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
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Ticker
SPAQ
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CUSIP
53656G555
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ISIN
US53656G5559
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Fund Type
Active Equity ETF
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Exchange
NASDAQ
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Inception Date
1/27/2023
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Expense Ratio
0.85%
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Typical Number of Holdings
15 to 20
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Net Assets
$14,129,310
Data as of: 03/27/2023
Daily Holdings
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% Net Assets
6.04%
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Name
KENSINGTON CAPITAL ACQUISITION SHS CL A
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Ticker
KCGI
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CUSIP
G5251K103
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Shares Held
81,985
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Market Value
$853,464
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% Net Assets
4.96%
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Name
ENPHYS ACQUISITION CORP
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Ticker
NFYS
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CUSIP
G3167L109
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Shares Held
66,613
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Market Value
$701,102
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% Net Assets
4.94%
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Name
MOTIVE CAPITAL CORP II
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Ticker
MTVC
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CUSIP
G6293R106
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Shares Held
67,142
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Market Value
$698,277
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% Net Assets
4.87%
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Name
APOLLO STRATEGIC GRWT CPTL II SHS CL A
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Ticker
APGB
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CUSIP
G0412A102
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Shares Held
67,235
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Market Value
$687,478
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% Net Assets
4.75%
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Name
BLUE OCEAN ACQUISITION CORP
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Ticker
BOCN
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CUSIP
G1330L105
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Shares Held
64,400
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Market Value
$671,048
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% Net Assets
4.75%
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Name
PYROPHYTE ACQUISITION CORP
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Ticker
PHYT
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CUSIP
G7308P101
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Shares Held
63,924
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Market Value
$670,563
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% Net Assets
4.66%
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Name
BIOPLUS ACQUISITION CORP
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Ticker
BIOS
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CUSIP
G11217117
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Shares Held
63,180
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Market Value
$658,967
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% Net Assets
4.62%
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Name
KIMBELL TIGER ACQUISITION CORP COM CL A
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Ticker
TGR
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CUSIP
49436K106
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Shares Held
62,000
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Market Value
$652,240
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% Net Assets
4.60%
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Name
ATHENA TECHNOLOGY ACQ CORP II CL A COM
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Ticker
ATEK
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CUSIP
04687C105
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Shares Held
63,500
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Market Value
$650,240
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% Net Assets
4.10%
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Name
CONSILIUM ACQUISITN CORP I LTD CLASS A ORD SHS
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Ticker
CSLM
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CUSIP
G2365L101
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Shares Held
56,052
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Market Value
$579,017
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% Net Assets
3.92%
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Name
PROOF ACQUISITION CORP I
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Ticker
PACI
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CUSIP
74349W104
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Shares Held
53,363
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Market Value
$553,908
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% Net Assets
3.61%
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Name
SCREAMING EAGLE ACQUISITN CORP CLASS A ORD SHS
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Ticker
SCRM
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CUSIP
G79407105
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Shares Held
50,285
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Market Value
$509,638
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% Net Assets
3.58%
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Name
PEARL HOLDINGS ACQUISITN CORP CLASS A ORD SHS
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Ticker
PRLH
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CUSIP
G44525106
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Shares Held
48,571
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Market Value
$506,110
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% Net Assets
3.39%
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Name
CARTESIAN GROWTH CORP II
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Ticker
RENE
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CUSIP
G19305112
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Shares Held
45,714
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Market Value
$479,083
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% Net Assets
3.22%
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Name
SOUND POINT ACQUISITION CORP I CLASS A ORD SHS
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Ticker
SPCM
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CUSIP
G8274F101
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Shares Held
43,142
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Market Value
$454,717
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% Net Assets
3.20%
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Name
ANDRETTI ACQUISITION CORP
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Ticker
WNNR
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CUSIP
G26735103
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Shares Held
42,926
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Market Value
$452,440
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% Net Assets
3.05%
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Name
ELLIOTT OPPORTUNITY II CORP
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Ticker
EOCW
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CUSIP
G30092103
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Shares Held
42,098
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Market Value
$430,279
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% Net Assets
2.99%
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Name
GORES HOLDINGS IX INC
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Ticker
GHIX
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CUSIP
38287A101
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Shares Held
42,057
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Market Value
$422,252
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% Net Assets
2.82%
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Name
