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: 03/24/2023
  • 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

    $14,129,310

Data as of: 03/27/2023
Daily Holdings
  • % Net Assets

    6.04%

  • Name

    KENSINGTON CAPITAL ACQUISITION SHS CL A

  • Ticker

    KCGI

  • CUSIP

    G5251K103

  • Shares Held

    81,985

  • Market Value

    $853,464

  • % Net Assets

    4.96%

  • Name

    ENPHYS ACQUISITION CORP

  • Ticker

    NFYS

  • CUSIP

    G3167L109

  • Shares Held

    66,613

  • Market Value

    $701,102

  • % Net Assets

    4.94%

  • Name

    MOTIVE CAPITAL CORP II

  • Ticker

    MTVC

  • CUSIP

    G6293R106

  • Shares Held

    67,142

  • Market Value

    $698,277

  • % Net Assets

    4.87%

  • Name

    APOLLO STRATEGIC GRWT CPTL II SHS CL A

  • Ticker

    APGB

  • CUSIP

    G0412A102

  • Shares Held

    67,235

  • Market Value

    $687,478

  • % Net Assets

    4.75%

  • Name

    BLUE OCEAN ACQUISITION CORP

  • Ticker

    BOCN

  • CUSIP

    G1330L105

  • Shares Held

    64,400

  • Market Value

    $671,048

  • % Net Assets

    4.75%

  • Name

    PYROPHYTE ACQUISITION CORP

  • Ticker

    PHYT

  • CUSIP

    G7308P101

  • Shares Held

    63,924

  • Market Value

    $670,563

  • % Net Assets

    4.66%

  • Name

    BIOPLUS ACQUISITION CORP

  • Ticker

    BIOS

  • CUSIP

    G11217117

  • Shares Held

    63,180

  • Market Value

    $658,967

  • % Net Assets

    4.62%

  • Name

    KIMBELL TIGER ACQUISITION CORP COM CL A

  • Ticker

    TGR

  • CUSIP

    49436K106

  • Shares Held

    62,000

  • Market Value

    $652,240

  • % Net Assets

    4.60%

  • Name

    ATHENA TECHNOLOGY ACQ CORP II CL A COM

  • Ticker

    ATEK

  • CUSIP

    04687C105

  • Shares Held

    63,500

  • Market Value

    $650,240

  • % Net Assets

    4.10%

  • Name

    CONSILIUM ACQUISITN CORP I LTD CLASS A ORD SHS

  • Ticker

    CSLM

  • CUSIP

    G2365L101

  • Shares Held

    56,052

  • Market Value

    $579,017

  • % Net Assets

    3.92%

  • Name

    PROOF ACQUISITION CORP I

  • Ticker

    PACI

  • CUSIP

    74349W104

  • Shares Held

    53,363

  • Market Value

    $553,908

  • % Net Assets

    3.61%

  • Name

    SCREAMING EAGLE ACQUISITN CORP CLASS A ORD SHS

  • Ticker

    SCRM

  • CUSIP

    G79407105

  • Shares Held

    50,285

  • Market Value

    $509,638

  • % Net Assets

    3.58%

  • Name

    PEARL HOLDINGS ACQUISITN CORP CLASS A ORD SHS

  • Ticker

    PRLH

  • CUSIP

    G44525106

  • Shares Held

    48,571

  • Market Value

    $506,110

  • % Net Assets

    3.39%

  • Name

    CARTESIAN GROWTH CORP II

  • Ticker

    RENE

  • CUSIP

    G19305112

  • Shares Held

    45,714

  • Market Value

    $479,083

  • % Net Assets

    3.22%

  • Name

    SOUND POINT ACQUISITION CORP I CLASS A ORD SHS

  • Ticker

    SPCM

  • CUSIP

    G8274F101

  • Shares Held

    43,142

  • Market Value

    $454,717

  • % Net Assets

    3.20%

  • Name

    ANDRETTI ACQUISITION CORP

  • Ticker

    WNNR

  • CUSIP

    G26735103

  • Shares Held

    42,926

  • Market Value

    $452,440

  • % Net Assets

    3.05%

  • Name

    ELLIOTT OPPORTUNITY II CORP

  • Ticker

    EOCW

  • CUSIP

    G30092103

  • Shares Held

    42,098

  • Market Value

    $430,279

  • % Net Assets

    2.99%

  • Name

    GORES HOLDINGS IX INC

  • Ticker

    GHIX

  • CUSIP

    38287A101

  • Shares Held

    42,057

  • Market Value

    $422,252

  • % Net Assets

    2.82%

  • Name

    BATTERY FUTURE ACQUISITION COR CL A ORD SHS

  • Ticker

    BFAC

  • CUSIP

    G0888J108

  • Shares Held

    38,180

  • Market Value

    $398,981

  • % Net Assets

    2.82%

  • Name

    BLEUACACIA LTD

  • Ticker

    BLEU

  • CUSIP

    G11728105

  • Shares Held

    39,045

  • Market Value

    $398,259

  • % Net Assets

    2.82%

  • Name

    POWERUP ACQUISITION CORP

  • Ticker

    PWUP

  • CUSIP

    G7207P103

  • Shares Held

    37,997

  • Market Value

    $398,969

  • % Net Assets

    2.76%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    389,434

  • Market Value

    $389,434

  • % Net Assets

    2.74%

  • Name

    EMBRACE CHANGE ACQUISITN CORP ORDINARY SHARES

  • Ticker

    EMCG

  • CUSIP

    G3034H109

  • Shares Held

    37,142

  • Market Value

    $386,834

  • % Net Assets

    2.59%

  • Name

    SILVERSPAC INC

  • Ticker

    SLVR

  • CUSIP

    G8136V104

