At a glance
SARK charges 0.99% a year. It has $42.8M in assets; it paid 3.43% of its price in distributions over the past 12 months, annual. Over the past year it returned −6.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −37.7% a year. At its worst it fell 39.9% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Tradr 1X Short Innovation Daily ETF (SARK) aims to deliver the opposite (-1x) of the ARK Innovation ETF's (ARKK) return for a single trading day. It does this with swap-type contracts, not by holding stocks. Because the bet resets every day, results over weeks or months can drift far from a simple mirror of ARKK. It costs 0.99% a year and is built for short-term trading, not long-term saving.
Price history
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SARK -6.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SARK official prospectus, to Dec 31, 2025 | — | -25.98% | — | — | — | -12.85% |
| SARK price data to Oct 27, 2026 | -18.2% | -6.6% | -37.7% | — | — | -15.5% |
- Over the year to Oct 27, 2026, SARK returned -6.6%.
- Its worst full calendar year was 2023 (-46.2%); its best was 2022 (+82.0%).
- The deepest fall in its price history was 83.7% (May 11, 2022 to Oct 5, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -18.2% | — |
| 2025 | -26.0% | -25.98% |
| 2024 | -37.6% | -37.02% |
| 2023 | -46.2% | -46.26% |
| 2022 | +82.0% | +82.21% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 76.5% over that stretch · deepest drop along the way 39.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8500 | -87.0% |
| 2024 | $6.5200 | -34.0% |
| 2023 | $9.8788 | -76.3% |
| 2022 | $41.6667 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $22.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -11.63%, -8.00%, +0.19%.
How it works
SARK does not own the companies in ARKK. Instead, the fund enters into swaps with major global financial institutions. A swap is a contract in which two parties agree to exchange the return on an asset. Here, SARK gains when ARKK falls and loses when ARKK rises. ARKK itself is an actively managed fund that typically holds 35 to 55 companies tied to what it calls disruptive innovation. As of June 30, 2026, SARK's portfolio filing listed four positions, all contracts for difference (a swap-like derivative) on ARKK.
Depending on what its counterparties require, 40% to 80% of the portfolio may sit in collateral: US Treasury securities, money market funds, short-term bond ETFs or investment-grade commercial paper. The fund rebalances daily to hold its exposure at -100% of ARKK. Each "day" runs from one net asset value (NAV) calculation to the next.
That daily reset is the key mechanic. Over longer periods, each day's return compounds, so results will very likely differ from -1x ARKK's return. The prospectus warns that the fund will lose money if ARKK stays flat over time, and that it can even lose money while ARKK falls. Shares bought partway through a day will also track differently until the next NAV calculation.
What it really costs
- SARK charges 0.99% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,213 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SARK | $101 | $315 | $547 | $1,213 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its -1x exposure to ARKK resets daily, and the prospectus says it does not aim to deliver that result over any period longer than a single trading day.
SARK launched in November 2021, so it has no record in the 2008 or 2020 crashes. In the 2022 bear market it gained 76.5% as ARKK slid, yet it still dropped 39.9% between May and August 2022. Losses then piled up. According to the prospectus, it lost 46.26% in 2023, 37.02% in 2024 and 25.98% in 2025. From its May 11, 2022 peak it fell 83.7% by October 5, 2026, and had not recovered as of October 27, 2026. Someone needing cash in a bad stretch could lock in deep losses. It pays distributions once a year, and the trailing yield was 3.43% as of October 27, 2026, but that is not dependable income. It costs 0.99% a year, or $101 on $10,000 in year one in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day bet against the ARK Innovation ETF without shorting shares themselves.
- Traders who check positions daily and understand that the -1x exposure resets each day and compounds over longer periods.
- Holders of ARKK looking for a hedge lasting days, not months, who accept 0.99% annual costs and swap counterparty risk.
Look elsewhere if
- Retirement savers who hold for years: SARK fell 83.7% from its May 2022 peak through October 5, 2026, without recovering.
- Income seekers: its 3.43% trailing yield is paid annually, and the fund lost 25.98% in 2025 according to its prospectus.
- Anyone uneasy with derivatives: it holds contracts on ARKK rather than stocks, and it can lose money even when ARKK falls.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is SARK a good long-term investment?
SARK is not designed for long-term holding. Its prospectus says it seeks -100% of the ARK Innovation ETF's return for a single trading day only. Over longer periods, compounding makes results drift. According to the prospectus, it gained 82.21% in 2022, then lost 46.26% in 2023, 37.02% in 2024 and 25.98% in 2025. Its average annual return since inception was -12.85% as of December 31, 2025.
What's the difference between SARK and ARKK?
They move in opposite directions. ARKK is an actively managed fund that owns roughly 35 to 55 companies tied to disruptive innovation, so it rises when those stocks rise. SARK owns no stocks. It holds swap contracts on ARKK plus collateral such as Treasury securities, and it aims to deliver the opposite of ARKK's return for one day at a time. SARK charges 0.99% a year.
Does SARK pay dividends?
Yes, SARK pays distributions once a year. As of October 27, 2026, it had paid $0.85 per share over the prior 12 months, a trailing yield of 3.43%. Funds like this hold Treasury bills and money market funds as collateral, and the interest from those can be paid out. That payout is small compared with the fund's price swings, including an 18.2% loss year to date through October 27, 2026.
Why can SARK lose money when ARKK goes down?
SARK resets its -1x exposure every day, and each day's gain or loss compounds on the last. When ARKK swings sharply up and down, those daily resets can wear away value even if ARKK ends lower overall. The prospectus states plainly that the fund will lose money if ARKK is flat over time and may lose money while ARKK falls. Fees of 0.99% a year add to the drag.
How much does SARK cost?
SARK's expense ratio is 0.99% a year, according to its prospectus filed July 23, 2026, and that includes a 0.75% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $101 after one year, $315 after three, $547 after five and $1,213 after ten. The fund held $42.8 million in net assets as of June 30, 2026.