ARK EXCHANGE TRADED FUNDS (ARK ETFs)

Fourth Quarter 2019 | Update as of December 31, 2019

ACTIVELY MANAGED ETFs As of December 31, 2019 | All holdings are subject to change.

ARKQ PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Autonomous Element Exposure Company Weight

Technology & Robotics ETF* Autonomous Vehicles 38.2% TESLA INC 11.6%
3D Printing 25.7% STRATASYS LTD 8.4%
Inception: 09/30/2014 Robotics 22.1% PROTO LABS INC 5.8%
ark-funds.com/arkq Energy Storage 7.9% MATERIALISE NV-ADR 5.5%
Development of Infrastructure 3.2% XILINX INC 4.9%
Space Exploration 2.3% NVIDIA CORP 4.6%
Alternate Energy Sources <1% APTIV PLC 4.0%
Innovative Materials <1% 2U INC 3.9%
AEROVIRONMENT INC 3.6%
BAIDU INC - SPON ADR 3.5%
TOTAL 55.8%

ARKW PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Next Generation Element Exposure Company Weight

Internet ETF* E-Commerce 24.0% TESLA INC 10.4%

Big Data & Machine Learning 19.8% SQUARE INC - A 7.7%
Inception: 09/30/2014 Cloud Computing 16.9% TWITTER INC 4.3%
ark-funds.com/arkw Internet of Things 11.9% ROKU INC 4.2%
Digital Media 10.3% ALIBABA GROUP HOLDING-SP ADR 3.7%
Social Platforms 6.9% XILINX INC 3.4%
Mobile 6.6% ZILLOW GROUP INC - C 3.4%
Blockchain & P2P 3.4% SPLUNK INC 3.3%
VERACYTE INC 3.3%
TENCENT HOLDINGS LTD-UNS ADR 3.0%
TOTAL 46.7%

ARKG PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Genomic Element Exposure Company Weight

Revolution ETF Gene Therapy 22.1% ILLUMINA INC 10.5%

Molecular Diagnostics 17.0% CRISPR THERAPEUTICS AG 9.0%
Inception: 10/31/2014 Beyond DNA 15.8% INVITAE CORP 7.6%
ark-funds.com/arkg Instrumentation 13.3% INTELLIA THERAPEUTICS INC 6.3%
Targeted Therapeutics 12.8% EDITAS MEDICINE INC 5.8%
Bioinformatics 9.3% IOVANCE BIOTHERAPEUTICS INC 4.7%
Next Generation Oncology 9.0% TELADOC HEALTH INC 4.2%
Stem Cells <1% CELLECTIS - ADR 4.1%
Agricultural Biology <1% COMPUGEN LTD 4.0%
VERACYTE INC 3.5%
TOTAL 59.8%

*Effective as of November 4, 2019, 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 – Fourth Quarter 2019

ACTIVELY MANAGED ETFs As of December 31, 2019 | All holdings are subject to change.

ARKF PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Fintech Innovation ETF Element Exposure Company Weight

Transaction Innovations 28.5% SQUARE INC - A 9.3%
Inception: 02/04/2019 Customer Facing Platforms 21.9% APPLE INC 5.7%
ark-funds.com/arkf Frictionless Funding Platforms 15.0% TENCENT HOLDINGS LTD-UNS ADR 5.4%
Risk Transformations 12.9% ALIBABA GROUP HOLDING-SP ADR 4.5%
Blockchain 10.6% ZILLOW GROUP INC - C 4.1%
The New Intermediaries 10.1% MERCADOLIBRE INC 3.7%
LENDINGTREE INC 3.3%
AMAZON.COM INC 3.2%
SHOPIFY INC - CLASS A 3.1%
MEITUAN DIANPING-CLASS B 3.0%
TOTAL 45.2%

ARKK PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%)

ARK Innovation ETF Element Exposure Company Weight

E-Commerce 11.6% TESLA INC 10.6%
Inception: 10/31/2014 3D Printing 11.6% ILLUMINA INC 7.1%
ark-funds.com/arkk Gene Therapy 10.7% SQUARE INC - A 6.8%
Big Data & Machine Learning 8.7% STRATASYS LTD 5.8%
Instrumentation 7.9%
CRISPR THERAPEUTICS AG 4.9%
Molecular Diagnostics 5.9%
INVITAE CORP 4.9%
Internet of Things 5.8%
2U INC 4.0%
Digital Media 4.6%
INTELLIA THERAPEUTICS INC 3.9%
Robotics 4.4%
Cloud Computing 4.2% EDITAS MEDICINE INC 3.8%
Bioinformatics 4.1% NANOSTRING TECHNOLOGIES INC 3.4%
Energy Storage 3.4% TOTAL 55.1%
Beyond DNA 3.2%
Targeted Therapeutics 2.8%
Autonomous Vehicles 2.8%
Mobile 2.4%
Social Platforms 2.4%
Blockchain & P2P 1.3%
Development of Infrastructure 1.1%
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 – Fourth Quarter 2019

INDEX ETFs As of December 31, 2019 | All holdings are subject to change.

