Quarterly Report

Q2 ∙ 2021 QUARTERLY REPORT

ARK Exchange Traded Funds (ETFs) Active ETFs Index ETFs Update as of June 30, 2021 ARKQ PRNT

ARKW IZRL

ARKG

ARKK

ARKF

ARKX

ARK Invest 3 E 28th Street, 7th Floor, New York, NY 10016 [email protected] ark-funds.com ARK INNOVATION ETFs – Second Quarter 2021

Quarterly Commentary Catherine D. Wood, ARK Chief Investment Officer

During the second quarter, broad-based global equity increase productivity. Instead of investing to capitalize indexes – as measured by the S&P 500 and MSCI World on the exponential opportunities associated with the 14 – continued to appreciate as many economies began to technologies evolving today, however, many companies reopen in response to successful vaccination rollouts. have catered to short-term oriented shareholders who On Capitol Hill, the Biden Administration continued have demanded results “now”, leveraging their balance negotiations on what could become a bipartisan sheets to buy back stock, bolster earnings, and increase infrastructure bill and another source of economic dividends. As a result, facing the disintermediation and stimulus. Meanwhile, in ARK’s view, the odds of significant disruption associated with aging products and services, capital gains and income tax increases in the US have they could be forced to cut prices to clear inventories declined thanks to an agreement signed by the vast and service bloated debts, resulting in deflation with a majority of 130 countries that, if ratified in October, deleterious impact on economic activity. would impose a 15% minimum tax rate on large global corporations. Now that midterm election campaigns If ARK is correct that the risk to the outlook is deflation, are in early stages, narrow majorities in both Houses of not inflation, then nominal GDP growth is likely to be Congress also could lower the probability of onerous much lower than expected, suggesting that scarce double- tax measures that appear to be unpopular. The US yield digit growth opportunities will be rewarded accordingly. curve flattened slightly as the 10-year Treasury bond Growth stocks in general and innovation-driven stocks in yield fell to 1.47%, well below the 1.74% peak posted at particular could be the prime beneficiaries. the end of March. In other words, the bond market does not seem to be corroborating the fears of inflation that During the second half of the quarter, value gave way to have dominated headlines recently. growth in performance. Through mid-May, as commodity prices soared, the rotation from growth/innovation toward In ARK’s view, inflation will prove temporary thanks value/cyclical strategies gained momentum. ARK believes both to the base effects caused by price collapses that this rotation has broadened and strengthened the bull during the coronavirus crisis last year and to supply market, preventing another tech and telecom bubble and chain bottlenecks that could be causing double- and likely setting the stage for another leg up in innovation- triple-ordering of supplies which, in turn, could lead based strategies. In late May and June, after the reset in to a significant inventory overhang and a commodity growth valuations and the drop in commodity prices like price collapse. With the exception of oil, cracks in the lumber and copper, investors began to return to growth/ commodity markets already are apparent. From their innovation at the expense of value/cyclical strategies. In peaks in the second quarter, lumber prices have dropped ARK’s view, the coronavirus crisis transformed the world more than 57% from $1,686 to $716 per thousand board significantly and permanently, suggesting that many feet while copper prices have dropped roughly 13% from innovation-driven stocks could be productive holdings $4.78 per pound to $4.16. Oil prices probably will not be during the next five to ten years. far behind despite shareholder demands for cutbacks in energy-related capital spending. If drivers in the Among the largest beneficiaries of the rotation toward ride-sharing space migrate to electric vehicles and take cyclicals during the past six to nine months have been advantage of the lower total cost of ownership relative to two sectors that ARK believes will be disrupted the most gas-powered vehicles, any decline in oil prices could be by innovation during the next five years: Energy and exacerbated. Financial Services. In ARK’s view, autonomous electric vehicles and digital wallets, including cryptocurrencies In ARK’s view, exacerbating the cyclical deflation will be and decentralized financial services (DeFi) associated two secular sources of deflation, one good for economic more broadly with blockchain technologies, will disrupt activity and another deleterious. Innovation is the source and disintermediate both Energy and Financial Services of good deflation, as learning curves cut costs and significantly during the next five years.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 2 ARK INNOVATION ETFs – Second Quarter 2021

