The Horizon Kinetics SPAC Active ETF (the “Fund”) seeks to generate realized capital gains in excess of short-term interest rates on a risk adjusted basis. The Fund is an actively-managed exchange-traded fund (“ETF”) that pursues its investment objective primarily by investing, under normal circumstances, in special purpose acquisition companies (“SPACs”) that Ryan Heritage, LLP, the Fund’s investment sub-adviser (the “Sub-Adviser”), believes will generate net realized capital gains in excess of the income derived from bank certificates of deposit* with similar maturities.
Data as of: 04/17/2024
-
Ticker
SPAQ
-
CUSIP
53656G555
-
ISIN
US53656G5559
-
Fund Type
Active Equity ETF
-
Exchange
NASDAQ
-
Inception Date
1/27/2023
-
Expense Ratio
0.85%
-
Typical Number of Holdings
15 to 20
-
Net Assets
$16,464,720
Data as of: 04/18/2024
Daily Holdings
-
% Net Assets
4.96%
-
Name
Learn CW Investment Corp
-
Ticker
LCW
-
CUSIP
G54157105
-
Shares Held
74,717
-
Market Value
$816,657
-
% Net Assets
4.96%
-
Name
SilverBox Corp III
-
Ticker
SBXC
-
CUSIP
82836N107
-
Shares Held
77,500
-
Market Value
$816,075
-
% Net Assets
4.94%
-
Name
CARTESIAN GROWTH CORP II
-
Ticker
RENE
-
CUSIP
G19305112
-
Shares Held
72,783
-
Market Value
$813,714
-
% Net Assets
4.93%
-
Name
IB Acquisition Corp
-
Ticker
IBACU
-
CUSIP
44934N207
-
Shares Held
81,000
-
Market Value
$811,620
-
% Net Assets
4.89%
-
Name
Legato Merger Corp III
-
Ticker
LEGT
-
CUSIP
G5451A103
-
Shares Held
80,000
-
Market Value
$805,600
-
% Net Assets
4.81%
-
Name
Haymaker Acquisition Corp 4
-
Ticker
HYAC
-
CUSIP
G4375F108
-
Shares Held
75,600
-
Market Value
$791,532
-
% Net Assets
4.76%
-
Name
AP Acquisition Corp
-
Ticker
APCA
-
CUSIP
G04058106
-
Shares Held
69,000
-
Market Value
$783,150
-
% Net Assets
4.72%
-
Name
Spring Valley Acquisition Corp II
-
Ticker
SVII
-
CUSIP
G83752108
-
Shares Held
70,522
-
Market Value
$776,447
-
% Net Assets
4.71%
-
Name
Bowen Acquisition Corp
-
Ticker
BOWN
-
CUSIP
G12729110
-
Shares Held
74,283
-
Market Value
$776,257
-
% Net Assets
4.70%
-
Name
Inflection Point Acquisition Corp II
-
Ticker
IPXX
-
CUSIP
G4790U102
-
Shares Held
73,515
-
Market Value
$773,378
-
% Net Assets
4.67%
-
Name
Ares Acquisition Corp II
-
Ticker
AACT
-
CUSIP
G33033104
-
Shares Held
72,503
-
Market Value
$769,257
-
% Net Assets
4.64%
-
Name
US BANK MMDA - USBGFS 7 06/01/2031
-
Ticker
USBGFS7
-
CUSIP
8AMMF0FT3
-
Shares Held
764,509
-
Market Value
$764,509
-
% Net Assets
4.51%
-
Name
Concord Acquisition Corp II
-
Ticker
CNDA
-
CUSIP
20607U108
-
Shares Held
70,522
-
Market Value
$743,302
-
% Net Assets
4.49%
-
Name
Nabors Energy Transition Corp II
-
Ticker
NETD
-
CUSIP
G6363K106
-
Shares Held
70,522
-
Market Value
$739,776
-
% Net Assets
4.41%
-
Name
Ai Transportation Acquisition Corp
-
