ARK EXCHANGE TRADED FUNDS (ARK ETFs)

Third Quarter 2020 | Update as of September 30, 2020

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

ARKQ PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Autonomous Element Exposure Company Weight

Technology & Robotics ETF* Autonomous Vehicles 36.2% TESLA INC 10.9%
Robotics 22.0% MATERIALISE NV-ADR 6.8%
Inception: 09/30/2014 3D Printing 20.3% 2U INC 6.5%
ark-funds.com/arkq Energy Storage 13.7% XILINX INC 5.1%
Space Exploration 4.8% PROTO LABS INC 4.0%
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%
BYD CO LTD-UNSPONSORED ADR 3.4%
TOTAL 50.9%

ARKW PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Next Generation Element Exposure Company Weight

Internet ETF* Cloud Computing 18.7% TESLA INC 11.0%

E-Commerce 18.7% ROKU INC 6.4%
Inception: 09/30/2014 Big Data & Machine Learning 15.3% SQUARE INC - A 6.2%
ark-funds.com/arkw 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%
HUYA INC-ADR 2.7%
TOTAL 44.3%

ARKG PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Genomic Element Exposure Company Weight

Revolution ETF Molecular Diagnostics 23.5% INVITAE CORP 12.0%

Beyond DNA 17.0% CRISPR THERAPEUTICS AG 8.1%
Inception: 10/31/2014 Gene Therapy 13.7% PACIFIC BIOSCIENCES OF CALIF 5.6%
ark-funds.com/arkg 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%
Agricultural Biology 1.2% IOVANCE BIOTHERAPEUTICS INC 3.5%
Stem Cells 0.2% TELADOC HEALTH INC 3.3%
PERSONALIS INC 3.1%
TOTAL 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 | etfs@ark-invest.com | ark-funds.com 1
ARK INNOVATION ETFs – Third Quarter 2020

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

ARKF PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Fintech Innovation ETF Element Exposure Company Weight

Transaction Innovations 27% SQUARE INC - A 12.3%
Inception: 02/04/2019 Customer Facing Platforms 23% MERCADOLIBRE INC 4.5%
ark-funds.com/arkf 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%
ADYEN NV 3.7%
ALIBABA GROUP HOLDING-SP ADR 3.6%
TOTAL 48.3%

ARKK PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Innovation ETF Element Exposure Company Weight

Cloud Computing 10.1% TESLA INC 11.0%
Inception: 10/31/2014 E-Commerce 9.8% INVITAE CORP 8.8%
ark-funds.com/arkk Molecular Diagnostics 9.4% SQUARE INC - A 6.4%
Gene Therapy 7.5% ROKU INC 5.3%
Big Data & Machine Learning 7.4%
CRISPR THERAPEUTICS AG 4.9%
Digital Media 7.3%
PROTO LABS INC 3.5%
3D Printing 7.3%
ZILLOW GROUP INC - C 3.4%
Internet of Things 5.7%
2U INC 3.1%
Beyond DNA 4.8%
Bioinformatics 4.6% LENDINGTREE INC 2.9%
Mobile 4.4% TELADOC HEALTH INC 2.9%
Instrumentation 4.2% TOTAL 52.0%
Energy Storage 3.6%
Targeted Therapeutics 2.9%
Autonomous Vehicles 2.2%
Next Generation Oncology 1.9%
Robotics 1.9%
Social Platforms 1.5%
Development of Infrastructure 1.1%
Space Exploration 0.9%
Blockchain & P2P 0.7%
Stem Cells 0.1%

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ARK INNOVATION ETFs – Third Quarter 2020

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

PRNT SECTOR WEIGHTS TOP 10 HOLDINGS (%)

The 3D Printing ETF Sector Exposure Company Weight

Information Technology 61.5% EXONE CO/THE 6.6%
Industrials 26.2% MATERIALISE NV-ADR 6.4%
Inception: 07/19/2016 Health Care 8.4% SLM SOLUTIONS GROUP AG 6.0%
ark-funds.com/prnt 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%
TRIMBLE INC 4.4%
TOTAL 53.1%

