---
title: "ARK Invest Review"
url: https://altstreet.investments/platforms/reviews/ark-invest
kind: platform-review
updated: 2026-11-06
description: "ARK Venture Fund (ARKVX) review: what $500 buys in private companies like OpenAI and Anthropic, who values them, the 2.90% cost, quarterly repurchases, returns, and ARK's ETFs and private funds."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# ARK Invest Review

The ARK Venture Fund (ARKVX) is ARK Invest's interval fund for private companies: for $500 and without accreditation, an investor buys a share of a portfolio that held OpenAI, Anthropic, Stripe, Kalshi and, until its June 2026 listing, SpaceX as a private company. It reported $1.18 billion of net assets at July 31, 2026. This review covers what the fund owns, who values it, what it costs and how much can be taken out each quarter, alongside the other ARK funds covered here: 13 exchange-listed ETFs, a bitcoin ETF and seven private funds.

AltStreet score: 50.3 (C+), scored November 6, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | ARK Invest |
| What it is | Interval Fund for Private Companies (ARK Venture Fund) + Listed ETFs |
| Asset class | Venture and pre-IPO companies (interval fund); listed equity ETFs |
| Website | ark-funds.com |
| Review first published | November 5, 2026 |
| Last updated | November 6, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

The ARK Venture Fund gives a retail investor what venture funds usually reserve for institutions: stakes in companies such as OpenAI, Anthropic, Stripe and Kalshi, for $500, inside a registered fund whose board includes independent trustees and whose financial statements Ernst & Young audits. Its Class D net asset value rose from $20.00 at launch in September 2022 to $54.78 at July 31, 2026, a 30.26% annualized total return at NAV. Three things qualify that figure. First, 68% of net assets at July 31, 2026 sat in restricted holdings valued by ARK itself (Level 3), so the NAV is ARK's estimate of what private companies are worth, not a market price. Second, the fund grew from $208 million to $1.18 billion in its last fiscal year mainly from new money: $724 million of net subscriptions against $253 million from investment results. Third, Class D cost 2.90% of average net assets in fiscal 2026 after ARK's expense cap (3.45% before it), and a holder of Class D, S or U shares can leave only through quarterly repurchase offers, typically sized at 5% of outstanding shares; in the four offers of fiscal 2026, every tendered share was bought.

- **$500** Minimum investment, with no accreditation requirement: the fund 'eliminates the need for investors to navigate burdensome qualification or accreditation thresholds'. Three share classes: Class D (ARKVX) with a 0.15% servicing fee and no load, Class S (ARKSX) with 0.85% and a sales load of up to 3.50%, and Class U (ARKUX) with 0.75% and no load.
- **68%** Share of net assets at July 31, 2026 in restricted securities ($804,105,422), all classified Level 3 and fair valued by ARK Investment Management under procedures overseen by the board. Listed common stock was 27.9% of net assets, led by SpaceX after its June 2026 listing, and cash 3.1%.
- **2.90%** Class D expenses as a share of average net assets in fiscal 2026, after ARK's waivers and reimbursements; 3.45% before them (annual report). The management fee alone is 2.75% of net assets, charged on the values ARK assigns to its private holdings.
- **5% a quarter** Liquidity for Class D, S and U shares: 14 quarterly offers to buy back 5% of the fund's shares at NAV from March 2023 through June 2026, with 1.50% to 5.00% of shares repurchased. In the four offers of fiscal 2026, 1.50% to 4.23% of outstanding shares were tendered and all were bought. These classes have no secondary market; ARK has filed to register a separate Class X that it intends to list.
- **22 funds** ARK funds covered in this review: the Venture Fund, 13 ETFs in the ARK ETF Trust (from ARKK, $5.56 billion at July 31, 2026, to four DIET buffer ETFs of $1 million to $2 million each), the ARK 21Shares Bitcoin ETF ($1.89 billion at June 30, 2026, ARK as sub-adviser) and seven private funds for qualified purchasers that file Form D, the largest ARK Type One Deep Ventures Fund ($298.5 million sold to 28 investors).