Ticker
AITR
-
CUSIP
G01490112
-
Shares Held
70,522
-
Market Value
$726,377
-
% Net Assets
3.03%
-
Name
Alchemy Investments Acquisition Corp 1
-
Ticker
ALCY
-
CUSIP
G0232F109
-
Shares Held
47,015
-
Market Value
$498,829
-
% Net Assets
3.02%
-
Name
Bukit Jalil Global Acquisition 1 Ltd
-
Ticker
BUJA
-
CUSIP
G1676M105
-
Shares Held
47,015
-
Market Value
$496,713
-
% Net Assets
3.01%
-
Name
Quetta Acquisition Corp
-
Ticker
QETA
-
CUSIP
74841A105
-
Shares Held
48,412
-
Market Value
$495,255
-
% Net Assets
2.96%
-
Name
99 Acquisition Group Inc
-
Ticker
NNAG
-
CUSIP
65445K101
-
Shares Held
47,015
-
Market Value
$487,546
-
% Net Assets
2.95%
-
Name
Colombier Acquisition Corp II
-
Ticker
CLBR
-
CUSIP
G2283U100
-
Shares Held
47,013
-
Market Value
$485,644
-
% Net Assets
2.92%
-
Name
Bayview Acquisition Corp
-
Ticker
BAYAU
-
CUSIP
07323B209
-
Shares Held
47,015
-
Market Value
$481,434
-
% Net Assets
2.37%
-
Name
ESH Acquisition Corp
-
Ticker
ESHA
-
CUSIP
296424104
-
Shares Held
37,612
-
Market Value
$390,413
-
% Net Assets
1.98%
-
Name
Patria Latin American Opportunity Acquisition Corp
-
Ticker
PLAO
-
CUSIP
G69454109
-
Shares Held
28,815
-
Market Value
$326,186
-
% Net Assets
1.77%
-
Name
Spark I Acquisition Corp
-
Ticker
SPKL
-
CUSIP
G8316B100
-
Shares Held
28,209
-
Market Value
$291,399
-
% Net Assets
1.68%
-
Name
SK Growth Opportunities Corp
-
Ticker
SKGR
-
CUSIP
G8192N103
-
Shares Held
25,000
-
Market Value
$277,250
-
% Net Assets
1.55%
-
Name
Black Hawk Acquisition Corp
-
Ticker
BKHAU
-
CUSIP
G1148A127
-
Shares Held
25,000
-
Market Value
$254,750
-
% Net Assets
1.39%
-
Name
Keen Vision Acquisition Corp
-
Ticker
KVAC
-
CUSIP
G52443119
-
Shares Held
21,815
-
Market Value
$228,839
-
% Net Assets
0.06%
-
Name
Bukit Jalil Global Acquisition 1 Ltd
-
Ticker
BUJAR
-
CUSIP
G1676M121
-
Shares Held
47,015
-
Market Value
$9,403
-
% Net Assets
0.06%
-
Name
Colombier Acquisition Corp II
-
Ticker
CLBR/WS
-
CUSIP
G2283U118
-
Shares Held
15,671
-
Market Value
$9,209
-
% Net Assets
0.03%
-
Name
Bowen Acquisition Corp
-
Ticker
BOWNR
-
CUSIP
G12729128
-
Shares Held
41,373
-
Market Value
$5,236
-
% Net Assets
0.03%
-
Name
ESH Acquisition Corp
-
Ticker
ESHAR
-
CUSIP
296424112
-
Shares Held
37,612
-
Market Value
$4,288
-
% Net Assets
0.02%
-
Name
Alchemy Investments Acquisition Corp 1
-
Ticker
ALCYW
-
CUSIP
G0232F133
-
Shares Held
23,507
-
Market Value
$4,111
-
% Net Assets
0.02%
-
Name
Inflection Point Acquisition Corp II
-
Ticker
IPXXW
-
CUSIP
G4790U110
-
Shares Held
23,507
-
Market Value
$3,262
-
% Net Assets
0.02%
-
Name
99 Acquisition Group Inc
-
Ticker
NNAGW
-
CUSIP
65445K119
-
Shares Held
47,015
-
Market Value
$2,586
-
% Net Assets
0.02%
-
Name
Quetta Acquisition Corp
-
Ticker
QETAR
-
CUSIP
74841A113
-
Shares Held
2,821
-
Market Value