IZRL SECTOR WEIGHTS TOP 10 HOLDINGS (%)

ARK Israel Innovative Sector Exposure Company Weight

Technology ETF 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% PERION NETWORK LTD 3.1%
ark-funds.com/izrl Industrials 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 2.7%
TOTAL 30.6%

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com 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
measured by the S&P 500 and MSCI World – continued to
appreciate, hitting all-time highs. Much like other policymakers
around the world, in an effort to prevent a relapse into
recession, the Fed reinforced that it will err on the side of ease
with an asymmetric response to inflation. Specifically, given
the long period of time that inflation has hovered below its 2%
target, the Fed will not react immediately to readings above
2%; yet, if inflation were to rise and then drop back below
the 2% target, it will respond quickly. On the fiscal policy
front, Congress remained deadlocked on the next round
of fiscal policy measures to support the economy, leaving
incremental stimulus measures to the Fed. Because global
fiscal and monetary policy makers responded with record-
breaking measures to “flatten the curve” and slow the spread
of COVID-19, fears of an extended global recession appears
to have dissipated, giving way to early concerns about “how
much is too much”. The Treasury yield curve in the US, for
example, steepened during the third quarter, as long-term
yields increased while short-term rates declined.
Since the bottom of the market during the COVID-19
crisis, growth stocks - particularly those associated with
companies solving problems created by the pandemic - have
outperformed value stocks significantly. This divergence
could be a function of fears that the economy will relapse
into recession and that “creative destruction” associated
with innovation will plague traditional value sectors like
financial services, energy, and industrials. That said, cyclical
sectors could benefit as producers continue to catch up
with consumer demand during this expansion. The consumer
saving rate in the US has dropped from a record high of 34%
during the early days of the pandemic but still is nearly twice
as high as the 8% recorded in March, likely mirroring high rates
in the rest of the world and suggesting that pent-up demand
will support the recovery now under way. Indeed, given the
record-breaking drawdown in inventories in the US during
the second and third quarters, businesses seem to have been
caught off guard and are scrambling to catch up with demand,
suggesting a much stronger than expected V-shaped recovery
during the next year.
ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com
Relative to the S&P 500 Index and the MSCI World Index,
ARK’s five actively managed ETFs outperformed during the
third quarter. ARK’s two self-indexed ETFs turned in mixed
performance.
The ARK Autonomous Technology and Robotics ETF (ARKQ)
outperformed the broad-based market indexes. Among
the top contributors to performance was Tesla (TSLA). Tesla
surpassed expectations for revenue and earnings during the
second quarter, potentially setting it up for inclusion in the
S&P 500 index at some point in the future. At Battery Day,
Tesla presented plans not only to reduce battery costs by 56%,
but also to increase range by 54% and reduce capital costs
by 69%, enabling the production of an electric vehicle (EV)
with a $25,000 sticker price during the next three years. In
our view, Tesla is three to four years ahead of the competition
in the electric vehicle space. In the absence of specific news,
Materialize (MTLS) also contributed positively to performance,
particularly after the COVID-19 pandemic highlighted the
importance of its software in quick-turn manufacturing
solutions and after Desktop Metal’s roadshow stirred investor
interest in 3D printing.
Among the top detractors were Stratasys (SSYS) and 2U (TWOU).
3D printing company Stratasys disappointed second quarter
revenue expectations with sales down nearly 30% on a year-
over-year basis. Its new CEO, Yoav Zeif, is focusing Stratasys
on plastic 3D printing and manufacturing. 2U detracted from
performance even though colleges are adapting to COVID-19
by embracing remote education at an accelerated rate. During
the second quarter, 2U exceeded top line expectations but
missed them on the bottom line and raised roughly $300
million in a secondary equity offering.
The ARK Next Generation Internet ETF (ARKW) outperformed
the broad-based market indexes during the quarter. Among
the top contributors was Tesla (TSLA) for reasons noted above.
Square (SQ) also contributed as its seller businesses recovered
much more quickly than expected from the COVID-19 crisis,
and Cash App also delivered stronger than expected growth
during the second quarter. Square pivoted its offline sellers
to online commerce, increasing the latter’s gross payment
