ARK Venture Fund 2nd Quarter 2026 Update

Market Backdrop

Markets entered the second quarter absorbing the shocks of the escalating conflict in Iran and “SaaSpocalypse” fears that AI agents and usage-based pricing would disrupt seat-based software economics faster than anticipated. Both overhangs began to lift during the quarter, so much so that the S&P 500 and Nasdaq-100 indices posted their strongest quarters in years and hit all-time highs. Small-cap, equal-weight, and value benchmarks also set new records.

As equities were climbing the proverbial wall of worry, however, the macroeconomic backdrop grew more complicated. Following his confirmation in May, Federal Reserve (Fed) Chairman Kevin Warsh launched a task force to review the Fed’s inflation framework and data sources, a move that could signal his concern that official data are a lagging indicator of inflation and that the impact of productivity on inflation deserves more focus. Focused more on Warsh’s hard 2% inflation line, however, the market priced out rate-cut expectations as the Fed’s preferred core Personal Consumption Expenditures (PCE)¹ inflation gauge ticked up to 3.4% on a year-over-year basis in May. 

In our view, Consumer Price Index (CPI)—and PCE—based data are overstating inflation. According to ARK’s research, the technology revolution underway today is deflationary. Artificial intelligence, robotics, energy storage, multiomics, and public blockchains are increasing productivity and compressing the cost of intelligence, energy storage, and biological discovery at a pace that backward-looking inflation gauges cannot capture. Alternative real-time data like that provided by Truflation  are capturing these healthy, tech-based deflationary undercurrents much more effectively.  While gas prices have pushed CPI inflation to 4.2% on a year-over-year basis recently, headline consumer inflation as measured by Truflation² has decelerated to ~1.9%. In our view, Fed Chairman Warsh’s focus on alternative inflation data sources and productivity is a promising indication that, contrary to consensus expectations, the Fed could become convinced that productivity gains not captured in official inflation measures have more than counter-balanced other inflationary forces 

New orders for capital goods, excluding defense and aircraft, broke out to a new high during the quarter, as the largest cloud platforms increased their 2026 capex (capital expenditures) guidance from ~$600 billion at the beginning of the year to more than $700 billion.³ We believe that demand is supporting that spending boom, as Anthropic's annualized revenue run rate (ARR) soared more than five-fold in roughly six months, from $9 billion last December to $47 billion,⁴ somewhat defusing the “AI hype” debate. Our investment thesis is that AI is a platform shift driving significant and increasingly diversified revenue growth.

Highlighting the power of the shift was Extraordinary growth in demand for high-bandwidth memory and Dynamic Random-Access Memory (DRAM), which forced suppliers to redirect fabrication capacity from consumer electronics toward AI servers. As a result, the Philadelphia Semiconductor Index soared 88%, its best quarterly return since its inception in the 1990s, as investors piled into a small number of memory-specific companies that now are sold out for years. 

Catalyzed by AI and deregulation, multiomics staged one of the more important re-ratings across our platforms. Over the quarter, ARK’s genomics companies produced positive returns as investors began to realize that the convergence of AI, sequencing technologies, and CRISPR gene editing will transform drug discovery and development, molecular diagnostics, and therapeutics, translating into tangible clinical and commercial progress that could drive pharma and biotech returns on R&D (research and development) from the mid-single digits back into the 30%+ range.

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. The Fund’s most recent month-end performance can be found on ark-funds.com/funds/arkvx. 

Information contained on this page is based on Class D Shares. Other share classes of the ARK Venture Fund may have higher expense ratios. Returns for less than one year are not annualized. The net asset value (NAV) per Share for the Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of Shares outstanding. Expenses and fees, including the Management Fee, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is determined each business day as of the close of trading (ordinarily 4:00 p.m., Eastern time) on the New York Stock Exchange. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources. The line graph reflects the growth of a hypothetical $10,000 investment in the Venture Fund based on the Fund's net asset value, including the reinvestment of distributions, compared with the S&P 500 Index and MSCI World Index. Indexes are unmanaged, do not reflect the deduction of any fees or expenses, and are not available for direct investment.

Source: ARK Investment Management LLC. As of June 30, 2026.

The ARK Venture Fund (ARKVX) returned 20.21% during the quarter, outperforming the S&P 500 and MSCI World Index, which rose 15.20% and 13.76%, respectively.

The top contributors to performance were SpaceX and Anthropic. 

