Why invest in Disruptive Innovation?For Informational Purposes Only | As of 12/31/19

www.ark-funds.com ARKK

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Risks of Investing in Innovation

Source: ARK Investment Management LLC, 2019

Please note, companies that ARK believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. ARK aims to educate investors and seeks to size the potential investment opportunity, noting that risks and uncertainties may impact our projections and research models. Investors should use the content presented for informational purposes only, and be aware of market risk, disruptive innovation risk, regulatory risk, and risks related to certain innovation areas. Please read risk disclosure carefully.

DISCLOSURE

à Aim to understand the regulatory, market, sector, and company risks. (See Risk and Disclosure at the end)

à Aim for a cross-sector understanding of technologyand combine top down and bottom up research.

RISK FACTORS OF INVESTING IN INNOVATION

Disruptive Innovation

Rapid Pace of Change

Barriers to Entry

Exposure Across Sectors and Market Cap

Regulatory Hurdles

Patent Protection and Intellectual Property Rights

Political or Legal Pressure

Competitive LandscapeUncertainty and Unknowns

ark-funds.com | 3[1] Jovanovic, Boyan & Rousseau, Peter L., 2005. "General Purpose Technologies," Chapter 18. | Subsectors include: Printing, Fabricated Metal, Transport Equipment, Stone Clay Glass, Primary Metals, Petrol/Coal, Paper, Electric Machinery, Rubber, Leather, Chemicals, Textiles, and Food.

WHY INVEST IN DISRUPTIVE INNOVATON?

Identifying Investable Innovation PlatformsARK’s investment process recognizes that true disruptive innovation causes rapid cost declines and demand growth, cuts across sectors and geographies, and spawns further innovation, stimulating growth over extended time horizons.

1. Cost Curve Declines 2. Cross Sector Ramifications 3. More Innovation

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1880 1900 1920 1940 1960

Penetration of Electricity by Manufacturing Subsector1

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Perc

ent C

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Cost curve bends as unit demand crosses

critical thresholds.

Cost declines compound as production growth

accelerates.

Cost Decline Under Wright’s Law (Including Tipping Point)

Within 30 years, electricity penetrated most sectors

New Innovation and Technologies Thanks to Battery Breakthroughs

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ARK Believes Innovation is Key to GrowthWe identify five major innovation platforms that are evolving today, transforming the way the world works while enabling long-term investment opportunities.

WHY INVEST IN DISRUPTIVE INNOVATON?

There is no guarantee the investment opportunities ARK seeks to identify will translate to sustained long-term growth.

BlockchainFrictionless Value TransferMobile Connected Devices

Internet of ThingsCloud Computing

Neural NetworksReusable Rockets

Adaptive Robotics3D Printing

Autonomous MobilityBattery Systems

Gene EditingImmunotherapy

Sequencing Technology

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1. “The Market’s Short-Term Time Horizon”The market easily can be distracted by short-term price movements, losing focus on the long-term effect of disruptive technologies. We believe there is a time arbitrage ARK can take advantage of. We seek opportunities that offer growth over 3-5 years that the market ignores or underestimates.

Source: ARK Investment Management LLC

ARK FOCUSES ON INNOVATION TO TAKE ADVANTAGE OF FOUR MARKET INEFFICIENCIES

WHY INVEST IN DISRUPTIVE INNOVATON?

Saddle Adoption Curve of Innovation

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Aiming to Capture Growth in the Public Markets

ARK identifies inefficiencies in innovative stocks in the public markets, investing in companies it believes are best positioned for growth.

Diminishing Opportunities in the Pre- IPO Space

ARK believes traditional asset managers have crowded into the private space, limiting opportunities.

Missing the “Next Big Thing”in Benchmarks

ARK observes that investors have moved towards passive benchmarks, rewarding past successes, as indices tend to be market-cap weighted.

PRIVATE BENCHMARKPUBLIC

IPO–Filter

Innovation investors have crowded into the private markets, while at the same time the public markets have increasingly gone passive. Thus ARK believes innovative public companies with forward looking growth are the most inefficiently priced part of the market.

