The Fund Grade · free · no account needed
What grade does SPRX get?
Morningstar rates funds on what they returned. We grade them on where their money sits today: how much of the book overlaps with the converged buys of the top specialist stock pickers.
Fundprints Fund Grade · as of 2026-10-01
Spear Alpha ETF
#224 of 500 graded active funds · blend · large segment peer group
The point · specialist footprint
SPRX puts more of its book behind proven specialists than 67% of graded funds.
Bottom 20%
Bottom 40%
Middle
● Top 40%
Top 20%
That has mattered: over the past 2.7 years, funds on this rung beat bottom-rung funds by about 3.8% per quarter, and beat the S&P in 43% of fund-quarters versus their 22%. The evidence argues this fund earns its seat.
10,000+ funds tracked · the graded specialists among them drive every read
You pay 0.75% a year for a C.
3 funds in the same segment carry an A. Members see the names and what they charge. See the alternatives →
The grade scores this fund's specialist share, the slice that overlaps what the top 1% of proven funds are building. We ignore index ballast and names outside our edge on purpose: that slice is small, and it's what decides the outcome.
SPRX vs the Honor Roll · share card ↗Conviction exposure
36.5%
of the book in specialist-converged names
Late-stage weight
18%
of the book in Crowded or Fading names
Active share
94.7%
how far it strays from the index
The best grades have beaten the worst by about +5% a year since we began grading. The gap held in 9 out of 10 months. Measured on filings as they were published, no hindsight.
Inside the book: top names by stage · as of 2026-10-20
We email you the day it crosses 50% crowded, and where you stand every month.
Graded monthly from point-in-time filings. A description of where the money sits, not a recommendation. Evidence, not advice.
The read · what to do with it
SPRX earns a C grade, ranking 224 of 500, while charging 0.75% annually. Specialists back just 36.5% of the fund, and positions like COHR, WULF, AVAV, and MKSI are all in Fading stage, meaning proven buyers are walking away. Early spots in KRMN and KLAC offer some interest, but the exits outweigh the entries right now.
→ Watch COHR and WULF closely, together they are 15% of the fund and specialists are actively leaving both positions.
→ Compare the 0.75% fee against the C grade, since three higher graded peers exist in the same segment for context.
Support leaving these positions
Read from today's disclosed book. Evidence, not advice.