Shares of SpaceX contributed to fund performance during the quarter as the company completed the largest public-market debut in history, reinforcing investor confidence in its position at the intersection of launch services, satellite connectivity, and artificial intelligence. Following its public listing, SpaceX successfully issued $25 billion of unsecured senior notes, to refinance an existing bridge loan, reducing annual interest payments by an estimated ~$300 million per year. Operationally, Starlink surpassed 12 million active customers across more than 160 countries, while new commercial and enterprise partnerships, including American Airlines' planned deployment of Starlink connectivity, continued to expand the platform's reach. During the quarter, SpaceX also strengthened its position as an emerging AI infrastructure provider through partnerships involving Anthropic, Google, and Reflection AI. In our view, these developments reinforced SpaceX's competitive advantages across communications, launch, and AI compute infrastructure.

Shares of Anthropic also contributed to performance during the quarter as the company continued to demonstrate exceptional commercial momentum and product innovation. Anthropic reported that its annualized revenue run rate surpassed $47 billion, up more than five-fold, from approximately $9 billion at the end of 2025, reflecting rapid adoption of Claude across enterprise, developer, and consumer applications. The company also expanded its access to compute through multiple infrastructure partnerships while introducing several new Claude models and AI agents targeting financial services, software development, and creative workflows. In our view, Anthropic continues to strengthen its position as one of the leading frontier AI companies, supported by accelerating demand, expanding distribution, and increasing access to the compute required to scale its platform.

The top detractors from performance were Radiant Industries and Kodiak Robotics.

Shares of Radiant Industries detracted from performance during the quarter as part of a broad-based pullback in nuclear-related stocks. The company was selected for the Department of Energy's Nuclear Energy Launch Pad program, accelerated Nuclear Regulatory Commission review of its fuel license application, and won an award from the U.S. Air Force to develop a proposed microreactor at Buckley Space Force Base.

Shares of Kodiak Robotics detracted from performance during the quarter after the company reported first-quarter earnings and disclosed a $100 million Private Investment in Public Equity (PIPE) deal priced at a ~29% discount to the day's closing share price. Management also extended the expected timeline for the deployment of its 100 truck agreement with Atlas by an additional six months into H1 2027 and highlighted its strong commercial momentum, including: a new Roehl Transport contract for autonomous Dallas-to-Houston freight runs; a pilot with West Fraser Timber for log-hauling operations in Canada; a General Dynamics strategic collaboration on autonomous ground vehicles for defense; and the deployment of eight additional driverless trucks in the quarter, bringing its total customer-owned driverless fleet to 28.

Active Management

During the quarter, the ARK Venture Fund’s assets under management (AUM) increased from $711 million to $1.3 billion, thanks to market appreciation and $400 million of net inflows. The quarter demonstrated the benefits of the Fund's crossover strategy, as we participated in two successful Initial Public Offerings (IPOs) while continuing to deploy capital into the next generation of private innovators.

We deployed that capital across both private and public investments, initiating positions in the private companies Cellares, Hark Labs, Hydra Host, Portal Space Systems, SonaThera, Stripe, and Wonder, as well as in the public companies Alamar Biosciences (ALMR), CoreWeave (CRWV), GeneDx (WGS), Alphabet (GOOG), and Nvidia (NVDA).

