# 2025-21631: ARK ETFs Push for Secret Fees and Skip Shareholder Votes

2025-21631, ARK ETF Trust and ARK Investment Management LLC, is a Federal Register notice from Securities and Exchange Commission published 2025-12-01, effective Hearing requests should be received by the Commission by 5:30 p.m. on December 22, 2025. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-21631
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-21631
- Title: ARK ETF Trust and ARK Investment Management LLC
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 55196
- Published: 2025-12-01
- Effective: Hearing requests should be received by the Commission by 5:30 p.m. on December 22, 2025.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

ARK ETFs Push for Secret Fees and Skip Shareholder Votes

## 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.

## Effects PRIA read

- Change Subadviser Contracts Without Shareholder Vote: cost, medium. 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: cost, medium. 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 secti…

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## Sources
- [2025-21631 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/01/2025-21631/ark-etf-trust-and-ark-investment-management-llc)
- [2025-21631 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-01/pdf/2025-21631.pdf)

## Related
- [Previous: 2025-21630, Antares Private Credit Fund, et al.](https://policyrisk.com/federal-register/2025-21630)
- [Next: 2025-21632, ARK ETF Trust and ARK Investment Management LLC](https://policyrisk.com/federal-register/2025-21632)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-21631 (as of 2026-06-08).