Fund Description: ARK Web x.0 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 Web x.0 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 Web x.0. Companies relevant to this theme are focused on and expected to benefit from shifting the bases of technology infrastructure from hardware and software to the cloud, enabling mobile and local services, such as companies that rely on or benefit from the increased use of shared technology, infrastructure and services. These companies may include mail order houses which generate the entirety of their business through websites and which offer internet-based products and services, such as streaming media or cloud storage in addition to traditional physical goods. These companies may also include ones that develop, use or rely on innovative payment methodologies, big data, the internet of things, and social distribution and media. 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 internal and 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 types of companies are focused on shifting the bases of technology infrastructure from hardware and software to the cloud, enabling mobile and local services, among others. The Adviser 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. FUND MANAGEMENT: ARK Investment Management LLC serves as the inventment adviser to the Fund.