Cathie Wood’s ARK Innovation Fund (ARKK) ETF is a big winner in 2022. The Tuttle Capital Short Innovation (SARK) ETF has risen more than 75% since the beginning of the year, while the ARKK ETF has fallen more than 55% over the same period.

And now the creator behind the SARK ETF is betting back with his latest tool, the AXS 2X Innovation ETF (TARK). This new long-term leverage ETF is designed to get twice the return on the ARKK ETF.

AXS Investments Managing Director Matt Tuttle launched the short ETF in response to the search for a way to bet against Wood’s ETF. But after seeing interest in the ARKK ETF, the company decided to add the ultra-long ETF.

“The only thing people will agree with is that this is an ETF that will move and have big moves. That’s why we wanted to give investors that tactical ability to play both sides, “Tuttle told CNBC’s ETF Edge in an interview Monday.

“We also think this is an interesting opportunity for some of the ARKK shareholders who are really committed to history,” Tuttle added.

In an interview with CNBC’s Bob Pisani last month, ARKK founder Katie Wood described the SARK ETF as cutting American innovation.

Tuttle objected to these remarks, saying: “What we provide here are tools. [Cathie] went to CNBC at one point and said, “ARKK is the new index of innovation.” Each index has tools that allow you to go long and there are tools that allow you to go short, “said the creator of SARK.

ARK Invest did not immediately respond to CNBC’s request for comment.

AXS Investments also recently launched the AXS Short China Internet ETF (SWEB), a reverse ETF that bets against the popular KraneShares China Internet ETF.

“A lot of things are happening in China that are really scary in terms of investment. So, in our opinion – nothing against KWEB – this is just another tool for investors to hedge their portfolio, “explained Tuttle.

KraneShares CIO Brendan Ahern said in a statement to CNBC that there were “non-fundamental factors that weighed heavily on KWEB’s portfolio” and that the SWEB ETF’s timing was “an excellent counter-indicator”.

In the same interview with Tuttle, John Davy, CEO of Astoria Advisors, said that while AXS’s reverse ETFs are new instruments, he sees them as an addition to investor trading options.

Obviously this is a new space, so only time will tell. My conclusion is that the more tools there are, the better, “Davey said.

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