BATTERY FUTURE ACQUISITION COR CL A ORD SHS
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Ticker
BFAC
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CUSIP
G0888J108
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Shares Held
38,180
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Market Value
$398,981
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% Net Assets
2.82%
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Name
BLEUACACIA LTD
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Ticker
BLEU
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CUSIP
G11728105
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Shares Held
39,045
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Market Value
$398,259
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% Net Assets
2.82%
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Name
POWERUP ACQUISITION CORP
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Ticker
PWUP
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CUSIP
G7207P103
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Shares Held
37,997
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Market Value
$398,969
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% Net Assets
2.76%
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Name
Cash & Other
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Ticker
Cash&Other
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CUSIP
Cash&Other
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Shares Held
389,434
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Market Value
$389,434
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% Net Assets
2.74%
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Name
EMBRACE CHANGE ACQUISITN CORP ORDINARY SHARES
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Ticker
EMCG
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CUSIP
G3034H109
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Shares Held
37,142
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Market Value
$386,834
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% Net Assets
2.59%
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Name
SILVERSPAC INC
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Ticker
SLVR
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CUSIP
G8136V104
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Shares Held
35,798
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Market Value
$365,498
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% Net Assets
2.51%
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Name
ACROPOLIS INFRASTRUCTURE ACQUI CL A
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Ticker
ACRO
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CUSIP
005029103
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Shares Held
35,000
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Market Value
$354,550
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% Net Assets
2.45%
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Name
EVE MOBILITY ACQUISITION CORP CL A ORD SHS
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Ticker
EVE
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CUSIP
G3218G109
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Shares Held
33,142
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Market Value
$345,555
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% Net Assets
1.85%
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Name
EVEREST CONSOLIDATOR ACQ CORP CL A COM
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Ticker
MNTN
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CUSIP
29978K102
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Shares Held
25,000
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Market Value
$261,125
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% Net Assets
1.41%
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Name
AURA FAT PROJS ACQUISITION COR CLASS A ORD
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Ticker
AFAR
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CUSIP
G06362100
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Shares Held
19,068
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Market Value
$199,451
Data as of: 03/27/2023
Daily Holdings
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% Net Assets
Name
Ticker
CUSIP
Shares Held
Market Value
-
6.04%
KENSINGTON CAPITAL ACQUISITION SHS CL A
KCGI
G5251K103
81,985
$853,464
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4.96%
ENPHYS ACQUISITION CORP
NFYS
G3167L109
66,613
$701,102
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4.94%
MOTIVE CAPITAL CORP II
MTVC
G6293R106
67,142
$698,277
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4.87%
APOLLO STRATEGIC GRWT CPTL II SHS CL A
APGB
G0412A102
67,235
$687,478
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4.75%
BLUE OCEAN ACQUISITION CORP
BOCN
G1330L105
64,400
$671,048
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4.75%
PYROPHYTE ACQUISITION CORP
PHYT
G7308P101
63,924
$670,563
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4.66%
BIOPLUS ACQUISITION CORP
BIOS
G11217117
63,180
$658,967
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4.62%
KIMBELL TIGER ACQUISITION CORP COM CL A
TGR
49436K106
62,000
$652,240
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4.60%
ATHENA TECHNOLOGY ACQ CORP II CL A COM
ATEK
04687C105
63,500
$650,240
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4.10%
CONSILIUM ACQUISITN CORP I LTD CLASS A ORD SHS
CSLM
G2365L101
56,052
$579,017
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3.92%
PROOF ACQUISITION CORP I
PACI
74349W104
53,363
$553,908
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3.61%
SCREAMING EAGLE ACQUISITN CORP CLASS A ORD SHS
SCRM
G79407105
50,285
$509,638
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3.58%
PEARL HOLDINGS ACQUISITN CORP CLASS A ORD SHS
PRLH
G44525106
48,571
$506,110
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3.39%
CARTESIAN GROWTH CORP II
RENE
G19305112
45,714
$479,083
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3.22%
SOUND POINT ACQUISITION CORP I CLASS A ORD SHS
SPCM
G8274F101
43,142
$454,717
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3.20%
ANDRETTI ACQUISITION CORP
WNNR
G26735103
42,926
$452,440
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3.05%
ELLIOTT OPPORTUNITY II CORP
EOCW
G30092103
42,098
$430,279
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2.99%
GORES HOLDINGS IX INC
GHIX
38287A101
42,057
$422,252
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2.82%
BATTERY FUTURE ACQUISITION COR CL A ORD SHS
BFAC
G0888J108
38,180
$398,981
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2.82%
BLEUACACIA LTD
BLEU
G11728105
39,045
$398,259
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2.82%
POWERUP ACQUISITION CORP
PWUP
G7207P103
37,997
$398,969
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2.76%
Cash & Other
Cash&Other
Cash&Other
389,434
$389,434
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2.74%
EMBRACE CHANGE ACQUISITN CORP ORDINARY SHARES
EMCG
G3034H109
37,142
$386,834
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2.59%
SILVERSPAC INC
SLVR
G8136V104
35,798
$365,498
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2.51%
ACROPOLIS INFRASTRUCTURE ACQUI CL A
ACRO
005029103
35,000
$354,550
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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
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1.41%
AURA FAT PROJS ACQUISITION COR CLASS A ORD
AFAR
G06362100
19,068
$199,451
Data as of: 03/24/2023
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Net Asset Value
$95.8
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NAV Change
$0.17
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Median 30 Day Spread
0.35%
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Market Price
$95.78
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Market Price Change
$-0.11
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Premium/Discount
$-0.02 | -0.02%
Historical Data
Premium/Discount Range (%)
Date
-
Greatest Premium
0.44% 03/21/2023
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Greatest Discount
-0.56% 01/30/2023
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Number of Days At
-
Premium:
23
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NAV:
6
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Discount:
11
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Days Within Percent of NAV
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Percent of Days +/- 0.5% of NAV:
98%
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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").
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.