Strategy. The Fund is an actively -managed exchange -traded fund (ETF) that will invest under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Funds investment theme of Blockchain & Fintech innovation. A company is deemed to be engaged in the theme of Blockchain & Fintech innovation if (i) it derives a significant portion of its revenue or market value from the theme of Blockchain & Fintech innovation or (ii) it has stated its primary business to be in products and services focused on the theme of Blockchain & Fintech innovation. The Adviser defines Blockchain & Fintech innovation as the introduction of a technologically enabled new product or … Show more… The Fund is an actively -managed exchange -traded fund (ETF) that will invest under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Funds investment theme of Blockchain & Fintech innovation. A company is deemed to be engaged in the theme of Blockchain & Fintech innovation if (i) it derives a significant portion of its revenue or market value from the theme of Blockchain & Fintech innovation or (ii) it has stated its primary business to be in products and services focused on the theme of Blockchain & Fintech innovation. The Adviser defines Blockchain & Fintech innovation as the introduction of a technologically enabled new product or service that potentially changes the way the financial sector works. In selecting companies that the Adviser believes are engaged in the theme of Blockchain & Fintech innovation (Blockchain & Fintech Innovation Companies), the Adviser seeks to identify, using its own internal research and analysis, companies capitalizing on disruptive innovation. Disruptive innovation occurs when a new product or service substantially alters the way a market or industry functions. The Advisers 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. Blockchain & Fintech Innovation Companies are companies that may develop, use or rely on innovative payment platforms and methodologies, point of sale providers, e -commerce , transactional innovations, business analytics, fraud reduction, frictionless funding platforms, peer -to-peer lending, blockchain* technologies, intermediary exchanges, asset allocation technology, mobile payments, and risk pricing and pooling aggregators (insurance). A Blockchain & Fintech Innovation Company may not currently derive any revenue, and there is no assurance that such company will derive any revenue from innovative technologies in the future. The Fund may have exposure to cryptocurrency, such as bitcoin and Ether, indirectly through an investment in a grantor trust or in other pooled investment vehicles, such as exchange -traded funds. The Fund gains exposure to cryptocurrency through investments in the ARK Bitcoin ETF Holdco (ARKF), a wholly -owned subsidiary of the Fund organized under the laws of the Cayman Islands (the ARKF Subsidiary). In order to comply with certain issuer diversification limits imposed by the Internal Revenue Code, the Fund may invest up to 25% of its total assets in the ARKF Subsidiary. The ARKF Subsidiary is advised by the Adviser, and has the same investment objective as the Fund. The ARKF Subsidiary may invest in pooled investment vehicles and exchange -traded products that invest in cryptocurrencies. Investments in the ARKF Subsidiary are intended to provide the * The term blockchain refers to a peer -to-peer distributed ledger that is secured using cryptography. A distributed ledger is a shared electronic database where information is recorded and stored across multiple computers; a blockchain is one type of distributed ledger. A blockchain may be open and permissionless or private and permissioned. The Bitcoin and Ethereum blockchains are examples of open, public, permissionless blockchains. Blockchain derives its name from the way it stores transaction data in blocks that are linked together to form a chain. As the number of transactions grows, so does the blockchain. Blocks record and confirm the time and sequence of transactions, which are then logged into the blockchain network, which is, with respect to public blockchains, governed by rules agreed on by the network participants. Fund with exposure to cryptocurrency while meeting the federal tax requirements that apply to regulated investment companies, like the Fund. The Funds exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the Funds portfolio. The Adviser will select investments for the Fund that represent the Advisers highest -conviction investment ideas within the theme of Blockchain & Fintech innovation, as defined above, in constructing the Funds portfolio. The Advisers process for identifying Blockchain & Fintech Innovation Companies uses both top down (thematic research sizing the potential total available market, and surfacing the prime beneficiaries) and bottom up (valuation, fundamental and quantitative measures) approaches. In both the Advisers top down and bottom up approaches, the Adviser evaluates environmental, social, and governance (ESG) considerations. In its top down approach, the Adviser uses the framework of the United Nations Sustainable Development Goals to integrate ESG considerations into its research and investment process. The Adviser, however, does not use ESG considerations to limit, restrict or otherwise exclude companies or sectors from the Funds investment universe. In its bottom up approach, the Adviser makes its investment decisions primarily based on its analysis of the potential of individual companies, while integrating ESG considerations into that process. The Advisers highest -conviction investment ideas are those that it believes present the best risk -reward opportunities. Under normal circumstances, substantially all of the Funds 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 Funds investments will include micro-, small-, medium- and large -capitalization companies. The Funds investments in foreign equity securities will be in both developed and emerging markets. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund is classified as a non -diversified investment company under the Investment Company Act of 1940, as amended (the 1940 Act), which means that it may invest a high percentage of its assets in a limited number of issuers. The Funds portfolio is expected to contain 40 to 55 common stocks (including domestic stocks, ADRs and securities listed on foreign exchanges) that are conviction weighted. The Fund will concentrate ( i.e. , more than 25% of the value of the Funds assets) in securities of issuers having their principal business activities in the communication, technology and financials group of industries. This concentration limit does not apply to securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. Show less