4
ARK INNOVATION ETFs – Third Quarter 2020
volume (GPV) by 50%. Roughly one third of its online sellers
were new to Square.
Among the Next Generation Internet’s top detractors were
Alteryx (AYX) and Slack Technologies (WORK). Alteryx
delivered weak second quarter earnings as revenue growth
dropped from 43% on a year over year basis in the first quarter
to 17% in the face of flat bookings, triggering our exit. Slack
Technologies detracted from performance after billings
growth decelerated from 49% in the first quarter to 24% as
its customers laid off users in response to the COVID-19 crisis.
Slack Connect, which allows intercompany communications,
saw a user growth of 200% in the quarter, enabling the
company to capture new customers organically.
The ARK Genomic Revolution ETF (ARKG) outperformed the
broad-based market indexes. Among the top contributors
to performance was Seres Therapeutics (MCRB). Seres
Therapeutics appreciated after reporting positive top line data
from its SER-109 trial which tested a microbiome therapeutic
for C. difficile. Invitae (NVTA) contributed to performance
after it acquired ArcherDx, a precision oncology company
focused on high-quality, decentralized molecular diagnostics.
We believe that once the two companies integrate, Invitae is
likely to offer the most accurate, comprehensive, and flexible
oncology tests in the world. Moreover, its investments in
telemedicine, AI, genetic counseling, world-class germline
variant interpretation, pharmacogenomics, and
workflows should give Invitae an advantage over the
competition.
Among the top detractors were Illumina (ILMN) and Inovio
Pharmaceuticals (INO). Illumina detracted from performance
primarily because the company announced its intention to
increase its ownership of GRAIL, an innovative cancer screening
company, from 15% to 100% for $8 billion. While GRAIL’s
methylation-based approach to multi-cancer screening is
accurate and cost-effective, we do not believe that it has a
significant technological or IP advantage over other screening
companies like Guardant Health (GH), Exact Sciences (EXAS), etc.
Inovio depreciated primarily because the FDA placed a clinical
hold on the Phase II/III trial of its COVID-19 vaccine, INO-4800.
Inovio will respond in October, at which point the agency will
have 30 days to decide whether or not the trial can proceed.
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 | etfs@ark-invest.com | ark-funds.com
top contributors were Square (SQ), for reasons noted above,
and Zillow (Z). Zillow contributed to performance after a
St. Louis Federal Reserve report that homeownership in the
second quarter rose to levels not seen since July 2009. We
believe that the residential real estate market and Zillow will
continue to benefit from mortgage rates that have dropped to
50-year lows and from the premium now placed on personal
space as a result of COVID-19.
Among the top detractors were Slack Technologies (WORK),
for reasons noted above, and Splunk (SPLK). Splunk
announced weaker than expected third quarter guidance.
Also Sumo Logi, which offers “Splunk-like” functionality in the
cloud, announced that it will conduct an initial public offering.
We believe that the breadth and depth of Splunk’s products
are difficult to duplicate.
With some of the highest conviction names from the
Funds discussed above, the ARK Innovation ETF (ARKK)
outperformed the broad-based indexes during the quarter.
Among the top contributors were Tesla and Square, for reasons
noted above. Detracting from performance were Illumina and
Slack Technologies, for reasons noted above.
ARK’s self-indexed ETFs, The 3D Printing ETF (PRNT) and the
ARK Israel Innovation Technology ETF (IZRL), appreciated
during the quarter, with mixed performance. The 3D Printing
clinical ETF (PRNT) outperformed relative to the broad-based market
indexes. Materialize (MTLS) was the largest contributor in PRNT,
for reasons noted above. 3D Systems (DDD) was the largest
detractor from performance after it missed analysts’ estimates
for the second quarter and announced a restructuring focused
on Healthcare and Industrial, spearheaded by new CEO, Jeffrey
Graves. 3D Systems also appointed Jagtar Narula as CFO, who
brings experience from Blackbaud, Xerox, and GE.
The ARK Israel Innovation Technology ETF (IZRL) under-
performed the broad-based market indexes for the period.
The largest detractor was Urogen Pharma (URGN), as its Phase
2 trial missed its primary endpoint of improving overactive
bladder symptoms. IZRL’s top contributor to performance
was Fiverr International (FVRR), the marketplace for freelance
services, which benefited from the shift to online commerce
in the face of the COVID-19 crisis.
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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 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs*

