SEC receives ARK fund's request to list and tokenize share classes

The Securities and Exchange Commission issued a notice that ARK Venture Fund and ARK Investment Management LLC have applied to amend and supersede a prior order issued on November 17, 2025. The prior order permits the fund to issue multiple share classes and impose certain fees but requires that shares not be listed on any exchange. The amendment would allow an Exchange Class listed on a national securities exchange and a Tokenized Class traded on one or more alternative trading systems or quoted on other mediums.

The application was first filed on May 20, 2026 and subsequently amended on June 11, 2026 and August 7, 2026. The request seeks an order under sections 6(c), 23(c), 17(d) and rule 23c-3, 17d-1 of the Investment Company Act. The order would apply to the Initial Fund and any future continuously offered registered closed-end management investment companies advised by ARK Investment Management that operate as interval funds or provide periodic liquidity under rule 13e-4.

Applicants state Exchange Class shares will be issued through an at-the-market offering, sold without a sales load, and may be subject to distribution and shareholder services fees. Tokenized Class shares will be issued via the fund's subscription process, recorded on distributed ledger technology, and may be traded on ATSs, quoted on other mediums, or exchanged peer-to-peer between approved wallets. Both classes will allocate expenses on a pro rata basis and will comply with rule 18f-3 as if they were open-end investment companies.

The SEC will issue an order unless it orders a hearing. Interested persons must request a hearing by emailing the Commission's Secretary and serving the applicants with proof of service by 5:30 p.m., Eastern Time, on September 18, 2026. Contact information for the applicants and SEC staff is provided in the notice.

Applicants note that if Exchange listing rules require annual shareholder meetings, all share classes will retain the same voting rights, share meeting expenses on a pro rata basis, and disclose the cost allocation in the fund's registration statement.