2. “The Passive Public Markets”ARK FOCUSES ON INNOVATION TO TAKE ADVANTAGE OF FOUR MARKET INEFFICIENCIES

WHY INVEST IN DISRUPTIVE INNOVATON?

Source: ARK Investment Management LLC

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Index strategies tend to miss forward looking growth opportunities, while analysts covering disruptive companies have trouble understanding technology cost curves. ARK’s analysts are organized by cross-sector disruptive innovation themes to capitalize on the convergence of research.

Innovation vs. Traditional Silos

VS.

3. “The Silo-ization of Wall Street”

Autonomous Vehicles

Machine Learning

Robotics

Energy StorageE-Commerce

BioinformaticsBlockchain Technology

Molecular Diagnostics

3D Printing

Market Capitalizations

Industries and Sectors

Style Boxes

WHY INVEST IN DISRUPTIVE INNOVATON?

ARK FOCUSES ON INNOVATION TO TAKE ADVANTAGE OF FOUR MARKET INEFFICIENCIES

Source: ARK Investment Management LLC

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4. “The Closed-off Research and Investment Mentality”Disruptive innovation demands an open-source approach to gain a deeper understanding of the convergence and full market potential. ARK uses an Open Research Ecosystem that combines top-down and bottom-up research. It is designed to identify disruptive innovation early, allowing for an organized exchange of insights between the portfolio manager, director of research, analysts, and external sources.

WHY INVEST IN DISRUPTIVE INNOVATON?

ARK FOCUSES ON INNOVATION TO TAKE ADVANTAGE OF FOUR MARKET INEFFICIENCIES

Data Sources

Analyst Teams

Portfolio Management

Theme Developers

OPEN RESEARCH ECOSYSTEM

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ARK’s ETFs Aim to Offer

The information herein is general in nature and should not be considered financial advice. An investor should consult a financial professional regarding the investor’s specific situation.

ARK SEEKS TO CAPTURE DISRUPTIVE INNOVATION

1. Access to Growth Investors who seek to access companies at the forefront of technology-enabled innovation, in some of the most promising areas of the economy, with potential for long-term growth.

2. Portfolio DiversificationSuited for investors who like to diversify their existing portfolio with strategies that offer low correlation to a number of core asset classes held in most investors’ portfolios.

3. Moderate-to-High Risk-Reward Profile

A constant focus on secular changes and disruptive innovation can compliment traditional strategies and core portfolios. Investors should have a moderate-to-high risk profile and intend to stay invested for the medium-to-long term.

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5 REASONS INVESTORS SHOULD CONSIDER ARKK

ARK SEEKS TO CAPTURE DISRUPTIVE INNOVATION

1. Exposure To Innovation: Aims for thematic multi-cap exposure to innovation across sectors. ARK believes the securities held in ARKK present the best risk-reward opportunities from ARK’s innovation-based themes.

2. Growth Potential: Aims to capture long-term growth with low correlation of relative returns to traditional growth strategies and negative correlation to value strategies.

3. Tool For Diversification: Offers a tool for diversification due to little overlap with traditional indices. It can be a complement to traditional value/growth strategies.

4. Grounded In Research: Combines top-down and bottom-up research in its portfolio management to identify innovative companies and convergence across markets.

5. Cost Effective: Seeks to provide a lower cost alternative to mutual funds with true active management in an exchange traded fund (ETF) that invests in rapidly moving themes.

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The ARK Innovation ETF aims for multi-cap exposure to innovation across sectors. ARK believes the securities held in ARKK present the best risk-reward opportunities from ARK’s innovation themes.

• Ticker: ARKK• Fund AUM: $1.86 Billion• Holdings: 35-55 U.S. Equities/U.S.-listed ADRs• Expense Ratio: 0.75%

ARK Innovation ETF (ARKK)

“ETF of the Year” (2017)1 “Active ETF of the Year” (2017,2018)2ARK’s INNOVATION ETFs

SECTORS

Health Care 36.1%Information Technology 31.6%Communication Services 12.8%Consumer Discretionary 12.1%Financials 4.2%Industrials 3.1%

MARKET CAPITALIZATION

Mega (100 B+) 5.5%Large (10-100 B) 41.8%Medium (2-10 B) 14.2%Small (300M-2B) 35.6%Micro (50-300M) 2.5%

