Fund Description: ARK Innovation ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the ARK ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The ARK Innovation ETF seeks long-term growth of capital. The Fund is an actively managed ETF and does not seek to replicate the performance of a specified Index. Instead, it uses an active investment strategy to seek to meet its investment objective. ARK Investment Management LLC, the Fund's Investment Advisor, has discretion on a daily basis to manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. FUND STRATEGY: Under normal circumstances the Fund will invest primarily (at least 65% of its assets) in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of disruptive innovation. Companies relevant to this theme are those that rely on or benefit from the development of new products or services, technological improvements and advancements in scientific research relating to the areas of genomics (Genomic Revolution Companies), industrial innovation (Industrial Innovation Companies) or the increased use of shared technology, infrastructure and services (Web x.0 Companies). (For a detailed description see prospectus). In selecting companies that the Adviser believes are relevant to a particular investment theme, it seeks to identify, using its own internal research and analysis, companies capitalizing on disruptive innovation or that are enabling the further development of a theme in the markets in which they operate. The Adviser’s internal research and analysis leverages insights from diverse sources, including external research, to develop and refine its investment themes and identify and take advantage of trends that have ramifications for individual companies or entire industries. The Adviser will select investments for the Fund that represent its highest-conviction investment ideas within the theme of disruptive innovation in constructing the Fund’s portfolio. The Adviser’s process for identifying genomic companies, industrial innovation companies and Web x.0 companies uses both top down (macro-economic and business cycle analysis) and bottom up (valuation, fundamental and quantitative measures) approaches. The Adviser’s highest-conviction investment ideas are those that it believes present the best risk-reward opportunities. Under normal circumstances, substantially all of the Fund’s assets will be invested in equity securities, including common stocks, partnership interests, business trust shares and other equity investments or ownership interests in business enterprises. The Fund’s investments will include issuers of micro-, small-, medium- and large-capitalizations. The Fund’s investments in foreign equity securities will be in both developed and emerging markets. The Fund currently intends to use only American Depositary Receipts (ADRs) when purchasing foreign securities. The Fund will not be concentrated in any industry. FUND MANAGEMENT: ARK Investment Management LLC serves as the inventment adviser to the Fund.