PRNT SECTOR WEIGHTS TOP 10 HOLDINGS (%)

The 3D Printing ETF Sector Exposure Company Weight

Information Technology 59.4% SLM SOLUTIONS GROUP AG 6.9%
Industrials 25.9% HP INC 6.8%
Inception: 07/19/2016 Health Care 12.2% RENISHAW PLC 6.6%
ark-funds.com/prnt Materials 2.0% MGI DIGITAL GRAPHIC TECHNOLO 6.3%
Consumer Staples 0.1% STRAUMANN HOLDING AG-REG 6.2%
EXONE CO/THE 6.1%
3D SYSTEMS CORP 5.9%
STRATASYS LTD 5.5%
AUTODESK INC 3.5%
ANSYS INC 3.2%
TOTAL 57.0%

IZRL SECTOR WEIGHTS TOP 10 HOLDINGS (%)

ARK Israel Innovative Sector Exposure Company Weight

Technology ETF Information Technology 51.5% COMPUGEN LTD 2.9%

Health Care 26.8% GALMED PHARMACEUTICALS LTD 2.9%
Inception: 12/05/2017 Communication Services 8.9% INMODE LTD 2.9%
ark-funds.com/izrl Industrials 8.4% UROGEN PHARMA LTD 2.9%
Consumer Discretionary 4.1% AUDIOCODES LTD 2.8%
KAMADA LTD 2.6%
DANEL (ADIR YEOSHUA) LTD 2.5%
PERION NETWORK LTD 2.4%
TEVA PHARMACEUTICAL-SP ADR 2.4%
SOLAREDGE TECHNOLOGIES INC 2.4%
TOTAL 26.7%

