At a glance
TARK charges 1.48% a year. It has $19.5M in assets; it paid 30.26% of its price in distributions over the past 12 months, annual. Over the past year it returned −30.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +44.5% a year.
The short version
The AXS 2X Innovation ETF Fund (TARK) is a leveraged ETF. It uses swap contracts with large financial institutions to seek twice the daily return of the ARK Innovation ETF (ARKK), a stock fund focused on “disruptive innovation.” It is built for short-term trading. Its exposure resets every day, so results over months or years can stray far from 2x ARKK. Its deepest drop was 77.8%, in 2022, and its expense ratio is 1.48%.
Price history
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TARK -30.1% 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 | |
|---|---|---|---|---|---|---|
| TARK official prospectus, to Dec 31, 2025 | — | +41.50% | — | — | — | -5.06% |
| TARK price data to Oct 27, 2026 | -0.9% | -30.1% | +44.5% | — | — | -5.0% |
- Over the year to Oct 27, 2026, TARK returned -30.1%.
- Its worst full calendar year was 2024 (-4.8%); its best was 2023 (+121.4%).
- The deepest fall in its price history was 77.8% (May 4, 2022 to Dec 28, 2022), recovered by Oct 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.9% | — |
| 2025 | +41.7% | +41.50% |
| 2024 | -4.8% | -4.92% |
| 2023 | +121.4% | +119.86% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $14.5600 | +5500.0% |
| 2024 | $0.2600 |
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 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 $5.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +23.97%, +15.24%, -4.71%.
How it works
TARK does not pick stocks. Its stated goal is 200% of the ARK Innovation ETF's return for a single trading day, before fees. A trading day runs from one daily calculation of net asset value (NAV, its per-share value) to the next. ARKK, run by ARK Investment Management, is itself a stock-picking fund. It typically holds 35 to 55 companies tied to “disruptive innovation”: technology-enabled products or services that could change how the world works. AXS is not affiliated with ARK.
To get its leverage, TARK uses swaps. These are contracts in which the fund and a large financial institution exchange the return on a set dollar amount of ARKK. On June 30, 2026, the fund listed four positions, all contracts for difference (a type of swap) on ARKK. Depending on the collateral required, 40% to 80% of assets may sit in Treasury securities, money market funds, short-term bond ETFs or investment-grade commercial paper.
The adviser rebalances daily to keep exposure near 200%, and that daily reset matters most. Over longer periods, daily returns compound. The prospectus warns that results will very likely differ in amount, and possibly direction, from twice ARKK's return. Choppy markets usually widen the gap. The prospectus also warns that leverage could wipe out an investment within a single day, and the fund relies on its swap partners to pay.
What it really costs
- TARK charges 1.48% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.3% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $151 in the first year and $2,070 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TARK | $151 | $531 | $936 | $2,070 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its prospectus targets twice ARKK's return for a single trading day only, and the daily reset makes results over longer holding periods unpredictable.
TARK launched on May 2, 2022, so it has no record in the 2008 or 2020 crashes and caught only part of the 2022 bear market. It fell 77.8% from May 4 to December 28, 2022. It took until October 2, 2025, about 33 months after the low, to recover. Its worst full calendar year, 2024, was a 4.9% loss, but it lost 34.8% in the first quarter of 2025 alone. Anyone needing to raise cash during such a slump would have locked in steep losses.
Over the 12 months through October 27, 2026, TARK paid $14.56 per share, a 30.26% trailing yield, from its annual distribution. That is not steady income: a fund's price drops by the amount it pays out. The 1.48% expense ratio adds another drag. 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 seeking twice the ARK Innovation ETF's one-day move who watch positions daily and understand how returns compound over longer holds.
- Experienced investors who can stomach extreme swings: one-year volatility of 73.5% as of October 27, 2026, and a 77.8% drop in 2022.
- Traders comfortable relying on swap partners to pay and owning a small fund, with $19.5 million in net assets as of June 30, 2026.
Look elsewhere if
- Long-term and retirement investors: the daily reset means returns over months or years can differ sharply, even in direction, from twice ARKK's return.
- Income seekers: the 30.26% trailing yield through October 27, 2026, came from an annual payout that lowers the share price, not steady dividends.
- Cost-conscious or diversification-minded investors: the expense ratio is 1.48%, and all exposure comes through swaps on a single fund, ARKK.
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 TARK a good long-term investment?
TARK is not built for long-term holding. Its prospectus says it seeks twice the ARK Innovation ETF's return for a single trading day only. Because exposure resets daily, returns over longer periods compound and will very likely differ in amount, and possibly direction, from 2x ARKK. Its record also shows how leverage cuts both ways. As of December 31, 2025, its average annual return since its May 2022 launch was a loss of 5.06%, despite a 119.86% gain in 2023.
What's the difference between TARK and ARKK?
ARKK, the ARK Innovation ETF, owns stocks directly: typically 35 to 55 companies tied to disruptive innovation, chosen by ARK Investment Management. TARK owns no stocks. It seeks twice ARKK's daily return through swaps. As of June 30, 2026, its four positions were all contracts for difference (a type of swap) on ARKK. Between 40% and 80% of its portfolio may sit in collateral such as Treasuries. TARK is run by AXS Investments, which is not affiliated with ARK, and resets its leverage daily.
Does TARK pay dividends?
Yes, TARK makes a distribution once a year, but it is not steady income. Over the 12 months through October 27, 2026, it paid $14.56 per share. That is a trailing yield of 30.26% (past-year payouts divided by the share price). The figure is not a forecast of future payouts. When a fund pays a distribution, its share price falls by the same amount. Holders in taxable accounts may owe tax on it even in a year when the fund lost money.
What is TARK's expense ratio?
TARK's expense ratio, the yearly cost taken from fund assets, is 1.48%. That comes from its prospectus filed July 23, 2026, which lists a 0.95% management fee and a 0.30% fee waiver. The SEC's standard example assumes $10,000 earning 5% a year, with shares redeemed at the end of each period. On that basis, costs would be $151 after one year, $531 after three, $936 after five and $2,070 after ten. That is high next to plain stock index funds.
How risky is TARK?
TARK is very risky, even by stock-fund standards. Its deepest drop was 77.8%, from May 4 to December 28, 2022, and it did not recover until October 2, 2025. Over the year through October 27, 2026, it lost 30.1% and fell as much as 54.5% from peak to trough. Its volatility, a gauge of how widely prices swing, was 73.5%. Its strongest quarter gained 98.49% and its weakest lost 34.79%, both in 2025. The prospectus warns that leverage could cause a total loss within a single day.