The principal risks of investing in ARK’s Index ETFs include equity, market, concentration and non-diversification risks, as well as fluctuations in market value and net asset value (“NAV”). The principal risks of investing in IZRL: Equity Securities Risk. The value of the equity securities the Fund holds may fall due to general market and economic conditions. Foreign Securities Risk. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities. Index Tracking Risk. The returns of the ETF may not match the returns of the underlying index that the ETF is designed to track. Information Technology Sector Risk. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Innovative Technology Risk. Companies that are developing innovative technologies may not be able to capitalize on the technology and may face political or legal attacks from competitors, industry groups or local and national governments. Israel Risk. Israeli companies may be adversely affected by changes in political climate, government regulation, world events, economic conditions, and exchange rates. The unique characteristics of securities of Israeli companies and the Israel stock market may have a negative impact on the ETF.
Portfolio holdings will change and should not be considered as investment advice or a recommendation to buy, sell or hold any particular security.
 Source: ARK Investment Management LLC, as of Dec. 31, 2017
 Source: Josh Mandel and Carol Sente, The Washington Times, Aug. 8 2014, “Israel is a strong investment for America”