Overview Holdings Prices Performance Resources

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: 05/08/2026

  • 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

    $9,924,243

Data as of: 05/11/2026
Daily Holdings

  • % Net Assets

    5.39%

  • Name

    Oaktree Acquisition Corp III Life Sciences

  • Ticker

    OACC

  • CUSIP

    G6717R104

  • Shares Held

    50,006

  • Market Value

    $534,564

  • % Net Assets

    4.58%

  • Name

    NewHold Investment Corp IV

  • Ticker

    NHIVU

  • CUSIP

    G6486G123

  • Shares Held

    45,000

  • Market Value

    $454,950

  • % Net Assets

    4.42%

  • Name

    Titan Acquisition Corp

  • Ticker

    TACH

  • CUSIP

    G8901A103

  • Shares Held

    42,392

  • Market Value

    $438,757

  • % Net Assets

    4.34%

  • Name

    Inflection Point Acquisition Corp VI

  • Ticker

    IPFXU

  • CUSIP

    G4790S123

  • Shares Held

    42,500

  • Market Value

    $430,525

  • % Net Assets

    4.23%

  • Name

    Wen Acquisition Corp

  • Ticker

    WENN

  • CUSIP

    G9R39C103

  • Shares Held

    41,043

  • Market Value

    $420,280

  • % Net Assets

    4.21%

  • Name

    Evolution Global Acquisition Corp

  • Ticker

    EVOX

  • CUSIP

    G3226F101

  • Shares Held

    41,750

  • Market Value

    $417,500

  • % Net Assets

    4.14%

  • Name

    Cantor Equity Partners V Inc

  • Ticker

    CEPV

  • CUSIP

    G1828S109

  • Shares Held

    40,000

  • Market Value

    $410,800

  • % Net Assets

    4.10%

  • Name

    Kensington Capital Acquisition Corp VI

  • Ticker

    KCAC/U

  • CUSIP

    G5235S123

  • Shares Held

    40,000

  • Market Value

    $406,924

  • % Net Assets

    4.10%

  • Name

    Space Asset Acquisition Corp

  • Ticker

    SAAQ

  • CUSIP

    G8375S101

  • Shares Held

    39,999

  • Market Value

    $407,190

  • % Net Assets

    4.08%

  • Name

    OTG Acquisition Corp I

  • Ticker

    OTGA

  • CUSIP

    G6791A100

  • Shares Held

    40,000

  • Market Value

    $404,800

  • % Net Assets

    4.07%

  • Name

    Metals Acquisition Corp II

  • Ticker

    MTAL

  • CUSIP

    G60420109

  • Shares Held

    39,999

  • Market Value

    $404,190

  • % Net Assets

    4.03%

  • Name

    Spartacus Acquisition Corp II

  • Ticker

    TMTS

  • CUSIP

    G8303R100

  • Shares Held

    39,999

  • Market Value

    $400,390

  • % Net Assets

    4.03%

  • Name

    Willow Lane Acquisition Corp II

  • Ticker

    WLII

  • CUSIP

    G9675K103

  • Shares Held

    40,000

  • Market Value

    $399,800

  • % Net Assets

    4.02%

  • Name

    RRE Ventures Acquisition Corp

  • Ticker

    RREVU

  • CUSIP

    G770AL111

  • Shares Held

    40,000

  • Market Value

    $399,200

  • % Net Assets

    4.01%

  • Name

    Daedalus Special Acquisition Corp

  • Ticker

    DSAC

  • CUSIP

    G2616C108

  • Shares Held

    40,000

  • Market Value

    $398,000

  • % Net Assets

    4.00%

  • Name

    Aldabra 4 Liquidity Opportunity Vehicle Inc

  • Ticker

    ALOV

  • CUSIP

    G01900102

  • Shares Held

    39,999

  • Market Value

    $396,990

  • % Net Assets

    3.99%

  • Name

    M Evo Global Acquisition Corp II

  • Ticker

    MEVO

  • CUSIP

    G6071J102

  • Shares Held

    40,000

  • Market Value

    $395,600

  • % Net Assets

