Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund outperformed both the S&P 500 and MSCI World Index for the 12-month period ending July 31, 2026.

During the period, multiomics experienced a significant re-rating as investors increasingly recognized the convergence of artificial intelligence, sequencing technologies, and CRISPR gene editing. In ARK’s view, these technologies are transforming drug discovery and development, molecular diagnostics, and therapeutics, with the potential to improve research and development productivity.

More broadly, ARK believes the technology revolution underway today is deflationary. Artificial intelligence, robotics, energy storage, multiomics, and public blockchains are increasing productivity and reducing costs across the economy. In our view, the convergence among these innovation platforms could accelerate economic growth while lowering inflation, creating a favorable environment for innovation-based strategies. Periods of uncertainty and market volatility also can create opportunities to build positions in companies that ARK believes are mispriced relative to their long-term potential.

Top contributors to relative performance

• The top contributor to performance during the period was Twist Bioscience. Shares contributed to performance as the company’s fiscal first-quarter results and May investor day highlighted growing demand for its AI-based drug discovery business, including large protein-characterization datasets used by biotech, large pharmaceutical, and technology companies to train AI models.

• Additional contributors included 10x Genomics, Guardant Health, Absci, and Personalis.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Recursion Pharmaceuticals. Shares were pressured during portions of the period amid volatility in genomics and AI-enabled drug discovery equities.

• Additional detractors from performance included GeneDx, Tempus AI, Arcturus Therapeutics, and CRISPR Therapeutics.

Graphical Representation of Holdings

The table below shows the investment makeup of the Fund.  The allocations may not be representative of the Fund's future investments.

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$1,856,808,276
• Total number of portfolio holdings41
• Total advisory fees paid$13,919,539
• Period portfolio turnover rate39%

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund underperformed both the S&P 500 and the MSCI World Index for the 12-month period ending July 31, 2026.

During the period, innovation equities experienced significant volatility and dispersion as investors reassessed the impact of artificial intelligence across the technology ecosystem. While concerns about AI disruption pressured certain software and technology-related equities, strong demand for AI infrastructure and a significant re-rating in multiomics highlighted the breadth of the technological transformation underway.

ARK believes artificial intelligence is evolving as a platform shift rather than simply a feature set, with the potential to create significant value across multiple layers of the technology stack and broader economy. During the period, investment in AI infrastructure continued to expand, while the convergence of AI with sequencing technologies and gene editing contributed to tangible clinical and commercial progress across multiomics.

More broadly, ARK believes the convergence of artificial intelligence, robotics, energy storage, public blockchains, and multiomics could drive significant productivity gains and cost declines. In our view, periods of volatility and shifting market narratives can create opportunities to invest in companies positioned to benefit from these technological transformations, many of which are not well represented in conventional benchmarks.

Top contributors to relative performance

• The top contributor to performance during the period was Advanced Micro Devices ("AMD"). Shares contributed to performance as strong demand for AI and server processors supported growth across the company’s data center business. During the period, AMD raised its expectations for growth in the data center CPU market, citing demand associated with agentic AI, and announced significant AI partnerships with OpenAI and Oracle. Strong earnings, including 36% year-over-year revenue growth in its third quarter of 2025, and a $1 billion supercomputing partnership with the U.S. Department of Energy also supported shares.

• Additional contributors to performance included Teradyne, 10x Genomics, Twist Bioscience, and Roku. 

Biggest detractors from relative performance

•The biggest detractor from performance during the period was Coinbase. Shares detracted from performance amid weakness in crypto asset prices and trading activity, which pressured transaction revenue and earnings. Coinbase reported lower trading volumes and transaction and subscription revenue during portions of the period, while higher operating expenses also weighed on results. Despite these headwinds, the company continued to broaden its platform beyond crypto trading, announcing initiatives across tokenized equities, derivatives, payments, AI-powered investment tools, and other financial services as part of its strategy to become an “everything exchange.”

 • Additional detractors from performance included Roblox, Circle Internet Group, SpaceX, and Brera Holdings.

Graphical Representation of Holdings

The table below shows the investment makeup of the Fund.  The allocations may not be representative of the Fund's future investments.

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$1,606,831,140
• Total number of portfolio holdings44
• Total advisory fees paid$15,070,490
• Period portfolio turnover rate44%

Material Fund Changes

The following is a summary of certain changes to the Fund since August 1, 2025:

Effective September 7, 2026, the Fund's name was changed from "ARK Next Generation Internet ETF" to "ARK Next Generation Technology ETF".

In connection with this change, the Fund changed certain of its principal investment strategies to reflect that the Fund will invest primarily in companies that are engaged in the Fund's investment theme of Next Generation Technology.

For more complete information, you may review the Fund’s next prospectus, which we expect to be available by November 30, 2026 at https://www.ark-funds.com/download-fund-materials/. You may also call (727) 810-8160 to obtain a copy of the Fund’s current prospectus.

