Description of the Advisory Firm ARK Investment Management LLC (“ARK” or the “Adviser”) is a Delaware limited liability company with headquarters located at 200 Central Avenue, Suite 220, St. Petersburg, FL 33701. ARK is an independent, woman-owned and controlled firm that has been registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser since January 2014. ARK began managing assets in September 2014. Catherine D. Wood, ARK’s founder, Chief Executive Officer (“CEO”), and Chief Investment Officer (“CIO”) is the portfolio manager responsible for managing client assets. Ms. Wood has over 40 years of experience in theme-based investing (as defined below). Ms. Wood launched ARK after spending the previous 12 years at AllianceBernstein where she served as Chief Investment Officer for its global thematic portfolios, managing approximately $5-6 billion. Prior to AllianceBernstein, in 1997, Ms. Wood co-founded Tupelo Capital Management. Prior to Tupelo, Ms. Wood held numerous positions in her 18 years at Jennison Associates, including research analyst and portfolio manager. During her career, Ms. Wood has tracked technologies that enabled the development of new industries, such as cell phones and database publishing, from their nascent stage to their full realization for the benefit of her investors and clients. ARK (an acronym for “Active, Research and Knowledge”) specializes in thematic investing in disruptive innovation with a fresh take on fundamental analysis. Thematic investing is based on broader, macroeconomic topics (i.e., themes) rather than benchmarks, and seeks to capture long-term growth independent of sectors, geographic boundaries, and market-caps. Specifically, ARK invests in themes that participate in disruptive innovation across sectors. ARK defines “disruptive innovation” as the introduction of a technologically enabled new product or service that ARK expects to change an industry landscape. It typically involves declining cost structures and increased productivity and unit growth. Despite its potential, ARK believes the full magnitude of disruptive innovation and the investment opportunities it creates are often unrecognized or misunderstood by traditional investors. ARK’s goal is to invest at the pace of innovation based on the belief that technologically enabled change is occurring at an accelerated rate, challenging benchmarks and index-based products to adjust to this rapid pace of change. ARK’s differentiated investment strategy is to find and invest in the companies that are poised to transform the global economy. ARK’s Investment Process ARK recognizes that many traditional research analysts, by focusing narrowly on individual sectors, create inefficiencies in the financial markets both in understanding the market potential of disruptive innovations and in sizing investment opportunities appropriately. ARK’s cohesive team, specifically its Chief Futurist, Chief Investment Strategist, Directors of Research, Digital Assets, and Investment Analysis, Associate Portfolio Managers, Research Analysts, Research Associates and its Portfolio Manager (“ARK Team”), seek to identify what they believe to be the best companies within their respective themes (and the elements within those themes) to power ARK’s investment decisions. ARK’s distinctive and dynamic investment process is rooted in fundamental analysis and distinguished by ARK’s ability to access and harness the vast amount of information available through social media and traditional research sources to support ARK’s investment decisions. ARK has a rigorous investment process, which includes “top-down” and “bottom-up” investment analysis and a proprietary scoring system. ARK’s investment process initially examines from the top-down how the world is changing and where it is headed. By anticipating and quantifying multi-year value-chain transformations, typically caused by technologically enabled disruptive innovation, ARK believes it can identify and capitalize on these opportunities. To understand quickly changing innovation themes, ARK employs an open research ecosystem (“ARK’s Open Research Ecosystem”) to gather information and refine its internal research process. Inputs include ideas, thoughts and public information from theme developers who we believe are thought leaders in their fields, social media interactions, and crowd- sourced insights as people respond to ARK’s public research. ARK’s Open Research Ecosystem powers the distinctive and dynamic investment process that enables ARK to understand and keep pace with the power of technologically enabled innovation. Using this information in an iterative fashion, ARK’s Team works to “size” and “re-size” the opportunities. As a result of extensive and iterative research steps, ARK anticipates and quantifies multi-year value- chain transformations and market opportunities. ARK models cost-curves and calculates elasticity of demand to identify entry points for technology-enabled