At a glance
SPRX charges 0.75% a year, above the 0.41% average of the 4 funds most like it (the most expensive of 5). It has $291.5M in assets, the 4th largest of that group. Over the past year it returned −4.6% with distributions reinvested (S&P 500: +11.5%), the weakest of those 5 funds; over three years it returned +36.5% a year. At its worst it fell 43.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 14 months after the low. Its ten largest positions make up 67.8% of the fund, out of 28 in all.
The short version
Spear Alpha ETF (SPRX) is an actively managed fund from Spear Advisors. It holds about 28 stocks that the manager believes will benefit from breakthrough innovation in industrial technology, such as AI chips, photonics and automation. It is highly concentrated: its top 10 holdings made up 67.8% of the fund as of June 30, 2026. Its 0.75% expense ratio is well above the 0.41% average of similar funds.
Price history
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SPRX -4.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPRX official prospectus, to Dec 31, 2025 | — | +42.10% | — | — | — | +16.07% |
| SPRX price data to Oct 27, 2026 | +4.5% | -4.6% | +36.5% | +13.9% | — | +14.1% |
- Over the year to Oct 27, 2026, SPRX returned -4.6%, 5th of 5 among similar funds.
- Its 5-year annualized return was +13.9%.
- Its worst full calendar year was 2022 (-45.0%); its best was 2023 (+88.0%).
- The deepest fall in its price history was 51.2% (Nov 8, 2021 to Nov 9, 2022), recovered by Jan 29, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.5% | — |
| 2025 | +41.9% | +42.10% |
| 2024 | +20.6% | +20.65% |
| 2023 | +88.0% | +87.63% |
| 2022 | -45.0% | -44.81% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 43.7% over that stretch · deepest drop along the way 43.7%, back to its old high 14.1 months after the low |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 28 securities; the ten largest made up 67.83% of assets.
| Holding | Weight | |
|---|---|---|
| Astera Labs Inc | 11.10% | |
| KLA Corp | 8.80% | |
| Coherent Corp | 8.42% | |
| ARM Holdings PLC | 7.28% | |
| MKS Inc | 6.79% | |
| Cloudflare Inc | 6.72% | |
| Lam Research Corp | 5.03% | |
| Terawulf Inc | 4.73% | |
| MACOM Technology Solutions Hol | 4.71% | |
| Marvell Technology Inc | 4.26% | |
| Applied Digital Corp | 3.85% | |
| Nokia Oyj | 3.57% | |
| Lumentum Holdings Inc | 3.26% | |
| NVIDIA Corp | 3.17% | |
| Credo Technology Group Holding | 3.07% |
By country
United States 87.32%United Kingdom 7.28%Finland 3.57%Australia 1.76%By asset type
Stocks 99.93%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $52.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +21.26%, +27.14%, +5.71%.
How it works
SPRX does not track an index. Spear Advisors, the fund's adviser, picks common stocks and ADRs (American depositary receipts, which are US-traded shares of foreign companies). It looks for companies it believes are poised to benefit from breakthrough innovation in industrial technology. The prospectus names six themes: enterprise digitalization, artificial intelligence, robotics and industrial automation, energy transition, photonics and additive manufacturing (3D printing), and space exploration.
The manager can buy companies at any stage of a theme's supply chain. That includes firms that mine or process materials, makers of components and parts, and companies that use the technology to run more efficiently. Companies of any size can qualify. The prospectus also says the fund weighs ESG (environmental, social and governance) factors, which may rule out some companies for non-investment reasons.
In practice the portfolio is narrow and leans toward semiconductor and data-center hardware companies. As of June 30, 2026, it held 28 companies. The largest were Astera Labs (11.1%), KLA (8.8%), Coherent (8.4%), ARM Holdings (7.3%) and MKS (6.8%). It held no derivatives, and cash was about 0.1%. Portfolio turnover was 223%, which means the manager trades heavily. The weightings come from the manager's judgment, not a formula.