    3.98%

  • Name

    Hennessy Capital Investment Corp VIII

  • Ticker

    HCIC

  • CUSIP

    G44055104

  • Shares Held

    40,000

  • Market Value

    $395,000

  • % Net Assets

    3.66%

  • Name

    Crane Harbor Acquisition Corp II

  • Ticker

    CRAN

  • CUSIP

    G25014104

  • Shares Held

    36,191

  • Market Value

    $363,358

  • % Net Assets

    3.21%

  • Name

    Aldel Financial II Inc

  • Ticker

    ALDF

  • CUSIP

    G01558108

  • Shares Held

    30,000

  • Market Value

    $318,900

  • % Net Assets

    3.09%

  • Name

    Oyster Enterprises II Acquisition Corp

  • Ticker

    OYSE

  • CUSIP

    G6861F104

  • Shares Held

    30,000

  • Market Value

    $306,600

  • % Net Assets

    3.06%

  • Name

    AI Infrastructure Acquisition Corp

  • Ticker

    AIIA

  • CUSIP

    G01336109

  • Shares Held

    30,000

  • Market Value

    $303,900

  • % Net Assets

    2.54%

  • Name

    BTC Development Corp

  • Ticker

    BDCI

  • CUSIP

    G0701G109

  • Shares Held

    25,164

  • Market Value

    $252,269

  • % Net Assets

    2.49%

  • Name

    Jackson Acquisition Co II

  • Ticker

    JACS

  • CUSIP

    G4992A110

  • Shares Held

    23,288

  • Market Value

    $246,736

  • % Net Assets

    2.47%

  • Name

    NewHold Investment Corp III

  • Ticker

    NHIC

  • CUSIP

    G6486E102

  • Shares Held

    23,308

  • Market Value

    $245,200

  • % Net Assets

    1.03%

  • Name

    Indigo Acquisition Corp

  • Ticker

    INAC

  • CUSIP

    G4791J106

  • Shares Held

    10,000

  • Market Value

    $101,800

  • % Net Assets

    0.40%

  • Name

    US BANK MMDA - USBGFS 7 06/01/2031

  • Ticker

    USBGFS7

  • CUSIP

    8AMMF0FT3

  • Shares Held

    39,408

  • Market Value

    $39,408

  • % Net Assets

    0.15%

  • Name

    AI Infrastructure Acquisition Corp

  • Ticker

    AIIA-R

  • CUSIP

    G01336117

  • Shares Held

    63,234

  • Market Value

    $15,176

  • % Net Assets

    0.12%

  • Name

    Fifth Era Acquisition Corp I

  • Ticker

    FERAR

  • CUSIP

    G3415K135

  • Shares Held

    37,549

  • Market Value

    $12,016

  • % Net Assets

    0.12%

  • Name

    Space Asset Acquisition Corp

  • Ticker

    SAAQW

  • CUSIP

    G8375S119

  • Shares Held

    13,333

  • Market Value

    $11,733

  • % Net Assets

    0.11%

  • Name

    Axiom Intelligence Acquisition Corp 1

  • Ticker

    AXINR

  • CUSIP

    G0750N112

  • Shares Held

    60,729

  • Market Value

    $10,628

  • % Net Assets

    0.10%

  • Name

    Metals Acquisition Corp II

  • Ticker

    MTAL/WS

  • CUSIP

    G60420117

  • Shares Held

    13,333

  • Market Value

    $10,000

  • % Net Assets

    0.09%

  • Name

    Aldel Financial II Inc

  • Ticker

    ALDFW

  • CUSIP

    G01558124

  • Shares Held

    25,512

  • Market Value

    $8,686

  • % Net Assets

    0.08%

  • Name

    Crane Harbor Acquisition Corp II

  • Ticker

    CRANR

  • CUSIP

    G25014112

  • Shares Held

    36,191

  • Market Value

    $7,781

  • % Net Assets

    0.08%

  • Name

    Evolution Global Acquisition Corp

  • Ticker

    EVOXW

  • CUSIP

    G3226F119

  • Shares Held

    20,875

  • Market Value

    $7,724

  • % Net Assets

    0.08%

  • Name

    GigCapital7 Corp

  • Ticker

    GIGGW

  • CUSIP

