Skip to main content
What We Do: A Letter To Investors From Cathie Wood Read Now

Looking For Our European Funds?

Click Here
About How To Invest
ARK Invest logo
You Are Entering

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which the funds are authorized for sale. By proceeding, you are confirming you understand that ARK Investment Management LLC or its affiliates (collectively, “ARK”), makes no representation that the content of the website is appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this website are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties.

This section of the website is operated by ARK, and is only directed at U.S. investors or those otherwise authorized to conduct investment business in the U.S. Persons resident in territories other than the United States should not access this website.

It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Certain of the funds and advisory products and services referenced on this website may be managed or offered/provided by affiliates of ARK. Additionally, certain of the funds described in the following pages may be marketed in certain jurisdictions only. Any entity forwarding the material or information contained on this website, which is produced by ARK in the United States, to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

This website only includes information on those funds that are registered for sale in the United States.

By accessing this website, you are confirming that you agree to the Terms and Conditions of this website and that you are resident in the United States or those otherwise authorized to conduct investment business in the U.S.

The contents of this website have been prepared for informational purposes only without regard to the investment objectives, financial situation, or means of any particular person or entity, and ARK is not soliciting any action based upon them. No information included on this website is to be construed as investment advice or as a recommendation or a representation about the suitability or appropriateness of any fund; or an offer to buy or sell, or the solicitation of an offer to buy or sell, any security, financial product, or instrument; or to participate in any particular trading strategy. ARK recommends that you seek independent financial and tax advice before making any investment decisions. Investment in any of the funds described in this website should only be made on the basis of the terms and conditions of the most recent applicable offering documents (including any relevant supplements).

All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. Some of the content on this website may contain certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. From time to time, ARK may also make additional features available to users on this website on such terms and conditions as may be set forth in a modification to this Agreement or otherwise on the ARK website.

The ARK ETF Trust Thematic Actively Managed ETF’s are distributed by Foreside Fund Services, LLC (“Foreside“), which is not affiliated with ARK Investment Management LLC. Check the background of Foreside on FINRA’s BrokerCheck.

You should carefully consider the investment objective, risks, charges and expenses of a Fund before investing. A Fund’s prospectus and summary prospectus contain this and other important information about a Fund, which can be obtained by clicking the corresponding link or dialing the indicated phone number herein. Please read the appropriate prospectus carefully before investing.


You should be aware that past performance is not a reliable indicator of future performance. Please note that the price of units or shares and the income from them can fall as well as rise and you may not get back the amount originally invested. Income receivable may vary from the amount of income projected at the time of making the investment.

Exchange rate fluctuations may affect the value of an investment and any income derived from it.

If you exercise any right to redeem, you may not get back the amount initially invested if the unit or share price has fallen since you invested. Deductions for charges and expenses, particularly the initial charge (if any), are not made uniformly throughout the life of the investment, so if you redeem out of the investment during the early years, you may not get back the amount invested.

There can be no guarantee that the tax position or proposed tax position prevailing at the time of an investment will not change. Dividends and capital gains on securities issued in the relevant funds may be subject to withholding taxes imposed by the countries in which each particular fund invests.

The offering documents for the investment funds contain important information summarizing the relevant risk factors pertaining to the investment or relevant funds. Please note, however, that no summary of risk factors is exhaustive, and there may be other risks that could affect your investment. For your own benefit and protection you should read the most recent offering documents (including any relevant supplements) carefully before investing. If you do not understand any point please ask for further information.

The information provided on this website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject any of the funds described herein, ARK (including its affiliates) or any of their products or services to any registration, licensing or other authorization requirement within such jurisdiction or country. Nothing on this website shall be considered a solicitation to buy or sell a security, product or service (including advisory service) to any person.


ARK does not recommend or endorse and accepts no responsibility for the content of any website not operated by ARK which you may visit by following a link from this website. You acknowledge and agree that neither ARK nor any of its affiliates is responsible for the availability of such third-party websites or resources, does not endorse, approve, investigate or verify, and is not responsible or liable for any content, advertising, products, or other materials on or available from such websites or resources. You further agree that neither ARK nor any of its affiliates shall be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any such content, products or services available on such external websites or resources. These links are provided as a convenience and solely for informational purposes. ARK is not making any recommendation to invest in, purchase, or sell any securities or other products or services offered on the linked websites, nor has ARK sought to verify or confirm the information contained in the linked websites. Accordingly, ARK disclaims any responsibility for the linked websites.

No other website, without the prior written permission of ARK, is authorized to link to any part of this website.


ARK uses cookies for collecting user information from certain pages of this website. A cookie is a file that is stored on the hard disk of a computer by the web browser on a computer. It contains information sent by the website that a user has visited. A cookie identifies users and can store information about them and their use of a website. ARK uses cookies to keep track of user activity, which allows ARK to identify which areas of the website are more interesting to the users so that improvements can be made to this website.

