Overview Holdings Prices Performance Resources

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: 08/22/2025

  • 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

    $13,265,900

Data as of: 08/25/2025
Daily Holdings

  • % Net Assets

    4.98%

  • Name

    Axiom Intelligence Acquisition Corp 1

  • Ticker

    AXIN

  • CUSIP

    G0750N104

  • Shares Held

    66,379

  • Market Value

    $661,135

  • % Net Assets

    4.72%

  • Name

    Centurion Acquisition Corp

  • Ticker

    ALF

  • CUSIP

    G20315100

  • Shares Held

    59,310

  • Market Value

    $625,721

  • % Net Assets

    4.67%

  • Name

    Launch Two Acquisition Corp

  • Ticker

    LPBB

  • CUSIP

    G5S87A105

  • Shares Held

    59,310

  • Market Value

    $619,196

  • % Net Assets

    4.66%

  • Name

    Oaktree Acquisition Corp III Life Sciences

  • Ticker

    OACC

  • CUSIP

    G6717R104

  • Shares Held

    59,310

  • Market Value

    $618,010

  • % Net Assets

    4.53%

  • Name

    Aldel Financial II Inc

  • Ticker

    ALDF

  • CUSIP

    G01558108

  • Shares Held

    57,616

  • Market Value

    $601,223

  • % Net Assets

    4.42%

  • Name

    Graf Global Corp

  • Ticker

    GRAF

  • CUSIP

    G4036C106

  • Shares Held

    55,922

  • Market Value

    $586,622

  • % Net Assets

    4.39%

  • Name

    Legato Merger Corp III

  • Ticker

    LEGT

  • CUSIP

    G5451A103

  • Shares Held

    54,224

  • Market Value

    $582,095

  • % Net Assets

    4.28%

  • Name

    Jackson Acquisition Co II

  • Ticker

    JACS

  • CUSIP

    G4992A110

  • Shares Held

    54,901

  • Market Value

    $567,676

  • % Net Assets

    4.22%

  • Name

    Ares Acquisition Corp II

  • Ticker

    AACT

  • CUSIP

    G33033104

  • Shares Held

    49,143

  • Market Value

    $560,230

  • % Net Assets

    4.21%

  • Name

    Roman DBDR Acquisition Corp II

  • Ticker

    DRDB

  • CUSIP

    G7633M104

  • Shares Held

    54,224

  • Market Value

    $558,507

  • % Net Assets

    4.16%

  • Name

    Drugs Made In America Acquisition Corp

  • Ticker

    DMAA

  • CUSIP

    G2847J104

  • Shares Held

    53,870

  • Market Value

    $551,898

  • % Net Assets

    4.03%

  • Name

    GigCapital7 Corp

  • Ticker

    GIG

  • CUSIP

    G38648104

  • Shares Held

    51,513

  • Market Value

    $534,190

  • % Net Assets

    3.92%

  • Name

    Indigo Acquisition Corp

  • Ticker

    INAC

  • CUSIP

    G4791J106

  • Shares Held

    52,212

  • Market Value

    $519,509

  • % Net Assets

    3.86%

  • Name

    Titan Acquisition Corp

  • Ticker

    TACH

  • CUSIP

    G8901A103

  • Shares Held

    50,280

  • Market Value

    $512,605

  • % Net Assets

    3.85%

  • Name

    Oyster Enterprises II Acquisition Corp

  • Ticker

    OYSE

  • CUSIP

    G6861F104

  • Shares Held

    50,848

  • Market Value

    $510,514

  • % Net Assets

    3.76%

  • Name

    Lionheart Holdings

  • Ticker

    CUB

  • CUSIP

    G5501C109

  • Shares Held

    47,446

  • Market Value

    $499,132

  • % Net Assets

    3.41%

  • Name

    Fifth Era Acquisition Corp I

  • Ticker

    FERA

  • CUSIP

    G3415K101

  • Shares Held

    44,535

  • Market Value

    $452,698

  • % Net Assets

    3.03%

  • Name

    NewHold Investment Corp III

  • Ticker

    NHIC

  • CUSIP

    G6486E102

  • Shares Held