ARK’s five actively managed thematically focused ETFs and Among the top contributors were Roku (ROKU) and Trade two self-indexed ETFs appreciated but underperformed Desk (TTD). ROKU rallied in response to strong revenues relative to the S&P 500 and MSCI World Indexes during the and earnings, notably platform ad revenue and gross second quarter. That said, the ARK Innovation ETF (ARKK), profits. Roku has increased its commitment to original a concentrated portfolio of high conviction names with content and has sustained user gains generated during the exposure to all of the ARK’s disruptive innovation themes, coronavirus crisis. In a volatile quarter, TTD appreciated outperformed the broad-based global indexes. after Alphabet announced a delay in its plan to block third-party cookies from Google Chrome. Trade Desk is The ARK Autonomous Technology and Robotics ETF an ad-tech company that facilitates audience targeting (ARKQ) underperformed the broad-based market across media formats. indexes during the quarter. Among the top detractors were Workhorse Group (WKHS) and Virgin Galactic Holdings The ARK Genomic Revolution ETF (ARKG) underperformed (SPCE). WKHS suffered as Capitol Hill failed to clarify its the broad-based market indexes during the quarter. position on the conversion of the US Postal Services’ fleet Among the top detractors were Teladoc Health (TDOC) to electric vehicles. SPCE depreciated not only in response and Iovance Biotherapeutics (IOVA). TDOC depreciated to intensified competition from Blue Origin and SpaceX as several companies including Amazon announced but also to lower than expected earnings and revenue competitive incursions into the digital health space. ARK as well as flight schedule delays and Founder Richard believes Teladoc can process and analyze data unlike any Branson’s decision to sell shares. ARK exited both WKHS competitors, explaining why it has become a leader in and SPCE, capitalizing on the market’s downside volatility telehealth and a single touchpoint for an extensive set of by rotating into higher conviction names. services. Historically in the US, healthcare data has been highly fragmented, an impediment that Teladoc appears Among the top contributors were 3D Systems (DDD) and to be overcoming. Thanks to its recent acquisition of Alphabet (GOOG). DDD appreciated in response to better Livongo, Teledoc has strengthened its data and analytical than expected revenues and earnings in the first quarter. capabilities. IOVA declined after the company disclosed In addition, 3D Systems announced a partnership with a six-month delay in its Biologics License Application CollPlant Biotechnologies to 3D bioprint regenerative (BLA), a commercialization application submitted to the soft tissue for breast reconstructions. GOOG appreciated U.S. Food and Drug Administration (FDA), in response in response to e-commerce tailwinds and a significant to feedback on its potency assays. Additionally, Iovance rebound in ad revenue. Alphabet also announced several disclosed that Maria Fardis, CEO for the last five years, product and service initiatives, including a Pixel 5A 5G would be leaving to pursue other opportunities. Frederick phone and the expansion of Google Workspace, as well as Vogt, General Counsel, has stepped in as interim CEO. several contracts for GCP, its cloud platform. ARK believes that tumor infiltrating lymphocytes (TILs) are the most compelling therapies for solid tumors and that The ARK Next Generation Internet ETF (ARKW) Iovance has the most robust TIL data set. underperformed the broad-based market indexes during the quarter. Among the top detractors were Grayscale Among the top contributors were Intellia Therapeutics Bitcoin Trust (GBTC) and Coinbase Global (COIN). (NTLA) and CareDx (CDNA). Intellia Therapeutics made GBTC responded to a 45%+ drop in the price of bitcoin, history by presenting the first data of a CRISPR Cas9 in precipitated in part, we believe, by Elon Musk’s second vivo gene editing therapy in patients with Hereditary thoughts about the heavy use of energy in bitcoin mining. Transthyretin Amyloidosis (hATTR). Until now, patients ARK believes that bitcoin mining, when incorporated into with hATTR faced limited treatment options. Intellia’s solar+battery utility ecosystems, could accelerate the data highlighted that editing the TTR gene could result proliferation of renewables faster than otherwise would in a one-time treatment, eliminating the need for chronic be the case. COIN also suffered from the drop in bitcoin therapy, signifying that one-time cures are possible. CDNA and other cryptoassets. Founded in 2012 and now one of responded positively to CareDx’s acquisition of Transplant the leading crypto exchanges in the world, Coinbase has Hero, a mobile application provider focused on the needs attracted 56+ million users in part thanks to its onramps of transplant patients. CareDx is modernizing transplant and its commitment to government regulations. medicine with deep genomics expertise, machine learning, and longitudinal patient management.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 3 ARK INNOVATION ETFs – Second Quarter 2021

