS INC -87
DANEL (ADIR YEOSHUA) LTD 54 INTEC PHARM A LTD -104
HIL AN LTD 49 TEVA PHARM ACEUTICAL-SP ADR -104
WIX.COM LTD 42 INTERCURE LTD -111

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
June 30, 2019 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 | etfs@ark-invest.com | ark-funds.com 6
ARK INNOVATION ETFs – Second Quarter 2019

PERFORMANCE OVERVIEW | ACTIVELY MANAGED ETFs For the period ended June 30, 2019

Three Years Since Inception

ARK Industrial Innovation ETF YTD One Year Annualized Annualized (09/30/14)

ARKQ NAV 14.44% 0.52% 22.25% 12.93%

ARKQ MKT Price 14.48% 0.22% 22.45% 12.92%
S&P 500 Index (SPX) 18.54% 10.42% 14.19% 10.98%
MSCI World Net Index (M1WO) 16.98% 6.33% 11.77% 7.41%

Three Years Since Inception

ARK Web x.o ETF YTD One Year Annualized Annualized (09/30/14)

ARKW NAV 22.64% 6.38% 39.00% 26.68%

ARKW MKT Price 22.61% 6.07% 39.04% 26.66%
S&P 500 Index (SPX) 18.54% 10.42% 14.19% 10.98%
MSCI World Net Index (M1WO) 16.98% 6.33% 11.77% 7.41%

Three Years Since Inception

ARK Genomic Revolution ETF YTD One Year Annualized Annualized (10/31/14)

ARKG NAV 43.51% 21.09% 28.26% 13.19%

ARKG MKT Price 43.74% 21.01% 28.36% 13.18%
S&P 500 Index (SPX) 18.54% 10.42% 14.19% 10.95%
MSCI World Net Index (M1WO) 16.98% 6.33% 11.77% 7.71%

Three Years Since Inception

ARK Fintech Innovation ETF YTD One Year Annualized (02/04/19)

ARKF NAV N/A N/A N/A 13.15%

ARKF MKT Price N/A N/A N/A 13.25%
S&P 500 Index (SPX) N/A N/A N/A 9.63%
MSCI World Net Index (M1WO) N/A N/A N/A 8.47%

Three Years Since Inception

ARK Innovation ETF YTD One Year Annualized Annualized (10/31/14)

ARKK NAV 29.10% 10.25% 37.25% 22.37%

ARKK MKT Price 29.01% 10.09% 37.52% 22.39%
S&P 500 Index (SPX) 18.54% 10.42% 14.19% 10.95%
MSCI World Net Index (M1WO) 16.98% 6.33% 11.77% 7.71%

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 each ARK Active ETF is 0.75%.
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 | etfs@ark-invest.com | ark-funds.com 7
ARK INNOVATION ETFs – Second Quarter 2019

PERFORMANCE OVERVIEW | INDEX ETFs For the period ended June 30, 2019

Three Years Since Inception

The 3D Printing ETF YTD One Year Annualized Annualized (07/19/16)

PRNT NAV 18.67% -3.49% N/A 6.96%

PRNT MKT Price 17.64% -3.47% N/A 6.85%
The Total 3D Printing Index (3DPRNT) 19.19% -2.56% N/A 8.13%
S&P 500 Index (SPX) 18.54% 10.42% — 13.20%
MSCI World Net Index (M1WO) 16.98% 6.33% — 10.84%

Three Years Since Inception

ARK Israel Innovative Technology ETF YTD One Year Annualized Annualized (12/05/17)

IZRL NAV 10.80% 5.00% N/A 4.25%

IZRL MKT Price 11.90% 5.13% N/A 4.52%
ARK Israeli Innovation Index (IZRLINVN) 10.91% 5.10% N/A 4.29%
S&P 500 Index (SPX) 18.54% 10.42% — 9.30%
MSCI World Net Index (M1WO) 16.98% 6.33% — 5.42%

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: 1-800-679-7759

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 (ARKQ, ARKW, ARKK) 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 | etfs@ark-invest.com | ark-funds.com 8
ARK INNOVATION ETFs – Second Quarter 2019

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. Risks specific to IZRL 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 June 30, 2019. 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 | etfs@ark-invest.com | ark-funds.com 9