SPRX
Spear Alpha ETF
SPRX actively invests in global thematic companies it believes will benefit from breakthrough innovations in the industrial and technology space.
Global
EQUITY
Active
MANAGEMENT STYLE
55.7 M
ASSETS UNDER MGMT
75 bp
EXPENSES
Fund Basics
| Fund sponsor | Spear Advisors LLC |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Aug 02, 2021 |
| Assets (mns) | $56 |
| Expense ratio | 75 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| NVIDIA CORP | 12.1 % |
| CLOUDFLARE INC CLASS A | 9.9 % |
| ASTERA LABS INC | 8.6 % |
| MARVELL TECHNOLOGY, INC. | 6.7 % |
| GE VERONA | 5.7 % |
| VISTRA ENERGY CORP. | 5.2 % |
| IONQ, INC. | 5.1 % |
| ZSCALER, INC. | 5.0 % |
| SNOWFLAKE, INC. CLASS A | 5.0 % |
| CONSTELLATION ENERGY CORPORATION | 5.0 % |
Constituent Breakdown
| Number of holdings | 23 |
| Herfindahl-Hirschman Index | 635 |
| Wgt avg mkt cap (mns) | $414,470 |
| Large cap (>$10bn) | 73.6% |
| Mid cap ($2-10bn) | 12.7% |
| Small cap (<$2bn) | 0.8% |
| Developed mkts. | 89.2% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 88.4 % |
 |
CANADA | 2.2 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -2.2% | 20.3% | 22.7% | 20.0% | -- | -- | -- | 7.6% |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 0.0% | -- | -- | -- | 0.1% |
| Total Returns | -2.2% | 20.3% | 22.7% | 20.0% | -- | -- | -- | 7.7% | Ann. Volatility | 62.0% | 47.0% | 39.4% | 41.4% | -- | -- | -- | 41.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.51 | 46% |
| MSCI EAFE | 0.59 | 7% |
| MSCI Emg Mkts | 0.76 | 12% |
Liquidity Measures
| Avg. volume (000) | 49 |
| ADV traded (mns) | $1 |
| Turnover | 2.4% |
| Avg. Bid/Ask (% of price) | 0.09% |
Technical Indicators
| Recent close | $26.82 |
| 30d moving avg. | $25.86 |
| Annualized volatility | 37.3% |
| Relative strength (RSI) | 58 |
| Short interest | 1.9% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| LRNZ | TrueShares Technology, AI & Deep Learning ETF | 35.2% | -6 bp | -0.6% |
| TRFK | Pacer Data and Digital Revolution ETF | 25.3% | -15 bp | +3.3% |
| ARTY | iShares Future AI & Tech ETF | 23.1% | -28 bp | +3.6% |
| DARP | Grizzle Growth ETF | 22.2% | 0 bp | +3.7% |
| CHAT | Roundhill Generative AI & Technology ETF | 21.0% | 0 bp | +6.5% |
| LOUP | Innovator Deepwater Frontier Tech ETF | 20.6% | -5 bp | +1.3% |
| AOTG | AOT Growth and Innovation ETF | 18.6% | 0 bp | +2.1% |
| SOXQ | Invesco PHLX Semiconductor ETF | 18.4% | -56 bp | +5.0% |
| SHOC | Strive U.S. Semiconductor ETF Strive U.S. Semiconductor ETF | 18.2% | -35 bp | +3.8% |
| SMH | VanEck Semiconductor ETF | 17.6% | -40 bp | +4.4% |
Risk and Returns: vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 6/16/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
0.5%
Cat. Avg
4.5%
ALTAR Score™ Calculation
Category Overview
There are 370 funds in the Global Equity category, with an average ALTAR Score™
of 4.5% and a standard deviation of
3.5%. 's ALTAR Score™ is approximately
1.2 standard deviations
below
the category average. This places in the 13rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SPRXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| (75 bp) Percentile rank | 55 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| 75.0 | 0.0 | 75 | |
| Peer Avg. | 72.6 | 40.1 | 112.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .