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: 06/11/2024
  • 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

    $17,539,753

Data as of: 06/12/2024
Daily Holdings
  • % Net Assets

    5.64%

  • Name

    US BANK MMDA - USBGFS 7 06/01/2031

  • Ticker

    USBGFS7

  • CUSIP

    8AMMF0FT3

  • Shares Held

    989,855

  • Market Value

    $989,855

  • % Net Assets

    5.00%

  • Name

    Centurion Acquisition Corp

  • Ticker

    ALFUU

  • CUSIP

    G20315126

  • Shares Held

    87,500

  • Market Value

    $877,625

  • % Net Assets

    4.98%

  • Name

    Spring Valley Acquisition Corp II

  • Ticker

    SVII

  • CUSIP

    G83752108

  • Shares Held

    78,522

  • Market Value

    $873,950

  • % Net Assets

    4.68%

  • Name

    CARTESIAN GROWTH CORP II

  • Ticker

    RENE

  • CUSIP

    G19305112

  • Shares Held

    72,783

  • Market Value

    $820,264

  • % Net Assets

    4.67%

  • Name

    SilverBox Corp III

  • Ticker

    SBXC

  • CUSIP

    82836N107

  • Shares Held

    77,500

  • Market Value

    $819,175

  • % Net Assets

    4.64%

  • Name

    Learn CW Investment Corp

  • Ticker

    LCW

  • CUSIP

    G54157105

  • Shares Held

    74,717

  • Market Value

    $814,042

  • % Net Assets

    4.62%

  • Name

    Legato Merger Corp III

  • Ticker

    LEGT

  • CUSIP

    G5451A103

  • Shares Held

    80,000

  • Market Value

    $810,400

  • % Net Assets

    4.61%

  • Name

    IB Acquisition Corp

  • Ticker

    IBAC

  • CUSIP

    44934N108

  • Shares Held

    81,000

  • Market Value

    $807,975

  • % Net Assets

    4.54%

  • Name

    Haymaker Acquisition Corp 4

  • Ticker

    HYAC

  • CUSIP

    G4375F108

  • Shares Held

    75,600

  • Market Value

    $796,068

  • % Net Assets

    4.51%

  • Name

    AP Acquisition Corp

  • Ticker

    APCA

  • CUSIP

    G04058106

  • Shares Held

    69,000

  • Market Value

    $791,430

  • % Net Assets

    4.47%

  • Name

    Bowen Acquisition Corp

  • Ticker

    BOWN

  • CUSIP

    G12729110

  • Shares Held

    74,283

  • Market Value

    $784,428

  • % Net Assets

    4.43%

  • Name

    Inflection Point Acquisition Corp II

  • Ticker

    IPXX

  • CUSIP

    G4790U102

  • Shares Held

    73,515

  • Market Value

    $777,789

  • % Net Assets

    4.41%

  • Name

    Ares Acquisition Corp II

  • Ticker

    AACT

  • CUSIP

    G33033104

  • Shares Held

    72,503

  • Market Value

    $772,882

  • % Net Assets

    4.24%

  • Name

    Nabors Energy Transition Corp II

  • Ticker

    NETD

  • CUSIP

    G6363K106

  • Shares Held

    70,522

  • Market Value

    $743,654

  • % Net Assets

    4.17%

  • Name

    Ai Transportation Acquisition Corp

  • Ticker

    AITR

  • CUSIP

    G01490112

  • Shares Held

    70,522

  • Market Value

    $730,961

  • % Net Assets

    4.02%

  • Name

    Churchill Capital Corp IX

  • Ticker

    CCIXU

  • CUSIP

    G21301125

  • Shares Held

    70,000

  • Market Value

    $705,600

  • % Net Assets

    4.02%

  • Name

    RF Acquisition Corp II

  • Ticker

    RFAIU

  • CUSIP

    G75389125

  • Shares Held

    70,000

  • Market Value

    $704,200

  • % Net Assets

    2.87%

  • Name

    Alchemy Investments Acquisition Corp 1

  • Ticker

    ALCY

  • CUSIP

    G0232F109

  • Shares Held

    47,015

  • Market Value

    $502,825

  • % Net Assets

    2.85%

  • Name

    Quetta Acquisition Corp

  • Ticker

    QETA

  • CUSIP

    74841A105

  • Shares Held

    48,412

  • Market Value

    $500,580

  • % Net Assets

    2.81%

  • Name

    99 Acquisition Group Inc

  • Ticker

    NNAG

  • CUSIP

    65445K101

  • Shares Held

    47,015

  • Market Value

    $493,187

  • % Net Assets

    2.77%

  • Name

    Colombier Acquisition Corp II

  • Ticker

    CLBR

  • CUSIP

    G2283U100

  • Shares Held

    47,013

  • Market Value

    $485,644

  • % Net Assets

    2.74%

  • Name

