ARK ETFs Push for Secret Fees and Skip Shareholder Votes
Published Date: 12/1/2025
Notice
Summary
ARK ETF Trust and ARK Investment Management want permission to change their subadviser contracts without asking shareholders every time. They’re also asking to skip some usual fee disclosures about these subadvisers. If approved, this could speed up how ARK manages its funds, with a decision expected by late December 2025.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
Change Subadviser Contracts Without Shareholder Vote
ARK ETF Trust and ARK Investment Management asked the SEC for permission to enter into and materially amend subadvisory agreements without getting shareholder approval. The application was filed on September 23, 2025, and interested persons may request a hearing by 5:30 p.m. on December 22, 2025.
Relief From Fee Disclosure Requirements
ARK requested relief from several fee-disclosure rules so it would not have to provide usual disclosures about fees paid to subadvisers. The requested disclosure relief covers rule 20a-1, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A, and sections 6-07(2)(a), (b), and (c) of Regulation S-X.
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