QXAS ETF — Holdings & Analysis

QXAS, or the Quantify 2X Daily Alt Season Crypto ETF, is an actively managed fund that aims to provide twice the daily return of a portfolio of leading crypto assets, excluding Bitcoin, stablecoins, and memecoins. The fund achieves this leveraged exposure through a combination of swaps, options, futures contracts, and ETPs. It targets up to 10 crypto assets traded on US exchanges, using a market cap-weighted approach that is reviewed and rebalanced at least monthly. The fund's objective is to offer investors a way to potentially amplify their returns from the altcoin market, while acknowledging the inherent risks associated with leveraged investments.

The expense ratio for QXAS is 1.1900%. This means that for every $10,000 invested in the fund, $119 is deducted annually to cover operating expenses. While there isn't a defined category average for leveraged crypto ETFs, this expense ratio is generally considered high compared to traditional equity ETFs, where the average expense ratio is around 0.44%. Investors should carefully consider the impact of this expense ratio on their overall returns, especially in light of the fund's leveraged strategy and potential volatility.

As an actively managed fund, QXAS does not directly hold cryptocurrencies. Instead, it gains exposure through derivatives like swaps, options, and futures contracts, as well as investments in ETPs. The fund targets up to 10 crypto assets, and the specific composition of these exposures will vary over time based on market conditions and the manager's discretion. The fund's strategy involves a market cap-weighted approach, with each asset capped at 50% during rebalancing. Therefore, identifying exact 'top holdings' is not possible in the traditional sense, as the portfolio consists of derivative contracts tied to the performance of selected crypto assets.

QXAS is designed for short-term, tactical exposure to the altcoin market and is generally not considered a suitable long-term investment. The fund's 2x daily leverage and daily reset mechanism can lead to significant deviations from the underlying assets' long-term performance, potentially resulting in substantial losses over time. The high expense ratio of 1.1900% also erodes long-term returns. Investors should carefully consider their risk tolerance, investment horizon, and understanding of leveraged products before investing in QXAS. Past performance does not guarantee future results.

QXAS differentiates itself through its focus on 2x daily leveraged exposure to altcoins, excluding Bitcoin, stablecoins, and memecoins. Many crypto ETFs offer direct exposure to Bitcoin or a broader basket of cryptocurrencies without leverage. The expense ratio of 1.1900% is higher than many non-leveraged crypto ETFs. Given its recent inception date of 2026-01-21, QXAS has a limited track record and a small AUM of $0.00B, making it difficult to compare its performance to more established funds. Investors should carefully evaluate their risk tolerance and investment objectives when comparing QXAS to other crypto ETFs.

According to the provided data, QXAS has a dividend yield of 0.00%. This indicates that the fund does not currently distribute any income to shareholders in the form of dividends. The fund's focus on leveraged exposure to crypto assets, rather than income-generating investments, likely contributes to its lack of dividend payments. Investors seeking income from their investments should consider other ETFs with a proven track record of dividend distributions.