What it really costs
- SPRX charges 0.75% a year, versus an average of 0.41% for the similar funds below (5th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPRX | $77 | $240 | $417 | $930 |
In a retirement portfolio
SPRX is a concentrated, actively managed bet on industrial-technology and chip stocks, and its swings are far larger than the broad market's.
SPRX could add focused exposure to chip, photonics and AI-infrastructure companies alongside a broad core fund. Its swings have been severe. It lost 44.81% in 2022. Its deepest drop was 51.2%, from November 8, 2021 to November 9, 2022, and it did not recover until January 29, 2024. The fund launched in 2021, so it has no record through the 2008 or 2020 crashes. Its beta was 3.21 for the year to October 27, 2026, meaning it moved about three times as much as the market. Anyone forced to sell in a year like 2022 would have locked in deep losses. It paid no income in the last year. Under the SEC's standard $10,000 example, costs come to $77 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting an actively picked, 28-stock bet on chips, photonics and AI infrastructure, held as a small slice beside broad funds.
- People who can tolerate drops like the 51.2% fall from November 2021 to November 2022 and the long wait to recover.
- Growth-focused holders who don't need income, since SPRX made no distributions in the 12 months to October 27, 2026.
Look elsewhere if
- Cost-conscious investors: the 0.75% expense ratio is more than double the 0.35% charged by SOXX and SMH.
- Retirees who may need to sell in a downturn: SPRX lost 44.81% in 2022 and had a one-year beta of 3.21.
- Anyone wanting broad diversification: the top 10 holdings were 67.8% of assets as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPRX this fund | — | 0.75% | $291.5M | -4.6% | +36.5% |
| SOXX iShares Semiconductor ETF | 28% | 0.35% | $47.82B | +48.5% | +44.1% |
| SMH VanEck Semiconductor ETF | 23% | 0.35% | $77.20B | +40.5% | +52.2% |
| IQM Franklin Intelligent Machines ETF | 20% | 0.5% | $117.6M | +5.2% | +33.4% |
| WTAI WisdomTree Artificial Intelligence and Inno… | 20% | 0.45% | $669.5M | +24.9% | +35.1% |
Questions investors ask
Does SPRX pay a dividend?
No. SPRX made no distributions in the 12 months through October 27, 2026, so its trailing yield was 0%. The fund's stated objective is long-term capital growth. It owns technology and industrial companies that tend to reinvest their profits rather than pay them out. Any return comes from changes in the share price, which have been large in both directions.
What's the difference between SPRX and SOXX?
SPRX is actively managed by Spear Advisors and holds 28 stocks picked around industrial-technology themes. The iShares Semiconductor ETF (SOXX) is a semiconductor fund, and about 28% of the two funds' holdings overlap. SOXX charges 0.35% a year against SPRX's 0.75%. SOXX is also far larger: about $47.8 billion against $291.5 million as of June 30, 2026. Over one year, SOXX returned 54.9% through October 30, 2026, while SPRX returned -4.6% through October 27.
What are SPRX's top holdings?
As of June 30, 2026, the largest positions were Astera Labs (11.1%), KLA (8.8%), Coherent (8.4%), ARM Holdings (7.3%), MKS (6.8%) and Cloudflare (6.7%). Lam Research, TeraWulf, MACOM and Marvell came next. Together the top 10 made up 67.8% of the fund. About 87% of assets were in US companies, and the rest were in the UK, Finland and Australia.
Is SPRX good for retirement?
SPRX is a high-risk fund that may suit only a small satellite position in a retirement portfolio. It fell 44.81% in 2022 and then gained 87.63% in 2023. Its deepest drop, 51.2%, did not recover until January 29, 2024. It pays no income. A retiree who has to sell shares in a bad year could end up selling after a steep decline.
How has SPRX performed since it launched?
From its August 2021 launch through December 31, 2025, SPRX returned 16.07% a year on average, according to its prospectus. Calendar years were very uneven: -44.81% in 2022, 87.63% in 2023, 20.65% in 2024 and 42.1% in 2025. Based on price, it returned 4.5% in 2026 through October 27 (a partial year). Over the year to that date it returned -4.6%, including a 17.7% drop in the last month.