Empower Your Trading

An Efficient Way to Short a Popular ETF

Attempts to achieve the inverse of the return of the ARK Innovation ETF (NYSE Arca: ARKK) for a single day (not for any other period).

Express Your View with Inverse Exposure

A tool for short-term trading to hedge or capitalize on overvaluation or changing market sentiment for a concentrated portfolio of high conviction stocks with uncertain prospects.

Fund Details

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Options Available
Management Style

The Advisor has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses will not exceed 0.75%. Net expense ratio reflects contractual fee waivers effective for a two-year period following the date of the Reorganization on August 8, 2022.

Bearish on Disruptive Innovation?

This ETF may be for you. SARK, which provides inverse exposure to a storied innovation ETF, won honors for “Thematic ETF of the Year” at the 2023 With Intelligence Mutual Fund & ETF Awards.

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Hedge a Concentrated Tech ETF

While tech can generate impressive gains, you may perceive a high conviction portfolio of a relatively small number of stocks as more volatile and risky.

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An Easier Method of Shorting

SARK facilitates inverse exposure without the complexity, expense and additional risk of borrowing stocks to sell short.

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Daily Trading

Benefit from the flexibility of daily and intraday trades to capitalize on market shifts and trends.

Not for everyone. Read about the significant risks.

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Fund News

AXS Short Innovation Daily ETF (SARK) Named Thematic ETF of the Year at the 2023 Mutual Fund & ETF Awards
AXS Short Innovation Daily ETF (SARK) Marks 1-Yr Anniversary up over 113% and Delivering for Investors

Frequently Asked Questions


The AXS Short Innovation Daily ETF, Investment Managers Series Trust II, and AXS Investments LLC are not affiliated with the ARK ETF Trust, the ARK Innovation ETF, or ARK Investment Management LLC.


There is no guarantee that this, or any investment strategy will succeed. The Funds pose risks that are unique and complex. The Fund is riskier than alternatives that do not use leverage and the volatility of the underlying security may affect the Fund's return as much as, or more than, the return of the underlying security.

Effects of Compounding and Market Volatility Risk: The Fund has a daily investment objective and the Fund's performance for periods greater than a trading day will be the result of each day's returns compounded over the period, which is very likely to differ from -100% of the ARK Innovation ETF's performance, before fees and expenses. Compounding affects all investments but has a more significant impact on funds that are inverse and that rebalance daily. For an inverse Fund, if adverse daily performance of the ARK Innovation ETF reduces the amount of a shareholder's investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder's investment had already been reduced by the prior adverse performance. Equally, however, if favorable daily performance of the ARK Innovation ETF increases the amount of a shareholder's investment, the dollar amount lost due to future adverse performance will increase because the shareholder's investment has increased. The effect of compounding becomes more pronounced as the ARK Innovation ETF's volatility and the holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the ARK Innovation ETF during shareholder's holding period of an investment in the Fund.

Derivatives Risk: Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include futures, options, swaps and forward contracts. Using derivatives exposes the Fund to additional or heightened risks, including leverage risk, liquidity risk, valuation risk, market risk, counterparty risk, and credit risk. Derivatives transactions can be highly illiquid and difficult to unwind or value, they can increase Fund volatility, and changes in the value of a derivative held by the Fund may not correlate with the value of the underlying instrument or the Fund's other investments.

Inverse Risk: Short (inverse) positions are designed to profit from a decline in the price of particular securities, investments in securities or indices. The Fund will lose value if and when the Index's price rises – a result that is the opposite from traditional mutual funds and ETFs. Like leveraged investments, inverse positions may be considered aggressive and may 8 result in significant losses. Inverse positions may also be leveraged. Such instruments may experience imperfect negative correlation between the price of the investment and the underlying security or index.

Leverage Risk: Certain Fund transactions, such as entering into futures contracts, options and short sales, may give rise to a form of leverage. Leverage can magnify the effects of changes in the value of the Fund's investments and make the Fund more volatile. Leverage creates a risk of loss of value on a larger pool of assets than the Fund would otherwise have had, potentially resulting in the loss of all assets. The Fund may also have to sell assets at inopportune times to satisfy its obligations in connection with such transactions.

Equity Securities risk: The value of the equity securities the Fund holds may fall due to general market and economic conditions.

Fixed Income Securities Risk: The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer's credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities.

Important Risk Information

There is no guarantee the sectors or asset classes the advisor identifies will benefit from inflation Fund may invest a larger portion of its assets in one or more sectors than many other funds, and thus will be more susceptible to negative events affecting those sectors

Equity Securities Risk: Equity securities may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole or in only a particular country, company, industry or sector of the market

Commodities Rick Commodity prices can have significant volatility, and exposure to commonities can cause the value of the Fund's shares to decline or fluctuate in a rapid and unpredictable manner. The values of commodities may be affected by changes in overall market movements, real or perceived inflationary trends, commodity index volatility, changes in interest rates or currency exchange rates, population growth and changing demographics, international economic, political and regulatory developments and factors affecting a particular region industry or commodity.

Futures Contracts Risk The Fund expects that certain of the underlying ETFs in which it invests will utilize futures contracts for its commodities investments. The rek of a position in a futures contract may be very large compared to the relatively low level of margin the Underlying ETF is required to deposit in many cases a relatively smail price movement in a futures contract may result in immediate and substantial loss or gain to the investor relative to the size of a required margin deposit. The prices of futures contracts may not correlate perfectly with movements in the securities or index underlying them

TIPS Risk Principal payments for Treasury inflation Protection Securities are adjusted according to changes in the Consumer Price Index (CPI) While this may provide a hedge against inflation, the returns may be relatively lower than those of other securities Similar to other issuers, changes to the financial condition or credit rating of the US government may cause the value of the Fund's exposure to US Treasury obligations to declirie

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the ETF Brokerage commissions will reduce returns NAV are calculated using prices as of 400 FM Eastem Time The closing price is the midpoint between the bid and ask price as of the close of exchange. Closing price retums do not represent the returns you would receive if you traded shares at other times