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$700,840,406
• Total number of portfolio holdings41
• Total advisory fees paid$7,804,807
• Period portfolio turnover rate33%

Material Fund Changes

The following is a summary of certain changes to the Fund since August 1, 2025:

Effective November 23, 2025, the Fund's name was changed from "ARK Fintech Innovation ETF" to "ARK Blockchain & Fintech Innovation ETF".

In connection with this change, the Fund changed certain of its principal investment strategies to reflect that the Fund will invest primarily in companies that are engaged in the Fund's investment theme of blockchain and financial technology innovation.

For more complete information, you may review the Fund’s next prospectus, which we expect to be available by November 30, 2026 at https://www.ark-funds.com/download-fund-materials/. You may also call (727) 810-8160 to obtain a copy of the Fund’s current prospectus.

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$759,487,341
• Total number of portfolio holdings36
• Total advisory fees paid$5,062,502
• Period portfolio turnover rate50%

Material Fund Changes

The following is a summary of certain changes to the Fund since August 1, 2025:

Effective November 23, 2025, the Fund's name was changed from "ARK Space Exploration & Innovation ETF" to "ARK Space & Defense Innovation ETF".

In connection with this change, the Fund changed certain of its principal investment strategies to reflect that the Fund will invest primarily in companies that are engaged in the Fund's investment theme of Space & Defense Innovation.

For more complete information, you may review the Fund’s next prospectus, which we expect to be available by November 30, 2026 at https://www.ark-funds.com/download-fund-materials/. You may also call (727) 810-8160 to obtain a copy of the Fund’s current prospectus.

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

The Fund underperformed both the S&P 500 Index and the MSCI World Index for the 12-month period ending July 31, 2026.

During the period, companies across the 3D printing and digital manufacturing ecosystem experienced meaningful dispersion as investors balanced improving operating results at certain companies against continued profitability and capital requirements at others. Selected digital manufacturing companies benefited from stronger marketplace activity, improving profitability, and growth in manufacturing services, while other additive manufacturing companies remained challenged by ongoing losses and financing needs.

Artificial intelligence also emerged as an important consideration for the industry during the period. While AI has the potential to enhance design and manufacturing workflows, concerns that AI agents could reduce demand for traditional seat-based engineering and design software weighed on portions of the group. At the same time, partnerships integrating digital manufacturing capabilities directly into design-to-manufacturing software ecosystems highlighted the continued evolution of the industry.

In our view, advances in automation, artificial intelligence, and digital manufacturing technologies could continue to reshape how products are designed and manufactured. As these technologies evolve, greater integration of digital design and production tools could improve efficiency, shorten development cycles, and expand the range of applications addressable by next-generation manufacturing technologies.

Top contributors to relative performance

• The top contributor to performance during the period was Xometry. Shares contributed to performance following a series of better-than-expected earnings reports that highlighted strong growth in the company’s AI-driven marketplace and improving profitability. During the period, marketplace revenue grew approximately 24%-25%, supported by demand across semiconductors, industrial equipment, consumer products, and aerospace and defense, while gross margins expanded. The company also announced strategic partnerships with Siemens and Google Cloud to support its digital manufacturing platform and continued growth.

• Additional contributors to performance included 3D Systems, Porto Labs, Renishaw, and Kaiser Aluminum.

Biggest detractors from relative performance

• The biggest detractor from performance during the period was Bico Group. Shares detracted after the company reported weaker-than-expected earnings in third quarter of 2025. The company disclosed a steep revenue decline and significant challenges in its Lab Automation segment, citing project delays, fewer new contract starts, and broader macro headwinds weighing on capital spending in the life sciences sector.

• Additional detractors included PTC, Velo3D, Dassault, and Autodesk.

Graphical Representation of Holdings

The table below shows the investment makeup of the Fund.  The allocations may not be representative of the Fund's future investments.

What were the Fund’s cost for the period? 

(based on a hypothetical $10,000 investment)

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$136,920,941
• Total number of portfolio holdings66
• Total advisory fees paid$631,758
• Period portfolio turnover rate64%

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

Because the period covered by this report does not align with a full Outcome Period of the Fund, the Fund's performance for the period does not reflect the implementation of its investment strategy over a complete Outcome Period. The Fund’s investment strategy is designed to deliver targeted outcomes that may only be realized if Fund shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period. 

The Fund seeks to achieve capital appreciation with a measure of downside protection, for a specified Outcome Period (as described below), that corresponds generally, before fees and expenses, to the share price return of the ARK Innovation ETF ("ARKK" or the “Underlying ETF”) above a predefined 5% hurdle rate (the “Hurdle” and the “upside participation”) while providing a measure of protection against potential losses over the Outcome Period so that investors participate in 50% of any decline in the share price of the Underlying ETF measured from its value at the beginning of each Outcome Period (the “downside participation offset”).

