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Quantify 2X Daily Alt Season Crypto ETF (QXAS) Analysis

For informational purposes only. Not financial advice.

Quick Answer

Quantify 2X Daily Alt Season Crypto ETF (QXAS) has a 1.19% expense ratio and $856,475 in assets under management.

Data Sources: Yahoo Finance · Financial Modeling Prep

Quantify 2X Daily Alt Season Crypto ETF (QXAS) ETF — Price, Holdings & Analysis

ETF Overview

QXAS aims to deliver twice the daily performance of a portfolio of leading crypto assets, excluding Bitcoin, stablecoins, and memecoins. This is achieved through a combination of swaps, options, futures contracts, and ETPs, rather than direct holdings of the underlying cryptocurrencies. The fund targets up to 10 crypto assets traded on US exchanges, using options contracts to gain leveraged exposure. The fund actively manages its portfolio, with the flexibility to adjust its holdings based on market conditions, liquidity, and pricing. The market cap-weighted portfolio is reviewed and rebalanced at least monthly, with each asset capped at 50%. The fund may also invest in ETPs for long exposure and uses standardized, cash-settled futures to manage contango and backwardation. QXAS is designed for investors seeking aggressive, short-term exposure to the altcoin market and who understand the risks associated with leveraged products and daily resets.

Risk Metrics

QXAS carries significant risks inherent in its leveraged investment strategy and focus on the volatile cryptocurrency market. The 2x daily leverage means that the fund's performance can be highly sensitive to short-term price movements in the underlying crypto assets, potentially leading to amplified gains or losses. The fund's concentration in a limited number of crypto assets (up to 10) increases concentration risk. The high expense ratio of 1.1900% also creates a significant drag on performance, especially in a low-return environment. The fund's use of derivatives, such as swaps, options, and futures, introduces counterparty risk and complexity. Furthermore, daily leverage resets may cause long-term returns to deviate significantly from the underlying assets' performance. With a Beta (3Y) of 0.00, it's difficult to assess the fund's volatility relative to the broader market, but given its focus on crypto, it is expected to be highly volatile.
  • Beta: 0.00

Expense Ratio

1.19%

Dividend Yield

0.00%

Questions & Answers

What is QXAS and what does it track?

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.

What is the expense ratio for QXAS?

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%.

What are the top holdings in QXAS?

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.

Is QXAS a good long-term investment?

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.

How does QXAS compare to similar ETFs?

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.

Does QXAS pay dividends?

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.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Data provided for informational purposes only.

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