ARK DIET Q1 Buffer 

The ARK DIET Q1 Buffer ETF (ARKD) is an actively managed fund designed to offer a modified return experience compared to the ARK Innovation ETF (ARKK). Each January, ARKD initiates a new annual cycle with the objective of mitigating ARKK's potential losses by roughly 50%. In exchange for this downside protection, ARKD's potential gains are capped once ARKK's performance exceeds a 5% threshold. ARKK itself invests in a global portfolio of companies spearheading disruptive innovation across fields like genomics, artificial intelligence, robotics, and fintech. To achieve its buffered outcome, ARKD holds shares of ARKK, while simultaneously engaging in an options strategy: it sells at-the-money call options, purchases at-the-money put options to cover half of its net asset value, and then uses any remaining premium to acquire out-of-the-money call options. This last step allows ARKD to participate in ARKK's upside performance beyond the initial 5% hurdle. Investors should be aware that all performance figures are stated before the deduction of fees and expenses, which will reduce actual returns. Furthermore, ARKD shareholders do not receive any dividends that might be paid by the underlying ARKK shares. This strategy is most effective for investors who intend to hold their shares for the entirety of each one-year outcome period; buying or selling mid-period will lead to different results.