New Private Investments

• Cellares is a South San Francisco-based cell therapy contract development and manufacturing organization (CDMO), founded in 2018, that has developed a fully automated, integrated platform for the manufacture and quality control of cell therapies. The company's Cell Shuttle processes 16 batches in parallel at a throughput of 500–2,800 batches per year, while its Cell Q system handles quality control at 3,000–6,000 batches per year—together requiring ~90% less labor, ~90% less facility space, and producing 75% fewer process failures than conventional manual CDMOs, at batch costs up to 50% lower.
• Hark Labs is building next-generation artificial intelligence systems designed to transform how enterprises deploy and operationalize AI in real-world workflows. The company develops decision intelligence infrastructure that integrates policy, human oversight, and auditability into AI systems, enabling organizations to move from experimentation to production in regulated environments. By bridging advanced AI capabilities with enterprise requirements for control, compliance, and transparency, Hark empowers businesses to scale AI safely and effectively. As adoption accelerates, Hark aims to enable a new class of intelligent systems that can deliver reliable, accountable outcomes across complex, high-stakes industries.
• Hydra Host is an AI infrastructure company building a distributed marketplace for high-performance compute, connecting enterprises and developers with global GPU resources. Through its platform, Hydra enables access to dedicated, bare-metal GPU clusters optimized for artificial intelligence workloads, offering greater performance, flexibility, and cost efficiency than traditional cloud providers. By integrating infrastructure provisioning, financing, and monetization, Hydra supports the development of scalable “AI factories” and sovereign compute environments. As demand for AI accelerates, Hydra aims to redefine how compute is sourced, deployed, and managed, enabling organizations to access the infrastructure required to train and run next-generation models.
• Portal Space Systems is developing next-generation spacecraft designed to enable rapid mobility and maneuverability across orbits. The company’s platforms leverage solar thermal propulsion to deliver high thrust and high delta-v, allowing satellites to reposition quickly, extend mission lifecycles, and support dynamic operations across low Earth orbit, geostationary orbit, and beyond. By addressing the limitations of static orbital architectures, Portal is enabling a new class of responsive space infrastructure for defense, commercial, and civil applications. As space becomes increasingly congested and contested, Portal aims to redefine how assets are deployed, managed, and utilized in orbit. 
• SonaThera is a US-based biotechnology company developing a non-viral gene therapy delivery platform and its own pipeline of genetic medicines. Founded in 2022 in South San Francisco, SonoThera has developed a delivery approach called RIPPLE (Remote Induction of Pulsed Pressure Lateral to Energy): FDA-approved microbubble contrast agents and a genetic payload are co-injected into the bloodstream, then a focused ultrasound beam is aimed at the target organ from outside the body. The ultrasound causes the bubbles to vibrate and collapse, temporarily opening pores in nearby cells and allowing the genetic payload to enter. Unlike viral vectors (AAV), which are limited in payload size and typically cannot be re-administered due to immune responses, or lipid nanoparticles (LNPs), which concentrate in the liver and are poorly suited for other organs, RIPPLE is organ-specific, supports large and complex genetic payloads, and has demonstrated redosability and durable gene expression in animal models. SonoThera's lead program targets Duchenne muscular dystrophy using full-length dystrophin replacement, followed by a second program in autosomal dominant polycystic kidney disease.
• Stripe operates a developer-centric, API-driven financial infrastructure platform that enables businesses to accept payments, send payouts, and manage their operations online. Beyond core payment processing, the company offers a broad suite of ancillary commerce and financial services products, including billing, fraud prevention, business financing, card issuing, and tax compliance. Stripe powers payments for millions of businesses globally, from startups to large enterprises.
• Wonder is a New York-based food company founded in 2018 by Marc Lore aiming to build a "super app for mealtime." It operates a new kind of food hall, with each location serving food from a selection of nearly 30 restaurant concepts, and it uses proprietary technology to deliver high-quality meals with order-to-delivery times under 30 minutes. The broader vision is to bring first-party restaurants, third-party restaurants, groceries, and meal kits together into a single app order.

New Public Investments

Alamar Biosciences is a life science tools company commercializing NULISA (Nucleic acid Linked Immuno-Sandwich Assay), a proprietary proximity ligation-based proteomics platform that enables highly multiplexed protein detection at sensitivity levels orders of magnitude below conventional immunoassays, unlocking measurement of low-abundance analytes, including neruo biomarkers and other early signals of disease. The company's flagship NULISAseq panels, including the Neuro 220 and Inflammation panels 250 panels, allow researchers to profile up to hundreds of proteins from small-volume biofluids such as CSF (cerebrospinal fluid) and plasma, positioning ALMR as the preferred platform for translational research and ultimately clinical diagnostics where the lack of combined sensitivity and specificity has limited development to date. Alamar will continue to launch disease area focused panels in areas like oncology and cardiovascular disease in order to further penetrate the translational research markets, while also developing larger panels which are critical for discovery-based applications. We believe Alamar represents a differentiated position as an emerging key proteomics player within ARK's multiomics thesis—as academics and drug developers increasingly rely on high-sensitivity protein profiling to identify novel targets, stratify patients, and develop companion diagnostics.

