ARK Invest
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.
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What the data actually shows - TL;DR
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.
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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.
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.
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%.
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.
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.
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).
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.
Quick Verdict
Is this platform right for you?
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
Avoid 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%
Top 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
Key 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
Compare Before Deciding
ARK Venture Fund alternatives
Retail funds of private companies differ on who sets the price, what they cost and how you get out.
A listed venture fund
Destiny Tech100
A closed-end fund of private technology companies that trades on the NYSE at a market price that can sit far above or below NAV.
Another registered venture fund
AngelList USVC
AngelList's registered venture fund, open to non-accredited investors, with audited statements.
A brokerage's private-markets funds
Robinhood Ventures
Robinhood Ventures Fund I (RVI), an NYSE-listed closed-end fund of private companies advised for 2.00% of net assets.
$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.
Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
No secondary market for Class D, S or U shares. ARK has filed to register a separate Class X for a proposed Texas Stock Exchange listing (ARKV); trading has not begun.
K-1 Timing
No K-1; Form 1099.
Distributions
Annual if any; none in fiscal 2026.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
The ARK Venture Fund is a closed-end interval fund registered under the Investment Company Act. It sells shares continuously at NAV (plus a sales load on Class S), through brokerages and investment platforms, for $500 or more. ARK Investment Management LLC, the adviser founded by Catherine D. Wood, invests the money in private companies it expects to benefit from five themes (artificial intelligence, robotics, energy storage, multiomic sequencing and blockchain) and in listed shares of similar companies, buying private stakes directly or through vehicles run by other managers.
Each quarter the fund makes a repurchase offer at NAV, typically sized at 5% of outstanding shares; if holders ask for more, it may raise the offer by up to 2% and otherwise buys pro rata. ARK values the private holdings itself, and the management fee of 2.75% is charged on the net assets those values produce. Class D, S and U shares are not listed and cannot be sold on an exchange.
What you buy is a share of a portfolio of private and listed innovation companies, about 68% of it valued by ARK itself. What it costs: 2.90% a year for Class D after ARK's expense cap. How you get out: quarterly repurchase offers, typically sized at 5% of outstanding shares.
Who runs it
ARK Investment Management LLC, St. Petersburg, Florida (CRD 169525, SEC 801-79081), founded by Catherine D. Wood, who manages the fund and sits on its board as an interested trustee. The adviser reported $15,980,171,090 of regulatory assets under management and seven private funds with $1,291,631,919 of gross assets in its Form ADV of August 24, 2026. Distributor: Foreside Fund Services, LLC. Auditor: Ernst & Young LLP.
What you pay (ARKVX, Class D)
Management fee 2.75% of average daily net assets; shareholder servicing 0.15%; operating expenses limited to 2.90% by agreement, excluding acquired-fund fees, brokerage, taxes and other items (fiscal 2026: 3.45% before waivers and reimbursements, 2.90% after). The limit stays in effect until the board approves its termination, and ARK may not recoup amounts waived or reimbursed. No sales load and no repurchase fee charged by the fund; a brokerage may charge its own transaction fee. Class S: servicing 0.85%, load up to 3.50%, cap 3.60%. Class U: servicing 0.75%, cap 3.50%.
Liquidity
Class D, S and U: quarterly repurchase offers, typically sized at 5% of outstanding shares, at NAV (repurchases in March, June, September and December; 2026 calendar published). The fund may add up to 2% if oversubscribed and must otherwise repurchase pro rata. Fiscal 2026 tenders were 1.50%, 1.51%, 1.73% and 4.23% of shares, all repurchased. No secondary market for these classes. A separate exchange-listed Class X and a tokenized class are covered below.
Listed and tokenized classes
SEC order of September 21, 2026 (Release No. 36333) permits an exchange-listed class and a tokenized class traded on alternative trading systems. ARK has filed to register Class X for a proposed Texas Stock Exchange listing (ticker ARKV); the scheduled effective date was moved to November 21, 2026, and trading has not begun. If listed, Class X could trade at a discount to NAV. Tokenized access through Securitize is offered on ark-funds.com; liquidity for existing holders remains the repurchase offers.