The ARK Fintech Innovation ETF (ARKF) underperformed stocks generally. During Investor Day, Nvidia also the broad-based market indexes during the quarter. unveiled the Omniverse Platform, its Grace CPU, and an Among the top detractors were Silvergate Capital (SI) and AI LaunchPad. In June, CNH announced an agreement to Coinbase Global (COIN). Silvergate Capital shares traded acquire Raven for a significant premium. Raven Industries down, primarily in response to a sharp drop in the prices of makes precision agriculture and high altitude balloons, bitcoin and other cryptocurrencies. COIN detracted from while CNH is the second largest agricultural equipment performance for reasons discussed above. maker globally.

Among the top contributors were Shopify (SHOP) and Sea With some of the highest conviction names from the (SE). SHOP appreciated in response to the continued shift Funds discussed above, the ARK Innovation ETF (ARKK) to e-commerce, expanded partnerships with Facebook and outperformed the broad-based indexes during the quarter. Google that will increase Shop Pay’s access to merchants, Among the top contributors were ROKU and NTLA, for and the strategic acquisition of an augmented reality reasons discussed above. Detracting from performance platform, Primer. Sea’s self-developed global hit game, were TDOC and COIN, for reasons discussed above. Free Fire, continued to impress, while its e-commerce platform, Shopee, grew average daily orders significantly. ARK’s self-indexed ETFs, The 3D Printing ETF (PRNT) and the ARK Israel Innovation Technology ETF (IZRL), The ARK Space Exploration & Innovation ETF (ARKX) appreciated during the quarter. PRNT underperformed underperformed the broad-based market indexes during relative to the broad-based market indexes. ExOne the quarter. Among the top detractors were Komatsu (XONE) was the largest detractor after a broadbased (6301-JP) and Virgin Galactic Holdings (SPCE). Komatsu selloff in the 3D printing space. ExOne is a leader in binder suffered from a broader selloff in construction and mining jetting 3D printing, an area on which its 3D printing peers stocks. ARK believes that Komatsu will leverage its position like HP and Desktop Metal are focusing increasingly. DDD as a top construction and mining equipment supplier was the top contributor for reasons discussed above. and become a leader in autonomous equipment. SPCE IZRL underperformed relative to the broad-based market detracted from performance for reasons discussed above. indexes. Evogene (EVGN) was the largest detractor from performance as biotech sold off broadly. The company is Among the top contributors were Nvidia (NVDA) and engaged in research and development to improving crop Raven Industries (RAVN). NVDA appreciated in response to quality, productivity, and economics in the food, feed, and stronger than expected first quarter earnings and guidance, biofuel industries. InMode (INMD) was the top contributor, a higher probability that it will succeed in acquiring ARM, as Barclays released a favorable report on the medical sell-side upgrades, and a strong move in semiconductor device industry, including a positive outlook for InMode.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 4 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%) ARKQ Element Exposure Company Weight Autonomous Vehicles 42.9% TESLA INC 10.8% ARK Autonomous Robotics 19.4% JD.COM INC-ADR 7.0% Technology & Robotics ETF Energy Storage 12.6% KRATOS DEFENSE & SECURITY 6.6% 3D Printing 12.5% TRIMBLE INC 6.3% Inception: 09/30/2014 Space Exploration 9.0% BAIDU INC - SPON ADR 4.5% Fund Type: Active Equity ETF Development of Infrastructure 2.9% ALPHABET INC-CL C 4.4% CUSIP: 00214Q 203 Innovative Materials 0.1% IRIDIUM COMMUNICATIONS INC 4.2% ISIN: US00214Q2030 Alternate Energy Sources 0.1% 3D SYSTEMS CORP 3.4% Primary Exchange: Cboe BZX Exchange UNITY SOFTWARE INC 3.3% ark-funds.com/arkq UIPATH INC - CLASS A 2.8% 53.1%