    G38648120

  • Shares Held

    18,693

  • Market Value

    $8,262

  • % Net Assets

    0.08%

  • Name

    BERTO ACQUISITION CORP

  • Ticker

    TACOW

  • CUSIP

    G1051H119

  • Shares Held

    9,894

  • Market Value

    $8,410

  • % Net Assets

    0.07%

  • Name

    Apex Treasury Corp

  • Ticker

    APXTW

  • CUSIP

    G04104124

  • Shares Held

    28,500

  • Market Value

    $6,698

  • % Net Assets

    0.07%

  • Name

    Hennessy Capital Investment Corp VIII

  • Ticker

    HCICR

  • CUSIP

    G44055120

  • Shares Held

    40,000

  • Market Value

    $6,700

  • % Net Assets

    0.07%

  • Name

    Jackson Acquisition Co II

  • Ticker

    JACS-R

  • CUSIP

    G4992A136

  • Shares Held

    46,288

  • Market Value

    $7,175

  • % Net Assets

    0.07%

  • Name

    M Evo Global Acquisition Corp II

  • Ticker

    MEVOW

  • CUSIP

    G6071J110

  • Shares Held

    20,000

  • Market Value

    $7,400

  • % Net Assets

    0.07%

  • Name

    OTG Acquisition Corp I

  • Ticker

    OTGAW

  • CUSIP

    G6791A118

  • Shares Held

    25,188

  • Market Value

    $7,191

  • % Net Assets

    0.07%

  • Name

    Oyster Enterprises II Acquisition Corp

  • Ticker

    OYSER

  • CUSIP

    G6861F138

  • Shares Held

    42,871

  • Market Value

    $6,814

  • % Net Assets

    0.07%

  • Name

    Titan Acquisition Corp

  • Ticker

    TACHW

  • CUSIP

    G8901A111

  • Shares Held

    21,196

  • Market Value

    $6,485

  • % Net Assets

    0.07%

  • Name

    Spartacus Acquisition Corp II

  • Ticker

    TMTSW

  • CUSIP

    G8303R118

  • Shares Held

    13,333

  • Market Value

    $7,386

  • % Net Assets

    0.07%

  • Name

    Willow Lane Acquisition Corp II

  • Ticker

    WLIIW

  • CUSIP

    G9675K111

  • Shares Held

    10,000

  • Market Value

    $6,650

  • % Net Assets

    0.06%

  • Name

    Indigo Acquisition Corp

  • Ticker

    INACR

  • CUSIP

    G4791J114

  • Shares Held

    44,021

  • Market Value

    $5,930

  • % Net Assets

    0.06%

  • Name

    NewHold Investment Corp III

  • Ticker

    NHICW

  • CUSIP

    G6486E110

  • Shares Held

    8,655

  • Market Value

    $6,240

  • % Net Assets

    0.06%

  • Name

    Sizzle Acquisition Corp II

  • Ticker

    SZZLR

  • CUSIP

    G8193F133

  • Shares Held

    30,281

  • Market Value

    $5,743

  • % Net Assets

    0.05%

  • Name

    Aldabra 4 Liquidity Opportunity Vehicle Inc

  • Ticker

    ALOVW

  • CUSIP

    G01900110

  • Shares Held

    13,333

  • Market Value

    $5,200

  • % Net Assets

    0.05%

  • Name

    Roman DBDR Acquisition Corp II

  • Ticker

    DRDBW

  • CUSIP

    G7633M112

  • Shares Held

    22,858

  • Market Value

    $5,046

  • % Net Assets

    0.05%

  • Name

    Daedalus Special Acquisition Corp

  • Ticker

    DSACW

  • CUSIP

    G2616C116

  • Shares Held

    13,000

  • Market Value

    $5,330

  • % Net Assets

    0.05%

  • Name

    Soulpower Acquisition Corp

  • Ticker

    SOUL-R

  • CUSIP

    G82745137

  • Shares Held

    30,281

  • Market Value

    $5,375

  • % Net Assets

    0.04%

  • Name

    Centurion Acquisition Corp

  • Ticker

    ALFUW

  • CUSIP

    G20315118

  • Shares Held

    25,003

  • Market Value

    $3,684

  • % Net Assets

    0.04%

  • Name