Size and returns
Net assets $24.9 million (July 31, 2023), $64.0 million (2024), $207.9 million (2025), $1.18 billion (2026), $1.4 billion (September 30, 2026). Class D total return at NAV: 26.20% (first period), 3.86%, 29.62%, 62.94%; 30.26% annualized since inception to July 31, 2026, and 32.01% to September 30, 2026 (fact sheet).
Holdings
At July 31, 2026, as a share of net assets: restricted Level 3 holdings 68%, including private preferred stock 52.6% and private common stock 9.8%; listed common stock 27.9%; cash 3.1%. Ten largest at September 30, 2026 (46.6%): SpaceX, Kalshi, Ayar Labs, OpenAI, Anthropic, Tenstorrent, Stripe, Lila Sciences, Crusoe, Freenome.
ARK's other funds
13 ETFs in the ARK ETF Trust (CIK 1579982), the ARK 21Shares Bitcoin ETF (ARKB, ARK as sub-adviser) and seven private funds that file Form D (ARK Type One Deep Ventures Fund, ARK X Ventures Fund, ARK Digital Asset Revolutions US and Cayman, ARK Digital Asset Innovation Fund LP, ARK Cryptocurrency US and Cayman). ARK's co-investment application of October 29, 2026 names further private vehicles for which AltStreet located no Form D. See the table below.
Court and regulatory record
No action in AltStreet's SEC and FINRA enforcement tables names ARK Investment Management, its funds or Catherine Wood, and no federal case located names them as a party: the 36 CourtListener dockets mentioning 'ARK Investment Management' list it as a shareholder, investor or creditor in other companies' cases (November 5, 2026). State courts were not searched.
Visual Summary
ARK's US funds
The 22 ARK funds covered in this review, with size and fee. Net assets from NPORT-P reports for July 31, 2026 unless noted; fees from each fund's latest prospectus with a fee table.
ARK Venture Fund (ARKVX, ARKSX, ARKUX)
Interval fund; $1.18 billion (July 31, 2026); Class D 2.90% net (3.45% gross) in fiscal 2026, Class S up to 3.50% load
ARK Innovation ETF (ARKK)
Active ETF; $5.56 billion; 0.75%
ARK Autonomous Technology & Robotics ETF (ARKQ)
Active ETF; $1.86 billion; 0.75%
ARK Next Generation Internet ETF (ARKW)
Active ETF; $1.61 billion; 0.76%
ARK Genomic Revolution ETF (ARKG)
Active ETF; $1.56 billion; 0.75%
ARK Space & Defense Innovation ETF (ARKX)
Active ETF; $759 million; 0.76%
ARK Blockchain & Fintech Innovation ETF (ARKF)
Active ETF; $701 million; 0.75%
ARK Israel Innovative Technology ETF (IZRL)
Index ETF; $137 million; 0.49%
The 3D Printing ETF (PRNT)
Index ETF; $58.7 million; 0.66%
ARK DIET Q1 to Q4 Buffer ETFs (ARKD, ARKI, ARKE, ARKT)
Defined-outcome ETFs; $1.0 million to $1.8 million each; 1.44% including 0.75% of acquired-fund fees
ARK Active Autocallable Income ETF (ARKY)
Income ETF launched July 2026; 0.85%
ARK 21Shares Bitcoin ETF (ARKB)
Spot bitcoin trust, ARK as sub-adviser; $1.89 billion (June 30, 2026); 0.21% sponsor fee
ARK Type One Deep Ventures Fund LLC
Private fund managed by ARK (Rule 506(b), section 3(c)(7)); $298.5 million sold to 28 investors (Form D/A, April 22, 2026)
ARK X Ventures Fund LLC
Private fund managed by ARK (Rule 506(b), section 3(c)(7)); $69.1 million sold to 65 investors (Form D/A, April 22, 2026); management and/or performance fee
ARK Digital Asset Revolutions (US and Cayman)
Private funds for qualified purchasers, $500,000 minimum; $8.52 million (10 investors) and $2.19 million (1 investor) reported under Rule 506(b) by March 2024; new Rule 506(c) offerings since October 2024 report $0 sold
ARK Digital Asset Innovation Fund LP; ARK Cryptocurrency (US and Cayman)
Private funds; Innovation Fund Form D of July 2025 reports $0 sold; Cryptocurrency US reported $24.94 million from 13 investors by November 2022, with no amendment since
ASWhat $500 buys, and what it costs
- As an illustration, $10,000 in Class D at the 2.90% capped expense ratio costs about $290 a year while the NAV holds flat; the fee is charged on NAV, so it rises with ARK's valuations of the private holdings.
