BIG IDEASARKINVEST2024Annual ResearchReportRisks Of Investing In InnovationPlease note:Companies that ARK believes are capitalizing on disruptive innovation and developing technologies to displace oldertechnologies or create new markets may not in fact do so.ARK aims to educate investors and seeks to size the potential investmentopportunity,noting that risks and uncertainties may impact our projections and research models.Investors should use the contentpresented for informational purposes only,and be aware of market risk,disruptive innovation risk,regulatory risk,and risks relatedto certain innovation areas.Please read risk disclosure carefully.RISK OF INVESTING IN INNOVATIONRAPID PACE OF CHANGEREGULATORY HURDLESEXPOSURE ACROSS SECTORS AND MARKET CAPDISRUPTIVEPOLITICAL OR LEGAL PRESSUREINNOVATIONUNCERTAINTY AND UNKNOWNSCOMPETITIVE LANDSCAPE>Aim to understand the regulatory.market,sector.and combine top-down and bottom-up research.and company risks.(See Disclosure Page)