(Bloomberg) -- The man behind the infamous exchange-traded fund shorting Cathie Wood’s stock picks is attempting to strike gold again after ceding control of his original fund.

Matthew Tuttle has applied to launch two new funds tied to Wood’s flagship ETF. The Tuttle Capital 2X All Innovation ETF would trade under the ticker UARK and track double the performance of a portfolio comprised of 50% exposure to the $7.6 billion ARK Innovation ETF (ticker ARKK), with the remaining holdings divided among four of Ark’s smaller funds, according to the Monday filing. The Tuttle Capital 2X Inverse All Innovation ETF — which would carry the ticker ZARK — would provide two times the inverse return of UARK’s portfolio.

“Cathie says that ARK is the new Nasdaq, whether you agree on that or not, they are a benchmark for innovation or speculative growth,” Tuttle said in an emailed statement. “We thought there was room for a two times short and long, and wanted to bring the other ARK offerings into the equation as well.”

The funds add a new wrinkle to one of the $7 trillion industry’s quirkier tales. After Tuttle launched the $303 million Tuttle Capital Short Innovation ETF (SARK) in November 2021, the fund — which tracks the inverse performance of Wood’s ARKK — was then rebranded to the AXS Short Innovation Daily ETF after AXS Investments LLC acquired Tuttle’s entire ETF lineup as part of its expansion last April. 

Tuttle split from AXS just seven months later, giving up control of SARK and more than two dozen other funds in the process. While UARK and ZARK would attempt to reclaim some of the territory he first established, it’s unclear what demand exists for such products.

“I suspect there will always be an audience for speculation around Ark. However, I question whether anyone really wants this wild a bet,” said Dave Nadig, financial futurist at data provider VettaFi. “Most levered funds exist because of day traders not long-term position holders.”

The new filings land as interest in ARKK fades. Wood’s flagship fund has attracted just $85 million of inflows so far in 2023, despite year-to-date returns of nearly 25% as optimism builds that the Federal Reserve is nearing the end of its interest-rate hiking cycle — handily outperforming the S&P 500’s 8% gain this year.

Still, there are some signs of life in AXS’s SARK. The ETF has absorbed $100 million of new cash this year — more than ARKK itself — despite a 24% plunge in 2023. But the same can’t be said for the company’s $48 million AXS 2X Innovation ETF (TARK), which tracks double the performance of Wood’s fund. TARK has bled about $24 million this year amid a 43% rally. 

AXS did not immediately respond to a request for comment. 

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