(Bloomberg) — The firm behind the anti-Ark ETF is launching a fund that doubles the performance of Cathie Wood’s flagship product —  just as her fund is seeing its worst-ever performance. 

AXS 2X Innovation, a derivative-based exchange-traded fund (ticker TARK), tracks twice the performance the $8.8B ARK Innovation (ARKK) ETF. This launch is weeks after AXS Investments LLC purchased the $428 million Tuttle Capital Short Innovation Fund (SARK), which wagers against Ark.

ARKK has plunged about 49% so far in 2022, after last year’s 24% drop. This year, the is more than 13% lower while it has fallen 21%.

Wood’s hot hand during 2020’s technology-fueled stock rally earned her somewhat of a cult following as her relatively concentrated portfolio — ARKK holds just 37 stocks — of so-called disruptors soared nearly 150%. The surge was led by companies like Tesla Inc (NASDAQ:) Inc. As the Federal Reserve increases monetary policy, and Treasury yields rise, the performance of the fund is declining. This has led to a decline in the value of the technology shares that are highly valued.

While both TARK and SARK are directly tied to ARKK — one of the highest-fliers of the pandemic era — the ETFs shouldn’t be viewed as a comment on Wood, but as a way to wager on “beaten down” tech stocks from both sides of the trade, according to AXS chief executive officer Greg Bassuk. 

“We definitely don’t see this as a Cathie Wood or an Ark ETF,” Bassuk said in an interview. “The combination of our TARK launch, combined with the acquisition of the SARK fund, we view it really as a toolkit for investors for disruptive technologies, having nothing to do with Ark or Cathie Wood per se.”

AXS, while still an insignificant player in the $6.6 billion ETF marketplace has begun to make a strong entrance. That includes a takeover of Tuttle Capital’s six funds, as well as the $106 million AXS Change Finance ESG ETF (CHGX) and the $10 million AAF First Priority CLO Bond ETF (AAA).

AXS Astoria launched the $67million AXS Astoria Sensitive Equity ETF (PPI) late December. AXS applied to the Securities and Exchange Commission in order to obtain 18 single-stock products. They also requested the AXS Short Strategy ETF and Bitcoin Futures Fund. 

TARK, along with the AXS Short China Internet ETF(SWEB), will be launched Monday. This track the inverse performance the KraneShares CSI China Internet ETF ($5.9 billion) which has fallen more than 21% this year. Bassuk explained that TARK will be charged 95 basis points management fee and SWEB 75 basis points respectively.

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