    Bayview Acquisition Corp

  • Ticker

    BAYA

  • CUSIP

    07323B100

  • Shares Held

    47,015

  • Market Value

    $481,199

  • % Net Assets

    2.24%

  • Name

    ESH Acquisition Corp

  • Ticker

    ESHA

  • CUSIP

    296424104

  • Shares Held

    37,612

  • Market Value

    $392,481

  • % Net Assets

    1.87%

  • Name

    Patria Latin American Opportunity Acquisition Corp

  • Ticker

    PLAO

  • CUSIP

    G69454109

  • Shares Held

    28,815

  • Market Value

    $328,491

  • % Net Assets

    1.76%

  • Name

    Chenghe Acquisition II Co

  • Ticker

    CHEB/U

  • CUSIP

    G20873124

  • Shares Held

    30,800

  • Market Value

    $308,616

  • % Net Assets

    1.66%

  • Name

    Spark I Acquisition Corp

  • Ticker

    SPKL

  • CUSIP

    G8316B100

  • Shares Held

    28,209

  • Market Value

    $291,822

  • % Net Assets

    1.58%

  • Name

    SK Growth Opportunities Corp

  • Ticker

    SKGR

  • CUSIP

    G8192N103

  • Shares Held

    25,000

  • Market Value

    $277,500

  • % Net Assets

    1.45%

  • Name

    Black Hawk Acquisition Corp

  • Ticker

    BKHA

  • CUSIP

    G1148A101

  • Shares Held

    25,000

  • Market Value

    $253,500

  • % Net Assets

    1.32%

  • Name

    Keen Vision Acquisition Corp

  • Ticker

    KVAC

  • CUSIP

    G52443119

  • Shares Held

    21,815

  • Market Value

    $230,803

  • % Net Assets

    0.05%

  • Name

    IB Acquisition Corp

  • Ticker

    IBACR

  • CUSIP

    44934N116

  • Shares Held

    81,000

  • Market Value

    $8,505

  • % Net Assets

    0.04%

  • Name

    Bayview Acquisition Corp

  • Ticker

    BAYAR

  • CUSIP

    07323B118

  • Shares Held

    47,015

  • Market Value

    $7,501

  • % Net Assets

    0.04%

  • Name

    Black Hawk Acquisition Corp

  • Ticker

    BKHAR

  • CUSIP

    G1148A119

  • Shares Held

    5,000

  • Market Value

    $7,500

  • % Net Assets

    0.04%

  • Name

    Bukit Jalil Global Acquisition 1 Ltd

  • Ticker

    BUJAR

  • CUSIP

    G1676M121

  • Shares Held

    47,015

  • Market Value

    $7,762

  • % Net Assets

    0.03%

  • Name

    Colombier Acquisition Corp II

  • Ticker

    CLBR/WS

  • CUSIP

    G2283U118

  • Shares Held

    15,671

  • Market Value

    $5,016

  • % Net Assets

    0.02%

  • Name

    Alchemy Investments Acquisition Corp 1

  • Ticker

    ALCYW

  • CUSIP

    G0232F133

  • Shares Held

    23,507

  • Market Value

    $4,231

  • % Net Assets

    0.02%

  • Name

    Bowen Acquisition Corp

  • Ticker

    BOWNR

  • CUSIP

    G12729128

  • Shares Held

    41,373

  • Market Value

    $4,168

  • % Net Assets

    0.02%

  • Name

    ESH Acquisition Corp

  • Ticker

    ESHAR

  • CUSIP

    296424112

  • Shares Held

    37,612

  • Market Value

    $4,134

  • % Net Assets

    0.02%

  • Name

    99 Acquisition Group Inc

  • Ticker

    NNAGW

  • CUSIP

    65445K119

  • Shares Held

    47,015

  • Market Value

    $2,938

  • % Net Assets

    0.02%

  • Name

    Quetta Acquisition Corp

  • Ticker

    QETAR

  • CUSIP

    74841A113

  • Shares Held

    2,821

  • Market Value

    $3,018

  • % 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

    Inflection Point Acquisition Corp II

  • Ticker

    IPXXW

  • CUSIP

    G4790U110

  • Shares Held

    23,507

  • Market Value

    $2,116

  • % Net Assets

    0.01%

  • Name

    Keen Vision Acquisition Corp

  • Ticker

    KVACW

  • CUSIP

    G52443127

  • Shares Held

    21,815

  • Market Value

    $1,027

  • % Net Assets

    0.01%

  • Name

    Spark I Acquisition Corp

  • Ticker

    SPKLW

  • CUSIP

    G8316B118

  • Shares Held

    14,105

  • Market Value

    $2,539

  • % Net Assets

    -3.94%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    -690,281

  • Market Value

    $-690,281

Data as of: 06/12/2024
Daily Holdings
  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 5.64%

