A new contrarian fund recently crossed into nine-figure territory in about five weeks.

Earlier this month, Matthew Tuttle, CEO and chief investment officer of Tuttle Capital Management LLC (TCM), confirmed that the Tuttle Capital Short Innovation ETF (SARK on the Nasdaq) reached $107.5 million in AUM as of December 14, just 35 days after it launched on November 9. Per TCM, the fund, an active ETF, crossed the $100-million mark in 24 trading days. (Greenwich, Connecticut-based TCM, across its 12 strategies, had $227 million in total AUM as of December 14.)

The TCM team also reports that SARK is the fifth most actively traded new ETF of 2021, with more than $21.5 million traded on average per day. (And options on SARK started trading on December 1.)

Tuttle serves PM of SARK, while TCM is its investment advisor. SARK's other service providers include: BBD, LLP as independent accounting firm; Citi Fund Services Ohio, Inc. as fund administrator and accountant and Citibank N.A. as custodian; Foreside Fund Services, LLC as distributor; and Thompson Hine LLP as counsel. The fund is effectively a way to bet against a certain high-profile, innovation-focused ETF. 

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