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* ARKQ | NAV 2.89% 13.29% 84.21% 37.34% 36.32% 25.33% ARKQ | Market Price 2.70% 13.00% 83.79% 37.19% 36.45% 25.32% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 14.40% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 10.87%

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 ARKQ is 0.75%. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com. 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. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* ARKQ 3D SYSTEMS CORP 172 VUZIX CORP -50 ALPHABET INC-CL C 82 KOMATSU LTD -SPONS ADR -63 TUSIMPLE HOLDINGS INC - A 81 MATERIALISE NV-ADR -64 RAVEN INDUSTRIES INC 79 VIRGIN GALACTIC HOLDINGS INC -66 NVIDIA CORP 78 WORKHORSE GROUP INC -67

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 June 30, 2021 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.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 5 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%) ARKW Element Exposure Company Weight E-Commerce 21.8% TESLA INC 9.9% ARK Next Generation Digital Media 17.3% SHOPIFY INC - CLASS A 5.1% Internet ETF Cloud Computing 12.5% TWITTER INC 5.0% Internet of Things 11.1% TELADOC HEALTH INC 4.5% Inception: 09/30/2014 Big Data & Machine Learning 10.2% ROKU INC 4.3% Fund Type: Active Equity ETF Social Platforms 9.6% GRAYSCALE BITCOIN TRUST BTC 4.3% CUSIP: 00214Q 401 Blockchain & P2P 8.9% SQUARE INC - A 4.3% ISIN: US00214Q4010 Mobile 8.4% TWILIO INC - A 4.0% Primary Exchange: NYSE Arca SPOTIFY TECHNOLOGY SA 3.9% ark-funds.com/arkw COINBASE GLOBAL INC -CLASS A 3.5% 48.7%

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* ARKW | NAV 4.66% 5.43% 84.27% 47.24% 51.80% 38.99% ARKW | Market Price 4.49% 5.26% 83.96% 47.10% 51.83% 38.97% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 14.40% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 10.87%

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 ARKW is 0.79%. For most recent month end performance please call 1-800-679- 7759 or visit www.ark-funds.com. 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. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* ARKW ROKU INC 148 OPENDOOR TECHNOLOGIES INC -40 TRADE DESK INC/THE -CLASS A 138 TELADOC HEALTH INC -43 SHOPIFY INC - CLASS A 128 FASTLY INC - CLASS A -61 TWITTER INC 75 COINBASE GLOBAL INC -CLASS A -68 TWILIO INC - A 69 GRAYSCALE BITCOIN TRUST BTC -267

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 6 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%) ARKG Element Exposure Company Weight Targeted Therapeutics 19.6% TELADOC HEALTH INC 7.1% ARK Genomic Bioinformatics 17.3% EXACT SCIENCES CORP 5.2% Revolution ETF Molecular Diagnostics 16.3% PACIFIC BIOSCIENCES OF CALIF 4.9% Instrumentation 13.1% CAREDX INC 4.4% Inception: 10/31/2014 Beyond DNA 13.0% REGENERON PHARMACEUTICALS 4.0% Fund Type: Active Equity ETF Next Generation Oncology 11.0% FATE THERAPEUTICS INC 3.7% CUSIP: 00214Q 302 Gene Therapy 7.8% TWIST BIOSCIENCE CORP 3.6% ISIN: US00214Q3020 Stem Cells 0.5% IONIS PHARMACEUTICALS INC 3.6% Primary Exchange: Cboe BZX Exchange Agricultural Biology 0.4% VERTEX PHARMACEUTICALS INC 3.6% ark-funds.com/arkg ACCOLADE INC 3.0% 42.89

