Ark Investment Management LLC

Fees and Compensation

The following information describes ARK’s compensation for the advisory services it provides to each
type of client account, including management fees (“Management Fees”) and other fees and expenses.

ARK ETFs

In accordance with the Supervision Agreement, each ARK ETF pays an annual Management Fee in return
for providing investment management and supervisory services (including the provision of all services
typically needed for the operation of the ARK ETF) under a comprehensive unitary fee structure. The
unitary fee structure allows each ARK ETF to pay for the advisory, supervisory, administrative, custody
and other services they require under what is essentially an all-in fee structure. However, each ARK ETF
bears other expenses that are not covered under the Supervision Agreement (i.e., that are not included
in the Management Fee) that can vary and will affect the total level of expenses paid by each ARK ETF.
Those expenses include taxes and governmental fees, certain transaction expenses, certain custodial
fees and expenses, costs of borrowing money (including interest expenses), and extraordinary expenses
(such as litigation and indemnification expenses), as well as various fees and expenses relating to
regulatory reporting and filings, and preparing and sending reports to shareholders.

        Actively Managed ETFs. The annual Management Fee of 0.75% for each of the six actively
        managed ETFs is paid to ARK monthly in arrears based on the average daily net assets of each
        ARK ETF. Pursuant to the Advisory Agreement, the annual investment advisory fee payable to
        ARK by each ARK ETF, which fee is included within the Management Fee, is 0.55% of average
        daily net assets of each ARK ETF.

        Index ETFs. The annual Management Fee for the two current index ARK ETFs are 0.48% for
        the ARK Israel Innovative Technology ETF and 0.65% for The 3D Printing ETF, and each
        Management Fee is paid to ARK monthly in arrears based on the average daily net assets of
        each ARK ETF. Pursuant to the Advisory Agreement, the annual investment advisory fee payable
        to ARK by each of these index ARK ETFs, which fee is included within the Management Fee, is
        0.30% of average daily net assets of each ARK ETF. The ARK Israel Innovative Technology ETF
        and The 3D Printing ETF are also charged an additional 0.01% to cover foreign custodial fees

        and expenses.

        DIET Buffer ETFs. The annual Management Fee of 0.69% for each of the four actively managed
        ETFs is paid to ARK monthly in arrears based on the average daily net assets of each DIET
        Buffer ETF subject to certain waivers of its management fee payable by each fund in an account
        equal to the investment advisory fee portion of the management fee it earns as an investment
        advisor to the affiliated fund(s) in which the fund invests.

Additional information about the fees charged to the ARK ETFs is available 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 calling 855-406- 1506.

Interval Fund: Venture Fund

Pursuant to the Advisory Agreement, and in consideration of the advisory services provided by ARK to
the Venture Fund, ARK is entitled to a Management Fee, which is calculated and payable monthly in
arrears at the annual rate of 2.75% of the average daily value of the Venture Fund’s Net Assets. “Net
Assets” means the total assets of the Venture Fund minus the fund’s liabilities. In addition to the
Management Fee, the Venture Fund bears other fees and expenses, which may vary and will affect the
total expense ratio of the Venture Fund, such as taxes and governmental fees, brokerage fees,
commissions and other transaction expenses, certain foreign custodial fees and expenses, costs of
borrowing money, including interest expenses, and extraordinary expenses (such as litigation and
indemnification expenses).

Additional information regarding the Venture Fund expenses can be found in the Venture Fund
prospectus in the “Fund Expenses” section, which is publicly available at www.ark-funds.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., Suite 220, St. Petersburg, Florida 33701, or by calling
toll-free 888-511-2347.

Separately Managed Accounts, Other Pooled Investment Vehicles and Clients

When ARK enters into an investment advisory agreement or other agreements to provide investment
management or advisory services to clients, ARK will charge each such client a fee at a specified annual
percentage rate of the client’s assets under management. Fees also can include a performance
component for certain clients and Private Funds, as discussed in Item 6.

Separately Managed Accounts

ARK’s standard fee rates for management of separately managed accounts are normally between 0.45%
and 0.60% of assets under management. The fees charged to separately managed accounts are
negotiable and typically will vary and can be reduced or can include breakpoints at ARK’s sole discretion
depending on a number of factors including, but not limited to: the type of client, the strategy, the size of
the account, the total amount of client assets managed or advised by ARK, whether the client wishes to
impose particular limitations or restrictions on ARK’s discretionary investment authority (e.g., restrictions

on the types of securities that ARK acquires for the account), and other business considerations. ARK
generally imposes investment minimums on separately managed accounts.

