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
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.