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* ARKG | NAV 4.55% -0.76% 79.12% 50.03% 42.54% 27.20% ARKG | Market Price 4.25% -0.81% 78.83% 50.00% 42.61% 27.19% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 14.43% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 11.13%

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 ARKG is 0.75%. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com. 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. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* ARKG INTELLIA THERAPEUTICS INC 140 TAKEDA PHARMACEUTIC-SP ADR -27 CAREDX INC 129 VERACYTE INC -29 BEAM THERAPEUTICS INC 95 IONIS PHARMACEUTICALS INC -32 CRISPR THERAPEUTICS AG 81 IOVANCE BIOTHERAPEUTICS INC -56 REGENERON PHARMACEUTICALS 77 TELADOC HEALTH INC -68

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 7 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%) ARKK Element Exposure Company Weight Cloud Computing 13.7% TESLA INC 9.6% E-Commerce 11.9% ROKU INC 6.2% ARK Innovation ETF Digital Media 11.3% Gene Therapy 6.6% TELADOC HEALTH INC 5.9% Inception: 10/31/2014 Mobile 6.0% SQUARE INC - A 4.5% Fund Type: Active Equity ETF Big Data & Machine Learning 5.7% ZOOM VIDEO COMMUNICATIONS-A 4.5% Internet of Things 5.3% CUSIP: 00214Q 104 SHOPIFY INC - CLASS A 4.3% ISIN: US00214Q1040 Instrumentation 4.8% Robotics 3.8% TWILIO INC - A 3.7% Primary Exchange: NYSE Arca Next Generation Oncology 3.7% COINBASE GLOBAL INC -CLASS A 3.7% Social Platforms 3.4% ark-funds.com/arkk SPOTIFY TECHNOLOGY SA 3.7% Molecular Diagnostics 3.4% UNITY SOFTWARE INC 3.4% Bioinformatics 3.3% Blockchain & P2P 3.1% 49.4% Energy Storage 3.1% Autonomous Vehicles 2.7% Targeted Therapeutics 2.0% Beyond DNA 1.9% 3D Printing 1.6% Space Exploration 1.3% Development of Infrastructure 1.0%

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* ARKK | NAV 9.44% 5.09% 86.59% 45.26% 48.36% 34.27% ARKK | Market Price 9.03% 5.06% 86.41% 45.21% 48.55% 34.29% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 14.43% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 11.13%

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 is 0.75%. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com. 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. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* ARKK ROKU INC 224 IOVANCE BIOTHERAPEUTICS INC -34 INTELLIA THERAPEUTICS INC 155 PROTO LABS INC -37 SHOPIFY INC - CLASS A 121 BAIDU INC - SPON ADR -42 BEAM THERAPEUTICS INC 108 COINBASE GLOBAL INC -CLASS A -56 ZOOM VIDEO COMMUNICATIONS-A 94 TELADOC HEALTH INC -62

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 8 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%) ARKF Element Exposure Company Weight Transaction Innovations 27.6% SQUARE INC - A 10.2% ARK Fintech Innovation ETF Customer Facing Platforms 22.9% SHOPIFY INC - CLASS A 5.7% Frictionless Funding Platforms 16.0% SEA LTD-ADR 4.8% Inception: 02/04/2019 The New Intermediaries 14.0% PAYPAL HOLDINGS INC 4.7% Fund Type: Active Equity ETF Risk Transformations 10.7% ZILLOW GROUP INC - C 4.6% CUSIP: 00214Q 708 Blockchain 8.7% JD.COM INC-ADR 3.8% ISIN: US00214Q7088 TWILIO INC - A 3.7% Primary Exchange: NYSE Arca COINBASE GLOBAL INC -CLASS A 3.5% ark-funds.com/arkf MERCADOLIBRE INC 3.4% PINTEREST INC- CLASS A 3.2% 47.4%