    39,505

  • Market Value

    $402,556

  • % Net Assets

    2.90%

  • Name

    Churchill Capital Corp X

  • Ticker

    CCCX

  • CUSIP

    G2130T108

  • Shares Held

    38,060

  • Market Value

    $385,167

  • % Net Assets

    2.89%

  • Name

    US BANK MMDA - USBGFS 7 06/01/2031

  • Ticker

    USBGFS7

  • CUSIP

    8AMMF0FT3

  • Shares Held

    383,224

  • Market Value

    $383,224

  • % Net Assets

    2.79%

  • Name

    Silverbox Corp IV

  • Ticker

    SBXD

  • CUSIP

    G81354105

  • Shares Held

    35,344

  • Market Value

    $369,875

  • % Net Assets

    2.72%

  • Name

    Soulpower Acquisition Corp

  • Ticker

    SOUL

  • CUSIP

    G82745103

  • Shares Held

    35,915

  • Market Value

    $361,305

  • % Net Assets

    2.72%

  • Name

    Sizzle Acquisition Corp II

  • Ticker

    SZZL

  • CUSIP

    G8193F109

  • Shares Held

    35,915

  • Market Value

    $361,484

  • % Net Assets

    2.52%

  • Name

    M3-Brigade Acquisition V Corp

  • Ticker

    MBAV

  • CUSIP

    G63212107

  • Shares Held

    31,723

  • Market Value

    $334,678

  • % Net Assets

    1.83%

  • Name

    BERTO ACQUISITION CORP

  • Ticker

    TACO

  • CUSIP

    G1051H101

  • Shares Held

    23,473

  • Market Value

    $242,124

  • % Net Assets

    1.74%

  • Name

    Cantor Equity Partners III Inc

  • Ticker

    CAEP

  • CUSIP

    G1828A108

  • Shares Held

    22,210

  • Market Value

    $231,428

  • % Net Assets

    1.45%

  • Name

    Wen Acquisition Corp

  • Ticker

    WENN

  • CUSIP

    G9R39C103

  • Shares Held

    19,028

  • Market Value

    $192,754

  • % Net Assets

    1.44%

  • Name

    CARTESIAN GROWTH CORP III

  • Ticker

    CGCT

  • CUSIP

    G19307100

  • Shares Held

    19,028

  • Market Value

    $190,946

  • % Net Assets

    0.21%

  • Name

    M3-Brigade Acquisition V Corp

  • Ticker

    MBAVW

  • CUSIP

    G63212115

  • Shares Held

    18,843

  • Market Value

    $27,888

  • % Net Assets

    0.12%

  • Name

    Aldel Financial II Inc

  • Ticker

    ALDFW

  • CUSIP

    G01558124

  • Shares Held

    30,258

  • Market Value

    $15,884

  • % Net Assets

    0.10%

  • Name

    Roman DBDR Acquisition Corp II

  • Ticker

    DRDBW

  • CUSIP

    G7633M112

  • Shares Held

    27,111

  • Market Value

    $12,742

  • % Net Assets

    0.10%

  • Name

    Jackson Acquisition Co II

  • Ticker

    JACS-R

  • CUSIP

    G4992A136

  • Shares Held

    54,901

  • Market Value

    $12,902

  • % Net Assets

    0.09%

  • Name

    Axiom Intelligence Acquisition Corp 1

  • Ticker

    AXINR

  • CUSIP

    G0750N112

  • Shares Held

    66,379

  • Market Value

    $11,616

  • % Net Assets

    0.08%

  • Name

    Fifth Era Acquisition Corp I

  • Ticker

    FERAR

  • CUSIP

    G3415K135

  • Shares Held

    44,535

  • Market Value

    $11,134

  • % Net Assets

    0.07%

  • Name

    Drugs Made In America Acquisition Corp

  • Ticker

    DMAAR

  • CUSIP

    G2847J112

  • Shares Held

    53,870

  • Market Value

    $9,697

  • % Net Assets

    0.07%

  • Name

    Launch Two Acquisition Corp

  • Ticker

    LPBBW

  • CUSIP

    G5S87A113

  • Shares Held

    29,655

  • Market Value

    $9,193

  • % Net Assets

    0.07%

  • Name

    Oaktree Acquisition Corp III Life Sciences

  • Ticker

    OACCW

  • CUSIP

    G6717R112

