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: 10/03/2023
  • 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

    $16,511,540

Data as of: 10/04/2023
Daily Holdings
  • % Net Assets

    5.11%

  • Name

    ALPHA PARTNERS TECH MERGR CORP CLASS A ORD SHS

  • Ticker

    APTM

  • CUSIP

    G63290111

  • Shares Held

    79,500

  • Market Value

    $843,495

  • % Net Assets

    4.95%

  • Name

    CHENGHE ACQUISITION CO

  • Ticker

    CHEA

  • CUSIP

    G2086M107

  • Shares Held

    75,141

  • Market Value

    $817,534

  • % Net Assets

    4.89%

  • Name

    ARROWROOT ACQUISITION CORP

  • Ticker

    ARRW

  • CUSIP

    04282M102

  • Shares Held

    77,000

  • Market Value

    $806,960

  • % Net Assets

    4.88%

  • Name

    BOWEN ACQUISITION CORP

  • Ticker

    BOWN

  • CUSIP

    G12729110

  • Shares Held

    79,000

  • Market Value

    $805,800

  • % Net Assets

    4.76%

  • Name

    ACCRETION ACQUISITION CORP

  • Ticker

    ENER

  • CUSIP

    00438Y107

  • Shares Held

    75,000

  • Market Value

    $786,000

  • % Net Assets

    4.67%

  • Name

    CONCORD ACQUISITION CORP II

  • Ticker

    CNDA

  • CUSIP

    20607U108

  • Shares Held

    75,000

  • Market Value

    $771,750

  • % Net Assets

    4.59%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    757,340

  • Market Value

    $757,340

  • % Net Assets

    4.44%

  • Name

    GORES HOLDINGS IX INC

  • Ticker

    GHIX

  • CUSIP

    38287A101

  • Shares Held

    70,567

  • Market Value

    $733,191

  • % Net Assets

    4.38%

  • Name

    APOLLO STRATEGIC GRWT CPTL II SHS CL A

  • Ticker

    APGB

  • CUSIP

    G0412A102

  • Shares Held

    68,500

  • Market Value

    $722,675

  • % Net Assets

    4.36%

  • Name

    ENPHYS ACQUISITION CORP

  • Ticker

    NFYS

  • CUSIP

    G3167L109

  • Shares Held

    68,296

  • Market Value

    $719,157

  • % Net Assets

    4.36%

  • Name

    CARTESIAN GROWTH CORP II

  • Ticker

    RENE

  • CUSIP

    G19305112

  • Shares Held

    66,614

  • Market Value

    $720,097

  • % Net Assets

    3.87%

  • Name

    EXCELFIN ACQUISITION CORP

  • Ticker

    XFIN

  • CUSIP

    30069X102

  • Shares Held

    60,000

  • Market Value

    $639,000

  • % Net Assets

    3.83%

  • Name

    INVESTCORP EUROPE ACQUISITION CLASS A ORD SHS

  • Ticker

    IVCB

  • CUSIP

    G4923T105

  • Shares Held

    58,132

  • Market Value

    $632,767

  • % Net Assets

    3.68%

  • Name

    SCREAMING EAGLE ACQUISITN CORP CLASS A ORD SHS

  • Ticker

    SCRM

  • CUSIP

    G79407105

  • Shares Held

    58,159

  • Market Value

    $608,343

  • % Net Assets

    3.39%

  • Name

    PROJECT ENERGY REIMAGINED ACQU CLASS A ORD

  • Ticker

    PEGR

  • CUSIP

    G72556106

  • Shares Held

    53,500

  • Market Value

    $559,878

  • % Net Assets

    3.34%

  • Name

    ARES ACQUISITION CORP II

  • Ticker

    AACT

  • CUSIP

    G33033104

  • Shares Held

    53,710

  • Market Value

    $551,602

  • % Net Assets

    3.25%

  • Name

    SPRING VALLEY ACQUISTN CORP II CLASS A ORD

  • Ticker

    SVII

  • CUSIP

    G83752108

  • Shares Held

    50,000

  • Market Value

    $537,000

  • % Net Assets

    3.14%

  • Name

    99 ACQUISITION GROUP INC

  • Ticker

    NNAGU

  • CUSIP