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* ARKF | NAV 6.34% 9.04% 71.97% — — 52.20% ARKF | Market Price 5.89% 8.85% 71.99% — — 52.19% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 23.36% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 19.98%

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 ARKF is 0.75%. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com. 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. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* ARKF SHOPIFY INC - CLASS A 154 ZILLOW GROUP INC - C -23 SEA LTD-ADR 104 YEAHKA LTD -23 PAYPAL HOLDINGS INC 90 OPENDOOR TECHNOLOGIES INC -48 TCS GROUP HOLDING-GDR REG S 87 COINBASE GLOBAL INC -CLASS A -55 SQUARE INC - A 82 SILVERGATE CAPITAL CORP-CL A -114

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 9 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

PORTFOLIO COMPOSITION TOP 10 HOLDINGS (%) ARKX Element Exposure Company Weight Aerospace Beneficiaries 42.6% TRIMBLE INC 9.4% ARK Space Exploration Enabling Technology 25.6% THE 3D PRINTING ETF 6.9% and Innovation ETF Orbital Aerospace 25.1% KRATOS DEFENSE & SECURITY 6.6% Suborbital Aerospace 6.4% IRIDIUM COMMUNICATIONS INC 6.1% Inception: 03/30/2021 L3HARRIS TECHNOLOGIES INC 5.1% Fund Type: Active Equity ETF JD LOGISTICS INC 4.6% CUSIP: 00214Q 807 LOCKHEED MARTIN CORP 4.1% ISIN: US00214Q8078 THALES SA 3.9% Primary Exchange: Cboe BZX Exchange KOMATSU LTD 3.6% ark-funds.com/arkx AMAZON.COM INC 3.3% 53.6%

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* ARKX | NAV 2.78% — — — — 4.99% ARKX | Market Price 2.14% — — — — 5.05% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 8.95% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 8.00%

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 ARKX is 0.75%. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com. 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.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* ARKX NVIDIA CORP 110 BOEING CO/THE -20 RAVEN INDUSTRIES INC 86 JD.COM INC-ADR -59 ALPHABET INC-CL C 57 WORKHORSE GROUP INC -75 TRIMBLE INC 46 VIRGIN GALACTIC HOLDINGS INC -80 L3HARRIS TECHNOLOGIES INC 36 KOMATSU LTD -91

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 10 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

SECTOR WEIGHTS TOP 10 HOLDINGS (%) PRNT Sector Exposure Company Weight Information Technology 60.2% 3D SYSTEMS CORP 8.4% The 3D Printing ETF Industrials 26.1% SLM SOLUTIONS GROUP AG 5.5% Health Care 9.4% STRAUMANN HOLDING AG-REG 5.5% Inception: 07/19/2016 Materials 3.2% EXONE CO/THE 5.4% Fund Type: Indexed Equity ETF Consumer Discretionary 1.0% ALTAIR ENGINEERING INC - A 5.1% CUSIP: 00214Q 500 Consumer Staples 0.1% DASSAULT SYSTEMES SE 4.6% ISIN: US00214Q5009 Not Classified 0.04% MICROSOFT CORP 4.6% Primary Exchange: Cboe BZX Exchange TRIMBLE INC 4.4% ark-funds.com/prnt AUTODESK INC 4.3% MGI DIGITAL GRAPHIC TECHNOLO 4.3% 52.2%

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* PRNT | NAV 2.72% 26.52% 88.54% 17.47% — 15.58% PRNT | Market Price 2.42% 26.40% 88.26% 17.63% — 15.61% 3DPRNT Index 2.11% 26.02% 88.94% 18.25% 16.89% 18.01% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 17.04% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 14.27%

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%. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com. 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. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* PRNT 3D SYSTEMS CORP 334 PROTO LABS INC -69 STRAUMANN HOLDING AG-REG 130 MATERIALISE NV-ADR -69 SLM SOLUTIONS GROUP AG 119 DESKTOP METAL INC-A -95 MICROSOFT CORP 68 RENISHAW PLC -112 DASSAULT SYSTEMES SE 60 EXONE CO/THE -252

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 11 ARK INNOVATION ETFs – Second Quarter 2021

As of June 30, 2021 | All holdings are subject to change.