  • Shares Held

    11,861

  • Market Value

    $9,368

  • % Net Assets

    0.07%

  • Name

    Oyster Enterprises II Acquisition Corp

  • Ticker

    OYSER

  • CUSIP

    G6861F138

  • Shares Held

    50,848

  • Market Value

    $9,153

  • % Net Assets

    0.07%

  • Name

    Silverbox Corp IV

  • Ticker

    SBXD/WS

  • CUSIP

    G81354121

  • Shares Held

    18,528

  • Market Value

    $8,794

  • % Net Assets

    0.06%

  • Name

    Centurion Acquisition Corp

  • Ticker

    ALFUW

  • CUSIP

    G20315118

  • Shares Held

    29,655

  • Market Value

    $7,710

  • % Net Assets

    0.06%

  • Name

    Churchill Capital Corp IX

  • Ticker

    CCIXW

  • CUSIP

    G21301117

  • Shares Held

    11,861

  • Market Value

    $7,828

  • % Net Assets

    0.06%

  • Name

    Graf Global Corp

  • Ticker

    GRAF/WS

  • CUSIP

    G4036C122

  • Shares Held

    27,961

  • Market Value

    $7,549

  • % Net Assets

    0.06%

  • Name

    BERTO ACQUISITION CORP

  • Ticker

    TACOW

  • CUSIP

    G1051H119

  • Shares Held

    11,735

  • Market Value

    $7,774

  • % Net Assets

    0.05%

  • Name

    Black Hawk Acquisition Corp

  • Ticker

    BKHAR

  • CUSIP

    G1148A119

  • Shares Held

    3,388

  • Market Value

    $6,776

  • % Net Assets

    0.05%

  • Name

    Churchill Capital Corp X

  • Ticker

    CCCXW

  • CUSIP

    G2130T116

  • Shares Held

    9,515

  • Market Value

    $5,994

  • % Net Assets

    0.05%

  • Name

    GigCapital7 Corp

  • Ticker

    GIGGW

  • CUSIP

    G38648120

  • Shares Held

    51,513

  • Market Value

    $7,145

  • % Net Assets

    0.05%

  • Name

    Indigo Acquisition Corp

  • Ticker

    INACR

  • CUSIP

    G4791J114

  • Shares Held

    52,212

  • Market Value

    $7,054

  • % Net Assets

    0.05%

  • Name

    Soulpower Acquisition Corp

  • Ticker

    SOUL-R

  • CUSIP

    G82745137

  • Shares Held

    35,915

  • Market Value

    $7,003

  • % Net Assets

    0.05%

  • Name

    Titan Acquisition Corp

  • Ticker

    TACHW

  • CUSIP

    G8901A111

  • Shares Held

    25,140

  • Market Value

    $6,411

  • % Net Assets

    0.05%

  • Name

    Voyager Acquisition Corp

  • Ticker

    VACHW

  • CUSIP

    G93A7H112

  • Shares Held

    27,961

  • Market Value

    $6,797

  • % Net Assets

    0.05%

  • Name

    Wen Acquisition Corp

  • Ticker

    WENNW

  • CUSIP

    G9R39C111

  • Shares Held

    9,515

  • Market Value

    $6,661

  • % Net Assets

    0.04%

  • Name

    Lionheart Holdings

  • Ticker

    CUBWW

  • CUSIP

    G5501C117

  • Shares Held

    23,723

  • Market Value

    $4,982

  • % Net Assets

    0.04%

  • Name

    Flag Ship Acquisition Corp

  • Ticker

    FSHPR

  • CUSIP

    G3530C117

  • Shares Held

    47,446

  • Market Value

    $5,694

  • % Net Assets

    0.04%

  • Name

    NewHold Investment Corp III

  • Ticker

    NHICW

  • CUSIP

    G6486E110

  • Shares Held

    19,754

  • Market Value

    $5,833

  • % Net Assets

    0.04%

  • Name

    Sizzle Acquisition Corp II

  • Ticker

    SZZLR

  • CUSIP

    G8193F133

  • Shares Held

    35,915

  • Market Value

    $5,746

  • % Net Assets

    0.03%

  • Name

    IB Acquisition Corp

  • Ticker

    IBACR

  • CUSIP

    44934N116

  • Shares Held

    54,901

  • Market Value

    $3,953

  • % Net Assets

    0.02%