disruption. Through this process, specific companies percolate to the top as those we believe are best positioned to benefit from the identified investment premise, at which point ARK begins its bottom-up process. ARK scores potential investments based on six key metrics, inputting the values into a proprietary scoring system to quantify the companies in the context of the opportunity. ARK builds models that incorporate the company’s unit volume growth, cost declines, market adoption and penetration, share count growth, and future multiples. The CIO has final accountability for the selection of investments and approval for all investment decisions. Additionally, in ARK’s “top-down” and “bottom-up” approaches, ARK evaluates environmental, social, and governance (“ESG”) considerations. In its “top-down” approach, ARK uses the framework of the United Nations Sustainable Development Goals (“UN Goals”) to integrate ESG considerations into its research and investment process. In its “bottom-up” approach, ARK makes its investment decisions primarily based on its analysis of the potential of individual companies, while integrating ESG considerations into that process. ARK’s highest-conviction investment ideas are those that it believes present the best risk-reward opportunities. ARK, however, does not use ESG considerations to limit, restrict or otherwise exclude companies or sectors from an investment universe. ARK’s Open Research Ecosystem ARK’s Open Research Ecosystem is the unique process through which the ARK Team evaluates, models and exchanges data and public information to fuel ongoing thematic research, start creative discussions around burgeoning research ideas, gather data and public information from multiple sources, and drive the conclusions leading to ARK’s theme-based research decisions in disruptive innovation. The ARK Team introduces an idea or concept that requires investment research and analysis, determines the overarching direction of the research and then pulls together and analyzes information, insights and data from numerous sources. ARK’s Open Research Ecosystem begins with internal deliberations and iteration of disruptive innovation ideas generated from ARK’s discerning use of traditional and social media sources. Once the ARK Team believes an idea is ripe for deeper external analysis and comment, the appropriate ARK Team members communicate and collaborate with relevant Theme Developers (as defined below) about the particular idea. This intense and deep exploration often results in “living research” articles that are prepared by the ARK Team members, which are published on our external website (www.ark-invest.com). This living research is available for open-source discussion and feedback and is subject to potential revisions, refinements and enhancements by the ARK Team and publication of further refined research. The knowledge and insights gained throughout ARK’s Open Research Ecosystem enables ARK to modify its portfolio positions accordingly, feeding the ARK investment process. ARK Theme Developers Theme Developers are those we deem to be thought leaders from a variety of fields who offer meaningful insights, experience, and knowledge about ARK’s research themes. The ARK Team actively engages with these Theme Developers in ARK’s Open Research Ecosystem. ARK’s Theme Developers do not receive any monetary compensation for participating in ARK’s Open Research Ecosystem and are only benefited through the exchange of ideas, knowledge and research. Also, ARK contractually obligates Theme Developers to, among other things: not exchange material non-public information; not share confidential information about ARK and/or its clients; and disclose all conflicts of interest to ARK’s Chief Compliance Officer (“CCO”) initially and on an ongoing basis with respect to serving as a Theme Developer for ARK. Types of Advisory Services Advisory and Supervisory Services to the ARK ETFs ARK provides investment advisory services to the ARK ETF Trust, a registered investment company. The ARK ETF Trust has eight separate series (each, an “ARK ETF”, and collectively, “ARK ETFs”), which are exchange-traded funds. ARK serves as the investment adviser to each ARK ETF, subject to the general supervision of the Board of Trustees of the ARK ETF Trust. ARK’s duties as adviser to each ARK ETF include furnishing a continuous investment program for the ARK ETFs and determining what investments or securities will be purchased, held or sold. After the initial two-year period following commencement of operations of the relevant ARK ETF, the ARK ETF Trust’s Board of Trustees annually reviews and evaluates the services provided by ARK under the investment advisory agreement (“Advisory Agreement”) and is asked to approve the Advisory Agreement for an additional one-year period. Pursuant to a supervision agreement between ARK and the ARK ETF Trust, with respect to each ARK ETF (“Supervision Agreement”), and subject to the general