TOP 10 HOLDINGS WeightTESLA INC 10.6%ILLUMINA INC 7.1%SQUARE INC - A 6.8%STRATASYS LTD 5.8%CRISPR THERAPEUTICS AG 4.9%INVITAE CORP 4.9%2U INC 4.0%INTELLIA THERAPEUTICS INC 3.9%EDITAS MEDICINE INC 3.8%NANOSTRING TECHNOLOGIES INC 3.4%TOTAL 55.1%

PORTFOLIO COMPOSITIONE-Commerce 11.6%3D Printing 11.6%Gene Therapy 10.7%Big Data & Machine Learning 8.7%Instrumentation 7.9%Molecular Diagnostics 5.9%Internet of Things 5.8%Digital Media 4.6%Robotics 4.4%Cloud Computing 4.2%Bioinformatics 4.1%Energy Storage 3.4%Beyond DNA 3.2%Targeted Therapeutics 2.8%Autonomous Vehicles 2.8%Mobile 2.4%Social Platforms 2.4%Blockchain & P2P 1.3%Development of Infrastructure 1.1%Next Generation Oncology <1%Stem Cells <1%

Holdings are subject to change and should not be considered as investment advice, or a recommendation to buy, sell or hold any particular security. The securities identified do not represent all of the securities purchased, sold or recommended for client accounts. It should not be assumed that an investment in the securities identified was or will be profitable.

Source: ARK Investment Management LLC; All data as of December 31, 2019 | [1] Awarded by Fund Intelligence | [2] ETF.com. For detailed award information see Disclosures section at end of the presentation..

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Thematic Strategies Focused on Disruptive Innovation

ARK’s INNOVATION ETFs

[+] Awarded by Fund Intelligence. [++] Awarded by ETF.com. [+++] Awarded by Fund Action. For detailed award information see Disclosures section at the end of the presentation. The Adviser did not pay a fee to be considered for or granted any awards. The Adviser did not pay a fee or was required to be a member of an organization to be invited as a speaker at any of the noted events.

*Effective as of November 4, 2019, the name of the ARK Web x.0 ETF changed to the “ARK Next Generation Internet ETF” and the name of the ARK Industrial Innovation ETF changed to the “ARK Autonomous Technology & Robotics ETF.”

ARK Innovation ETF 1,2

ARK Next Generation Internet 3 *

ARK Autonomous Tech. & Robotics ETF *

ARK Genomic Revolution ETF 4

Israel Innovative Technology

The 3D Printing ETF

ARK Fintech Innovation ETF

ARKK PRNT

ARKW IZRL

ARKQ

ARKG

ARKF

(1) “Active ETF of the Year” (2017, 2018)+

(2) “ETF of the Year” (2017)++

(3) “ETF Innovative Product of the Year” (2015)+++

(4) “ETF Innovation” (2018)+

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CONTACT

ARK Invest3 East 28th Street, 7th Floor

New York, NY 10016

©2020, ARK Investment Management LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without the expresswritten permission of ARK Investment Management LLC (“ARK”).

The information provided is for informational purposes only and is subject to change without notice. This presentation does not constitute, either explicitly orimplicitly, any provision of services or products by ARK, and investors should determine for themselves whether a particular investment management serviceis suitable for their investment needs. All statements made regarding companies or securities are strictly beliefs and points of view held by ARK, and are notendorsements by ARK of any company or security or recommendations by ARK to buy, sell or hold any security. Historical results are not indications of futureresults.

Certain of the statements contained in this presentation may be statements of future expectations and other forward-looking statements that are based onARK's current views and assumptions, and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differmaterially from those expressed or implied in such statements. The matters discussed in this presentation may also involve risks and uncertainties describedfrom time to time in ARK's filings with the U.S. Securities and Exchange Commission. ARK assumes no obligation to update any forward-looking informationcontained in this presentation. ARK and its clients as well as its related persons may (but do not necessarily) have financial interests in securities or issuers thatare discussed. Certain information was obtained from sources that ARK believes to be reliable; however, ARK does not guarantee the accuracy orcompleteness of any information obtained from any third party.

