https://www.sec.gov/Archives/edgar/data/1579982/000110465920123650/tm2035586-1_497.htm
497 1 tm2035586-1_497.htm 497
ARK ETF TRUST
ARK Innovation ETF (ARKK)
ARK Genomic Revolution ETF (ARKG)
ARK Autonomous Technology & Robotics ETF (ARKQ)
ARK Next Generation Internet ETF (ARKW)
The 3D Printing ETF (PRNT)
ARK Israel Innovative Technology ETF (IZRL)
ARK Fintech Innovation ETF (ARKF)
Supplement dated November 10, 2020 to the Prospectus for the ARK ETF Trust dated November 30, 2019, as supplemented.
This Supplement updates certain information contained in the Prospectus with respect to each of the following series of the ARK ETF Trust: ARK Innovation ETF, ARK Genomic Revolution ETF, ARK Autonomous Technology & Robotics ETF, ARK Next Generation Internet ETF, The 3D Printing ETF, ARK Israel Innovative Technology ETF and ARK Fintech Innovation ETF (collectively, “Funds”). You may obtain copies of each Fund’s Summary Prospectus, Prospectus and Statement of Additional Information free of charge, upon request, by calling toll-free 855-406-1506, sending an email request to [email protected], or by writing to ARK Investment Management, LLC, 3 East 28th Street, Seventh Floor, New York, New York 10016.
Effective immediately, the Prospectus is revised as follows:
On page 70, the first paragraph of the section “Management of the Funds” is deleted and replaced with the following:
Investment Adviser. ARK Investment Management LLC, located at 3 East 28th, Seventh Floor, New York, NY 10016, serves as the Funds’ investment adviser. The Adviser registered with the SEC in January 2014. Under the terms of an investment advisory agreement between the Trust and the Adviser with respect to each Fund (“Advisory Agreement”), the Adviser serves as the adviser to each Fund, subject to the general supervision of the Board, and is responsible for the day-to-day investment management of each Fund. Pursuant to the terms of an agreement between the Adviser and Resolute Investment Managers, Inc. (“Resolute"), Resolute acquired a minority investment in the Adviser in July 2016 as well as an option to purchase a controlling voting and equity interest in the Adviser (such option exercise and purchase is referred to as the “transaction”) that is exercisable in early 2021. On October 29, 2020, Resolute notified the Adviser that it intends to exercise that option and delivered documentation with respect to the transaction. If the option is exercised in its current form, the closing of the transaction would result in an “assignment” of the Advisory Agreement for purposes of the 1940 Act and, therefore, its automatic and immediate termination. As a result, in connection with any exercise of the option resulting in a change of control of the Adviser, the Adviser anticipates submitting a new investment advisory agreement to the Board and the shareholders of each Fund for approval in accordance with the procedural and other requirements of the 1940 Act, and that new agreement would become effective upon the closing of the transaction. There is no guarantee that the option will be exercised in its current form (or at all), that any change in control of the Adviser will occur or that the Board or the shareholders of any Fund would approve a new investment advisory agreement.
Please retain this supplement for future reference.

@FD1000

I'm not a long term holder but a trader and avoided the big losses of March 2020.

Were they really big losses?
If you had instead, not sold and just held your positions the draw down for JASVX was 6% in March of 2020. By May of 2020 you would have recovered from that loss without timing the market.
Had you been taking monthly withdrawals, those withdrawals would have been impacted slightly over 2 months. Having a 3-6 month cash position for withdrawals would solve that problem.
To be fair, IOFIX and SEMMX have yet to recover. Owning these two funds (that exhibit deep draw downs and slow recovers) may not the best choice for those seeking "yield with safety". I learn this the hard way owning THOPX.

Yep, I have been using Fidelity CC 2% cash back and Penfed CC 5% cash back on all gas for years. We charge all we can from $1 to paying our property taxes with no additional fees.
But, that's not really the subject of this thread :-)
As part of my goals and style I mainly use bond funds + trading on momentum. I'm concentrated on total returns and not higher income but I have noticed that I used funds such as PIMIX for years until 01/2018 and since then SEMMX,IOFIX,EIXIX,HOBIX,JASVX and they pay at least 4%. I'm not a long term holder but a trader and avoided the big losses of March 2020.

Hey folk!
I thought this one was good. I’ve been meaning to re-listen and take notes.
October 21, 2020

Value Investors Dream Markets https://youtu.be/TzRtZ292_7w

Tim Duy (an economist mostly known for his Fed Watch blog) thinks the economy is set to boom in 2021. Not sure of the investment implications (if true, the Fed may need to raise interest rates sooner than currently thought) but it sure is different from how I had been thinking of things.