supervision of the Board of Trustees of the ARK ETF Trust, ARK also provides or causes to be furnished, all management, supervisory and other services reasonably necessary for the operation of each ARK ETF and bears the costs of various third- party services required by the ARK ETFs, including administration, certain custody, audit, legal, transfer agency, and printing costs. The Supervision Agreement also requires ARK to provide investment advisory services to the ARK ETFs pursuant to the Advisory Agreement. Additional information regarding the services provided by ARK to the ARK ETF Trust can be found in the ARK ETFs’ prospectuses and statement of additional information, which are publicly available at www.ark- funds.com, on the EDGAR Database on the SEC’s website (www.sec.gov) or by contacting the ARK ETFs’ principal underwriter, Foreside Fund Services, LLC at Three Canal Plaza, Suite 100, Portland, ME 04101 or by calling 855-406-1506. Advisory Services to the ARK Venture Fund ARK provides investment advisory services to the ARK Venture Fund (the “Venture Fund”), a Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company. ARK serves as the investment adviser to the Venture Fund, subject to the general oversight of the Venture Fund’s Board of Trustees and is responsible for the day-to-day investment management of the fund. The Venture Fund is designed primarily for long-term investors and not as a trading vehicle. The Venture Fund is an “interval fund” pursuant to which it, subject to applicable law, will conduct quarterly repurchase offers for between 5% and 25% of the Fund’s outstanding shares of beneficial interest (“Shares”) at net asset value (“NAV”) generally. Additional information regarding the services provided by ARK to the Venture Fund can be found in the ARK Venture Fund prospectus and statement of additional information, which are publicly available at www.ark- ventures.com, on the EDGAR Database on the SEC’s website (www.sec.gov) or writing to the Venture Fund at ARK Investment Management, LLC, 200 Central Ave., St. Petersburg, Florida 33701, or by calling toll-free 888-511-2347. Advisory Services to Separately Managed Accounts, Other Pooled Investment Vehicles and Clients ARK provides investment advisory services to certain separately managed accounts and pooled investment vehicles (some of which include retirement plans, tax-exempt entities, limited liability companies, public funds, foundations, endowments, insurance companies and their separately managed accounts, high net worth clients, emerging manager programs, and financial institutions and their customers and clients). ARK also provides sub-advisory services to U.S. and non-U.S. collectively managed funds sponsored by third-parties (“Sub-Advised Funds”). ARK also provides advisory services to private funds (“Private Funds”). ARK can provide investment advisory services to unit investment trusts (“UITs”), other mutual funds, and closed-end funds (“Other Registered Investment Companies”). Such accounts will be managed in accordance with investment objectives, guidelines, strategies, policies and restrictions established by each client and documented in a written advisory agreement (and related documents) with, or on behalf of, each client and ARK. Depending upon the contractual arrangements, ARK executes purchases and sales of securities for these accounts either through firms that the client directs ARK to use or through broker-dealer firms ARK selects including firms that can furnish ARK with investment research and other brokerage services. As described in more detail in Item 12, in executing trades for accounts where the client authorizes ARK to choose broker-dealers, ARK will seek to obtain the most favorable execution for each transaction under the circumstances taking into consideration several factors, including price. Certain clients can choose to execute their own portfolio transactions based on advice and/or information provided by ARK (including through the provision of model portfolios to certain institutional clients). Additional details about each of the client types to which ARK provides advisory services is provided in Item 7. Advisory Services to Wrap and UMA Programs and Model Portfolios ARK also offers investment advisory services to clients of wrap fee programs and provides nondiscretionary model portfolios to Unified Managed Account (“UMA”) programs sponsored by non- affiliates. ARK’s nondiscretionary services consist of furnishing model portfolios in various equity strategies, which the UMA program sponsor in some cases chooses to employ in its management of accounts under one or more managed account programs. For more information about the strategies that ARK offers to wrap and UMA programs, please see Item 8. ARK does not effect or arrange for the purchase or sale of any securities in connection with nondiscretionary model portfolios. Typically, the sponsor of the wrap fee or UMA program charges a single fee to its clients for all services provided under the program (brokerage, custody and advisory) and pays its advisers, including ARK,

