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Spear Alpha ETF (NASDAQ:SPRX) was trading flat on Wednesday, continuing to trade sideways within a tight range between about $22.60 and $24.50 on decreasing volume.
The actively managed fund provides exposure to various stocks falling under the themes of enterprise digitalization, automation and robotics, artificial intelligence (AI), environmental focus and decarbonization, photonics and additive manufacturing and space exploration. The fund has outpaced Cathie-Wood's flagship Ark Innovation ETF (NYSE:ARKK), with the former rising about 3.6% year-to-day, while ARKK has dropped 4.24% over the same time period.
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Recently, some of the stocks within the fund have been trading within reach of their all-time highs, indicating investors remain increasingly bullish on the companies the fund holds. NVIDIA Corporation (NASDAQ:NVDA) surged 85% this year and is the largest holding within the fund, weighted at 10.88%.
Similarly, Zscsaler, Inc (NASDAQ:ZS), the second largest holding within SPRX, weighted at 10.2% skyrocketed 193% between May 3, 2023, and Feb. 8, 2024, before beginning to retrace.
For investors, particularly those who believe in the power of diversification, SPRX holds many other popular stocks, including Advanced Micro Devices, Inc (NASDAQ:AMD), weighted at 7.84%, Snowflake, Inc (NYSE:SNOW), weighted at 7.01% and Shopify, Inc (NYSE:SHOP), weighted at 4.39%.
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The SPRX Chart: After reaching a new all-time high of $25.66 on Feb.12, SPRX entered into a downtrend, retracing about 11.96% between that date and March 19. On Monday, SPRX negated the downtrend by forming a higher low above the most recent low of $22.59 and on Wednesday, the fund retested that level and support and bounced upward.
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