Recent Performance for SARK & TARK Inverse ETFs

5-Day Cumulative Return

Source: UMB Financial Corporation. Represents the cumulative return based on closing NAVs for the last five trading days excluding weekends and market holidays. The performance quoted represents past performance and does not guarantee future results. For standardized performance, see SARK Performance or TARK Performance. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

SARK has a 0.75% management fee and a gross/net expense ratio of 1.06%/0.75%. 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%, effective for a two-year period following the date of the Reorganization on August 8, 2022. TARK has a 0.95% management fee and a gross/net expense ratio of 1.35%/1.15%. 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 1.15%, effective until July 31, 2024.

For Your Short Game

Bearish on disruptive innovation? The AXS Short Innovation Daily ETF (SARK) attempts to achieve the inverse (-1x) of the return of the ARK Innovation ETF (NYSE Arca: ARKK) for a single day, not for any other period. Traders and experienced investors use SARK to hedge or seek downside gain with agility and informed confidence. SARK launched in 2021 as the first inverse ETF to expressly short another ETF.
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AXS Short Innovation Daily ETF_022124

Not for everyone.

The significant risks of leveraged and/or inverse ETFs include the risks of leverage, derivatives, and/or other complex investment strategies that they employ. These investments are designed for short-term or intraday trading for investors seeking daily leveraged investment results. Investors in the fund should: (a) understand the risks associated with the use of leverage; (b) understand the consequences of seeking daily leveraged investment results; (c) intend to actively monitor and manage their investment. Fund performance will likely be significantly different than the benchmark over periods longer than one day and the performance may trend in the opposite direction than their benchmark over periods other than one day.

The Funds seek daily leveraged investment results and are intended to be used as short-term trading vehicles. The Funds pursue daily leveraged investment objectives, which means they are riskier than alternatives that do not use leverage because the Funds magnify the performance of their underlying security. The volatility of the underlying security may affect a Fund’s return as much as, or more than, the return of the underlying security.

How to invest

If you use an online broker, you may be able to invest in AXS ETFs through your account.

SARK

Short ETFs - Potential Upside on the Downslide

SARK is designed for precise trading when you want daily inverse exposure.
View Performance/Holdings
NASDAQ
Exchange
ACTIVE
Management Style
YES
Options Available
11.9.2021
Listing Date

You may be asking...

SARK

How does SARK fit into a contrarian trading strategy?

SARK can be a tactical component in a diversified trading strategy, offering a way to potentially benefit from downturns in the performance of ARK Innovation ETF (NYSE Arca: ARKK).

Is SARK suitable for long-term investing?

Given its inverse daily investment objective, SARK is primarily designed for short-term trading, and may not be suitable for longer holding periods.

What are the uses of SARK?

At times, you may want to take a bearish position on disruptive innovation because you may perceive the theme to be overvalued, overbought or overhyped, or the portfolio is overly concentrated in a strategy whose holdings teeter on the brink of profitability, or you’re looking to hedge your existing allocation to the underlying ETF.

Can SARK be used for hedging?

Yes, SARK can be an effective tool for investors looking to hedge against downward movements in innovation stocks and indices.

How much does SARK cost?

TARK has a 0.95% management fee and a gross/net expense ratio of 1.35%/1.15%.

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The AXS 2X Innovation 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.

Important Risk Information

The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if the ARK Innovation ETF’s performance is flat, and it is possible that the Fund will lose money even if the ARK Innovation ETF’s performance increases over a period longer than a single day. An investor could lose the full principal value of his/her investment within a single day if the ARK Innovation ETF loses more than 50% in one day. 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.

Compounding risk: The Fund has a single day investment objective, and performance for any other period is the result of its return for each day compounded over the period. Performance for periods longer than a single day will very likely differ in amount, and possibly even direction, from 200% of the daily return of the ARK Innovation ETF for the same period, before accounting for fees and expenses. Compounding affects all investments but has a more significant impact on a leveraged fund. This effect becomes more pronounced as the ARK Innovation ETF volatility and holding periods increase.

Leverage risk: Leveraged ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives that do not use leverage. They seek daily goals and should not be expected to track the underlying index over periods longer than one day. Swap agreement risk: The Fund’s use of derivatives may be considered aggressive and may expose the Fund to greater risks and larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives. The use of swap agreements are subject to additional risks such as the lack of regulation, counterparty risk and liquidity risk, and could expose investors to significant losses.

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

Foreign securities risk: Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Health care sector risk: The health care sector may be adversely affected by government regulations and government health care programs.

Communications sector risk: Companies in this sector may be adversely affected by potential obsolescence of products/services, pricing competition, research and development costs, substantial capital requirements and government regulation. Information technology sector risk: Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective. 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. NAVs are calculated using prices as of 4:00 PM Eastern Time. The closing price is the midpoint between the bid and ask price as of the close of exchange. Closing price returns do not represent the returns you would receive if you traded shares at other times.

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.

Important Risk Information

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 : T 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.

The Shares will change in value, and you could lose money by investing in the Fund. The Fund may not achieve its investment objective. 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. NAVs are calculated using prices as of 4:00 PM Eastern Time. The closing price is the midpoint between the bid and ask price as of the close of exchange. Closing price returns do not represent the returns you would receive if you traded shares at other times.

See our glossary for definitions of terms and indices. See Awards & Recognition for more details about awards. For more information including current holdings and standard performance of the Funds, please visit each Fund page to download the fact sheet. Fund holdings and/or sector allocations are subject to change.

Ratings, rankings and awards should not be used as the sole basis for evaluating a fund. For more information including standard performance of the Funds, please visit each Fund page to download the fact sheet.

ETF shares are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. There can be no guarantee that an active trading market for ETF shares will develop or be maintained, or that their listing will continue or remain unchanged. Buying or selling ETF shares on an exchange may require the payment of brokerage commissions and frequent trading may incur brokerage costs that detract significantly from investment returns. There are risks involved with investing including the possible loss of principal. Diversification does not guarantee investment returns or eliminate the risk of loss. Past performance does not guarantee future results.

Investors should carefully consider the investment objectives, risks, charges and expenses of the fund before investing. To obtain a prospectus containing this and other important information, please click here to view or download a prospectus online. Read the fund’s prospectus carefully before you invest. Distributed by ALPS Distributors, Inc, which is not affiliated with AXS Investments. Visit FINRA's BrokerCheck to check the background of AXS Investments.

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