a portion of the fee for the services that ARK provides. In some cases, wrap program clients enter into unbundled arrangements with the sponsor where they enter into investment management agreements directly with ARK. These are known as “dual contract” arrangements. ARK’s portfolios in wrap programs and nondiscretionary models for UMA programs typically hold fewer securities and can be subject to additional constraints, such as minimum market caps or restricted securities, than portfolios managed in a comparable strategy for clients, and can have different brokerage execution. ARK cannot guarantee that the performance and composition of wrap portfolios and nondiscretionary model portfolios will be similar to the performance results and composition of accounts in a comparable strategy and vice-versa due to a variety of reasons, including the difference in the types, availability and diversity of securities that can be purchased, economies of scale, regulations and other factors applicable to the management of ARK’s client accounts. Non-Discretionary Sub-advisory and Sub-Sub advisory Services ARK provides investment sub-advisory services to the ARK 21Shares Bitcoin ETF (ARKB) (“Bitcoin ETF”), a Delaware statutory trust that is an offering of an indeterminate amount of shares registered in accordance with the Securities Act of 1933, as amended (the “1933 Act”) and is not subject to regulation under the 1940 Act or registered under the 1940 Act as an open-end management investment company. The shares trade on the Cboe BZX Exchange, Inc. 21Shares US LLC (“21 Shares”) is the sponsor of the Bitcoin ETF, and ARK serves as the sub-adviser to the Bitcoin ETF and provides assistance in the marketing of the shares through a support services agreement (as discussed further below). ARK provides data, research, and, as needed, operational support to the Bitcoin ETF. The Bitcoin ETF’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate - New York Variant, adjusted for expenses and other liabilities. Additional information regarding the services provided by ARK to the Bitcoin ETF can be found in the Bitcoin ETF prospectus and statement of additional information, which are publicly available at https://21shares.com/en-us, on the EDGAR Database on the SEC’s website (www.sec.gov) or writing to the 37 W. 20th St, Suite 1101 New York, NY 10011, or by calling 212-223-3460. ARK provides investment sub-sub advisory services to 21Shares in respect of the following ETFs: ARK 21Shares Active Bitcoin Futures Strategy ETF (ARKA); ARK 21Shares Active Bitcoin Ethereum Strategy ETF (ARKY); ARK 21Shares Active Ethereum Futures Strategy ETF (ARKZ); ARK 21Shares Active On- Chain Bitcoin Strategy ETF (ARKC); and ARK 21Shares Blockchain and Digital Economy Innovation ETF (ARKD, collectively with ARKA, ARKY, ARKZ and ARKC, the “Digital Asset ETFs” and each a “Digital Asset ETF”). Each Digital Asset ETF is a series of a trust organized as a Delaware statutory trust that is registered under the 1940 Act as an open-end management investment company. The Digital Asset ETF shares are listed on the Cboe BZX, Inc. EA Advisers serves as the investment adviser to each Digital Asset ETF, 21Shares serves as the sponsor and sub-adviser to each Digital Asset ETF, and ARK serves as the sub-sub adviser to each Digital Asset ETF. The adviser receives 21Shares trading recommendations and is responsible for selecting the brokers and placing the Digital Asset ETF’s trades. 21Shares selects such funds’ investments in accordance with its investment objectives, policies, and restrictions, subject to the overall supervision and oversight of the adviser and the board. ARK, as sub- sub adviser, provides non-discretionary advice to 21Shares related to the markets in which the Digital Asset ETFs invest. 21Shares, in its sole discretion, considers the advice provided by ARK when making trade recommendations for a Digital Asset ETF to the extent 21Shares deems necessary. 21Shares and ARK could use quantitative analyses with respect to the Digital Asset ETFs. Additional information regarding the services provided by ARK to the Digital Asset ETFs can be found in each Digital Asset ETF prospectus and statement of additional information, which are publicly available at https://21shares-funds.com/, on the EDGAR Database on the SEC’s website (www.sec.gov) or writing to 21Shares at 19 East Eagle Road Havertown, PA 19083, or by calling 215-882-9983. Additional Non-Advisory Services Marketing Support Services In addition to providing sub-advisory services, ARK provides marketing support services to cryptoasset products related to the launch, listing and ongoing operations of these products. In connection with the launch and listing, ARK creates a marketing and distribution strategy for these products, assists with the development and maintenance