Rebecca L. Burke Vice President | National ETF Sales Resolute Investment Managers, Inc.M. 978.609.0553 rebecca.burke@ambeacon.com

Matt Murphy, CFA, CAIAVice President | National ETF SalesResolute Investment Managers, Inc.M. 214-918-3342matt.murphy@ambeacon.com

Factsheet, prospectus, and latest performance reports are available for download on our website: ark-funds.com/investor-material

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DISCLOSURE

Investors should carefully consider the investment objectives and risks as well as charges and expenses of an ARKETF before investing. This and other information are contained in the ARK ETFs’ prospectuses, which may beobtained by visiting www.ark-funds.com. The prospectus should be read carefully before investing.

Fund Risks: The principal risks of investing in the ARKK include: Equity Securities Risk. The value of the equity securities the Fund holds may fall due to generalmarket and economic conditions. Foreign Securities Risk. Investments in the securities of foreign issuers involve risks beyond those associated with investments inU.S. securities. Health Care Sector Risk. The health care sector may be adversely affected by government regulations and government health care programs.Communications Sector Risk. Companies is this sector may be adversely affected by potential obsolescence of products/services, pricing competition, researchand development costs, substantial capital requirements and government regulation. Information Technology Sector Risk. Information technology companiesface intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Additional risks of investing in ARKK includeequity, market, management and non-diversification risks, as well as fluctuations in market value and NAV.

The Fund’s exposure to cryptocurrency may change over time and, accordingly, such exposure may not always be represented in the Fund’s portfolio. Manysignificant 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 nottreated 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 agrantor 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 forsuch purposes. See ‘‘Taxes’’ in the Fund’s SAI for more information.

An investment in an ETF is subject to risks and you can lose money on your investment in an ETF. There can be no assurance that the ETF will achieve itsinvestment objective. The ETF’s portfolio is more volatile than broad market averages. Shares of ARKK are bought and sold at market price (not NAV) and are notindividually redeemed from the ETF. ETF shares may only be redeemed directly with the ETF at NAV by Authorized Participants, in very large creation units. Therecan 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 orselling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantlyfrom investment returns.

Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security. Please visitwww.ark-funds.com for the most current list of holdings for the ARK ETFs.

The information herein is general in nature and should not be considered financial, legal or tax advice. An investor should consult a financial professional, anattorney or tax professional regarding the investor’s specific situation. 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.

ARK Investment Management LLC is the investment adviser to the ARK ETFs.

Foreside Fund Services, LLC, distributor.

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DISCLOSURE

Award Information

“Women In Finance, Outstanding Contribution” 2016:Number of Nominees: Unknown. Ranking Entity: Markets Media; Length of the period: 12 MonthsCriteria on which the ranking is based: Markets Media’s editorial team identifies candidates via online submissions from market participants, including those across the institutional buyside and sell side. (Award Page: marketsmedia.com/announcing-the-2016-markets-choice-award-winners/)

Bloomberg 50, 2018: Bloomberg 50, 2018: Bloomberg Businessweek (“Bloomberg”) has published this “Bloomberg 50” list since 2017. According to Bloomberg, the Bloomberg 50 list is based on a survey of Bloomberg’s reporters’ and editors’ recommendations and assessments in the United States and internationally. The criteria for the Bloomberg 50 list is that the individual had to have a major accomplishment in 2018 based on quantitative data. The Bloomberg 50 list is available at: https://www.bloomberg.com/features/2018-bloomberg-50/.

Fortune’s Investor Roundtable”, 2018: A roundtable of experts selected by the Fortune editorial team in the annual ”Fortune Investors Guide: The Best Investing Advice for 2019 FromFortune’s Experts.” http://fortune.com/longform/best-stocks-2019-investor-roundtable/

“ETF Innovative Product of the Year” 2015— Number of Nominees: Four; Ranking Entity: Fund Action; Length of the period: 12 MonthsCriteria on which the ranking is based: 1. Positive inflows and performance – against an immediate peer group; 2. Genuine innovation in a number of areas – fees, distribution and newinvestment ideas; 3. The market perception and the opinion of the analyst community; 4. Feedback from key investor representatives – intermediaries and distribution platforms (AwardPage: eiseverywhere.com/ehome/148459/338713/?&)