• CoreWeave is the leading specialized GPU cloud infrastructure provider, purpose-built for compute-intensive AI workloads. As the largest private operator of GPUs in North America, the company has established itself as the premier pure-play AI cloud provider, delivering massive GPU compute power with superior performance and economics compared to traditional cloud providers and counts four of the top six AI companies as customers. As AI continues to drive demand for accelerated compute, we believe Coreweave's early lead and technical excellence in this field will allow them to capture a small but meaningful share of the infrastructure-as-a-service market. In addition to being key beneficiaries of the rise in compute demand, their growth into PaaS offerings grant them broader exposure to the AI stack when compared to other pure-play AI companies.
• GeneDx is the definitive market leader in Whole Genome and Exome Sequencing (WGS/WES) for rare diseases and complex pediatric cases. Our thesis is built on the company’s powerful, compounding data moat, a significant near-term market expansion driven by new clinical guidelines, and a clear long-term vision to establish WGS as the standard of care in pediatric medicine. The recent recommendation from the American Academy of Pediatrics to use WGS/WES as a first-line test for pediatric neurodevelopmental indications marks a critical inflection point, unlocking a substantial new market.
• Alphabet’s competitive position in AI is unlocking multiple new vectors for durable, long-term growth. The company is transforming Search into a multimodal, generative discovery platform, powered by rapid Gemini adoption, expanding AI-native search modalities, and early momentum in agentic capabilities. Meanwhile, Google Cloud continues to gain traction as enterprises shift toward AI-driven workloads. At the infrastructure layer, sustained investment in TPUs enhances Google’s cost and performance advantages, improving internal model development efficiency and meeting growing external demand for specialized compute. With end-to-end control of data, algorithms, hardware, and cloud services, we believe Google offers true full-stack AI exposure, positioning it to innovate and deploy at scale with greater agility and competitive advantage.
• NVIDIA’s position at the center of the AI infrastructure buildout is creating multiple vectors for durable, long-term growth. The company remains the leading provider of accelerated compute for frontier model training and inference, while expanding its platform beyond GPUs into networking, CPUs, software, AI factories, robotics, and physical AI. Demand for its latest Blackwell and GB300 systems continues to scale across hyperscalers, frontier AI labs, neoclouds, sovereign AI customers, and industrial enterprises, reinforcing NVIDIA’s role as the enabling layer for the broader AI ecosystem. At the same time, its CUDA software stack, rack-scale systems, high-performance networking, and rapid product cadence strengthen its competitive moat as workloads shift increasingly from training to inference. We believe NVIDIA offers differentiated exposure to the compute bottleneck underpinning many of the Venture Fund’s private AI holdings, positioning the company to benefit as AI adoption broadens from digital intelligence into physical-world applications.

Increased Positions

We also added to existing positions in Architect Financial Technologies, Ayar Labs, Blockdaemon, Gatik AI, Impulse Labs, Kalshi, OpenAI, Outrider Technologies, Tenstorrent, and X-Energy.  

The second quarter highlighted the benefits of the Fund's crossover approach. As SpaceX and X-energy completed their IPOs, both positions transitioned from the Fund's private allocation into its public allocation, reducing the Fund's private exposure while allowing us to maintain ownership. Although the shares remain subject to customary post-IPO lock-up restrictions, we will have the flexibility to manage those positions actively once the restrictions expire based on our long-term return expectations and relative opportunities across the portfolio. We believe this approach differentiates the ARK Venture Fund from traditional venture capital funds by allowing us to remain invested throughout a company's lifecycle while managing toward our targeted 80/20 private-public allocation.

Source: ARK Investment Management LLC, based on data as of June 30, 2026. The data presented is for informational purposes only. Total assets under management (AUM) and allocation breakdown are subject to change. Historical increases in AUM are not a guarantee of future increases as AUM may decrease during down markets and/or as the result of redemptions.

Initial Public Offerings (IPOs)

During the quarter, two ARK Venture Fund holdings, SpaceX and X-energy, completed their transitions to the public markets. In our view, both listings reflect improving capital markets for category-leading innovation companies and demonstrate continued investor appetite for businesses addressing large, long-duration opportunities.

SpaceX completed the largest public offering in history, broadening access to a company ARK has owned through the private markets for several years. We believe the listing marked an important milestone in SpaceX's evolution from the global leader in reusable launch into a broader infrastructure platform spanning connectivity, national security, and artificial intelligence. The combination of Starship, Starlink, and AI infrastructure creates multiple long-term growth vectors, while the ARK Venture Fund's crossover structure allows us to continue participating in the company's public-market journey rather than viewing the IPO as an exit event.

X-Energy also completed its initial public offering, providing additional capital to advance commercialization of its next-generation nuclear technology. We believe the timing is notable as accelerating demand from artificial intelligence, hyperscaler data centers, industrial electrification, and grid modernization is increasing the need for reliable, carbon-free baseload power. Through its Xe-100 reactor and proprietary TRISO fuel platform, X-energy is positioned to participate across the nuclear value chain, and we believe the company is well positioned to benefit from growing global investment in advanced nuclear infrastructure.