- A Class S purchase through an intermediary that charges the full 3.50% load starts about 3.5% below a Class D purchase of the same amount, before the higher 0.85% servicing fee.
- Because offers are typically sized at 5% of outstanding shares, if a large share of holders sought to exit at once, each would be repurchased pro rata and may need to tender again in later quarters.
Key Gaps & Non-Disclosures
- Valuation basis for each private holding.
- Tenders in repurchase offers before fiscal 2026.
- Fees inside third-party vehicles that hold some positions.
Platform Intelligence
ARK Venture Fund, 2022 to 2026
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
Fund launches
Organized January 11, 2022; operations from September 1, 2022 at $20.00 a share.
First repurchase offers
Offers in March and June 2023 repurchase 4.30% and 4.70% of shares; net assets $24.9 million at July 31, 2023.
Full offer bought
The September 2024 offer repurchases exactly the 5.00% offered; net assets $64.0 million at July 31, 2024.
Assets pass $200 million
Net assets $207.9 million at July 31, 2025; Class S and Class U shares begin selling in the following fiscal year.
SpaceX lists; assets pass $1 billion
SpaceX lists in June 2026; the fund ends its fiscal year at $1.18 billion after $724 million of net subscriptions and reports $1.4 billion at September 30, 2026.
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
No K-1; Form 1099.
Extension risk
Not expected.
Confidence: High
Cash Flow
Distributions
Timing
Annual if any; none in fiscal 2026.
Consistency
Small capital-gain distributions in fiscal 2024 and 2025.
Liquidity
Exit Reality
Holding period
No lockup; quarterly repurchase offers, typically sized at 5% of outstanding shares. Class S purchases of $250,000 or more may pay up to 1.50% if tendered within 12 months.
Exit options
- Quarterly repurchase offer at NAV
- Pro rata repurchase if oversubscribed
Secondary market
No secondary market for Class D, S or U shares. ARK has filed to register a separate Class X for a proposed Texas Stock Exchange listing (ARKV); trading has not begun.
Confidence: High
Investment Structures
ARK Venture Fund (interval fund)
Continuously offered at NAV, with quarterly repurchase offers typically sized at 5% of outstanding shares. Class D (ARKVX), Class S (ARKSX) and Class U (ARKUX) differ in servicing fee, sales load and expense cap.
Exchange-listed ETFs
Thirteen ETFs in the ARK ETF Trust, six of them actively managed innovation equity funds, two index funds, four defined-outcome buffer funds and one autocallable income fund, plus the ARK 21Shares Bitcoin ETF that ARK sub-advises.
Private funds
Seven vehicles filing Form D under Rule 506(b) or 506(c) with section 3(c)(1) and 3(c)(7) exclusions, for accredited investors and qualified purchasers; stated minimums of $500,000 to $1,000,000 where given.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
Adviser valuations
68% of net assets in Level 3 holdings fair valued by ARK, which also earns its fee on net assets.
Quarterly liquidity
Offers typically sized at 5% of outstanding shares a quarter at NAV; pro rata if oversubscribed; no secondary market for Classes D, S and U.
Cost
2.90% for Class D in fiscal 2026 after waivers and reimbursements ARK funds; 3.45% before them. The cap excludes acquired-fund fees, brokerage and taxes.
Concentration
Ten holdings were 46.6% of the fund at September 30, 2026.