ARK expressly reserves the right to monitor any use of this website.

I confirm that I have read and accept the Terms and Conditions of using this website and that I am based in the United States or those otherwise authorized to conduct investment business in the United States.

Q1 2020: Commentary From ARK’s CIO

March 31, 2020 | ETF

By ARK Invest

During the first quarter, broad-based equity indexes – as measured by the S&P 500 and MSCI World – hit all-time highs shortly before falling into a sudden, sharp 30%+ bear market. March marked the worst month since 2008 as investors sold stocks indiscriminately on fears of the impact of the coronavirus (COVID-19) on economic activity. As nations responded with extreme measures to “flatten the curve” and slow the spread of COVID-19, fears of a global recession, if not depression, mounted. According to the CBOE VIX, the volatility of the equity markets spiked to closing levels above those hit during the global financial crisis in 2008. U.S. Treasury yields plunged to record lows, with the 10-year yield dropping well below 1%. That said, the Fed eased so aggressively that yield curves steepened suddenly and significantly.  

While the panic appears to have subsided, the equity market could be in a so-called bottoming process and could remain choppy. In our view, the markets discounted a significant amount of bad news and could have overdone it. If anything, the stock rout highlighted the seriousness of COVID-19, not only galvanizing the government policymakers around the world into sweeping moves to mitigate and reverse its impact on the global economy but also impressing upon individuals and businesses the importance of contributing to the solution with social distancing and better hygiene. Meanwhile, while detrimental for oil producers, we believe the oil price drop ultimately will result in a significant increase in purchasing power for most consumers and businesses, as was the case in early 2016.

As COVID-19 has strengthened its grip on the global economy, we are gratified that government policymakers are laser-focused on cushioning the blow and partnering with companies offering innovative solutions to the problems the disease is causing. During times of fear, uncertainty, and doubt, businesses and consumers are more willing to change their behavior and seek innovative products and services that are more productive, cheaper, faster, and/or more creative. As a result, innovation takes root and typically gains significant market share during tumultuous times, such as this pandemic appears to be.

Relative to the S&P 500 Index and the MSCI World Index, ARK’s five actively managed ETFs outperformed during the first quarter. ARK’s self-indexed strategies, The 3D Printing ETF (PRNT) and the ARK Israel Innovative Technology ETF (IZRL), underperformed the previously noted indexes as well as their own benchmarks.

To read a summary of ARK’s biggest contributors and detractors, please see below.

ARK Autonomous Technology and Robotics ETF (ARKQ)

The ARK Autonomous Technology and Robotics ETF (ARKQ) outperformed the broad-based market indexes during the quarter. Among the top contributors to performance was Tesla (TSLA). While Tesla suspended production at its Fremont factory in the California, it resumed Shanghai production on the first working day after the extended Lunar New Year break in China. The Chinese government supported Tesla with masks, disinfectant, other supplies, and dorm rooms to protect its workers. ARK believes that the auto industry will begin to consolidate sooner than anticipated in response to the COVID-19 crisis, and that Tesla will gain market share as it is well ahead of the curve on electrification and autonomy. Materialise (MTLS) contributed positively as 3D printing has been enlisted to create parts for COVID-19-related equipment like ventilators, nasal swabs, and face mask shields. In most cases 3D printers can print parts much more quickly and inexpensively than traditional manufacturing processes. Among the top detractors during the quarter were Aptiv (APTV) and Proto Labs (PRLB). Aptiv’s stock fell as the auto industry shut factories in response to COVID-19. In March, the company drew down the remaining $1.4 billion from its revolving credit facility and suspended its dividend. Proto Labs’ (PRLB) first quarter guidance fell below analyst expectations because it is in the final stages of a company-wide system update that will detract from short-term earnings but will modernize its software architecture and offer better customer-facing systems. As a quick-turn manufacturing service, we believe Proto Labs is well positioned to help alleviate part shortages caused by COVID-19.

ARK Next Generation Internet ETF (ARKW)

The ARK Next Generation Internet ETF (ARKW) outperformed the broad-based market indexes during the quarter. Among the top contributors was Tesla (TSLA) for reasons noted above. Teladoc (TDOC) also contributed as the adoption of virtual care services accelerated during the outbreak of COVID-19. Teladoc’s telemedicine infrastructure scaled successfully as thousands of patients and physicians sought to interact digitally. The secular shift towards virtual care should increase physician productivity and patient satisfaction. Among the top detractors were Roku (ROKU) and LendingTree (TREE). Roku detracted from performance on fears of a COVID-19-related decline in advertising, a sharp falloff from its 78% year-over-year revenue growth reported last quarter. Evolving into an operating system as television shifts from linear delivery to “over the top” (OTT) broadband delivery, Roku should be able to capture a higher share of the market as advertising recovers. LendingTree (TREE) detracted from performance based on fears of a severe drop in financing activity during a recession. ARK believes that government stimulus will cushion the blow of any recession. Indeed, in recent weeks, refinancing requests have increased significantly on a year over year basis in San Francisco and Raleigh, NC, respectively, thanks to the collapse in interest rates.

