Fund Description: ARK Industrial 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 Industrial 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 80% of its assets) in domestic and foreign equity securities of companies that are relevant to the Fund’s investment theme of industrial innovation. Companies that are expected to focus on and benefit from the development of new products or services, technological improvements and advancements in scientific research related to, among other things, disruptive innovation in energy (energy transformation companies), automation and manufacturing (automation transformation companies), materials, and transportation. The Adviser considers a company to be an energy transformation company if it seeks to capitalize on innovations or evolutions in: (i) ways that energy is stored or used; (ii) the discovery, collection and/or implementation of new sources of energy, including unconventional sources of oil or natural gas and/or (iii) the production or development of new materials for use in commercial applications of energy production, use or storage. The Adviser considers a company to be an automation transformation company if it is focused on man capitalizing on the productivity of machines, such as through the automation of functions, processes or activities previously performed by human labor or the use of robotics to perform other functions, activities or processes. In selecting companies the Adviser 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 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 and will use both top down (macro-economic and business cycle analysis) and bottom up (valuation, fundamental and quantitative measures) approaches to select investments for the Fund. 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 ADRs when purchasing foreign securities. FUND MANAGEMENT: ARK Investment Management LLC serves as the inventment adviser to the Fund.