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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.

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Material Similarities and Differences Between Exchange-Traded Closed-End Funds and Interval Funds

Exchange-traded closed-end funds (CEFs) and interval funds are both types of investment funds with some similarities, but they also have notable differences, especially in terms of liquidity, availability, and tax implications. In the table below, please find a detailed outline of the similarities and difference between closed-end interval funds, like the ARK Venture Fund (ARKVX) and the exchange-traded closed-end funds, like the Destiny Tech 100 Fund (DXYZ).

[1] Obtained from the most recent prospectus of ARKVX dated November 14, 2023. The net expense ratio takes into account contractual fee waivers/expense reimbursements that currently are scheduled to remain in place through November 28, 2024, and may be terminated sooner by the Board of Trustees of the Fund, upon sixty (60) days’ written notice to the Adviser.

Source: ARK Investment Management LLC, 2024. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Past performance is not indicative of future results.

Material Similarities

Professional Management: Both CEFs and interval funds are professionally managed portfolios that invest in a variety of securities, such as stocks, bonds, or other assets.

Diversification: Investors can achieve diversification through both types of funds as they pool money to invest in a wide range of securities.

Regulated Structures: Both are regulated investment products, though their specific regulations may differ.

Material Differences

Trading and Liquidity:

CEFs: They are listed on stock exchanges and trade like stocks throughout the trading day at market prices, which can be above (at a premium) or below (at a discount) their net asset value (NAV). This provides a high level of liquidity, as shares can be bought or sold at any time during market hours.

Interval Funds: These funds offer liquidity at specific intervals, typically quarterly. They do not trade on exchanges. Instead, the fund periodically offers to buy back shares from investors at NAV, subject to a specified repurchase offer amount. This means liquidity is limited to these intervals and is not guaranteed.


CEFs: Since they are traded on exchanges, their availability is as broad as any publicly traded stock, accessible to anyone with a brokerage account.

Interval Funds: These might be more restricted in terms of availability, often targeted at accredited investors or sold through specific platforms or advisors.

Tax Implications:

CEFs: The tax implications can be complex, depending heavily on whether the fund distributes capital gains or income. CEFs might employ leverage, which can also impact their distributions and thus their tax implications for investors.

Interval Funds: These funds may also have complex tax situations, especially since their buyback features and the types of assets they hold can influence the character of distributions (ordinary income, capital gains, return of capital).


CEFs: The market price can differ significantly from the NAV because it is influenced by supply and demand dynamics on the exchange.

Interval Funds: They are typically bought and sold at NAV during the specified intervals, not influenced by market supply and demand in the same way as CEFs.

Investment Strategies:

CEFs: Often use leverage to enhance returns, which can increase both the potential for higher gains and the risk of losses.

Interval Funds: May invest in illiquid assets more freely due to their redemption structure, potentially targeting higher returns or diversification benefits from non-traditional investments.

When considering an investment in either type of fund, it's important to understand your own liquidity needs, investment horizon, risk tolerance, and the specific characteristics of the fund, including its investment strategy, fees, and tax implications. Consulting with a financial advisor who understands your personal financial situation is always recommended before making investment decisions.