What are the biggest risks I should understand before investing?

The most important risks are: first, income is contingent, not guaranteed, and will not be paid if stocks fall below their barriers; second, if a stock falls below its maturity barrier at the end of its position's term, ARKY is exposed to that loss on a roughly one-for-one basis; third, as a new fund, ARKY has no operating history; fourth, ARKY uses derivatives, which carry counterparty, liquidity, and valuation risks; and fifth, active management introduces the risk that the portfolio team's decisions may not achieve the desired outcome. Investors should read the prospectus in full before investing.