    65445K200

  • Shares Held

    50,000

  • Market Value

    $519,000

  • % Net Assets

    3.13%

  • Name

    ALCHEMY INVTS ACQUISITN CORP 1 SHS CL A

  • Ticker

    ALCY

  • CUSIP

    G0232F109

  • Shares Held

    50,000

  • Market Value

    $517,000

  • % Net Assets

    3.13%

  • Name

    BUKIT JALIL GBL ACQUISITION 1 ORD SHS

  • Ticker

    BUJA

  • CUSIP

    G1676M105

  • Shares Held

    50,000

  • Market Value

    $516,500

  • % Net Assets

    3.09%

  • Name

    INFLECTION PT ACQUISITN CRP II CL A ORD SHS

  • Ticker

    IPXX

  • CUSIP

    G4790U102

  • Shares Held

    50,000

  • Market Value

    $511,000

  • % Net Assets

    3.00%

  • Name

    GOLDEN STAR ACQUISITION CORP USD ORD SHS

  • Ticker

    GODN

  • CUSIP

    G4023C101

  • Shares Held

    48,000

  • Market Value

    $495,840

  • % Net Assets

    2.94%

  • Name

    PEARL HOLDINGS ACQUISITN CORP CLASS A ORD SHS

  • Ticker

    PRLH

  • CUSIP

    G44525106

  • Shares Held

    45,278

  • Market Value

    $485,380

  • % Net Assets

    2.93%

  • Name

    SK GROWTH OPPORTUNITIES CORP CLASS A COM

  • Ticker

    SKGR

  • CUSIP

    G8192N103

  • Shares Held

    45,000

  • Market Value

    $483,525

  • % Net Assets

    2.45%

  • Name

    ESH ACQUISITION CORP

  • Ticker

    ESHA

  • CUSIP

    296424104

  • Shares Held

    40,000

  • Market Value

    $404,400

  • % Net Assets

    1.67%

  • Name

    SILVERBOX CORP III

  • Ticker

    SBXC

  • CUSIP

    82836N107

  • Shares Held

    27,000

  • Market Value

    $276,210

  • % Net Assets

    1.43%

  • Name

    KEEN VISION ACQUISITION CORP SHS

  • Ticker

    KVAC

  • CUSIP

    G52443119

  • Shares Held

    23,200

  • Market Value

    $236,408

  • % Net Assets

    0.10%

  • Name

    GOLDEN STAR ACQUISITION CORP RT

  • Ticker

    GODNR

  • CUSIP

    G4023C119

  • Shares Held

    48,000

  • Market Value

    $16,320

  • % Net Assets

    0.06%

  • Name

    ESH ACQUISITION CORP

  • Ticker

    ESHAR

  • CUSIP

    296424112

  • Shares Held

    40,000

  • Market Value

    $9,800

  • % Net Assets

    0.05%

  • Name

    BOWEN ACQUISITION CORP

  • Ticker

    BOWNR

  • CUSIP

    G12729128

  • Shares Held

    44,000

  • Market Value

    $8,140

  • % Net Assets

    0.05%

  • Name

    BUKIT JALIL GBL ACQUISITION 1 RT

  • Ticker

    BUJAR

  • CUSIP

    G1676M121

  • Shares Held

    50,000

  • Market Value

    $8,375

  • % Net Assets

    0.03%

  • Name

    INFLECTION PT ACQUISITN CRP II WT EXP 083129

  • Ticker

    IPXXW

  • CUSIP

    G4790U110

  • Shares Held

    25,000

  • Market Value

    $4,625

  • % Net Assets

    0.02%

  • Name

    ALCHEMY INVTS ACQUISITN CORP 1 WT EXP 113027

  • Ticker

    ALCYW

  • CUSIP

    G0232F133

  • Shares Held

    25,000

  • Market Value

    $4,000

  • % Net Assets

    0.01%

  • Name

    BUKIT JALIL GBL ACQUISITION 1 WT EXP 050229

  • Ticker

    BUJAW

  • CUSIP

    G1676M113

  • Shares Held

    25,000

  • Market Value

    $1,000

  • % Net Assets

    0.01%

  • Name

    KEEN VISION ACQUISITION CORP WT EXP 031528

  • Ticker

    KVACW

  • CUSIP

    G52443127

  • Shares Held

    23,200

  • Market Value

    $1,160

Data as of: 10/04/2023
Daily Holdings
  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 5.11%