Exclusive: Europe to pay less than U.S. for Pfizer's German BioNTech vaccine under initial deal
By Francesco Guarascio, Reuters - 9:56 AM ET 11/11/2020
BRUSSELS (Reuters) - The European Union has struck a deal to initially pay less for Pfizer's COVID-19 vaccine candidate than the United States, an EU official told Reuters as the bloc announced on Wednesday it had secured an agreement for up to 300 million doses.
The experimental drug, developed in conjunction with Germany's BioNTech , is the frontrunner in a global race to produce a vaccine, with interim data released on Monday showing it was more than 90% effective at protecting people from COVID-19 in a large-scale clinical trial..
Under the EU deal, 27 European countries could buy 200 million doses, and have an option to purchase another 100 million.
The bloc will pay less than $19.50 per shot, a senior EU official involved in talks with vaccine makers told Reuters, adding that partly reflected the financial support given by the EU and Germany for the drug's development.
The official requested anonymity as the terms of the agreement are confidential.

In its latest Form 13F filing, Warren Buffet invested $597,856,475 in Barrick gold (miner stock). His investment is evolving as many of decision are made by his successors.
https://forbes.com/sites/robertberger/2020/08/28/warren-buffetts-gold/?sh=24cebf506a63

@msf
Thank you for this clarification. I was including capital gains. Here is my source.
https://seekingalpha.com/symbol/GAVIX/dividends/scorecard

https://www.sec.gov/Archives/edgar/data/29440/000168386320014475/f7315d1.htm
Opening pushed back until 12/4/2020.

https://www.sec.gov/Archives/edgar/data/747546/000089706920000438/cmw237.htm
497 1 cmw237.htm
Filed Pursuant to Rule 497(e) and Rule 497(k)
1933 Act File No. 002-93131
1940 Act File No. 811-04044
Parnassus Endeavor Fund
Investor Class PARWX | Institutional Class PFPWX
November 10, 2020
Supplement to the Statutory Prospectus dated May 1, 2020,
As Amended and Restated Effective as of August 5, 2020
and
Supplement to the Summary Prospectus dated May 1, 2020
Portfolio Manager Change
Effective as of January 1, 2021, Billy J. Hwan will become the sole portfolio manager of the Parnassus Endeavor Fund. Mr. Hwan has served as a Portfolio Manager of the Parnassus Endeavor Fund since May 1, 2018, and has served as a Portfolio Manager and a Senior Research Analyst at Parnassus Investments (the investment advisor to the Fund) since 2012. Effective as of December 31, 2020, Jerome Dodson will no longer serve as a portfolio manager of the Parnassus Endeavor Fund. Mr. Dodson will continue as the Chairman of Parnassus Investments.
******
Please Read Carefully and Keep for Future Reference

I know a couple of individuals who own a few PR bonds. Most but not all from these small samples are nonperforming. One went from performing to nonperforming in the past couple of years. Their prices have bounced all over the map, with some bonds holding most of their value, while one dropped to 60% or so of par, rebounded to 80%, declined back into the 60s, and now sits around 70%. (It will depend on the source of revenue backing the bonds.)
Needless to say, PR is not exercising its call options on these or other bonds. So they may be outstanding for decades.
If you like speculating on fairly volatile non-income-producing assets, you could look at these bonds. Or if you feel you have special insight into the various negotiations that seem to be forever ongoing, you could try to take advantage of that knowledge. Otherwise, this is not an asset class I would consider getting into on my own.
A fund might dabble in the bonds for capital appreciation, playing on the volatility or the politics. I think that's fine, but something best left to the professional managers.

Christine Benz's year-end CG distribution roundup.

More on this from The Guardian:

Hopes are soaring that a Covid vaccine is within reach, following news that an interim analysis has shown Pfizer/BioNTech’s candidate was 90% effective in protecting people from transmission of the virus in global trials.
The vaccine performed much better than most experts had hoped for, according to the companies’ analysis, and brings into view a potential end to a pandemic that has killed more than a million people, battered economies and upended daily life worldwide.
The data is from an interim analysis and the trial continues into December but the headline results were emphatic. Regulators will be looking to process an emergency licence application at record speed.
Manufacturing is already under way. Pfizer said they expect to supply globally up to 50m vaccine doses in 2020 and up to 1.3bn doses in 2021. Countries will decide who they prioritise for vaccination.
The news comes too late to help Donald Trump’s re-election campaign in the US, but the vice-president, Mike Pence, tried to claim their administration’s Operation Warp Speed programme had helped the vaccine’s development.
Pfizer denied the suggestion:
“We were never part of the Warp Speed,” Kathrin Jansen, a senior vice-president and the head of vaccine research and development at Pfizer, said in an interview. “We have never taken any money from the US government, or from anyone.”
BioNTech, the small biotechnology company that is the originator of the vaccine, was founded by two married German scientists, Uğur Şahin and Özlem Türeci, both born to Turkish immigrant parents, and the Austrian oncologist Christopher Huber. It originally set out to develop new types of immunotherapy for cancer, but has concentrated its capacities on the race for a Covid-19 vaccine.
There are so far no safety concerns around the vaccine, with the two companies reporting no serious side-effects. The high percentage of those protected makes it especially compelling. Regulators have previously said they would approve a vaccine that has just a 50% effectiveness rate – protecting half of those who get vaccinated.
“We are reaching this critical milestone in our vaccine development programme at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”

The above report was lightly edited for brevity.

Dr. Fauci said several months ago there is likely vaccine for COVID19 by end of 2020. Moderna, Pfizer, AstaZecca and several others are at Phase III testing. The more important question is the scale up (billions dosage) and distribution of them to people. Dr. Redfield said spring 2021 vaccines will likely be ready. I tend to agree with that timeframe. Remember Pfizer and Moderna vaccines require to keep frozen at least -2 C (dry ice temp) while flu vaccine is kept at refrigerator temp. Logistics on distribution will be a challenge but it can done provide the have a plan.
Watch for health care sector if the market is response to it. Otherwise it may signal that the election is done and everything is moving forward.
@davidmoran should be happy that CAPE is up 12%. IAU is down 4%. So are the bonds. Risk offnow?

I've not bought any new funds in 2020, but have had many debates with myself about holding some that I already own.
I've had Fidelity Growth Fund FDGRX in my IRA for quite a few years. It's been a solid fund which really took off earlier in 2020. I just couldn't believe the growth rate was sustainable -- it really became a momentum play -- so I took money off the table in early June. What a dummy!
It wiggled a little, but continued to go up. I did retain some shares in case I want to get back in (it's closed to new investors).
My largest position is Fidelity Select Semiconductors FSELX, also in my IRA. It can be very volatile.
Every time it hits a new peak, I consider cashing in.
Every time it plummets, I wish I had cashed in, but hold on.
It's up 44.5 % for the past 12 months (and 21.2% per year for the past 10 years, which is why it's become my largest position).
Not in 2020 but last year, I bought Acre Focus AKREX because of comments on this board. It has been a solid fund -- thanks, folks.
David

All ratings have been updated on MFO Premium site, including MultiSearch, Great Owls, Fund Alarm (Three Alarm and Honor Roll), Averages, Dashboard of Profiled Funds, and Fund Family Scorecard. The site now includes several analysis tools, including Correlation, Rolling Averages, Trend, Ferguson Metrics, Calendar Year and Period Performance.
Please read more here.

Thanks catch. For whatever reason it worked now. Must be the 2020 virus working it's thing.

@little5bee: on a M* fund profile, click on “Parent” and you will find fund flow stats for the entire MF company. Under the graph on the “Quote” tab that shows growth of $10k, you’ll find a smaller graph that shows fund flows by quarter for the individual fund. In my experience, funds that have outflows often wind up with larger capital gains distributions at year end.

A second topic that came up is yields. There is the SEC Yield and trailing twelve month yields. Some funds pay annual dividends and others pay one time dividends. Why should you care? Take GAVIX. The forward yield is 7.1%, the four year average yield is 6% ...

The fund paid no income divs in 2018 or 2019. In 2016 it paid $0.07523/share with a reinvestment price of $14.73 (0.51%), and in 2015 it paid $0.06761/share with a reinvestment price of $13.54 (0.50%). That's an average dividend yield of 0.25% over the past four years.
Even if one includes cap gains, distributions over the past four years were:
2019: $0.90414 reinvested at $13.21 (6.84%)
2018: $0.83899 reinvested at $12.71 (6.60%)
2017: $0.49539 reinvested at $14.73 (3.36%)
2016: $0.479321 reinvested at $13.54 (3.54%)
The cap gains in 2018 and 2019 (there were no dividend distributions) did average 6%+, but over four years I can't see how, even after adding income divs and cap gains together, one could average 6%.
My data source is Fidelity's distribution page for the fund. I've verified the total distribution figures at the source: https://knowledgeleadersfunds.com/