    US BANK MMDA - USBGFS 7 06/01/2031

    USBGFS7

    8AMMF0FT3

    989,855

    $989,855

  • 5.00%

    Centurion Acquisition Corp

    ALFUU

    G20315126

    87,500

    $877,625

  • 4.98%

    Spring Valley Acquisition Corp II

    SVII

    G83752108

    78,522

    $873,950

  • 4.68%

    CARTESIAN GROWTH CORP II

    RENE

    G19305112

    72,783

    $820,264

  • 4.67%

    SilverBox Corp III

    SBXC

    82836N107

    77,500

    $819,175

  • 4.64%

    Learn CW Investment Corp

    LCW

    G54157105

    74,717

    $814,042

  • 4.62%

    Legato Merger Corp III

    LEGT

    G5451A103

    80,000

    $810,400

  • 4.61%

    IB Acquisition Corp

    IBAC

    44934N108

    81,000

    $807,975

  • 4.54%

    Haymaker Acquisition Corp 4

    HYAC

    G4375F108

    75,600

    $796,068

  • 4.51%

    AP Acquisition Corp

    APCA

    G04058106

    69,000

    $791,430

  • 4.47%

    Bowen Acquisition Corp

    BOWN

    G12729110

    74,283

    $784,428

  • 4.43%

    Inflection Point Acquisition Corp II

    IPXX

    G4790U102

    73,515

    $777,789

  • 4.41%

    Ares Acquisition Corp II

    AACT

    G33033104

    72,503

    $772,882

  • 4.24%

    Nabors Energy Transition Corp II

    NETD

    G6363K106

    70,522

    $743,654

  • 4.17%

    Ai Transportation Acquisition Corp

    AITR

    G01490112

    70,522

    $730,961

  • 4.02%

    Churchill Capital Corp IX

    CCIXU

    G21301125

    70,000

    $705,600

  • 4.02%

    RF Acquisition Corp II

    RFAIU

    G75389125

    70,000

    $704,200

  • 2.87%

    Alchemy Investments Acquisition Corp 1

    ALCY

    G0232F109

    47,015

    $502,825

  • 2.85%

    Quetta Acquisition Corp

    QETA

    74841A105

    48,412

    $500,580

  • 2.81%

    99 Acquisition Group Inc

    NNAG

    65445K101

    47,015

    $493,187

  • 2.77%

    Colombier Acquisition Corp II

    CLBR

    G2283U100

    47,013

    $485,644

  • 2.74%

    Bayview Acquisition Corp

    BAYA

    07323B100

    47,015

    $481,199

  • 2.24%

    ESH Acquisition Corp

    ESHA

    296424104

    37,612

    $392,481

  • 1.87%

    Patria Latin American Opportunity Acquisition Corp

    PLAO

    G69454109

    28,815

    $328,491

  • 1.76%

    Chenghe Acquisition II Co

    CHEB/U

    G20873124

    30,800

    $308,616

  • 1.66%

    Spark I Acquisition Corp

    SPKL

    G8316B100

    28,209

    $291,822

  • 1.58%

    SK Growth Opportunities Corp

    SKGR

    G8192N103

    25,000

    $277,500

  • 1.45%

    Black Hawk Acquisition Corp

    BKHA

    G1148A101

    25,000

    $253,500

  • 1.32%

    Keen Vision Acquisition Corp

    KVAC

    G52443119

    21,815

    $230,803

  • 0.05%

    IB Acquisition Corp

    IBACR

    44934N116

    81,000

    $8,505