of websites, and consults on marketing efforts. In connection with the ongoing operations of these products, ARK uses commercially reasonable efforts to facilitate inclusion of the products on distribution platforms, including those platforms on which ARK ETFs are distributed. Disclosed Research ARK can, subject to applicable law, discuss with clients, potential clients or other third parties, one or more issuers (public or private) that it does not then hold in any portfolio managed by ARK and which ARK could consider for investment. Any such discussions are solely for informational purposes, will only regard public information, and are not intended to constitute investment advice (except to the extent such discussions are investment advisory services specifically contemplated by an investment advisory agreement between ARK and a client). Such discussions could include, among other things, the views of the ARK Team regarding the issuer or its securities, the issuer’s financial condition or prospects, or the merits generally of an investment (or non-investment) in that issuer or any industry or sector of which that issuer is a part. ARK is under no obligation to enter into such discussions with any client or all clients and can elect to have such discussions only with certain clients or with third parties in its sole discretion. ARK will not, as a result of any such discussion, be limited in any way from purchasing or selling investments of any such issuer, including investments that could be or appear to be inconsistent with the views expressed in such discussion, except as required by law. Published Research ARK publishes most of its research analysis (“living research”) on our external website (www.ark- invest.com) in an on-going effort to educate investors on disruptive innovation. This initiative includes publication of research articles, investment models, white papers, videos, podcasts, or other content formats, hosting of educational research events (live and virtual), and sending research newsletters, stock commentaries, and market commentaries to clients and subscribers (collectively, “Research Content”). Also, ARK publishes fund content on its external websites (www.ark-funds.com and www.ark- ventures.com) in an on-going effort to educate investors on disruptive innovation. This initiative includes publication of fund articles, videos, or other content formats, hosting of educational webinars, and sending newsletters to clients and subscribers (collectively, “Fund Content”). All Research Content and Fund Content is original and has been researched and produced by ARK unless otherwise stated. No part of ARK’s Research Content or Fund Content may be reproduced in any form, or referred to in any other publication, without the express written permission of ARK. The Research Content and Fund Content is for informational and educational purposes only and should not be construed, either explicitly or implicitly, as investment advice or an offer or solicitation in respect to any products or services by ARK; or services for any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. The Research Content and Fund Content is intended only to provide observations and views of the author(s) at the time of publishing, both of which are subject to change at any time without prior notice. Certain of the statements contained within the Research Content and Fund Content are 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. ARK's Research Content and Fund Content and the statements therein are not endorsements of any company or recommendations to buy, sell, or hold any security. All Research Content and Fund Content is subject to change without notice. All statements regarding companies or securities or other financial information in the Research Content, Fund Content, or any sites relating to ARK are strictly beliefs and points of view held by ARK or the third party making such statement. Research Content and Fund Content should not be used as the basis for any investment decision, and does not purport to provide any legal, tax or accounting advice. Additionally, while ARK’s current assessment of subject companies utilized within Research Content or Fund Content may be positive, it may be necessary for ARK to liquidate or reduce position sizes prior to the company attaining any indicated valuation prices due to a variety of conditions including, but not limited to, client specific guidelines, changing market conditions, investor activity, fundamental changes in the company’s business model and competitive landscape, headline risk, and government/regulatory activity. ARK does not have investment banking, consulting, or any type of fee-paying relationship with any subject company represented in its Research Content or Fund Content. Index Research Services ARK provides research services to a certain index provider in the form of information and insight inputs with respect to industry trends, investment