As published: November 4, 2022

Please read these Terms of Use (“Terms of Use”) carefully. ARK Investment Management LLC, a registered investment adviser (“ARK”) owns and operates the investment advisory portions of this website https://akmgnt.com/. By registering for, logging into, visiting and/or otherwise using the Site in any way, you indicate that you understand and intend these Terms of Use to be the legal equivalent of a signed, written contract, and you accept these Terms of Use and agree to be legally bound by them. If you do not agree to these Terms of Use, please do not access this Site or any pages thereof.

Reservation of Rights
We reserve the right, at our discretion, to change, modify, add, or remove portions of these Terms of Use at any time. Your continued use of the Site following reasonable notice of such modifications will be conclusively deemed acceptance of any changes to these Terms of Use. You agree that notice of changes to these Terms of Use posted on the Site constitutes reasonable and sufficient notice. At all times, you are bound by the then-current version of the Terms of Use and of all applicable laws.

Use of Content
The Content (as defined below) of this Site is available for informational purposes only. The posting of Content and access to this Site does not constitute, either explicitly or implicitly, any provision of services or products by ARK.

Copyright and Trademarks
This Site (including the software and files), the computers hosting this Site, and content provided on this Site, including any text, music and sound, graphics, images, photographs, audio and video, footage, animations, podcasts, analyses, studies, reports, and downloads (all such content collectively, the “Content”) are the exclusive property of ARK, are licensed to ARK, or are publicly copyrighted, and are protected by law, including United States copyright, database, trade secret, and trademark law, as well as other state, national, and international laws and regulations. ARK is a trademark or registered trademark in the United States and throughout the world. ARK reserves all rights with respect to its proprietary information or material on this Site and will enforce such rights to the full extent of applicable copyright and trademark law. Except as expressly provided in these Terms of Use, ARK does not grant any express or implied rights to you. All rights in the pages and Content are owned by ARK and their respective licensors. You agree not to sell, distribute, publish, broadcast, circulate or commercially exploit Content in any manner without the express written consent of ARK. Any downloading or otherwise copying from this Site will not transfer title to any software or material to you. Unless otherwise noted, ARK, and other brands featured on the Site constitute our trade/service marks. You agree not to, directly or indirectly, attempt to register, challenge or contest the validity of ARK’s ownership of, such copyrights, trademarks or any other intellectual property of ARK, or assist any third party in doing so.

Grant of License
ARK grants to you a personal, revocable, nonexclusive, nontransferable license to use this Site conditioned on your continued compliance with these Terms of Use. Limited portions of the Content available in the public areas of the Site may be accessed, printed and downloaded on an occasional basis for personal, scholarly, research or non-commercial purposes; provided that all hard copies contain all copyright and other applicable proprietary rights notices included in such content and information and/or appropriate attribution to ARK in a form and manner acceptable to ARK. For information on obtaining permission to use any Content beyond the uses permitted above, please contact ARK at info@akmgnt.com. Unless and except as otherwise expressly permitted by these Terms of Use, you may not access, copy, reproduce, modify, create derivative works of, alter, publicly distribute, republish, upload, post, transmit, publicly perform or display, license, transfer, sell, mirror, frame, “deep link,” “scrape,” data mine, or otherwise use any information or material obtained from or through this Site, without written permission from ARK. Any unauthorized use of this Site or the Content, or any violation of applicable laws, will terminate the permission granted herein.

No Offer or Investment Advice
Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service, or the offer to sell or the solicitation of an offer to buy any security; nor shall any such services be provided, or securities be offered or sold, in any jurisdiction in which such an offer, solicitation, provision or sale would be unlawful. All Site Content is subject to applicable statutes and regulations.

The information provided is for informational purposes only. It does not constitute any form of advice or recommendation to buy or sell any securities or adopt any investment strategy mentioned. It is intended only to provide observations and views of the author(s) at the time of writing, both of which are subject to change at any time without prior notice. The information provided does not have regard to the specific investment objectives, financial situation or particular needs of any specific person who may read it, and investors should determine for themselves whether a particular service or product is suitable for their investment needs or should seek such professional advice for their particular situation. Please refer to offering documents for further information concerning specific products.