Data note: Venture Fund figures are from its annual reports (fiscal years ended July 31) and the fact sheet for September 30, 2026; holdings weights after July 31, 2026 are from the fund's fact sheet and its holdings file on ark-funds.com and are not audited. Returns are total returns at NAV for Class D, not market prices; the NAV includes the adviser's fair values of private holdings. ETF net assets are from the ARK ETF Trust's NPORT-P reports for July 31, 2026.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| $1.18B | ARK Venture Fund net assets | July 31, 2026; $1.4 billion at September 30, 2026 (fact sheet). |
| 68% | Adviser-valued holdings | Restricted Level 3 securities, July 31, 2026. |
| 2.90% | Class D expense ratio after cap | Fiscal 2026; 3.45% gross; management fee 2.75% of net assets. |
| 100% | Tendered shares repurchased, fiscal 2026 | Four offers of 5%; 1.50% to 4.23% tendered. |


## Verdict

The ARK Venture Fund is a registered, audited way for retail investors to own a share of private technology companies for $500, and in the four repurchase offers of fiscal 2026 it bought every share tendered. In fiscal 2026, $185.5 million of its $234.3 million of net unrealized appreciation came from Level 3 holdings that ARK values itself, its size came mainly from new subscriptions, and it costs 2.90% a year after a cap ARK funds. It suits small, long-term positions by investors who accept adviser-set prices and quarterly exits.

**Best for**

- Retail investors who want long-term private technology exposure inside a registered fund and accept quarterly liquidity and adviser valuations

**Look elsewhere if**

- You may need the money on short notice
- You want holdings priced by a market rather than by the adviser
- You want annual costs well under 2%

**Strengths**

- $500 minimum with no accreditation requirement
- Registered fund with independent trustees and an Ernst & Young audit
- Every reported tender in fiscal 2026 repurchased in full
- Annual and semiannual schedules of investments, quarterly fact sheets and a holdings file

**Limitations**

- 68% of net assets valued by the adviser at Level 3
- 2.90% a year for Class D after the cap; Class S load up to 3.50%
- Exits through quarterly repurchase offers typically sized at 5% of outstanding shares
- Fiscal 2026 gain mostly unrealized: $185.5 million of $234.3 million of net unrealized appreciation from Level 3 holdings


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Retail investors who want a small, long-term stake in private technology companies inside a registered, audited fund | well-suited |  |
| Investors who may need their money on short notice | poor-fit |  |
| Cost-sensitive investors | neutral |  |
| Investors who want market-priced private exposure | neutral |  |


## Questions

**Is the ARK Venture Fund legit?**

Yes. It is a closed-end interval fund registered under the Investment Company Act, audited by Ernst & Young, with a board that includes independent trustees, and its adviser ARK Investment Management LLC is SEC-registered. AltStreet located no enforcement action or court case naming ARK as a party. Registration does not mean the investments will perform; most of the fund is private companies valued by ARK.

**What is the minimum investment in ARKVX?**

$500, and you do not need to be accredited. The fund is sold through brokerages and investment platforms; which share class you get (D, S or U) depends on the intermediary.

**What are the ARK Venture Fund's fees?**

Class D: management fee 2.75% of net assets plus 0.15% servicing, with operating expenses limited to 2.90% a year by agreement (excluding acquired-fund fees, brokerage, taxes and other items); in fiscal 2026 Class D expenses were 3.45% before waivers and reimbursements and 2.90% after. The limit stays in effect until the board approves its termination, and ARK may not recoup amounts waived. Class S: 0.85% servicing and a sales load of up to 3.50%, cap 3.60%. Class U: 0.75% servicing, cap 3.50%.

**How do I sell ARK Venture Fund shares?**

Through the fund's quarterly repurchase offers at NAV, typically sized at 5% of outstanding shares. You submit a request through your brokerage before the repurchase deadline; if holders ask for more than the offer, the fund may add 2% and otherwise buys pro rata. Class D, S and U shares have no secondary market. ARK has filed to register a separate Class X for a proposed Texas Stock Exchange listing (ticker ARKV); the scheduled effective date of November 21, 2026 does not establish when trading would begin, and listed shares could trade at a discount to NAV.

**Can I buy ARKVX as a token?**

ark-funds.com says the fund is available 'tokenized through Securitize', an SEC-registered broker-dealer, for eligible investors. An SEC order of September 21, 2026 permits a tokenized class traded on alternative trading systems; AltStreet located no filing reporting such trading. For now, liquidity comes from the quarterly repurchase offers.

**Has the ARK Venture Fund ever limited repurchases?**

In fiscal 2026, when the annual report gives tenders, every share tendered was bought (1.50% to 4.23% of shares). Earlier reports give only shares repurchased; in September 2024 the fund bought exactly the 5.00% it offered, and that report does not say how many shares were tendered.