  • Name

    AA Mission Acquisition Corp

  • Ticker

    AAM/WS

  • CUSIP

    G1000R127

  • Shares Held

    25,417

  • Market Value

    $2,923

  • % Net Assets

    0.02%

  • Name

    Blue Water Acquisition Corp III

  • Ticker

    BLUWW

  • CUSIP

    G1368E114

  • Shares Held

    20,239

  • Market Value

    $2,429

  • % Net Assets

    0.02%

  • Name

    CARTESIAN GROWTH CORP III

  • Ticker

    CGCTW

  • CUSIP

    G19307126

  • Shares Held

    9,515

  • Market Value

    $2,640

  • % Net Assets

    -0.06%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    -8,145

  • Market Value

    $-8,145

Data as of: 08/25/2025
Daily Holdings

  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 4.98%

    Axiom Intelligence Acquisition Corp 1

    AXIN

    G0750N104

    66,379

    $661,135

  • 4.72%

    Centurion Acquisition Corp

    ALF

    G20315100

    59,310

    $625,721

  • 4.67%

    Launch Two Acquisition Corp

    LPBB

    G5S87A105

    59,310

    $619,196

  • 4.66%

    Oaktree Acquisition Corp III Life Sciences

    OACC

    G6717R104

    59,310

    $618,010

  • 4.53%

    Aldel Financial II Inc

    ALDF

    G01558108

    57,616

    $601,223

  • 4.42%

    Graf Global Corp

    GRAF

    G4036C106

    55,922

    $586,622

  • 4.39%

    Legato Merger Corp III

    LEGT

    G5451A103

    54,224

    $582,095

  • 4.28%

    Jackson Acquisition Co II

    JACS

    G4992A110

    54,901

    $567,676

  • 4.22%

    Ares Acquisition Corp II

    AACT

    G33033104

    49,143

    $560,230

  • 4.21%

    Roman DBDR Acquisition Corp II

    DRDB

    G7633M104

    54,224

    $558,507

  • 4.16%

    Drugs Made In America Acquisition Corp

    DMAA

    G2847J104

    53,870

    $551,898

  • 4.03%

    GigCapital7 Corp

    GIG

    G38648104

    51,513

    $534,190

  • 3.92%

    Indigo Acquisition Corp

    INAC

    G4791J106

    52,212

    $519,509

  • 3.86%

    Titan Acquisition Corp

    TACH

    G8901A103

    50,280

    $512,605

  • 3.85%

    Oyster Enterprises II Acquisition Corp

    OYSE

    G6861F104

    50,848

    $510,514

  • 3.76%

    Lionheart Holdings

    CUB

    G5501C109

    47,446

    $499,132

  • 3.41%

    Fifth Era Acquisition Corp I

    FERA

    G3415K101

    44,535

    $452,698

  • 3.03%

    NewHold Investment Corp III

    NHIC

    G6486E102

    39,505

    $402,556

  • 2.90%

    Churchill Capital Corp X

    CCCX

    G2130T108

    38,060

    $385,167

  • 2.89%

    US BANK MMDA - USBGFS 7 06/01/2031

    USBGFS7

    8AMMF0FT3

    383,224

    $383,224

  • 2.79%

    Silverbox Corp IV

    SBXD

    G81354105

    35,344

    $369,875

  • 2.72%

    Soulpower Acquisition Corp

    SOUL

    G82745103

    35,915

    $361,305

  • 2.72%

    Sizzle Acquisition Corp II

    SZZL

    G8193F109

    35,915

    $361,484

  • 2.52%

    M3-Brigade Acquisition V Corp

    MBAV

    G63212107

    31,723

    $334,678

  • 1.83%

    BERTO ACQUISITION CORP

    TACO

    G1051H101

    23,473

    $242,124

  • 1.74%

    Cantor Equity Partners III Inc

    CAEP

    G1828A108

    22,210

    $231,428

  • 1.45%

    Wen Acquisition Corp

    WENN

    G9R39C103

    19,028

    $192,754

  • 1.44%

    CARTESIAN GROWTH CORP III

    CGCT

    G19307100

    19,028

    $190,946

  • 0.21%

    M3-Brigade Acquisition V Corp

    MBAVW

    G63212115