SECTOR WEIGHTS TOP 10 HOLDINGS (%) IZRL Sector Exposure Company Weight Information Technology 47.9% PERION NETWORK LTD 2.3% ARK Israel Innovative Health Care 24.3% ITURAN LOCATION AND CONTROL 2.2% Technology ETF Industrials 13.8% CELLCOM ISRAEL LTD 2.1% Communication Services 7.9% ELECTRA CONSUMER PRODUCTS 19 2.1% Inception: 12/05/2017 Consumer Discretionary 5.8% KORNIT DIGITAL LTD 2.1% Fund Type: Indexed Equity ETF Not Classified 0.4% DARIOHEALTH CORP 2.1% CUSIP: 00214Q 609 DANEL (ADIR YEOSHUA) LTD 2.0% ISIN: US00214Q6098 MALAM - TEAM LTD 2.0% Primary Exchange: Cboe BZX Exchange ONE SOFTWARE TECHNOLOGIES LT 2.0% ark-funds.com/izrl AUDIOCODES LTD 2.0% 20.8%

FUND PERFORMANCE For periods ended June 30, 2021 | *Annualized

Since 3 Months YTD 1 Year 3 Years* 5 Years* Inception* IZRL | NAV 2.87% 8.80% 34.92% 18.51% — 15.88% IZRL | Market Price 1.91% 7.99% 33.76% 18.31% — 15.80% IZRLINVN Index 3.54% 10.82% 38.56% 20.43% 19.44% 17.50% S&P 500 Index (SPX) 8.55% 15.25% 40.79% 18.67% 17.65% 16.75% MSCI World Index (M1WO) 7.74% 13.05% 39.04% 14.99% 14.83% 13.12%

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 IZRL is 0.49%. For most recent month end performance please call 1-800-679-7759 or visit www.ark-funds.com. 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. Extraordinary performance is attributable in part due to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

BIGGEST CONTRIBUTORS/DETRACTORS | Q2 2021 *A basis point (BP) is a unit that is equal to 1/100th of 1%

TOP 5 STOCKS BPs* BOTTOM 5 STOCKS BPs* IZRL INMODE LTD 61 NANO-X IMAGING LTD -32 ELECTRA CONSUMER PRODUCTS 19 58 GAMIDA CELL LTD -38 ITURAN LOCATION AND CONTROL 53 ENLIVEX THERAPEUTICS LTD -38 DANEL (ADIR YEOSHUA) LTD 50 UROGEN PHARMA LTD -41 CAMTEK LTD 47 EVOGENE LTD -45

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 12 ARK INNOVATION ETFs – Second Quarter 2021

FOR FURTHER INFORMATION REGARDING ARK INNOVATION ETFs: Please contact our sales partner, Resolute Investment Distributors: 1-800-679-7759

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.

Some of 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. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. Communications Sector Risk. Communication companies may be adversely impacted by potential obsolescence of products and services, pricing competition, research and development costs, substantial capital requirements and government regulation. Consumer Discretionary Risk. Companies in this sector may be adversely impacted by changes in domestic/ international economies, exchange/interest rates, social trends and consumer preferences. 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 impacted 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.

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 impacted 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.

ARK Invest | 3 E 28th Street, 7th Floor, New York, NY 10016 | [email protected] | ark-funds.com 13 ARK INNOVATION ETFs – Second Quarter 2021

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 | [email protected] | ark-funds.com 14