Liquidity Management

The Fund offers quarterly liquidity at the end of each calendar quarter. Prior to each redemption deadline, the Fund (1) proactively accumulates up to ~5% cash to meet anticipated liquidity needs, (2) reserves capital for near-term private investments, and (3) allocates the remainder to public equities. This approach seeks to minimize taxable transactions and avoid forced selling of public positions.

Source: ARK Investment Management LLC. As of June 30, 2026. The data presented is for informational purposes only. The chart begins on 3/31/23, rather than the inception of the ARK Venture Fund on 9/23/22, because the Fund was still ramping and its cash levels were not representative of typical conditions.

As of June 30, 2026, redemption requests totaled ~$55 million, or 4.2% of the Fund, which were fully covered by cash accumulated prior to quarter end.

Source: ARK Investment Management LLC. As of June 30, 2026. Past grants of liquidity is not a guarantee of future liquidity. On September 30, 2024, redemptions in excess of 5% were largely associated with changes in certain third-party distribution relationships, which resulted in asset movements by a subset of investors and contributed to elevated redemption activity. Total assets under management (AUM) on September 30, 2024 were $69.7 Million.

Outlook

We believe the second quarter marked an important inflection point for the IPO market. The successful public listings of SpaceX and X-energy reinforce our view that capital markets are reopening selectively for category-leading innovation companies with differentiated technologies, meaningful scale, and long-term growth opportunities. While we do not expect a return to the broad-based IPO activity of prior cycles, investor appetite appears to be strengthening for businesses demonstrating commercial traction, durable competitive advantages, and clear paths to long-term value creation. We believe many of the highest-quality private innovation companies have reached a level of operational maturity that makes access to the public markets a logical next step in their development.

Across artificial intelligence, advanced energy, robotics, aerospace, and next-generation infrastructure, innovation continues to accelerate. AI-native companies are scaling revenues at unprecedented rates, while the infrastructure supporting AI, including compute, connectivity, and energy, has become an increasingly attractive area for long-term investment. We believe these trends should continue to expand the universe of venture-backed companies capable of successfully transitioning to the public markets.

As a crossover investor, ARK Venture seeks to participate throughout a company's lifecycle, from private funding rounds through the public markets. We continue to view IPOs not as exit events, but as important milestones that can provide additional liquidity, transparency, and access to capital while allowing us to maintain exposure to companies that we believe are positioned to compound value over the long term.

Looking to the second half of 2026 and beyond, the structural case for a bull market in innovation-based strategies is strong. Convergences among major platforms including AI, robotics, energy storage, public blockchain technology, and multiomics technologies are likely to push non-farm productivity growth from ~2-3% to 4–6% on a year-over-year basis, compressing unit labor cost inflation. As a result, real Gross Domestic Product (GDP) growth could accelerate significantly from 3% while inflation decelerates to -1% to 1%, creating a fertile environment for outsized investment returns.

Important Information

Investors should carefully consider the ARK Venture Fund's investment objectives and risks, as well as charges and expenses, before investing. This and other information are contained in the ARK Venture Fund’s prospectus, which may be obtained by visiting www.ark-funds.com.

The ARK VENTURE FUND is a continuously-offered, non-diversified, registered closed-end fund with limited liquidity. An investment in the Fund’s Shares is not suitable for investors that require liquidity, other than liquidity provided through the Fund’s repurchase policy.

All statements made regarding investment opportunities are strictly beliefs and points of view held by ARK and investors should determine for themselves whether a particular investment or service is suitable for their investment needs. Certain statements contained in this document 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. The matters discussed in this document may also involve risks and uncertainties described from time to time in ARK’s filings with the U.S. Securities and Exchange Commission. ARK assumes no obligation to update any forward-looking information contained in this document.

ARK assumes no obligation to update any forward-looking information contained in this document.

You should not expect to be able to sell your Shares other than through the Fund’s repurchase policy, regardless of how the Fund performs. The Fund’s Shares will not be listed on any securities exchange, and the Fund does not expect a secondary market in the Shares to develop. Shares may be transferred or sold only in accordance with the Fund’s prospectus. Although the Fund will offer to repurchase Shares on a quarterly basis, Shares are not redeemable and there is no guarantee that shareholders will be able to sell all of their tendered Shares during a quarterly repurchase offer. An investment in the Fund’s Shares is not suitable for investors that require liquidity, other than liquidity provided through the Fund’s repurchase policy.