$3,526
-
% Net Assets
0.02%
-
Name
Spark I Acquisition Corp
-
Ticker
SPKLW
-
CUSIP
G8316B118
-
Shares Held
14,105
-
Market Value
$2,539
-
% Net Assets
0.01%
-
Name
Bukit Jalil Global Acquisition 1 Ltd
-
Ticker
BUJAW
-
CUSIP
G1676M113
-
Shares Held
23,507
-
Market Value
$1,175
-
% Net Assets
0.01%
-
Name
Keen Vision Acquisition Corp
-
Ticker
KVACW
-
CUSIP
G52443127
-
Shares Held
21,815
-
Market Value
$1,451
-
% Net Assets
-0.03%
-
Name
Cash & Other
-
Ticker
Cash&Other
-
CUSIP
Cash&Other
-
Shares Held
-4,250
-
Market Value
$-4,250
Data as of: 04/18/2024
Daily Holdings
-
% Net Assets
Name
Ticker
CUSIP
Shares Held
Market Value
-
4.96%
Learn CW Investment Corp
LCW
G54157105
74,717
$816,657
-
4.96%
SilverBox Corp III
SBXC
82836N107
77,500
$816,075
-
4.94%
CARTESIAN GROWTH CORP II
RENE
G19305112
72,783
$813,714
-
4.93%
IB Acquisition Corp
IBACU
44934N207
81,000
$811,620
-
4.89%
Legato Merger Corp III
LEGT
G5451A103
80,000
$805,600
-
4.81%
Haymaker Acquisition Corp 4
HYAC
G4375F108
75,600
$791,532
-
4.76%
AP Acquisition Corp
APCA
G04058106
69,000
$783,150
-
4.72%
Spring Valley Acquisition Corp II
SVII
G83752108
70,522
$776,447
-
4.71%
Bowen Acquisition Corp
BOWN
G12729110
74,283
$776,257
-
4.70%
Inflection Point Acquisition Corp II
IPXX
G4790U102
73,515
$773,378
-
4.67%
Ares Acquisition Corp II
AACT
G33033104
72,503
$769,257
-
4.64%
US BANK MMDA - USBGFS 7 06/01/2031
USBGFS7
8AMMF0FT3
764,509
$764,509
-
4.51%
Concord Acquisition Corp II
CNDA
20607U108
70,522
$743,302
-
4.49%
Nabors Energy Transition Corp II
NETD
G6363K106
70,522
$739,776
-
4.41%
Ai Transportation Acquisition Corp
AITR
G01490112
70,522
$726,377
-
3.03%
Alchemy Investments Acquisition Corp 1
ALCY
G0232F109
47,015
$498,829
-
3.02%
Bukit Jalil Global Acquisition 1 Ltd
BUJA
G1676M105
47,015
$496,713
-
3.01%
Quetta Acquisition Corp
QETA
74841A105
48,412
$495,255
-
2.96%
99 Acquisition Group Inc
NNAG
65445K101
47,015
$487,546
-
2.95%
Colombier Acquisition Corp II
CLBR
G2283U100
47,013
$485,644
-
2.92%
Bayview Acquisition Corp
BAYAU
07323B209
47,015
$481,434
-
2.37%
ESH Acquisition Corp
ESHA
296424104
37,612
$390,413
-
1.98%
Patria Latin American Opportunity Acquisition Corp
PLAO
G69454109
28,815
$326,186
-
1.77%
Spark I Acquisition Corp
SPKL
G8316B100
28,209
$291,399
-
1.68%
SK Growth Opportunities Corp
SKGR
G8192N103
25,000
$277,250
-
1.55%
Black Hawk Acquisition Corp
BKHAU
G1148A127
25,000
$254,750
-
1.39%
Keen Vision Acquisition Corp
KVAC
G52443119
21,815
$228,839
-
0.06%
Bukit Jalil Global Acquisition 1 Ltd
BUJAR
G1676M121
47,015
$9,403
-
0.06%
Colombier Acquisition Corp II
CLBR/WS
G2283U118
15,671
$9,209
-
0.03%
Bowen Acquisition Corp
BOWNR
G12729128
41,373
$5,236
-
0.03%
ESH Acquisition Corp
ESHAR
296424112
37,612
$4,288
-
0.02%
Alchemy Investments Acquisition Corp 1