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com 3
ARK INNOVATION ETFs – Fourth Quarter 2019
QUARTERLY COMMENTARY
Catherine D. Wood, ARK Chief Investment Officer
Broad-based global equity indexes advanced significantly for
the quarter in response to monetary easing around the world
and a steepening in the positively sloped yield curve in the
US. As Phase 1 of the trade deal between the US and China
took shape, purchasing manager indices around the world
seemed to stabilize, curbing the flight to dollar-related safety.
Consumer spending, especially in the US and China, continued
to move forward at a surprisingly strong pace, suggesting that
businesses may have become too cautious and that inventory
liquidation is setting the global economy up for a cyclical
rebound during the next year.
We believe that as the economy reaccelerates, productivity
gains should offset the impact of accelerated wage gains
in the developed world and China, limiting inflation, while
the combination of tax reform and deregulation in the US
continues to boost returns on invested capital. Meanwhile,
monetary easing moves combined with income tax and tariff
cuts should breathe new life not only into China and the Asia-
Pacific region but also into Europe and North America. As a
result, interest rates should turn up, the increase in long rates
probably lagging that in short rates as inflation continues to
surprise on the low side of expectations, causing a flatter if
not inverted yield curve over time.
Relative to the S&P 500 Index and the MSCI World Index, ARK’s
five actively managed ETFs outperformed during the fourth
quarter. ARK’s self-indexed strategies, The 3D Printing ETF
(PRNT) and the ARK Israel Innovative Technology ETF (IZRL),
turned in mixed performances: PRNT underperformed the
S&P 500 and the MSCI World Index, while IZRL outperformed.
The ARK Autonomous Technology and Robotics ETF (ARKQ)
outperformed the broad-based market indexes. Among the
top contributors to performance during the quarter was
Tesla (TSLA) thanks to better than expected third quarter
earnings, preorders for the new Cybertruck, and positive
developments at the Shanghai Gigafactory. Third quarter
auto gross margin was above 20% excluding credits, better
ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com
than analyst estimates which ranged from 15.5% to 19.5%.
Preorders for the Tesla Cybertruck surpassed 250,000, higher
than the 50,000 Hummer-like numbers that analysts had
expected. Lastly, Tesla secured $1.6 billion from state-backed
lenders in China for the Shanghai Gigafactory, enabling
it to scale to more than 1,000 cars produced per week in
December. Eventually, Tesla plans to produce more than
3,000 cars per week in China and 500,000+ cars per year in
Berlin. Nvidia (NVDA) contributed positively to performance
after reporting strong third quarter earnings, with gaming
growth of 26% year-over-year and data center growth of 11%
sequentially. In the past year, Nvidia has strengthened its
portfolio of artificial intelligence chips while expanding its
total addressable market to 5G and robotics. Based upon our
current research premises, ARK believes Nvidia will launch
a new AI chip in March, accelerating its data center growth.
Among the top detractors during the quarter were 3D printing
stocks, Stratasys (SSYS) and ExOne (XONE) driven by a weaker
auto sector, a slowdown in manufacturing, and the China-
US trade war. ExOne machine sales declined by roughly 60%
year-over-year in the third quarter as customers delayed
capital purchase decisions. Stratasys’s third quarter revenue
declined 3% year-over-year and management lowered full
year guidance. Customer utilization increased, causing an
acceleration in consumables growth from 1% year over year
in the second quarter to 5%. Stratasys appointed a new CEO
in December after a year and a half search. Yoav Zeif, who
will join the company in February, comes from a number
of management positions and industries such as micro-
irrigation and crop protection. ARK believes that 3D printing
will be essential in cutting costs and driving efficiency across
manufacturing and aerospace, and could grow from a $10
billion industry today to over $90 billion in 2024.
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. Zillow (Z) also contributed after reporting a 117% year-
4
ARK INNOVATION ETFs – Fourth Quarter 2019
over-year increase in revenue for the third quarter. Zillow
continues to scale its Homes segment which outpaced its
core Internet, Media & Technology (IMT) business for the
first time. The company is creating a better experience for
buyers and renters, as demonstrated by the 37% and 19%
year-over-year revenue increases in its mortgage and rental
units, respectively.
Among the top detractors were Twitter (TWTR) and Grubhub
(GRUB). Twitter (TWTR) detracted from performance after
reporting a slowdown in revenue growth based on greater
than expected advertising seasonality as well as technical
targeting issues. On a positive note, growth in Twitter’s
monetizable Daily Active Users (mDAUs) accelerated for the
third consecutive quarter, pushing them up by 7 million to
145 million at the end of the third quarter. Grubhub (GRUB)
detracted from performance after reporting poor financial
results and lowering guidance. Management now expects an
industry-wide slowdown in food delivery as new restaurant
inventory dries up and consumers increasingly order on
multiple platforms. ARK believes Grubhub is losing share to
competitors and has exited the position.
The ARK Genomic Revolution ETF (ARKG) outperformed
the broad-based market indexes, primarily because CRISPR
Therapeutics (CRSP) released data on a landmark, first-in-
human, CRISPR-based gene-editing trial in the US. Its lead
drug, CTX001, for the treatment of beta-thalassemia and
sickle cell disease, demonstrated “functional cures” for
these debilitating blood diseases. Cellectis (CLLS), a leading
allogeneic CAR-T company with intellectual property in
TALENs-based gene-editing, also contributed as analysts
grew increasingly confident of the cost savings possible with
life-saving allogeneic-based CAR-T therapies. While Novartis
prices Kymriah at $475,000, for example, Cellectis potentially
could offer an off-the-shelf, safer solution at half the cost.
Among the top detractors were Invitae (NVTA) and Syros
Pharmaceuticals (SYRS). Invitae (NVTA) trended down as
investors grew concerned that it would miss annual guidance
of at least 500,000 accessioned tests. To reach that volume,
sequential growth in units would have to accelerate from
16% in the third quarter to 30% in the fourth. ARK remains
ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com
confident in Invitae’s longer-term volume growth which will
be driven by an expanded testing menu, lower pricing, and
clinical-grade accuracy. Syros (SYRS) suffered from concerns
about the cash burn associated with its investment programs.
That said, at the end of the quarter the company announced a
partnership with Global Blood Therapeutics (GBT) to develop
therapies for sickle cell disease and beta-thalassemia.
Syros will receive $20 million up front as well as milestone
payments, which should fund preclinical research for three
years. Syros will use its leading gene control platform to
identify therapeutic targets that induce fetal hemoglobin,
for which Global Blood Therapeutics will have exclusive
worldwide licensing in the event of commercialization.
Investors also responded positively when Syros announced
that Mark Alles, former CEO of Celgene (CELG), has agreed to
join its Board of Directors.
The ARK Fintech Innovation ETF (ARKF) outperformed the
broad-based market indexes during the quarter. Among the
top contributors were Zillow (Z), for reasons noted above, and
Apple (AAPL), which reported strong third quarter earnings
fueled in-part by its growing services business. ARK believes
Apple Card’s push into the credit card industry, with the
most successful card launch ever, could add much needed
transparency to the often-opaque industry and turbocharge
Apple’s services line. In December, Apple started a new
promotion that offers Apple Card users 6% off their Apple
purchases which probably lifted unit sales and reduced its
reliance on third party financing.
Among the top detractors were Wirecard AG (WDI) and
Pinterest (PINS). Wirecard detracted from performance
after the Financial Times released a new series of articles
questioning the company’s accounting practices. Wirecard
refuted the Financial Times’ accusations as it did earlier in
2019 after a similar series of articles. Following the allegations
made by the Financial Times in October 2019, Wirecard
appointed KPMG for a second independent audit. The results
of this audit are expected in early 2020.
With some of the highest conviction names from the
Funds discussed above, the ARK Innovation ETF (ARKK)
outperformed relative to broad-based indexes during the
5
ARK INNOVATION ETFs – Fourth Quarter 2019