ARK Genomic Revolution ETF (ARKG)

The ARK Genomic Revolution ETF (ARKG) outperformed the broad-based market indexes during the quarter, primarily because of Inovio Pharmaceuticals (INO). The company announced that the Coalition for Epidemic Preparedness Innovations (CEPI) granted it $9 million to begin work on a vaccine to prevent infection from COVID-19. According to the company, INO-4800, which entered human trials on April 6, should be available in significant quantities before year-end. Inovio’s proprietary dMAb platform also could enable novel immunotherapies to fight cancer and infectious diseases. Teladoc (TDOC) also contributed to performance for reasons noted above. Among the top detractors was CRISPR Therapeutics (CRSP) as investors took profits after the stock had rallied on preliminary data suggesting that its CRISPR-Cas9 gene editing therapy had cured a patient with sickle cell disease. The company’s stock also appeared to react adversely to a SEC filing disclosing that COVID-19 had forced delays in or suspensions of many of its clinical trials. Cellectis (CLLS), a leading allogeneic CAR-T company with intellectual property (IP) in TALENs-based gene-editing, also detracted in, what we believe, response to expected delays in  clinical trials, particularly those focused on CAR-T cell programs for immuno-compromised oncology patients at heightened risk of the COVID-19 infection.

ARK Fintech Innovation ETF (ARKF)

The ARK Fintech Innovation ETF (ARKF) outperformed the broad-based market indexes during the quarter. Among the top contributors were Shopify (SHOP) and Amazon (AMZN).  Amazon and Shopify should be prime beneficiaries as consumption shifts online at an accelerated rate in response to quarantines and the closure of bricks-and-mortar stores around the globe. In addition, Amazon started licensing its cashier-free technology to retailers as authorities urged consumers and businesses to go cashless and prevent the spread of COVID-19. Among the top detractors were LendingTree (TREE), for reasons noted above, and Square (SQ). Square traded down based on fears that the government’s response to COVID-19 would hurt small businesses disproportionately. Management cut first quarter guidance, pulled full year guidance and, to support its merchant base, launched several products and services, including curbside pickup and a gift card platform. To assist consumers, Square used social media to “distribute” funds on a first come, first serve basis, resulting in its most successful customer acquisition week on record.

ARK Innovation ETF (ARKK)

With some of the highest conviction names from the Funds discussed above, The ARK Innovation ETF (ARKK) outperformed the broad-based indexes during the quarter. Among the top contributors were Tesla and Teladoc for reasons noted above. Detracting from performance were CRISPR Therapeutics and LendingTree for reasons noted above.

The 3D Printing ETF (PRNT)

ARK’s self-indexed ETFs, The 3D Printing ETF (PRNT) and the ARK Israel Innovation Technology ETF (IZRL), underperformed both broad-based equity indexes and their benchmark indexes. SLM Solutions (SLM) was the largest detractor in PRNT. At the end of March, SLM announced that it would raise 60 million euros in convertible bonds backed by Elliott ECAL.UL, its largest shareholder. Materialise (MTLS) was the largest contributor to performance for reasons noted above. 

ARK Israel Innovation Technology ETF (IZRL)

IZRL’s largest detractor from performance was Fattal Holdings (FTAL.TA). In response to the highly contagious COVID-19, Fattal suspended its hotel business and put thousands of its employees on unpaid leave. The company intends to close 50 of its 180 hotels in Israel and Europe and is considering the sale of 50%+ of its hotels. The largest contributor was BATM Advanced Communications (BVC.TA), a leading provider of real-time technologies for networking solutions and medical laboratory systems. In March, BATM announced a collaboration with Novamed Ltd for the joint development and marketing of a rapid testing kit to diagnose COVID-19.

ARK’s statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. ARK and its clients as well as its related persons may (but do not necessarily) have financial interests in securities or issuers that are discussed. Certain of the statements contained may be statements of future expectations and other forward-looking statements that are based on ARK’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements.

Explore ARK Funds

Featured Funds:


ARK Autonomous Tech. & Robotics ETF


ARK Next Generation Internet ETF


ARK Genomic Revolution ETF


ARK Innovation ETF


The 3D Printing ETF


ARK Israel Innovative Technology ETF


ARK Fintech Innovation ETF


ARK Space Exploration & Innovation ETF

See All

ARK Trade Notifications

ARK offers fully transparent Exchange Traded Funds (“ETFs”) and provides investors with trade information for all actively managed ETFs.