Since its launch last August, the Tuttle Capital Short Innovation ETF (SARK) from Tuttle Capital Management has soared by offering inverted performance of the ARK Innovation ETF (ARKK), taking in more than $400 million, reports CityWireUSA. Both SARK and ARKK carry the same 0.75% expense ratio but SARK is now trading more per-share than ARKK.

Shares of SARK have almost doubled since they debuted in early November while ARKK’s value has fallen from over $20 billion to $9.7 billion. Tuttle devised the ETF last summer after deciding that ARKK had peaked in early 2021, but the timing turned out to be fortuitous in the wake of the Fed’s announcement that they would start tapering asset purchases. Even so, the fund’s outperformance took even the firm by surprise. “Did I know that we would go up 100% in four months? That I wouldn’t expect,” founder Matthew Tuttle told CityWireUSA.

SARK started trading at about $30 per share and is now hovering around $60. Meanwhile, ARKK has gone in the opposite direction, from $120 per share in November to its current $53. Investors have yanked over $2 billion net from ARKK while they’ve poured about $290 million into SARK, the article details.

ARKK’s top holdings are Tesla and Roku, which are down 34% and 57% respectively so far this year. The fund’s decline has been followed closely by Wall Street, though founder Cathie Wood remains optimistic in her outlook, saying that the current turmoil around the globe is beneficial to the innovation strategies that she believes so deeply in. “I think we’re going to see a lot of change,” she said recently in a market update that was quoted in the article, “—a lot more change than otherwise would have been the case, just like we saw during the coronavirus.”