Oversight
Registered fund whose board includes independent trustees (Catherine Wood is an interested trustee); Ernst & Young audit.
Valuation risk
Most of the fund is valued by its adviser between funding rounds.
Why it matters
A down round, a failed company or a listing below the last mark lowers NAV for every holder, and the fee was charged on the earlier value.
Mitigation / verification
Read the schedule of investments in each annual and semiannual report and compare cost with value for the largest private holdings.
Liquidity risk
Exits are through quarterly repurchase offers, typically sized at 5% of outstanding shares.
Why it matters
If many holders tender at once, each receives a pro rata share, and holders can submit a new tender in a later offer at that offer's NAV.
Mitigation / verification
Check the repurchase calendar and the latest offer results before investing money you may need.
Cost drag
2.90% a year for Class D, more for Class S.
Why it matters
Over ten years a 2.90% annual cost compounds to about a quarter of the ending value relative to a fund with no costs.
Mitigation / verification
Buy Class D where available; ask the brokerage which class and load it offers.
Concentration and early-stage risk
A few companies drive most of the result.
Why it matters
Ten holdings were 46.6% of the fund at September 30, 2026; several are pre-profit companies.
Mitigation / verification
Size the position as a high-risk holding.
Biggest Misconceptions & What Actually Happens
- 'Total return at NAV' is the change in ARK's valuation of the fund's holdings plus distributions, not a price received by selling shares.
- Holdings weights on the fact sheet and in the holdings file after July 31, 2026 are not audited and come without valuation detail.
- The fund's comparison with the S&P 500 compares a NAV based on private valuations with an index of traded prices.
Regulatory & Legal Posture
Security Status
Shares of a closed-end interval fund registered under the Investment Company Act of 1940 and offered under the Securities Act (registration 333-262496).
The fund files N-CSR, N-CSRS, N-PORT and repurchase notices; its board includes independent trustees; Rule 23c-3 governs the quarterly repurchase offers.
Disclosure Quality
Detailed annual and semiannual reports; per-holding valuation inputs not published.
Custody Model
Fund assets held by the fund's custodian under the Investment Company Act; investors hold fund shares through their brokerage or platform account.
Regulatory Backing
ARK Investment Management LLC, SEC-registered investment adviser (CRD 169525); distributor Foreside Fund Services, LLC, a FINRA member broker-dealer.
Tax Treatment
Reporting
Form 1099-DIV for distributions; the fund is taxed as a regulated investment company. Reporting of a repurchase depends on how it is treated (see below).
Distributions of $0.20 (fiscal 2024) and $0.10 (fiscal 2025) per Class D share; none in fiscal 2026.
Income Character
Capital gain or distribution, depending on circumstances.
A repurchase may be treated as a sale or exchange for U.S. federal tax purposes, depending on the shareholder's circumstances; the repurchase notice describes when the proceeds may instead be treated as a distribution.
Limitation
Confirm the treatment of a repurchase or distribution with a tax adviser.
Account Suitability
Taxable
Available in taxable accounts at participating brokerages and platforms.
Roth IRA
Available where the brokerage offers the fund in an IRA.
Traditional IRA
Available where the brokerage offers the fund in an IRA.
HSA
Depends on the HSA provider.
Before You Invest
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AltStreet Data Layer
What the data actually shows
AltStreet read every EDGAR filing of the ARK Venture Fund and its subsidiaries, the prospectus and SAI, the ETF Trust's July 2026 reports, ARKB's 10-Q, the SEC's September 2026 exemptive order and the seven private funds' Form Ds.
Growth from subscriptions
Fiscal 2026: $803.8 million of shares sold, $79.6 million repurchased and $252.9 million from operations, of which $234.3 million was unrealized appreciation.
What this means
Seventy-four percent of the year's increase in net assets was new money.
Marks well above cost
Anthropic Series C-1, bought for $1,049,999 in March 2023, was carried at $49,614,780 at July 31, 2026; the listed SpaceX position was valued at $100,094,867 against a cost of $36,997,917.