quarter. Among the top contributors were Tesla (TSLA)

and CRISPR Therapeutics (CRSP), for reasons noted above.
Detracting from performance were Invitae (NVTA) and Syros
Pharmaceuticals (SYRS), 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 relative to the
broad-based equity indexes and slight underperformance
versus their indexes. PRNT underperformed both the broad-
based market indexes and its index. Titomic (TITMF) was
the largest detractor, likely suffering from the same macro-
related weakness that rippled through other 3D printing
names. This past November at FormNext, a 3D printing
tradeshow, Titomic demonstrated a 3D printed titanium
rocket constructed in 165 hours, an estimated 30 times faster
than other metal 3D printing techniques, with half the weight
of a traditionally manufactured stainless-steel rocket. SLM
Solutions (SLM) was the largest contributor as the stock
continnued to recover from disappointing second quarter
earnings. As Chinese orders dried up, revenue for the third
quarter fell 9% on a year-over-year basis but increased 89%
from the second quarter. IZRL outperformed the broad-
based market indexes but underperformed its index with
Inmode (INMD) the top contributor after beating analyst
expectations on both the top and the bottom line for the
third quarter. InMode saw increased customer adoption of
its Bipolar RF technology and the benefits from a number
of global expansion efforts after its initial public offering in
August 2019. Intercure (INCR) was the largest detractor as
it recently entered into the cannabis sapce, announcing a
collaboration with Tilray to distribute 2.5 tonnes of medical
cannabis.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | etfs@ark-invest.com | ark-funds.com 6
ARK INNOVATION ETFs – Fourth Quarter 2019

P E R FO R M A N C E | Q 4 20 1 9 For the period October 1 — December 31, 2019

Active ETFs Index ETF

Total Return ARKQ ARKW ARKG ARKF ARKK PRNT IZRL
NAV 17.29% 18.51% 16.96% 12.85% 17.12% 8.52% 10.56%

MKT Price 17.16% 18.33% 17.03% 13.02% 17.13% 9.42% 9.7 3%

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 4 20 1 9
S&P 500 Index (SPX) 9.07% MSCI World Net Index (M1WO) 8.56%

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

B I G G E ST C O N T R I B U TO R S / D E T R AC T O R S | Q4 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 TESLA INC 756 KRATOS DEFENSE & SECURITY -5
NVIDIA CORP 194 ELBIT SYSTEMS LTD -8
2U INC 146 RAKUTEN INC-ADR -21
SPLUNK INC 87 EXONE CO/THE -42
TERADYNE INC 79 STRATASYS LTD -47
ARKW TESLA INC 672 TWILIO INC - A -19
ZILLOW GROUP INC - C 161 GRAYSCALE BITCOIN TRUST BTC -37
NVIDIA CORP 114 PINTEREST INC- CLASS A -50
2U INC 109 TWITTER INC -50
SPLUNK INC 94 GRUBHUB INC -88
ARKG CRISPR THERAPEUTICS AG 394 SERES THERAPEUTICS INC -25
CELLECTIS - ADR 191 CERUS CORP -40
IOVANCE BIOTHERAPEUTICS INC 187 PERSONALIS INC -40
EDITAS MEDICINE INC 145 SYROS PHARMACEUTICALS INC -77
COMPUGEN LTD 137 INVITAE CORP -135
ARKF ZILLOW GROUP INC - C 205 INTERACTIVE BROKERS GRO-CL A -23
APPLE INC 182 TWITTER INC -31
LINE CORP 129 RAKUTEN INC -37
ALIBABA GROUP HOLDING-SP ADR 101 PINTEREST INC- CLASS A -42
ZHONGAN ONLINE P&C INSURAN-H 87 WIRECARD AG -50
ARKK TESLA INC 690 CERUS CORP -35
CRISPR THERAPEUTICS AG 222 STRATASYS LTD -36
2U INC 153 TWITTER INC -39
ZILLOW GROUP INC - C 140 SYROS PHARMACEUTICALS INC -62
EDITAS MEDICINE INC 93 INVITAE CORP -92
PRNT SLM SOLUTIONS GROUP AG 157 AEROJET ROCKETDYNE HOLDINGS -12
MGI DIGITAL GRAPHIC TECHNOLO 130 STRATASYS LTD -16
STRAUMANN HOLDING AG-REG 116 CONFORMIS INC -59
RENISHAW PLC 76 EXONE CO/THE -111
HP INC 75 TITOMIC LTD -126
IZRL INMODE LTD 118 MEDIWOUND LTD -27
UROGEN PHARMA LTD 95 BRAINSWAY LTD -27
COMPUGEN LTD 90 REDHILL BIOPHARMA LTD-SP ADR -30
TEVA PHARMACEUTICAL-SP ADR 88 CERAGON NETWORKS LTD -48
AUDIOCODES LTD 80 INTERCURE LTD -59