There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should carefully consider the following risks before investing in the Fund.

Principal Risks of the Fund Include:

Private Company Risk. The Fund invests in private, early-stage companies that may be considered highly speculative. As a result, investment in shares of the Fund involves substantial risks including risks associated with uncertainty regarding the valuations of private company investments, high rate of failure among the early-stage companies, and restricted liquidity in securities of such companies. Communications Sector Risk. The Fund will be more affected by the performance of the communications sector than a fund with less exposure to such sector. Cyber Security Risk. As the use of Internet technology has become more prevalent in the course of business, funds have become more susceptible to potential operational risks through breaches in cyber security. Disruptive Innovation Risk. Companies that the Adviser believes are capitalizing on disruptive innovation and developing technologies to displace older technologies or create new markets may not in fact do so. Financial Technology Risk. Companies that are developing financial technologies that seek to disrupt or displace established financial institutions generally face competition from much larger and more established firms. Next Generation Internet Companies Risk. The risks described below apply, in particular, to the Fund’s investment in Next Generation Internet Companies. 

Foreign Securities Risk. The Fund’s investments in foreign securities can be riskier than U.S. securities investments. Investments in the securities of foreign issuers (including investments in ADRs and GDRs) are subject to the risks associated with investing in those foreign markets, such as heightened risks of inflation or nationalization. The prices of foreign securities and the prices of U.S. securities have, at times, moved in opposite directions. In addition, securities of foreign issuers may lose value due to political, economic and geographic events affecting a foreign issuer or market. During periods of social, political or economic instability in a country or region, the value of a foreign security traded on U.S. exchanges could be affected by, among other things, increasing price volatility, illiquidity, or the closure of the primary market on which the security (or the security underlying the ADR or GDR) is traded. You may lose money due to political, economic and geographic events affecting a foreign issuer or market. The Fund normally will not hedge any foreign currency exposure. Future Expected Genomic Business Risk. The Adviser may invest some of the Fund’s assets in Genomics Revolution Companies that do not currently derive a substantial portion of their current revenues from genomic-focused businesses and there is no assurance that any company will do so in the future, which may adversely affect the ability of the Fund to achieve its investment objective. Emerging Market Securities Risk. Investment in securities of emerging market issuers may present risks that are greater than or different from those associated with securities of developed market issuers due to less developed and liquid markets and such factors as increased economic, political, regulatory, or other uncertainties. 

Cryptocurrency Risk. Cryptocurrencies (also referred to as “virtual currencies” and “digital currencies”) are digital assets designed to act as a medium of exchange. Cryptocurrency is an emerging asset class. There are thousands of cryptocurrencies, the most well-known of which is bitcoin. The Fund may have exposure to cryptocurrencies, such as bitcoin indirectly through an investment in the Bitcoin Investment Trust (“GBTC”), a privately offered, open-end investment vehicle that invests in bitcoin. Health Care Sector Risk. The health care sector may be affected by government regulations and government health care programs, restrictions on government reimbursement for medical expenses, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Leverage Risk. The use of leverage can create risks. Leverage can increase market exposure, increase volatility in the Fund, magnify investment risks, and cause losses to be realized more quickly. Non-Diversification Risk. The Fund is classified as a “non-diversified” investment company under the 1940 Act. Therefore, the Fund may invest a relatively higher percentage of its assets in a relatively smaller number of issuers or may invest a larger proportion of its assets in a single issuer. As a result, the gains and losses on a single investment may have a greater impact on the Fund’s NAV and may make the Fund more volatile than more diversified funds. 

To view the top 10 holdings in the ARK Venture Fund, click here. To view the most up-to-date portfolio, click here.

An investment in the ARK Venture Fund is subject to risks, and you can lose money on your investment. There can be no assurance that the ARK Venture Fund will achieve its investment objectives. The ARK Venture Fund’s portfolio is more volatile than broad market averages. The ARK Venture Fund also has specific risks, which are described below. More detailed information regarding these risks can be found in the ARK Venture Fund’s prospectus.

Diversification neither assures a profit nor guarantees against loss in a declining market.

Gross Domestic Product (GDP) is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific time period.

Foreside Fund Services, LLC, distributor.

ARK Investment Management LLC (“ARK Invest”) is the investment adviser to the ARK Venture Fund.