The Fund commenced operations on January 2, 2026. From inception through July 31, 2026, the Fund returned -4.42%, compared with -7.54% for ARKK over the same period. ARKK experienced significant volatility, declining during the first quarter amid geopolitical uncertainty and concerns about AI-related disruption before rebounding sharply during the second quarter as those concerns eased and investor sentiment toward innovation equities improved.

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$1,433,768
• Total number of portfolio holdings5
• Total advisory fees paid$1,299
• Period portfolio turnover rate36%

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

Because the period covered by this report does not align with a full Outcome Period of the Fund, the Fund's performance for the period does not reflect the implementation of its investment strategy over a complete Outcome Period. The Fund’s investment strategy is designed to deliver targeted outcomes that may only be realized if Fund shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period.

The Fund seeks to achieve capital appreciation with a measure of downside protection, for a specified Outcome Period (as described below), that corresponds generally, before fees and expenses, to the share price return of the ARK Innovation ETF ("ARKK" or the “Underlying ETF”) above a predefined 5% hurdle rate (the “Hurdle” and the “upside participation”) while providing a measure of protection against potential losses over the Outcome Period so that investors participate in 50% of any decline in the share price of the Underlying ETF measured from its value at the beginning of each Outcome Period (the “downside participation offset”). 

The Fund commenced operations on April 1, 2026. From inception through July 31, 2026, the Fund returned 3.00%, compared with 5.33% for ARKK over the same period. ARKK appreciated as concerns surrounding geopolitical uncertainty and AI-related disruption eased and investor sentiment toward innovation equities improved. Strength in AI infrastructure and a significant re-rating in multiomics also supported ARKK during the period.

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$1,029,995
• Total number of portfolio holdings5
• Total advisory fees paid$423
• Period portfolio turnover rate0%

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

Because the period covered by this report does not align with a full Outcome Period of the Fund, the Fund's performance for the period does not reflect the implementation of its investment strategy over a complete Outcome Period. The Fund’s investment strategy is designed to deliver targeted outcomes that may only be realized if Fund shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period.

 The Fund seeks to achieve capital appreciation with a measure of downside protection, for a specified Outcome Period (as described below), that corresponds generally, before fees and expenses, to the share price return of the ARK Innovation ETF ("ARKK" or the “Underlying ETF”) above a predefined 5% hurdle rate (the “Hurdle” and the “upside participation”) while providing a measure of protection against potential losses over the Outcome Period so that investors participate in 50% of any decline in the share price of the Underlying ETF measured from its value at the beginning of each Outcome Period (the “downside participation offset”).

The Fund commenced operations on July 1, 2026. From inception through July 31, 2026, the Fund returned -6.45%, compared with -11.82% for ARKK over the same period. During July, broad-based global equity markets cooled after reaching all-time highs in early June, while technology and communication services lagged the broader market. The Fund declined less than ARKK during the month, consistent with its objective of providing a measure of downside protection.

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$1,403,285
• Total number of portfolio holdings5
• Total advisory fees paid$191
• Period portfolio turnover rate0%

Management’s Discussion of Fund Performance

SUMMARY OF RESULTS

Because the period covered by this report does not align with a full Outcome Period of the Fund, the Fund's performance for the period does not reflect the implementation of its investment strategy over a complete Outcome Period. The Fund’s investment strategy is designed to deliver targeted outcomes that may only be realized if Fund shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period.

The Fund seeks to achieve capital appreciation with a measure of downside protection, for a specified Outcome Period (as described below), that corresponds generally, before fees and expenses, to the share price return of the ARK Innovation ETF ("ARKK" or the “Underlying ETF”) above a predefined 5% hurdle rate (the “Hurdle” and the “upside participation”) while providing a measure of protection against potential losses over the Outcome Period so that investors participate in 50% of any decline in the share price of the Underlying ETF measured from its value at the beginning of each Outcome Period (the “downside participation offset”).

The Fund commenced operations on October 1, 2025. From inception through July 31, 2026, the Fund returned -8.86%, compared with -17.21% for ARKK over the same period. ARKK experienced substantial volatility, as strength in innovation equities during portions of late 2025 was followed by a first-quarter 2026 decline amid geopolitical uncertainty and concerns about AI-related disruption. ARKK subsequently rebounded during the second quarter as those overhangs eased and strength in AI infrastructure and multiomics supported innovation equities. The Fund declined less than ARKK over the period, consistent with its objective of providing a measure of downside protection, while participating in portions of the Reference Asset's positive performance.

Fund Statistics

The following table outlines key Fund statistics that you should pay attention to:

• Fund net assets$1,818,377
• Total number of portfolio holdings5
• Total advisory fees paid$4,094
• Period portfolio turnover rate70%