ARK Investment Management Will Close the ARK Transparency ETF (CTRU)

ARK Investment Management LLC ("ARK" or "ARK Invest"), an investment adviser focused solely on thematic investing in disruptive innovation, was notified in July 2022, that Transparency Global will stop calculating The Transparency Index™ (TRANSPCY) effective July 31, 2022. While ARK investigated alternative Index providers, it did not find a suitable solution and decided to close the Fund effective July 26, 2022, or as soon as practical thereafter.

The Fund will stop accepting creation units of the fund effective the close of business Thursday July 21, 2022 and the Fund will cease trading on the Cboe BZX Exchange (CBOE) as of the close of regular trading on the CBOE on Tuesday July 26th (the "Closing Date").

Prior to the Closing Date, shareholders may redeem their investment in the Fund at any time by requesting the redemption through their financial intermediary. All redemption orders will be transacted in-kind through an Authorized Participant and customary brokerage charges may apply. However, on the Closing Date shareholders may only be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for a Fund's shares during this period. Between the Closing Date and July 29, 2022 (the "Payable Date"), the Fund will be in the process of closing and liquidating its portfolio. This process will result in a Fund increasing its cash holdings and, consequently not tracking its underlying index, which is inconsistent with the Fund's investment objective and strategy. On or about the Payable Date, the Fund will distribute any remaining cash pro rata to all shareholders who have not previously redeemed or sold their shares.

The above distributions may be considered taxable events. In early 2023, you will receive tax correspondence from your financial intermediary outlining any taxable capital gains and dividends, if applicable.

The Fund will cease operations after all redemptions are processed.

The Fund became effective on Wednesday, December 8th, 2021. From inception, the Fund sought to provide investment results that closely correspond, before fees and expenses, to the Transparency Index™ (TRANSPCY), which was designed to track the stock price movements of the 100 most transparent companies in the world based on a proprietary scoring methodology developed by Transparency Global (Index Provider).

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