ALCYW
G0232F133
23,507
$4,111
-
0.02%
Inflection Point Acquisition Corp II
IPXXW
G4790U110
23,507
$3,262
-
0.02%
99 Acquisition Group Inc
NNAGW
65445K119
47,015
$2,586
-
0.02%
Quetta Acquisition Corp
QETAR
74841A113
2,821
$3,526
-
0.02%
Spark I Acquisition Corp
SPKLW
G8316B118
14,105
$2,539
-
0.01%
Bukit Jalil Global Acquisition 1 Ltd
BUJAW
G1676M113
23,507
$1,175
-
0.01%
Keen Vision Acquisition Corp
KVACW
G52443127
21,815
$1,451
-
-0.03%
Cash & Other
Cash&Other
Cash&Other
-4,250
$-4,250
Data as of: 04/17/2024
-
Net Asset Value
$98.31
-
NAV Change
$0.01
-
Median 30 Day Spread
%
-
Market Price
$98.29
-
Market Price Change
$0.05
-
Premium/Discount
$-0.02 | -0.02%
Historical Data
Premium/Discount Range (%)
Date
-
Greatest Premium
0.06% 04/02/2024
-
Greatest Discount
-0.10% 04/01/2024
-
Number of Days At
-
Premium:
4
-
NAV:
0
-
Discount:
9
-
Days Within Percent of NAV
-
Percent of Days +/- 0.5% of NAV:
100%
-
Number of Days +/- 0.5% of NAV:
13
The Premium/Discount chart shows the difference between the daily market price of the Fund's shares and the Fund's net asset value ("NAV").
Data as of: 03/31/2024
-
NAV
-
1 Month
0.15%
-
YTD
1.09%
-
1 Year
4.96%
-
3 Year
--
-
5 Year
--
-
Since Inception Annualized
4.97%
-
Market Value
-
1 Month
0.77%
-
YTD
0.83%
-
1 Year
4.80%
-
3 Year
--
-
5 Year
--
-
Since Inception Annualized
4.93%
Data as of: 03/31/2024
-
1 Month
YTD
1 Year
3 Year
5 Year
Since Inception Annualized
-
NAV
0.15%
1.09%
4.96%
--
--
4.97%
-
Market Value
0.77%
0.83%
4.80%
--
--
4.93%
Resources
-
2023 Annual Report
View PDF -
SPAQ 9/30/23 Quarterly Schedule of Portfolio Holdings
View PDF -
SPAQ Factsheet
View PDF -
SPAQ Presentation
View PDF -
2023 ETF Distribution
View PDF -
SPAQ Semi-Annual Report June 30 2023 (Unaudited)
View PDF -
SPAQ 3/31/23 Quarterly Schedule of Portfolio Holdings
View PDF -
SPAQ Prospectus
View PDF -
SPAQ Summary Prospectus
View PDF -
SPAQ Statement of Additional Information
View PDF -
SPAC (Special Purpose Acquisition Companies) Primer
View PDF
-
2023 Annual Report
View PDF -
SPAQ 9/30/23 Quarterly Schedule of Portfolio Holdings
View PDF -
SPAQ Factsheet
View PDF -
SPAQ Presentation
View PDF -
2023 ETF Distribution
View PDF -
SPAQ Semi-Annual Report June 30 2023 (Unaudited)
View PDF -
SPAQ 3/31/23 Quarterly Schedule of Portfolio Holdings
View PDF -
SPAQ Prospectus
View PDF -
SPAQ Summary Prospectus
View PDF -
SPAQ Statement of Additional Information
View PDF -
SPAC (Special Purpose Acquisition Companies) Primer
View PDF
IMPORTANT RISK DISCLOSURES
Please consider carefully a fund’s investment objectives, risks, charges and expenses. For this and other important information, obtain a statutory prospectus and summary prospectus by contacting 646-495-7333. Read it carefully before investing.