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 December 31, 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.

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ARK INNOVATION ETFs – Fourth Quarter 2019

PERFORMANCE OVERVIEW | ACTIVELY MANAGED ETFs For the period ended December 31, 2019

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

ARKQ NAV 25.95% 25.95% 21.06% 14.75% 13.67%

ARKQ MKT Price 25.94% 25.94% 20.89% 14.57% 13.66%

S&P 500 Index (SPX) 31.49% 31.49% 15.27% 11.70% 12.05%

MSCI World Net Index (M1WO) 27.67% 27.67% 12.57% 8.74% 8.46%

YTD One Year Three Years Five Years Since Inception

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

ARKW NAV 35.80% 35.80% 38.51% 27.20% 26.26%

ARKW MKT Price 35.76% 35.76% 38.39% 27.09% 26.24%

S&P 500 Index (SPX) 31.49% 31.49% 15.27% 11.70% 12.05%

MSCI World Net Index (M1WO) 27.67% 27.67% 12.57% 8.74% 8.46%

YTD One Year Three Years Five Years Since Inception

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

ARKG NAV 43.78% 43.78% 28.11% 11.07% 11.87%

ARKG MKT Price 44.07% 44.07% 28.25% 10.96% 11.87%

S&P 500 Index (SPX) 31.49% 31.49% 15.27% 11.70% 12.05%

MSCI World Net Index (M1WO) 27.67% 27.67% 12.57% 8.74% 8.74%

YTD One Year Three Years Five Years Since Inception

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

ARKF NAV N/A N/A N/A N/A 21.30%

ARKF MKT Price N/A N/A N/A N/A 21.39%

S&P 500 Index (SPX) N/A N/A N/A N/A 21.60%

MSCI World Net Index (M1WO) N/A N/A N/A N/A 18.39%

YTD One Year Three Years Five Years Since Inception

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

ARKK NAV 35.23% 35.23% 37.95% 21.70% 21.07%

ARKK MKT Price 35.08% 35.08% 37.86% 21.67% 21.07%

S&P 500 Index (SPX) 31.49% 31.49% 15.27% 11.70% 12.05%

MSCI World Net Index (M1WO) 27.67% 27.67% 12.57% 8.74% 8.74%

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.

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ARK INNOVATION ETFs – Fourth Quarter 2019

PERFORMANCE OVERVIEW | INDEX ETFs For the period ended December 31, 2019

Three Years Since Inception

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

PRNT NAV 12.91% 12.91% 3.25% 4.40%

PRNT MKT Price 11.93% 11.93% 3.12% 4.31%
The Total 3D Printing Index (3DPRNT) 14.32% 14.32% 4.51% 5.60%
S&P 500 Index (SPX) 31.49% 31.49% 15.27% 14.53%
MSCI World Net Index (M1WO) 27.67% 27.67% 12.57% 11.96%

Three Years Since Inception

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

IZRL NAV 21.93% 21.93% N/A 8.08%

IZRL MKT Price 22.14% 22.14% N/A 7.86%
ARK Israeli Innovation Index (IZRLINVN) 22.98% 22.98% N/A 8.49%
S&P 500 Index (SPX) 31.49% 31.49% N/A 12.42%
MSCI World Net Index (M1WO) 27.67% 27.67% N/A 8.55%

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 | etfs@ark-invest.com | ark-funds.com 9
ARK INNOVATION ETFs – Fourth 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. 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 10