ARK’s fee rates do not include fees that separately managed account clients normally pay to other third-
...

ITEM 7 TYPES OF CLIENTS

ARK ETFs

ARK acts as investment manager and provides management and supervisory services to the ARK
ETFs. The ARK ETFs are exchange-traded funds. Each ARK ETF is a non-diversified, open-end

management investment company registered under the 1940 Act, whose shares are registered for sale
under the 1933 Act.

ARK’s services to each ARK ETF are supervised by the Board, currently composed of four Trustees. For
independence purposes, three of the four Trustees are not “interested persons” of the ARK ETF Trust or
ARK. Additional information about each ARK ETF, including the services that ARK provides and the ARK
ETFs’ investment objectives, strategies and risks, 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.

ARK Monthly Webinars. ARK publishes a Monthly webinar to provide ongoing education around the ARK
ETFs, including discussions of performance, composition, outlook, and commentary and providing
answers to investor questions. This information is not investment advice and will only discuss public
information. The on-demand webinars and materials will be posted to the ARK website and can be found
at www.ark-funds.com. All interested parties can obtain more information at www.ark-funds.com. Such
webinars are published on the third Thursday following a month end at 4:30PM EST unless otherwise
announced.

Advisory Services to the Venture Fund

ARK provides investment advisory services to 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 at NAV generally.
Generally, the stated minimum initial investment by an investor in the Fund for Shares is $500, which
stated minimum may be reduced for certain investors pursuant to the purchase terms in the Fund’s plan
of distribution.

The ARK Monthly Webinars, detailed above, also include the Venture Fund and provide ongoing
education around the Venture Fund, answer investor questions, and discuss performance, composition,
outlook, and commentary for the Venture Fund. As noted above, this information is not investment advice
and will only discuss public information. The on-demand webinars and materials will be posted to the
ARK website and can be found at www.ark-funds.com. All interested parties can obtain more information
at www.ark-funds.com. Such webinars are published on the third Thursday following a quarter end at
4:30PM EST unless otherwise announced.

Additional information regarding the services provided by ARK to the Venture Fund can be found in the
Venture Fund prospectus and statement of additional information, which is publicly available at
https://www.ark-funds.com/funds/arkvx, on the EDGAR Database on the SEC’s website (www.sec.gov)
or by writing to the Venture Fund at ARK Investment Management, LLC, 200 Central Ave., Suite 220,
St. Petersburg, Florida 33701, or by calling toll-free 888-511-2347.

Separately Managed Accounts, Other Pooled Investment Vehicles and Clients

ARK currently provides investment advisory services to certain separately managed accounts for U.S.
institutions (which can include retirement plans, employee pension benefit plans, tax-exempt entities,
limited liability companies, public funds, foundations, endowments, insurance companies and their
separately managed accounts, emerging manager programs, and financial institutions and their
customers and clients), non-U.S. institutions, high net worth clients (which can include individual
investors, trusts and smaller employee benefit plans), pooled investment vehicles (including the Private
Funds), Sub-Advised Funds (as described more fully in Items 4 and 5), retail clients and Other Registered
Investment Companies (such as mutual funds and unit investment trusts). The Private Funds generally
require a minimum investment commitment from investors. If investment minimums are imposed, ARK
retains the ability to permit reduced investment minimums, as described in the offering documents.

Wrap and UMA Programs

ARK also offers investment advisory services to clients of wrap fee programs and provides
nondiscretionary models to UMA programs sponsored by non-affiliates. ARK’s nondiscretionary services
consist of furnishing model portfolios in various equity strategies, which the UMA program sponsor could
choose to employ in its management of accounts under one or more managed account programs. The
sponsors of these programs could impose minimums or other requirements for opening or maintaining
an account, as described in more detail in the programs governing documents. For more information
about the strategies that ARK can offer to wrap and UMA programs, please see Item 8.

Non-Discretionary Sub-advisory and Sub-sub advisory Services

ARK also offers sub-advisory and sub-sub advisory services to registered investment advisers that
manage the Bitcoin ETF. ARK’s non-discretionary sub-advisory services consist of providing data,
research, and, as needed, operational support to the Bitcoin ETF as well as marketing support services..
This product is exchange-traded as described in more detail in the prospectus and statement of
...