themes, and other relevant topics for indexes focused on disruptive innovation and potentially other themes. Client-Tailored Services and Client-Imposed Restrictions Generally, ARK provides advisory services to each client under the terms of an investment advisory agreement between ARK and the client. As a general matter, ARK’s management of any pooled investment vehicle or registered or unregistered fund will be in accordance with the governing documents for that vehicle or fund including the investment objective, guidelines, differentiated investment strategy or strategies, policies and restrictions for the vehicle or fund. ARK’s management of such vehicle or fund is not tailored to or intended to reflect the specific requirements or needs of any individual investor in the vehicle or fund. ARK’s management of a client’s separately managed account will be tailored to the client and consistent with the particular investment objective, guidelines, differentiated investment strategy or strategies, policies and restrictions the client selects for that account. Within a given investment theme and consistent with the account, fund, or vehicle’s stated investment objectives, investment strategies, guidelines, policies and restrictions, ARK typically has the authority to select which and how many securities and other instruments to buy or sell without consultation with the client (or, in the case of a fund or vehicle, its management or investors). In certain circumstances, ARK will agree to manage a client’s account subject to certain reasonable restrictions imposed by the client, including, without limitation, the exclusion of specific securities or types of securities, within that account, cash levels permitted in the account or techniques that can be used in managing the account. In addition, ARK can agree to manage a client’s account where such client wishes to engage in securities lending, provided that sufficient restrictions are established to mitigate the risks of such practice. However, ARK reserves the right not to enter into an agreement with a prospective client, or to terminate an investment advisory agreement with an existing client, if any proposed limitation or restriction is, in ARK’s opinion, likely to impair ARK’s ability to appropriately provide services to a client, or ARK otherwise believes the limitations or restrictions to be operationally impractical or unfeasible. The menu of investment themes that ARK can make available to institutional clients, and a brief description of each theme’s investment objective(s), along with the investment strategies used to achieve the objective and the material risks associated with such investment strategies, is provided in response to Item 8. Other investment themes not described in Item 8 can be made available to institutional clients. Additional detail about each investment theme is available at no charge by contacting ARK at 1-727-810- 8160 or through www.ark-invest.com/contact. The portfolio composition of accounts within the same investment theme can differ at any given time. These differences in portfolio composition are attributable to a variety of factors, including, but not limited to, the type of account (e.g., manner of trade execution), client objectives, guidelines, policies, practices (e.g., securities lending), limitations and restrictions, size of the account, date of initial funding, whether ARK has investment discretion, and significant account activity (e.g., significant number of contributions and/or withdrawals). As a result, the performance of an account within a particular investment theme could differ from other accounts having the same investment strategy. Assets Assets Under Management As of February 29, 2024, ARK’s assets under management totaled approximately $28,534,000,000 (rounded to the nearest million) and breaks out as follows:
• Discretionary: $15,177,000,000 (rounded to the nearest million)
• Non-discretionary: $12,630,000,000* (rounded to the nearest million) *This number includes the assets that are managed by others using our continuous and ongoing nondiscretionary portfolios, which include Sub-Advised Funds and Non-Discretionary Sub-Advisory and Sub-Sub advisory Services. ARK does not include assets managed by other persons based on continuous and ongoing non-discretionary portfolios provided by ARK in the calculation of our regulatory assets under management in Part 1A, Item 5.F of the Form ADV. Assets Under Advisement Additionally, as of February 29, 2024, ARK’s non-discretionary assets under advisement (“AUA”) totaled approximately $724,000,000* (rounded to the nearest million). *This number includes the assets that are managed by others using non-discretionary Wrap Fees or UMAs, and Model Portfolios (each as described in Item 5). ARK does not include AUA in the calculation of our regulatory assets under management in Part 1A, Item 5.F of the Form ADV, which is dated March 29, 2024, or in non-discretionary AUM above.