ETF Evaluator:
Spear Alpha ETF (SPRX)
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(as of Aug 25)
Best Performing in Technology Over the Last Year
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ETF Details
Spear Alpha ETF Overview
Spear Alpha ETF (SPRX) is an actively managed Sector Equity Technology exchange-traded fund (ETF). Spear launched the ETF in 2021.
The investment seeks long-term capital growth.
The fund is an actively-managed exchange-traded fund (“ETF”) that will invest primarily in equity securities, including common stock or American depositary receipts (“ADRs”) of companies that Spear Advisors LLC (the “Adviser”) believes are poised to benefit from breakthrough innovation in industrial technology. The Adviser defines “innovation in industrial technology” as those technological developments that are transforming or have the potential to transform the industrial sector. It is non-diversified.
About Spear Alpha ETF (SPRX)
There are 1 members of the management team with an average tenure of 4.99 years: Ivana Delevska (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and NASDAQ Composite TR USD index with a weighting of 100%. Spear Alpha ETF has 29 securities in its portfolio. The top 10 holdings constitute 74.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Spear Alpha ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Spear Alpha ETF has 5.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.0% There is 5.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Spear Alpha ETF has -1.0% of the portfolio in cash.
Assets Under Management
The fund has $206 million in total assets, which is below the $3 billion average for the Technology category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SPRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Spear Alpha ETF expense ratio is above average compared to funds in the Technology category. Spear Alpha ETF has an expense ratio of 0.75%, which is 39% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Spear Alpha ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 39% for the Technology category.
Recently, in the month of July 2026, Spear Alpha ETF returned -26.5%, which earned it a grade of F, as the Technology category had an average return of -9.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Spear Alpha ETF has a trailing yield of 0.00%, which is below the 0.45% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Spear Alpha ETF Grades
Year to date, the ETF has returned 10.8%, 10.6 percentage points worse than the category, which translates into a grade of D. The fund has returned 28.2% over the past year (grade of C) and 29.2% over the past three years (grade of A).
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SPRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPRX Return (NAV) | -26.5% | -1.2% | 28.2% | 29.2% | na | na |
| SPRX Return (Price) | -26.6% | -1.4% | 27.9% | 29.1% | na | na |
| NAV +/- Price Return | 0.052% | 0.166% | 0.353% | 0.133% | na | na |
| Technology Avg | -9.8% | 7.3% | 33.6% | 22.3% | 10.5% | 19.0% |
| SPRX Grade (NAV) | F | F | C | A | na | na |
| +/- Category (NAV) | -16.7% | -8.5% | -5.4% | 6.9% | na | na |
| SPRX Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
SPRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPRX Return (NAV) | 10.8% | 42.1% | 20.6% | 87.6% | -44.8% | na | na | na | na | na | na |
| SPRX Return (Price) | 10.6% | 41.9% | 20.6% | 88.0% | -45.0% | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.015% | -0.005% | -0.003% | 0.004% | 0.004% | na | na | na | na | na | na |
| Technology Avg | 21.3% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| SPRX Grade (NAV) | D | A | C | A | F | na | na | na | na | na | na |
| +/- Category | -10.6% | 18.9% | 0.7% | 43.9% | -9.0% | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 2.31 |
| R-Squared: | 51% |
| Standard Deviation: | 41.0% |
| Category Risk Index: | 1.54 |
| Category Risk Rating: | High |
| Total Risk Index: | 3.34 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 207 Mil |
| Share Class Assets: | $ 207 Mil |
| Turnover: | na |
| Expense Ratio: | 0.75% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.0 years | |||
| Average Tenure: 5.0 years | |||
| Managers (Year): Delevska Ivana (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 29 |
| % in Top 10 Holdings: | 74.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.1% |
Portfolio Allocation |
|
| Domestic Stock: | 95.0% |
| Foreign Stock: | 5.1% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.0% |
| Cash: | -1.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Spear |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | August 3, 2021 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.54% |
