The firm behind the anti-Ark ETF is unveiling a fund that doubles the performance of Wood’s flagship product, ARK Innovation ETF, according to a report by Bloomberg on Monday.
The AXS 2X Innovation exchange-traded fund (ticker TARK) utilizes derivatives to monitor the double performance of the $8.8B ARK Innovation ETF (ARKK). The launch comes weeks after AXS Investments LLC acquired the $428M Tuttle Capital Short Innovation ETF (SARK).
ARKK has plummeted nearly 49% in 2022 after last year’s 24% fall. The S&P 500 is down over 13% this year as Nasdaq 100 has plunged 21%.
Wood’s strings of successes during the 2020’s technology-driven stock rally earned her a cult following as her flagship product soared almost 150%.
Companies like Tesla Inc. contributed to the surge. The performance of the fund has weakened as the Fed tightens the monetary policy and Treasury yields surged. ARKK up +2.50%, S&P 500 down -0.31%