ARK TRANSPARENCY ETF (CTRU) Exchange: BATS

The Fund normally investsat least 80% of its total assets in securities that are included in the Fund’s benchmark Index and depositary receipts representingsecurities included in the Index. This 80% investment policy is non-fundamental and may be changed without shareholder approval. The Index is designedto track the price movements of stocks of approximately 100 companies that receive high scores for transparency based on a proprietaryscoring methodology developed by the Index provider, Transparency, LLC. This scoring methodology measures the transparency level of acompany across various indicators, such as the company’s adoption of certain transparency standards, the company’s disclosureregarding its products or services, the company’s involvement in certain legal proceedings, and the company’s reputation.The Index has been created and licensed to the Adviser by the Index provider and is calculated, published and distributed by SolactiveAG (“Solactive”). The Index is comprisedof equity securities and American Depositary Receipts (“ADRs”) traded on U.S. public securities exchanges. Companies operatingin the following industries, as determined by the Index provider, are excluded from the Index: (i) alcohol, (ii) banking, (iii) chemicals,(iv) confectionary, (v) fossil fuel transportation, (vi) gambling, (vii) metals, (viii) mineral, (ix) naturalgas, (x) oil, and (xi) tobacco. To be included in the Index, a company must maintain a 30-day moving average market capitalizationof at least $1 billion, and meet other criteria as established by the Index provider. Securities included in the Index are equally weightedand the Index is rebalanced quarterly. For more information, please see the section entitled “Index Provider and Index Description”in this prospectus. TheFund, using an indexing investment approach, seeks to provide investment results that closely correspond, before fees and expenses,to the performance of the Index by investing in a portfolio of securities that generally replicates the Index. The Fund generally willuse a replication strategy. A replication strategy is an indexing strategy that involves investing in the securities of the Index inapproximately the same proportions as in the Index. However, the Fund may utilize a representative sampling strategy with respect tothe Index when it might not be possible or practicable to purchase all of the securities of the Index in approximately the same proportionsas in the Index, such as when there are practical difficulties or substantial costs involved in compiling a portfolio of securities toreplicate the Index, in instances in which a security in the Index becomes temporarily illiquid, unavailable or less liquid, or as aresult of legal restrictions or limitations (such as tax diversification requirements) that apply to the Fund but not the Index. Therealso may be instances in which the Adviser may choose to underweight or overweight a security in the Index, purchase securities not inthe Index that the Adviser believes are appropriate to substitute for certain securities in the Index or utilize various combinationsof other available investment techniques in seeking to provide investment results that closely correspond, before fees and expenses, tothe performance of the Index. The Fund may sell securities that are represented in the Index in anticipation of their removal from theIndex or purchase securities not represented in the Index in anticipation of their addition to the Index. The Fund does not take temporarydefensive positions when markets decline or appear overvalued. If the Fund uses a replicationstrategy, it can be expected to have greater correlation to the Index than if it uses a representative sampling strategy. The Fund may concentrateits investments in a particular industry or group of industries to the extent that the Index concentrates in an industry or group of industries. The Fund is classifiedas a “non-diversified” investment company under the Investment Company Act of 1940, as amended (the “1940 Act”),which means that it may invest a high percentage of its assets in a limited number of issuers.