  • 0.04%

    Bayview Acquisition Corp

    BAYAR

    07323B118

    47,015

    $7,501

  • 0.04%

    Black Hawk Acquisition Corp

    BKHAR

    G1148A119

    5,000

    $7,500

  • 0.04%

    Bukit Jalil Global Acquisition 1 Ltd

    BUJAR

    G1676M121

    47,015

    $7,762

  • 0.03%

    Colombier Acquisition Corp II

    CLBR/WS

    G2283U118

    15,671

    $5,016

  • 0.02%

    Alchemy Investments Acquisition Corp 1

    ALCYW

    G0232F133

    23,507

    $4,231

  • 0.02%

    Bowen Acquisition Corp

    BOWNR

    G12729128

    41,373

    $4,168

  • 0.02%

    ESH Acquisition Corp

    ESHAR

    296424112

    37,612

    $4,134

  • 0.02%

    99 Acquisition Group Inc

    NNAGW

    65445K119

    47,015

    $2,938

  • 0.02%

    Quetta Acquisition Corp

    QETAR

    74841A113

    2,821

    $3,018

  • 0.01%

    Bukit Jalil Global Acquisition 1 Ltd

    BUJAW

    G1676M113

    23,507

    $1,175

  • 0.01%

    Inflection Point Acquisition Corp II

    IPXXW

    G4790U110

    23,507

    $2,116

  • 0.01%

    Keen Vision Acquisition Corp

    KVACW

    G52443127

    21,815

    $1,027

  • 0.01%

    Spark I Acquisition Corp

    SPKLW

    G8316B118

    14,105

    $2,539

  • -3.94%

    Cash & Other

    Cash&Other

    Cash&Other

    -690,281

    $-690,281

Data as of: 06/11/2024
  • Net Asset Value

    $98.82

  • NAV Change

    $-0.03

  • Median 30 Day Spread

    0.39%

  • Market Price

    $98.78

  • Market Price Change

    $0.00

  • Premium/Discount

    $-0.04 | -0.04%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    0.23% 05/16/2024

  • Greatest Discount

    -0.25% 04/26/2024

  • Number of Days At

  • Premium:

    11

  • NAV:

    2

  • Discount:

    38

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    100%

  • Number of Days +/- 0.5% of NAV:

    51

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").

From February 6, 2024 through February 15, 2024, SPAQ traded at a discount to publicly reported net asset value (NAV) of greater than 2%. During that period, a SPAQ portfolio holding submitted for redemption was fair valued. Also during that period, the holding’s market price fell to significantly below its publicly available fair value. It is likely that certain market participants may have mistakenly modeled the market price of the redeemed holding rather than its fair value to arrive at SPAQ’s NAV, thereby resulting in a trading discount to the publicly reported 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

  • SPAQ 3/31/2024 Quarterly Schedule of Portfolio Holdings
    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
  • SPAQ 3/31/2024 Quarterly Schedule of Portfolio Holdings
    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

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.