    18,843

    $27,888

  • 0.12%

    Aldel Financial II Inc

    ALDFW

    G01558124

    30,258

    $15,884

  • 0.10%

    Roman DBDR Acquisition Corp II

    DRDBW

    G7633M112

    27,111

    $12,742

  • 0.10%

    Jackson Acquisition Co II

    JACS-R

    G4992A136

    54,901

    $12,902

  • 0.09%

    Axiom Intelligence Acquisition Corp 1

    AXINR

    G0750N112

    66,379

    $11,616

  • 0.08%

    Fifth Era Acquisition Corp I

    FERAR

    G3415K135

    44,535

    $11,134

  • 0.07%

    Drugs Made In America Acquisition Corp

    DMAAR

    G2847J112

    53,870

    $9,697

  • 0.07%

    Launch Two Acquisition Corp

    LPBBW

    G5S87A113

    29,655

    $9,193

  • 0.07%

    Oaktree Acquisition Corp III Life Sciences

    OACCW

    G6717R112

    11,861

    $9,368

  • 0.07%

    Oyster Enterprises II Acquisition Corp

    OYSER

    G6861F138

    50,848

    $9,153

  • 0.07%

    Silverbox Corp IV

    SBXD/WS

    G81354121

    18,528

    $8,794

  • 0.06%

    Centurion Acquisition Corp

    ALFUW

    G20315118

    29,655

    $7,710

  • 0.06%

    Churchill Capital Corp IX

    CCIXW

    G21301117

    11,861

    $7,828

  • 0.06%

    Graf Global Corp

    GRAF/WS

    G4036C122

    27,961

    $7,549

  • 0.06%

    BERTO ACQUISITION CORP

    TACOW

    G1051H119

    11,735

    $7,774

  • 0.05%

    Black Hawk Acquisition Corp

    BKHAR

    G1148A119

    3,388

    $6,776

  • 0.05%

    Churchill Capital Corp X

    CCCXW

    G2130T116

    9,515

    $5,994

  • 0.05%

    GigCapital7 Corp

    GIGGW

    G38648120

    51,513

    $7,145

  • 0.05%

    Indigo Acquisition Corp

    INACR

    G4791J114

    52,212

    $7,054

  • 0.05%

    Soulpower Acquisition Corp

    SOUL-R

    G82745137

    35,915

    $7,003

  • 0.05%

    Titan Acquisition Corp

    TACHW

    G8901A111

    25,140

    $6,411

  • 0.05%

    Voyager Acquisition Corp

    VACHW

    G93A7H112

    27,961

    $6,797

  • 0.05%

    Wen Acquisition Corp

    WENNW

    G9R39C111

    9,515

    $6,661

  • 0.04%

    Lionheart Holdings

    CUBWW

    G5501C117

    23,723

    $4,982

  • 0.04%

    Flag Ship Acquisition Corp

    FSHPR

    G3530C117

    47,446

    $5,694

  • 0.04%

    NewHold Investment Corp III

    NHICW

    G6486E110

    19,754

    $5,833

  • 0.04%

    Sizzle Acquisition Corp II

    SZZLR

    G8193F133

    35,915

    $5,746

  • 0.03%

    IB Acquisition Corp

    IBACR

    44934N116

    54,901

    $3,953

  • 0.02%

    AA Mission Acquisition Corp

    AAM/WS

    G1000R127

    25,417

    $2,923

  • 0.02%

    Blue Water Acquisition Corp III

    BLUWW

    G1368E114

    20,239

    $2,429

  • 0.02%

    CARTESIAN GROWTH CORP III

    CGCTW

    G19307126

    9,515

    $2,640

  • -0.06%

    Cash & Other

    Cash&Other

    Cash&Other

    -8,145

    $-8,145

Data as of: 08/22/2025

  • Net Asset Value

    $104.06

  • NAV Change

    $0.10

  • Median 30 Day Spread

    0.89%

  • Market Price

    $103.68

  • Market Price Change

    $-0.26

  • Premium/Discount

    $-0.38 | -0.37%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    0.22% 07/01/2025

  • Greatest Discount

    -1.25% 08/05/2025

  • Number of Days At

  • Premium:

    10

  • NAV:

    1

  • Discount:

    27

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    87%

  • Number of Days +/- 0.5% of NAV:

    33

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: 06/30/2025

  • SPAQ

    NAV

  • 1 Month

    1.10%

  • YTD

    6.78%

  • 1 Year

    9.26%

  • 3 Year

    --

  • 5 Year

    --

  • Since Inception Annualized

    6.54%

  • SPAQ

    Market Value

  • 1 Month

    1.05%

  • YTD

    6.46%

  • 1 Year

    9.33%

  • 3 Year

    --

  • 5 Year

    --

  • Since Inception Annualized

    6.53%

Data as of: 06/30/2025

  • SPAQ

    1 Month

    YTD

    1 Year

    3 Year

    5 Year

    Since Inception Annualized

  • NAV

    1.10%

    6.78%

    9.26%

    --

    --

    6.54%

  • Market Value

    1.05%

    6.46%

    9.33%

    --

    --

    6.53%

Latest Distribution History

  • Ex-Dividend Date

    Dec 24, 2024

  • Record Date

    Dec 24, 2024

  • Payable Date

    Dec 26, 2024

  • Income

    $2.84177729

  • Short Term Capital Gain

    $0.11

  • Long Term Capital Gain

    $0.00

  • Return of Capital

    $0.00

  • Total

    $2.9518

  • Ex-Dividend Date

    Dec 27, 2023

  • Record Date

    Dec 28, 2023

  • Payable Date

    Dec 29, 2023

  • Income

    $2.49989253

  • Short Term Capital Gain

    $0.02994

  • Long Term Capital Gain

    $0.00

  • Return of Capital

    $0.00

  • Total

    $2.52983253

Latest Distribution History

  • Ex-Dividend
    Date

    Record Date

    Payable Date

    Income

    Short Term
    Capital Gain

    Long Term
    Capital Gain

    Return of
    Capital

    Total

  • Dec 24, 2024

    Dec 24, 2024

    Dec 26, 2024

    $2.84177729

    $0.11

    $0.00

    $0.00

    $2.9518

  • Dec 27, 2023

    Dec 28, 2023

    Dec 29, 2023

    $2.49989253

    $0.02994

    $0.00

    $0.00

    $2.52983253

Resources

  • SPAQ Factsheet
    View PDF
  • SPAQ Presentation
    View PDF
  • SPAQ 2024 Semi-Annual Letter
    View PDF
  • SPAQ 3/31/2025 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 9/30/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 3/31/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ Summary Prospectus
    View PDF
  • SPAQ Prospectus
    View PDF
  • ETF Annual Financial Statements and Additional Information December 31, 2024
    View PDF
  • SPAQ Statement of Additional Information
    View PDF
  • SPAQ Annual Shareholder Report (TSR) December 31, 2024
    View PDF
  • SPAQ Semi-Annual Shareholder Report June 30, 2024
    View PDF
  • Semi-Annual Financial Statements and Additional Information June 30, 2024 (Unaudited)
    View PDF
  • 2024 ETF Distributions
    View PDF
  • 2023 ETF Distribution
    View PDF
  • 2023 Annual Report
    View PDF
  • Form N-PX Voting Record
    View
  • SPAC (Special Purpose Acquisition Companies) Primer
    View PDF
  • SPAQ Factsheet
    View PDF
  • SPAQ Presentation
    View PDF
  • SPAQ 2024 Semi-Annual Letter
    View PDF
  • SPAQ 3/31/2025 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 9/30/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 3/31/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ Summary Prospectus
    View PDF
  • SPAQ Prospectus
    View PDF
  • ETF Annual Financial Statements and Additional Information December 31, 2024
    View PDF
  • SPAQ Statement of Additional Information
    View PDF
  • SPAQ Annual Shareholder Report (TSR) December 31, 2024
    View PDF
  • SPAQ Semi-Annual Shareholder Report June 30, 2024
    View PDF
  • Semi-Annual Financial Statements and Additional Information June 30, 2024 (Unaudited)
    View PDF
  • 2024 ETF Distributions
    View PDF
  • 2023 ETF Distribution
    View PDF
  • 2023 Annual Report
    View PDF
  • Form N-PX Voting Record
    View
  • SPAC (Special Purpose Acquisition Companies) Primer
    View PDF

Press

  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 2/8/2024)
    Watch
  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 8/1/2023)
    Watch
  • Horizon Kinetics Active ETF 2024 Webinar Series
    View PDF
  • SPAQ Launch Press Release
    View PDF
  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 2/8/2024)
    Watch
  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 8/1/2023)
    Watch
  • Horizon Kinetics Active ETF 2024 Webinar Series
    View PDF
  • SPAQ Launch Press Release
    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.

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