ARKQ TESLA INC 1007 ELBIT SYSTEMS LTD -17
MATERIALISE NV-ADR 319 FLIR SYSTEMS INC -36
DEERE & CO 124 AEROVIRONMENT INC -70
BYD CO LTD-UNSPONSORED ADR 121 2U INC -70
WORKHORSE GROUP INC 97 STRATASYS LTD -107
ARKW TESLA INC 881 SPOTIFY TECHNOLOGY SA -19
SQUARE INC - A 401 2U INC -22
ROKU INC 336 PURE STORAGE INC - CLASS A -31
ZILLOW GROUP INC - C 221 SLACK TECHNOLOGIES INC- CL A -44
PINTEREST INC- CLASS A 176 ALTERYX INC - CLASS A -52
ARKG SERES THERAPEUTICS INC 484 INCYTE CORP -35
INVITAE CORP 440 SYROS PHARMACEUTICALS INC -39
PACIFIC BIOSCIENCES OF CALIF 422 SCHRODINGER INC -72
TWIST BIOSCIENCE CORP 227 INOVIO PHARMACEUTICALS INC -84
CRISPR THERAPEUTICS AG 167 ILLUMINA INC -95
ARKF SQUARE INC - A 595 TRANSUNION -4
ZILLOW GROUP INC - C 287 GUIDEWIRE SOFTWARE INC -9
PINTEREST INC- CLASS A 248 PINDUODUO INC-ADR -10
APPLE INC 163 SPLUNK INC -12
SEA LTD-ADR 142 SLACK TECHNOLOGIES INC- CL A -16
ARKK TESLA INC 887 PURE STORAGE INC - CLASS A -28
SQUARE INC - A 387 2U INC -29
INVITAE CORP 343 STRATASYS LTD -40
SERES THERAPEUTICS INC 337 SLACK TECHNOLOGIES INC- CL A -45
ROKU INC 288 ILLUMINA INC -64
PRNT MATERIALISE NV-ADR 291 NUVASIVE INC -11
RENISHAW PLC 233 AUTODESK INC -13
EXONE CO/THE 211 KAISER ALUMINUM CORP -22
SLM SOLUTIONS GROUP AG 210 STRATASYS LTD -108
STRAUMANN HOLDING AG-REG 88 3D SYSTEMS CORP -152
IZRL FIVERR INTERNATIONAL LTD 227 BATM ADVANCED COMMUNICATIONS -49
REDHILL BIOPHARMA LTD-SP ADR 137 STRATASYS LTD -50
PERION NETWORK LTD 83 POLYPID LTD -57
INMODE LTD 80 TEVA PHARMACEUTICAL-SP ADR -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.

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ARK INNOVATION ETFs – Third Quarter 2020

PERFORMANCE OVERVIEW | ACTIVELY MANAGED ETFs For the period ended September 30, 2020

ARK Autonomous YTD One Year Three Years Five Years Since Inception
Technology & Robotics ETF Annualized Annualized (09/30/14) Annualized

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

ARK Next Generation Internet ETF Annualized Annualized (09/30/14) Annualized

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%

YTD One Year Three Years Five Years Since Inception

ARK Genomic Revolution ETF Annualized Annualized (10/31/14) Annualized

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%

YTD One Year Three Years Five Years Since Inception

ARK Fintech Innovation ETF Annualized Annualized (02/04/19)

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

ARK Innovation ETF Annualized Annualized (10/31/14) Annualized

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%

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.

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ARK INNOVATION ETFs – Third Quarter 2020

PERFORMANCE OVERVIEW | INDEX ETFs For the period ended September 30, 2020

Three Years Since Inception

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

PRNT NAV 5.83% 14.85% -1.83% 5.01%

PRNT MKT Price 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%

Three Years Since Inception

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

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%

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.

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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 | etfs@ark-invest.com | ark-funds.com 9