Fund Objective

ARKD is an actively managed Exchange Traded Fund (ETF) that, for rolling 12-month periods from January to January (each, an "Outcome Period") seeks to provide investors with a defined risk-return profile, before fees and expenses. Specifically, the Fund is structured to limit downside participation to approximately 50% of any decline in the share price of the reference asset, the ARK Disruptive Innovation ETF (ARKK), measured from its value at the beginning of each Outcome Period. At the same time, the Fund is structured to provide maximum participation in ARKK's upside above a predefined hurdle rate of approximately 5%.

Fund Description

More simply, the ARK DIET Q1 Buffer ETF (ARKD) is structured in the following way:

• 50% downside participation in any decline in ARKK's net asset value (NAV) over a given year
• 5% Hurdle Rate in any positive return in ARKK's NAV, meaning ARKT will not have a return when ARKK returns between 0-5%
• 50-80% upside participation in any positive return in ARKK over the Outcome Period beyond the Hurdle Rate

The Adviser has voluntarily agreed to waive a portion of its management fee payable by the Fund in an amount equal to the investment advisory fee portion of the management fee it earns as an investment adviser to the affiliated fund(s) in which the Fund invests. The fee waiver arrangement will continue for at least one year from the date of this Prospectus and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.