"Give the people what they want" has become the motto of the ETF universe, with the launch of the Tuttle Capital Short Innovation ETF or SARK on the Nasdaq. The fund is actively managed and tries to achieve the inverse (-1x) of the return of the ARK Innovation ETF (ARKK) for a single day, not for any other period.
ARKK is the largest ETF in ARK Invest's fund catalog with $21.3 billion in assets. The fund has rebounded in the last 30 days, riding Tesla's (ARK's #1 holding) historic climb to the 4 commas club and the surge in other tech stocks.
However, with Tesla plunging by 12% on Tuesday and dragging down ARKK with it (-2.29%), ETFs like SARK may come in handy. Investors who want to bet against ARK's success and the current valuation of the transformational tech sector may be interested in SARK?s strategy. Matthew Tuttle, Chief Executive Officer of Tuttle Capital Management LLC said: ?Whether you believe that the current bull thesis for transformational industries is stretched, or you are looking to provide protection to an existing portfolio of high-growth stocks, SARK is a potentially attractive opportunity worth exploring.?
The Tuttle Capital Short Innovation ETF (SARK) debuted on the Nasdaq Tuesday, charging the same 0.75% expense ratio as the ARK Innovation ETF (ARKK).
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