What this means
Cumulative appreciation since purchase, unrealized until a sale or listing; not a measure of any one year's return.
Repurchases
Fourteen quarterly offers of 5% from March 2023 through June 2026; 1.50% to 5.00% of shares repurchased; in the four fiscal 2026 offers, 1.50% to 4.23% of outstanding shares were tendered and all were bought; the September 2024 offer bought exactly 5.00%.
What this means
Repurchase demand has stayed within the offer in every quarter with reported tenders.
Private funds' Form D history
ARK Type One Deep Ventures Fund reported $298.5 million sold to 28 investors and ARK X Ventures Fund $69.1 million to 65 investors (Form D/As of April 22, 2026). ARK Digital Asset Revolutions reported $8.52 million from 10 investors (US) and $2.19 million from one (Cayman) under Rule 506(b) by March 2024, then filed new Rule 506(c) offerings in October 2024 that report $0 sold.
What this means
The two venture vehicles of 2025 hold most of the private-fund money; all seven together are smaller than the Venture Fund.
Data as of 2026-11-05 . AltStreet review evidence layer . Public-source analysis
Full dataset$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.
Decision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Retail investors who want a small, long-term stake in private technology companies inside a registered, audited fund
$500 minimum, no accreditation, independent trustees and an audit.
Investors who may need their money on short notice
Exits only through quarterly repurchase offers, typically sized at 5% of outstanding shares.
Cost-sensitive investors
2.90% a year after the cap; Class S adds a load.
Investors who want market-priced private exposure
NAV rests on ARK's valuations; listed alternatives such as Destiny Tech100 trade at market prices instead.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Access vs. pricing
$500 buys private technology companies valued by ARK until a round or listing confirms the value.
Oversight vs. cost
A registered, audited fund for 2.90% a year after the cap.
Quarterly exits vs. no market
Offers typically sized at 5% of outstanding shares a quarter; no exchange listing for Classes D, S and U.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Investors who need liquidity on demand
Exits only through quarterly repurchase offers, typically sized at 5% of outstanding shares.
Investors who want market prices
Most holdings are valued by the adviser.
Cost-sensitive investors
2.90% a year for Class D after the cap.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
A registered, audited route into private technology companies for $500, priced mostly by its adviser and costing 2.90% a year.
Positioning
Use it for small, long-term positions, and read the schedule of investments to see how far the marks sit above cost.
The Bottom Line
Real access, adviser prices, quarterly doors.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read the latest ARK Venture Fund annual or semiannual report and compare cost with value for the ten largest private holdings.
Check the 2026 repurchase calendar and the latest offer notice on EDGAR (form N-23C3A); offer results are reported in the annual and semiannual reports.
Ask your brokerage which share class it sells and whether it charges a load or a transaction fee.
Size the position as money you can leave in for several years.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
+
Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
+
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Explore Asset Class
Venture and pre-IPO companies (interval fund); listed equity ETFsFund Landscape
Similar Platform Reviews
- Destiny Tech100
Listed closed-end fund of private technology companies.
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- Fundify
Robo-adviser buying startups through its own Reg CF portal.
Report Appendix
Evidence & Methodology
10 cited passages on file; sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
10 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
10 supporting passages on file for ARK Invest and its offerings from 4 source documents, no discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 10
- Source documents
- 4
- Analyst verified
- 0
- Discrepancies flagged
- 0
ASReview Evidence
Methodology
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.
Scope
ARK Venture Fund CIK 1905088 and subsidiaries 1952209 and 1952207; ARK ETF Trust 1579982; ARKB 1869699; private funds 2060155, 2060153, 1967581, 1967403, 2053752, 1811669, 1811654. Other private vehicles named in ARK's co-investment application of October 29, 2026 have no Form D on EDGAR and are not covered. ARK's European UCITS funds and the adviser's 13F and 13G holdings filings were not reviewed. State courts not searched.
Key Findings
- *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
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
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
What's changed in this ARK Invest review
New data, new findings, corrections, and confirmations as they emerge. Most recent updates appear first.