The Horizon Kinetics SPAC Active ETF (Symbol: SPAQ) is an exchange traded fund managed by Horizon Kinetics Asset Management LLC (“HKAM”).
Investing involves risk, including the possible loss of principal. *Certificates of Deposit are FDIC insured bank products with guaranteed rate of returns and that guarantee a return of principal, while SPACs have significant risks and carry no such guarantee. Shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. The Fund’s investments in securities linked to real assets involve significant risks, including financial, operating, and competitive risks. Investments in securities linked to real assets expose the Fund to potentially adverse macroeconomic conditions, such as a rise in interest rates or a downturn in the economy in which the asset is located.
Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value.
Emerging Markets Risk. The Fund may invest in companies organized in emerging market nations. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency fluctuations or regulatory conditions not associated with investments in U.S. securities and instruments or investments in more developed international markets.
Non-Diversification Risk. The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund.
New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.
Associated Risks of Pre-Combination SPACs. “Pre-Combination” SPACs are SPACs that are either seeking a target for a Combination or have not yet completed a Combination with an identified target. Pre-Combination SPACs often have predetermined time frames to consummate a Combination (typically, two years) or the SPAC will liquidate. The Fund invests in equity securities including common stock, rights and warrants of SPACs, which raise cash to seek potential Combination opportunities. Unless and until a Combination is completed, substantially all of the cash raised by a SPAC is deposited in a trust account that generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking Combinations, the value of their securities is particularly dependent in the ability of the entity’s management to identify and complete a Combination that investors find attractive. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be attractive to investors. Some SPACs may pursue Combinations only within certain industries or regions, which may affect the volatility of their prices.
New Fund Risk. The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision.
HKAM does not provide tax or legal advice, all investors are encouraged to consult their tax and legal advisors regarding an investment in the Fund. You may obtain additional information about HKAM at our website at www.horizonkinetics.com.
No part of this material may be copied, photocopied, or duplicated in any form, by any means, or redistributed without the express written consent of HKAM.
The Horizon Kinetics SPAC Active ETF (SPAQ) is distributed by Foreside Fund Services, LLC (“Foreside”). Foreside is not affiliated with SPAQ or Horizon Kinetics LLC or its subsidiaries.
Median 30 Day Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
CPI: The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Dividend yield: Dividend yield equals the annual dividend per share divided by the stock’s price per share.
Stagflation: Persistent high inflation combined with high unemployment and stagnant demand in a country’s economy.
Duration: Bond duration is a measure of how much bond prices are likely to change if and when interest rates move.
Bloomberg Barclays US Aggregate Bond Index: The Bloomberg Barclays US Aggregate Bond Index is a broad-based benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency). An investor cannot invest directly in an index.
Basis points: Basis points are a common unit of measure for percentages in finance. One basis point is equal to 1/100th of 1%.
Yield to worst: The yield to worst is the minimum yield that can be received on a bond, assuming the issuer doesn’t default.
S&P 500 Index: The S&P 500® Index represents an unmanaged, broad-based basket of stocks. It is typically used as a proxy for overall market performance.
Beta: The beta of a security is a measurement of its volatility of returns relative to the entire market. It is used as a measure of risk.