When we launched the ARK Venture Fund in September 2022, our goal was clear: democratize access to venture capital and many of the most important innovation platforms evolving today. Today, the ARK Venture Fund has surpassed $1 billion in assets under management. What stands out to us most is the acceleration in adoption. It took just over two years to reach our first $100 million. The next $900 million followed in roughly 18 months, with the last $500 million coming in only about five months. In our view, investors increasingly understand that many of the most transformative companies in the world are staying private longer. Public markets alone no longer provide full exposure to disruptive innovation. Through the ARK Venture Fund, investors can access companies we believe are shaping the future, including SpaceX, OpenAI, Anthropic, Figure AI, Epic Games, and others, at a minimum investment accessible to a much broader audience. This milestone feels less like a finish line and more like confirmation that innovation is becoming the new asset class. To our shareholders, advisors, and partners: thank you for your trust and conviction. We believe we are still in the early stages of one of the most profound technological transformations in history. View ARK Venture Fund holdings: http://ark-ventures.com(Cathie Wood)