    ALPHA PARTNERS TECH MERGR CORP CLASS A ORD SHS

    APTM

    G63290111

    79,500

    $843,495

  • 4.95%

    CHENGHE ACQUISITION CO

    CHEA

    G2086M107

    75,141

    $817,534

  • 4.89%

    ARROWROOT ACQUISITION CORP

    ARRW

    04282M102

    77,000

    $806,960

  • 4.88%

    BOWEN ACQUISITION CORP

    BOWN

    G12729110

    79,000

    $805,800

  • 4.76%

    ACCRETION ACQUISITION CORP

    ENER

    00438Y107

    75,000

    $786,000

  • 4.67%

    CONCORD ACQUISITION CORP II

    CNDA

    20607U108

    75,000

    $771,750

  • 4.59%

    Cash & Other

    Cash&Other

    Cash&Other

    757,340

    $757,340

  • 4.44%

    GORES HOLDINGS IX INC

    GHIX

    38287A101

    70,567

    $733,191

  • 4.38%

    APOLLO STRATEGIC GRWT CPTL II SHS CL A

    APGB

    G0412A102

    68,500

    $722,675

  • 4.36%

    ENPHYS ACQUISITION CORP

    NFYS

    G3167L109

    68,296

    $719,157

  • 4.36%

    CARTESIAN GROWTH CORP II

    RENE

    G19305112

    66,614

    $720,097

  • 3.87%

    EXCELFIN ACQUISITION CORP

    XFIN

    30069X102

    60,000

    $639,000

  • 3.83%

    INVESTCORP EUROPE ACQUISITION CLASS A ORD SHS

    IVCB

    G4923T105

    58,132

    $632,767

  • 3.68%

    SCREAMING EAGLE ACQUISITN CORP CLASS A ORD SHS

    SCRM

    G79407105

    58,159

    $608,343

  • 3.39%

    PROJECT ENERGY REIMAGINED ACQU CLASS A ORD

    PEGR

    G72556106

    53,500

    $559,878

  • 3.34%

    ARES ACQUISITION CORP II

    AACT

    G33033104

    53,710

    $551,602

  • 3.25%

    SPRING VALLEY ACQUISTN CORP II CLASS A ORD

    SVII

    G83752108

    50,000

    $537,000

  • 3.14%

    99 ACQUISITION GROUP INC

    NNAGU

    65445K200

    50,000

    $519,000

  • 3.13%

    ALCHEMY INVTS ACQUISITN CORP 1 SHS CL A

    ALCY

    G0232F109

    50,000

    $517,000

  • 3.13%

    BUKIT JALIL GBL ACQUISITION 1 ORD SHS

    BUJA

    G1676M105

    50,000

    $516,500

  • 3.09%

    INFLECTION PT ACQUISITN CRP II CL A ORD SHS

    IPXX

    G4790U102

    50,000

    $511,000

  • 3.00%

    GOLDEN STAR ACQUISITION CORP USD ORD SHS

    GODN

    G4023C101

    48,000

    $495,840

  • 2.94%

    PEARL HOLDINGS ACQUISITN CORP CLASS A ORD SHS

    PRLH

    G44525106

    45,278

    $485,380

  • 2.93%

    SK GROWTH OPPORTUNITIES CORP CLASS A COM

    SKGR

    G8192N103

    45,000

    $483,525

  • 2.45%

    ESH ACQUISITION CORP

    ESHA

    296424104

    40,000

    $404,400

  • 1.67%

    SILVERBOX CORP III

    SBXC

    82836N107

    27,000

    $276,210

  • 1.43%

    KEEN VISION ACQUISITION CORP SHS

    KVAC

    G52443119

    23,200

    $236,408

  • 0.10%

    GOLDEN STAR ACQUISITION CORP RT

    GODNR

    G4023C119

    48,000

    $16,320

  • 0.06%

    ESH ACQUISITION CORP