**How has ARKVX performed?**

Class D's total return at NAV was 26.20% for its first period to July 31, 2023, 3.86% in fiscal 2024, 29.62% in fiscal 2025 and 62.94% in fiscal 2026, or 30.26% a year since inception. These are returns at NAV, not market prices. At July 31, 2026, 68% of net assets was valued by ARK at Level 3, and in fiscal 2026 Level 3 holdings accounted for $185.5 million of the $234.3 million of net unrealized appreciation.

**What does the ARK Venture Fund own?**

At September 30, 2026 its ten largest holdings, 46.6% of the fund, were SpaceX, Kalshi, Ayar Labs, OpenAI, Anthropic, Tenstorrent, Stripe, Lila Sciences, Crusoe and Freenome. At July 31, 2026, 68% of net assets was restricted Level 3 holdings in private companies, 27.9% listed common stock and 3.1% cash.

**Who values the private companies in the fund?**

ARK Investment Management, the adviser, under valuation procedures overseen by the fund's board. At July 31, 2026, $804,105,422 of holdings (68% of net assets) were restricted securities classified Level 3. The management fee is charged on net assets based on those values.

**Is ARKVX the same as ARKK?**

No. ARKK is an exchange-traded fund of listed stocks that trades all day at market prices, for 0.75% a year. ARKVX is an interval fund of mostly private companies, valued by ARK, bought and sold only at NAV, with quarterly repurchases and 2.90% a year for Class D.

**What tax form does the ARK Venture Fund send?**

Form 1099. It is taxed as a regulated investment company, so there is no K-1; it paid small capital-gain distributions in fiscal 2024 and 2025 and none in fiscal 2026.


## Update history

**November 5, 2026: Review published after owner passes 1 and 2**

First published review, built from the ARK Venture Fund's EDGAR filings, prospectus and fund documents, the ARK ETF Trust's July 2026 reports, ARKB's 10-Q, the private funds' Form Ds, the SEC's September 2026 exemptive order, ARK's three websites and the court record. Owner passes before publication: SpaceX valued at $100,094,867 (not the Aerospace & Defense subtotal) with ARK's reported profit-taking; audited fiscal 2026 expense ratios (3.45% gross, 2.90% net) and the expense limitation's terms; fiscal 2026 attribution of $185.5 million of $234.3 million of net unrealized appreciation to Level 3 holdings; repurchase offers described as typically sized at 5% and dated through June 2026; the listed Class X and tokenized class set out separately; tax treatment of repurchases qualified; coverage stated as 22 ARK funds, adding ARK Type One Deep Ventures Fund and ARK X Ventures Fund.


## Evidence appendix

Platform website captured November 5, 2026.

EDGAR filings of the ARK Venture Fund (N-CSR, N-CSRS, N-PORT, N-23C3A, prospectus and supplements), the ARK ETF Trust (NPORT-P, 497K), the ARK 21Shares Bitcoin ETF (10-Q) and seven private funds (Form D); the SEC's exemptive order of September 21, 2026; ARK's Form ADV record; ark-funds.com, the help center and ark-ventures.com; fund fact sheets, schedules of investments and the holdings file; CourtListener; AltStreet's enforcement tables.

**Highlights**

- N-CSR: 'total investments in such restricted securities were $804,105,422 and are classified as level 3'.
- Prospectus: management fee 'calculated and payable monthly at the annual rate of 2.75% of the average daily value of the Fund's Net Assets'.
- Repurchase notice: 'There can be no assurance that the Fund will be able to repurchase all the Shares that you tender even if you tender all the Shares that you own'.
- Fact sheet: 'You should not expect to be able to sell your Shares other than through the Fund's repurchase policy'.

**Primary source pages**

- ARK Venture Fund N-CSR for the year ended July 31, 2026 (filed October 7, 2026)
- ARK Venture Fund prospectus dated October 28, 2025, supplement of January 23, 2026
- ARK Venture Fund repurchase offer notice of September 2, 2026
- ARK Venture Fund fact sheet, September 30, 2026; holdings file dated October 31, 2026
- ARK ETF Trust NPORT-P reports for July 31, 2026; summary prospectuses
- ARK 21Shares Bitcoin ETF 10-Q for June 30, 2026


## Related

- Full review (HTML): https://altstreet.investments/platforms/reviews/ark-invest
- Every platform review: https://altstreet.investments/platforms/reviews
- Methodology and scoring: https://altstreet.investments/platforms
- Category hub: https://altstreet.investments/categories/secondary-pre-ipo-markets

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Source page: https://altstreet.investments/platforms/reviews/ark-invest
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.