At a glance
SPYQ charges 1.0% a year. It has $14.4M in assets; it paid 0.14% of its price in distributions over the past 12 months, annual. Over the past year it returned +18.1% with distributions reinvested (S&P 500: +11.5%).
The short version
Tradr 2X Long SPY Quarterly ETF (SPYQ), from AXS Investments, aims to deliver twice the return of the SPDR S&P 500 ETF Trust (SPY) over each calendar quarter, mainly through swaps. Unlike leveraged ETFs that reset daily, it resets once a quarter, so the 2x target applies to full-quarter holding periods. The trade-offs: a 1.00% expense ratio and magnified swings, including a 35.9% drop from February to April 2025.
Price history
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SPYQ +18.1% 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 | |
|---|---|---|---|---|---|---|
| SPYQ official prospectus, to Dec 31, 2025 | — | +26.23% | — | — | — | +23.13% |
| SPYQ price data to Oct 27, 2026 | +20.2% | +18.1% | — | — | — | +25.0% |
- Over the year to Oct 27, 2026, SPYQ returned +18.1%.
- Its worst full calendar year was 2025 (+26.2%); its best was 2025 (+26.2%).
- The deepest fall in its price history was 35.9% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 3, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.2% | — |
| 2025 | +26.2% | +26.23% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2700 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| SS SPDR S&P 500 ETF TRUST-US | 40.11% |
By country
United States 40.11%By asset type
Stocks 40.11%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $1.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +20.46%, +9.25%, -2.38%.
How it works
SPYQ is actively managed with one goal: two times (200%) the return of the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500 Index, over a full calendar quarter, before fees. Performance is measured from the market close on the last business day of one quarter to the close on the last business day of the next. The fund does not aim for 2x over any other period, and the adviser rebalances quarterly to restore 200% exposure.
Its main tool is swaps: contracts with major banks to exchange SPY's return on a set dollar amount. It can also hold SPY shares, purchase exchange-listed options (including customizable FLEX options) and use S&P 500 futures. As of June 30, 2026, SPY shares made up about 40% of net assets, alongside three contracts for difference, a type of swap, on SPY.
Two mechanics matter. First, leverage drifts within a quarter: after SPY rises, exposure falls below 2x; after it falls, exposure rises above 2x. So investing mid-quarter won't deliver 2x from that date, and over several quarters, compounding can push results away from 2x SPY in size or even direction. Second, if SPY drops 35% within a quarter, the adviser resets exposure to 200% early, and the fund likely misses its target that quarter.
What it really costs
- SPYQ charges 1% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $1,225 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPYQ | $102 | $318 | $552 | $1,225 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It uses swaps and other derivatives to deliver twice SPY's return one calendar quarter at a time, so losses are magnified and longer-term results can drift far from double the market's.
SPYQ seeks twice the return of the SPDR S&P 500 ETF Trust (SPY) for each full calendar quarter, before fees. Over longer holds, compounding can pull results far from double SPY's, even in the opposite direction. It launched September 30, 2024, after the 2008, 2020 and 2022 downturns. Its only full year, 2025, returned 26.2%, yet it fell 35.9% from February 19 to April 8, 2025, regaining its peak by July 3. Selling near that low for cash would have locked in a deep loss, and a severe SPY quarter could erase most of an investment.
The yield was 0.14% over the 12 months to October 27, 2026, paid annually. Its 1.00% expense ratio (annual fee) comes to $1,225 in costs over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan needs to cover the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting twice SPY's return over full calendar quarters, who can hold from one quarter-end to the next rather than trading daily.
- Investors using a small slice of a diversified portfolio for extra S&P 500 exposure, who can stomach drops like its 35.9% fall in 2025.
- People who prefer leverage that resets quarterly over daily-reset funds and understand that investing mid-quarter gives more or less than 2x.
Look elsewhere if
- Retirees seeking income: the yield was 0.14% as of October 27, 2026, paid once a year.
- Cost-conscious investors: the 1.00% expense ratio adds up to $1,225 over 10 years on the SEC's standard $10,000 example.
- Investors wanting a long record or large fund: launched September 30, 2024, it had $14.4 million in net assets as of June 30, 2026.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Does SPYQ reset daily like other leveraged ETFs?
No. SPYQ resets its leverage once per calendar quarter, not daily. It aims for twice SPY's return, before fees, from the close on the last business day of one quarter to the close on the last business day of the next. Investors who enter mid-quarter may get more or less than 2x for the rest of that quarter. The adviser resets early only if SPY falls 35% within a quarter, which likely means missing the 2x target that period.
What's the difference between SPYQ and SPY?
SPY holds the stocks in the S&P 500 Index; SPYQ aims to return twice what SPY returns over each calendar quarter. SPYQ gets there mainly with swaps, plus SPY shares, which made up about 40% of its net assets as of June 30, 2026. Leverage cuts both ways: SPYQ's beta, a measure of how much it moves with the broad market, was 1.98 over the year to October 27, 2026. SPYQ also charges 1.00% a year and yielded 0.14% as of that date.
Is SPYQ good for retirement?
SPYQ is built to magnify S&P 500 moves, not to provide stability or income, so in a retirement portfolio it may fit only as a small, high-risk position. It fell 35.9% between February 19 and April 8, 2025, before recovering by July 3, 2025. Its prospectus warns that leverage raises the risk of a total loss. It yielded 0.14% as of October 27, 2026, paid annually, and with a September 30, 2024 launch, it has no record through a prolonged bear market.
What is SPYQ's expense ratio?
SPYQ's expense ratio is 1.00% a year, including a 0.95% management fee, according to its prospectus filed July 23, 2026. Under the SEC's standard example, which assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period, total costs would be $102 after one year, $318 after three, $552 after five and $1,225 after 10. Trading costs from its 174% portfolio turnover are not included in that ratio.
How has SPYQ performed since launch?
SPYQ returned 26.23% in 2025, its first full calendar year, according to its prospectus. From its September 30, 2024 launch through December 31, 2025, its average annual return was 23.13%. Its strongest quarter gained 19.49% (ended June 30, 2025) and its weakest lost 10.55% (ended March 31, 2025). Based on market price, it gained 18.1% over the year to October 27, 2026, and 20.2% from the start of 2026 through that date.