  • Shares Held

    35,798

  • Market Value

    $365,498

  • % Net Assets

    2.51%

  • Name

    ACROPOLIS INFRASTRUCTURE ACQUI CL A

  • Ticker

    ACRO

  • CUSIP

    005029103

  • Shares Held

    35,000

  • Market Value

    $354,550

  • % Net Assets

    2.45%

  • Name

    EVE MOBILITY ACQUISITION CORP CL A ORD SHS

  • Ticker

    EVE

  • CUSIP

    G3218G109

  • Shares Held

    33,142

  • Market Value

    $345,555

  • % Net Assets

    1.85%

  • Name

    EVEREST CONSOLIDATOR ACQ CORP CL A COM

  • Ticker

    MNTN

  • CUSIP

    29978K102

  • Shares Held

    25,000

  • Market Value

    $261,125

  • % Net Assets

    1.41%

  • Name

    AURA FAT PROJS ACQUISITION COR CLASS A ORD

  • Ticker

    AFAR

  • CUSIP

    G06362100

  • Shares Held

    19,068

  • Market Value

    $199,451

Data as of: 03/27/2023
Daily Holdings
  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 6.04%

    KENSINGTON CAPITAL ACQUISITION SHS CL A

    KCGI

    G5251K103

    81,985

    $853,464

  • 4.96%

    ENPHYS ACQUISITION CORP

    NFYS

    G3167L109

    66,613

    $701,102

  • 4.94%

    MOTIVE CAPITAL CORP II

    MTVC

    G6293R106

    67,142

    $698,277

  • 4.87%

    APOLLO STRATEGIC GRWT CPTL II SHS CL A

    APGB

    G0412A102

    67,235

    $687,478

  • 4.75%

    BLUE OCEAN ACQUISITION CORP

    BOCN

    G1330L105

    64,400

    $671,048

  • 4.75%

    PYROPHYTE ACQUISITION CORP

    PHYT

    G7308P101

    63,924

    $670,563

  • 4.66%

    BIOPLUS ACQUISITION CORP

    BIOS

    G11217117

    63,180

    $658,967

  • 4.62%

    KIMBELL TIGER ACQUISITION CORP COM CL A

    TGR

    49436K106

    62,000

    $652,240

  • 4.60%

    ATHENA TECHNOLOGY ACQ CORP II CL A COM

    ATEK

    04687C105

    63,500

    $650,240

  • 4.10%

    CONSILIUM ACQUISITN CORP I LTD CLASS A ORD SHS

    CSLM

    G2365L101

    56,052

    $579,017

  • 3.92%

    PROOF ACQUISITION CORP I

    PACI

    74349W104

    53,363

    $553,908

  • 3.61%

    SCREAMING EAGLE ACQUISITN CORP CLASS A ORD SHS

    SCRM

    G79407105

    50,285

    $509,638

  • 3.58%

    PEARL HOLDINGS ACQUISITN CORP CLASS A ORD SHS

    PRLH

    G44525106

    48,571

    $506,110

  • 3.39%

    CARTESIAN GROWTH CORP II

    RENE

    G19305112

    45,714

    $479,083

  • 3.22%

    SOUND POINT ACQUISITION CORP I CLASS A ORD SHS

    SPCM

    G8274F101

    43,142

    $454,717

  • 3.20%

    ANDRETTI ACQUISITION CORP

    WNNR

    G26735103

    42,926

    $452,440

  • 3.05%

    ELLIOTT OPPORTUNITY II CORP

    EOCW

    G30092103

    42,098

    $430,279

  • 2.99%

    GORES HOLDINGS IX INC

    GHIX

    38287A101

    42,057

    $422,252

  • 2.82%

    BATTERY FUTURE ACQUISITION COR CL A ORD SHS

    BFAC

    G0888J108

    38,180

    $398,981

  • 2.82%

    BLEUACACIA LTD

    BLEU

    G11728105

    39,045

    $398,259

  • 2.82%

    POWERUP ACQUISITION CORP

    PWUP

    G7207P103

    37,997

    $398,969

  • 2.76%

    Cash & Other

    Cash&Other

    Cash&Other

    389,434

    $389,434

  • 2.74%

    EMBRACE CHANGE ACQUISITN CORP ORDINARY SHARES

    EMCG

    G3034H109

    37,142

    $386,834

  • 2.59%

    SILVERSPAC INC

    SLVR

    G8136V104

    35,798

    $365,498

  • 2.51%

    ACROPOLIS INFRASTRUCTURE ACQUI CL A

    ACRO

    005029103

    35,000

    $354,550

  • 2.45%

    EVE MOBILITY ACQUISITION CORP CL A ORD SHS

    EVE

    G3218G109

    33,142

    $345,555

  • 1.85%

    EVEREST CONSOLIDATOR ACQ CORP CL A COM

    MNTN

    29978K102

    25,000

    $261,125

  • 1.41%

    AURA FAT PROJS ACQUISITION COR CLASS A ORD

    AFAR

    G06362100

    19,068

    $199,451

Data as of: 03/24/2023
  • Net Asset Value

    $95.8

  • NAV Change

    $0.17

  • Median 30 Day Spread

    0.35%

  • Market Price

    $95.78

  • Market Price Change

    $-0.11

  • Premium/Discount

    $-0.02 | -0.02%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    0.44% 03/21/2023

  • Greatest Discount

    -0.56% 01/30/2023

  • Number of Days At

  • Premium:

    23

  • NAV:

    6

  • Discount:

    11

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    98%

  • Number of Days +/- 0.5% of NAV:

    39

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").

Resources

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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. 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.