“ETF Provider of the Year” and “Active ETF of the Year” 2017— Number of Nominees: Unknown. Ranking Entity: Fund Intelligence; Length of the period: 12 Months;

“ETF Suite of the Year”, “ETF Innovation”, and “Active ETF of the Year” 2018— Number of Nominees: See below. Ranking Entity: Fund Intelligence; Length of the period: 12 Months; OtherFinalists “Active ETF of the Year” 2018: TrimTabs All Cap U.S. Free-Cash-Flow ETF (TTAC), WBI BullBear Yield 1000 ETF (WBIG), WisdomTree U.S. Quality Shareholder Yield Fund (QSY);Other Finalists “ETF Suite of the Year” 2018: DWS’ Xtrackers ESG ETF suite, Global X Suite of Thematic Growth ETFs, IndexIQ’s Alternative ETF Suite, Invesco’s Smart Beta ETF Suite,WisdomTree’s Rising Rates Solutions Suite; Other Finalists “ETF Innovation” 2018: Global X MLP & Energy Infrastructure ETF (MLPX), Nationwide Maximum Diversification U.S. Core EquityETF (MXDU, PPTY-U.S. Diversified Real Estate ETF (PPTY), Salt High truBeta™ US Market ETF (SLT), Vesper U.S. Large Cap Short-Term Reversal Strategy ETF (UTRN), WisdomTree InterestRate Hedged High Yield Bond Fund (HYZD) | Methodology: Ranking Entity: Fund Intelligence; Length of the period: 12 Months; Criteria on which the ranking is based: The winners arecomprised of the individuals and firms who have been nominated via the online submission process and through recommendations from market participants. Judges will use thesubmitted application material, as well as any uploaded supplemental information, to make a determination on the firm, individual or product they believe to be the most suitable anddeserving winners for each category. The Judges’ Choice Awards are adjudicatsed by a panel of industry experts convened by the Fund Action and Fund Directions editorial teams. Theindustry judges contribute their sector expertise to debate the merit of shortlist candidates to come to a decision on the winners. (Award Page:mutualfundindustryawards.awardstage.com/)

“ETF of the Year” 2017— Other Finalists: iShares Core S&P 500 ETF (IVV), SPDR Portfolio Total Stock Market ETF (SPTM), U.S. Tax Reform Fund (TAXR), WisdomTree Emerging Markets ex-State-Owned Enterprises Fund (XSOE), Vanguard Total Bond Market ETF (BND); Ranking Entity: ETF.com; Length of the period: 12 Months

“Most Innovative ETF Issuer of the Year” 2017 — Other Finalists: Alpha Architect, EventShares, Exchange Traded Concepts, iShares by BlackRock, State Street Global Advisors; RankingEntity: ETF.com; Length of the period: 12 Months

ETF.com Awards Page: etf.com/sections/features-and-news/and-2017-etfcom-awards-winners-are | Methodology: ETF.com Award winners are selected in a three-part processdesigned to leverage the insights and opinions of leaders throughout the ETF industry. Step 1: The awards process began with an open nomination period running from Dec. 4, 2017,through Jan. 2, 2018. We received hundreds of nominations from participants in all corners of the ETF space. Step 2: Following the open nominations process, the ETF.com AwardsNominating Committee—made up of senior leaders at ETF.com, Inside ETFs and FactSet—voted to select up to five finalists in each category. Votes were tallied on a majority basis. Step3: Winners from these finalists were selected by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Committee members recusedthemselves from voting in any category in which they or their firms appeared as finalists. Ties were decided where possible with head-to-head runoff votes. Voting was completed byJan. 20, 2018, but results were kept secret until their announcement at the ETF.com U.S. Awards Dinner on March 22, 2018

Past performance is not indicative of future performance. The Adviser did not pay a fee to be considered for or granted the awards. The Adviser did not pay any fee to the grantor of theawards for the right to promote the Adviser's receipt of the awards nor was the Adviser required to be a member of an organization to be eligible for the awards.