    ESHAR

    296424112

    40,000

    $9,800

  • 0.05%

    BOWEN ACQUISITION CORP

    BOWNR

    G12729128

    44,000

    $8,140

  • 0.05%

    BUKIT JALIL GBL ACQUISITION 1 RT

    BUJAR

    G1676M121

    50,000

    $8,375

  • 0.03%

    INFLECTION PT ACQUISITN CRP II WT EXP 083129

    IPXXW

    G4790U110

    25,000

    $4,625

  • 0.02%

    ALCHEMY INVTS ACQUISITN CORP 1 WT EXP 113027

    ALCYW

    G0232F133

    25,000

    $4,000

  • 0.01%

    BUKIT JALIL GBL ACQUISITION 1 WT EXP 050229

    BUJAW

    G1676M113

    25,000

    $1,000

  • 0.01%

    KEEN VISION ACQUISITION CORP WT EXP 031528

    KVACW

    G52443127

    23,200

    $1,160

Data as of: 10/03/2023
  • Net Asset Value

    $98.59

  • NAV Change

    $0.02

  • Median 30 Day Spread

    %

  • Market Price

    $98.82

  • Market Price Change

    $0.01

  • Premium/Discount

    $0.23 | 0.24%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    0.24% 10/02/2023

  • Greatest Discount

    N/A

  • Number of Days At

  • Premium:

    2

  • NAV:

    0

  • Discount:

    0

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    100%

  • Number of Days +/- 0.5% of NAV:

    2

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: 09/30/2023
  • NAV

  • 1 Month

    0.41%

  • YTD

    4.91%

  • 1 Year

    6.28%

  • 3 Year

    -0.14%

  • 5 Year

    0.92%

  • Since Inception Annualized

    0.56%

  • Market Value

  • 1 Month

    0.46%

  • YTD

    5.22%

  • 1 Year

    6.59%

  • 3 Year

    -0.04%

  • 5 Year

    0.98%

  • Since Inception Annualized

    0.58%

Data as of: 09/30/2023
  • 1 Month

    YTD

    1 Year

    3 Year

    5 Year

    Since Inception Annualized

  • NAV

    0.41%

    4.91%

    6.28%

    -0.14%

    0.92%

    0.56%

  • Market Value

    0.46%

    5.22%

    6.59%

    -0.04%

    0.98%

    0.58%

Resources

  • SPAQ Semi-Annual Report June 30 2023 (Unaudited)
    View PDF
  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 8/1/2023)
    Watch
  • 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
  • SPAQ Factsheet
    View PDF
  • SPAQ Presentation
    View PDF
  • SPAC (Special Purpose Acquisition Companies) Primer
    View PDF
  • SPAQ Semi-Annual Report June 30 2023 (Unaudited)
    View PDF
  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 8/1/2023)
    Watch
  • 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
  • SPAQ Factsheet
    View PDF
  • SPAQ Presentation
    View PDF
  • SPAC (Special Purpose Acquisition Companies) Primer
    View PDF

Press

  • Horizon Kinetics Active ETF Webinar (Event Date: 5/17/2023)
    Watch
  • SPAQ Launch Press Release
    View PDF
  • Horizon Kinetics Active ETF Webinar (Event Date: 5/17/2023)
    Watch
  • 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.