Any reference to a particular company or security is not an endorsement by ARK of that company or security or a recommendation by ARK to purchase or sell such security. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of prior securities’ recommendations

This Site is published in the United States for residents of the United States. Investors outside of the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this Site. U.S. investors are advised that not all investments or services described on this Site are available for sale in all states. Any potential investor should satisfy themselves that an investment in an ARK product is permissible under the rules and regulations of their domicile. The Site is not directed to any person in any jurisdiction where (by reason of that person’s nationality, residence or otherwise) the publication or availability of the Site is prohibited. Persons in respect of whom such prohibitions apply must not access the Site.

Forward Looking Statements
Certain of the statements contained herein may be statements of future expectations, opinions, 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. In addition to statements which are forward-looking by reason of context, the words “may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential, or continue” and similar expressions identify forward-looking statements.

The matters discussed herein may also involve risks and uncertainties described from time to time in ARK’s filings with the U.S. Securities and Exchange Commission. The company assumes no obligation to update any forward-looking information contained herein.

Conflicts of Interest
As a thematic investor with an open research ecosystem, ARK and its related persons use online activity as part of its investment research process. As a result, ARK and clients as well as its related persons may (but do not necessarily) have financial interests in securities or issuers that we discuss. However, any discussion of securities or issuers by ARK is not a recommendation to buy, sell or hold any particular security.

Risk & Investment Warranty

Past performance is no guarantee of future results. We want to assure you that the Fund is committed to meeting its investment objective. However, like all investments, the value of your investment in the Fund and the return you receive on it may still experience fluctuations. We want to emphasize that your investment is safeguarded by SIPC insurance, ensuring that there is no loss of funds due to insolvency. In addition, in adverse situations, we provide an extra layer of protection by offering a refund of capital. While investments can still face challenges, these measures are designed to mitigate risks and provide you with confidence in your investment decisions. Please carefully review the following risks before considering an investment in the Fund. Each risk summarized below is still regarded as a “principal risk” of investing in the Fund, regardless of the order in which they’re presented.

Reliance
Although ARK has taken reasonable care to ensure that the information contained within this Site is accurate, no representation or warranty (including liability towards third parties), expressed or implied, is made as to its accuracy, reliability or completeness by ARK or their contractual partners. Opinions and any other Content are provided by ARK for personal use and informational purposes only and are subject to change without notice. Nothing contained on this Site constitutes investment, legal, tax or other advice and is not to be relied on in making an investment or other decision.

User Representations
You represent and warrant to ARK that you will not use this Site for any purpose that is unlawful or prohibited by these Terms of Use, including but not limited to attempting or actually: (a) disrupting, impairing or otherwise interfering with the operation or integrity of the Site or circumventing any Site security system; (b) collecting any information about other users of the Site; (c) systematically, or by any automated means, extracting Content or other information or data contained in the Site to populate databases or other sites; or (d) engaging in any fraudulent or manipulative activity with respect to issuers, securities or markets. ARK may terminate your access and use of any part of the Site for such violations.

You further agree not to: (a) make any representations, warranties or guarantees on ARK’s behalf or with respect to the Site, Content or data; (b) make any false or misleading representations with regard to ARK, the Site, Content or data; or (c) participate or engage in any illegal, deceptive, misleading, unethical, or improper practices.

Information Submitted By You
ARK’s usage of your personal information is governed by our Privacy Policy, which forms part of these Terms of Use. You should not submit any confidential or proprietary information via the Site. By submitting any information or material to us through the Site, you grant us an unrestricted, irrevocable, worldwide, royalty-free, non-exclusive license to use, reproduce, display, perform, modify, transmit and distribute those materials or information. You also agree that ARK is free to use for any purpose any ideas, concepts, know-how or techniques that you submit to us through the Site. ARK shall not be subject to any obligations of confidentiality regarding submitted information, except as agreed to by ARK or as otherwise specifically agreed or required by law. You agree not to use this Site to upload, display or distribute any materials that are defamatory, threatening, obscene, harassing, or otherwise unlawful, or that incorporate the copyrighted, confidential or proprietary material of any other person or entity. To the extent that you interact with ARK on social media platforms, remember that the manner in which social media platforms use, store, and disclose your information is governed by those third-parties.