    Black Hawk Acquisition Corp

  • Ticker

    BKHAR

  • CUSIP

    G1148A119

  • Shares Held

    2,857

  • Market Value

    $4,000

  • % Net Assets

    0.04%

  • Name

    Blue Water Acquisition Corp III

  • Ticker

    BLUWW

  • CUSIP

    G1368E114

  • Shares Held

    8,491

  • Market Value

    $3,608

  • % Net Assets

    0.04%

  • Name

    Flag Ship Acquisition Corp

  • Ticker

    FSHPR

  • CUSIP

    G3530C117

  • Shares Held

    40,003

  • Market Value

    $3,996

  • % Net Assets

    0.03%

  • Name

    BTC Development Corp

  • Ticker

    BDCIW

  • CUSIP

    G0701G117

  • Shares Held

    6,291

  • Market Value

    $3,083

  • % Net Assets

    0.03%

  • Name

    Lionheart Holdings

  • Ticker

    CUBWW

  • CUSIP

    G5501C117

  • Shares Held

    20,002

  • Market Value

    $3,000

  • % Net Assets

    0.03%

  • Name

    Silverbox Corp IV

  • Ticker

    SBXD/WS

  • CUSIP

    G81354121

  • Shares Held

    15,622

  • Market Value

    $2,881

  • % Net Assets

    0.03%

  • Name

    Wen Acquisition Corp

  • Ticker

    WENNW

  • CUSIP

    G9R39C111

  • Shares Held

    7,701

  • Market Value

    $2,849

  • % Net Assets

    0.02%

  • Name

    Launch Two Acquisition Corp

  • Ticker

    LPBBW

  • CUSIP

    G5S87A113

  • Shares Held

    11,307

  • Market Value

    $1,640

  • % Net Assets

    0.02%

  • Name

    Voyager Acquisition Corp

  • Ticker

    VACHW

  • CUSIP

    G93A7H112

  • Shares Held

    15,460

  • Market Value

    $2,319

  • % Net Assets

    0.00%

  • Name

    Aldabra 4 Liquidity Opportunity Vehicle Inc

  • Ticker

    ALOVU

  • CUSIP

    G01900201

  • Shares Held

    1

  • Market Value

    $10

  • % Net Assets

    0.00%

  • Name

    Metals Acquisition Corp II

  • Ticker

    MTAL/U

  • CUSIP

    G60420125

  • Shares Held

    1

  • Market Value

    $10

  • % Net Assets

    0.00%

  • Name

    Space Asset Acquisition Corp

  • Ticker

    SAAQU

  • CUSIP

    G8375S127

  • Shares Held

    1

  • Market Value

    $10

  • % Net Assets

    0.00%

  • Name

    Spartacus Acquisition Corp II

  • Ticker

    TMTSU

  • CUSIP

    G8303R126

  • Shares Held

    1

  • Market Value

    $10

  • % Net Assets

    -0.03%

  • Name

    Cash & Other

  • Ticker

    Cash&Other

  • CUSIP

    Cash&Other

  • Shares Held

    -2,493

  • Market Value

    $-2,493

Data as of: 05/11/2026
Daily Holdings

  • % Net Assets

    Name

    Ticker

    CUSIP

    Shares Held

    Market Value

  • 5.39%

    Oaktree Acquisition Corp III Life Sciences

    OACC

    G6717R104

    50,006

    $534,564

  • 4.58%

    NewHold Investment Corp IV

    NHIVU

    G6486G123

    45,000

    $454,950

  • 4.42%

    Titan Acquisition Corp

    TACH

    G8901A103

    42,392

    $438,757

  • 4.34%

    Inflection Point Acquisition Corp VI

    IPFXU

    G4790S123

    42,500

    $430,525

  • 4.23%

    Wen Acquisition Corp

    WENN

    G9R39C103

    41,043

    $420,280

  • 4.21%

    Evolution Global Acquisition Corp

    EVOX

    G3226F101

    41,750

    $417,500

  • 4.14%

    Cantor Equity Partners V Inc

    CEPV

    G1828S109

    40,000

    $410,800

  • 4.10%

    Kensington Capital Acquisition Corp VI

    KCAC/U

    G5235S123

    40,000

    $406,924

  • 4.10%

    Space Asset Acquisition Corp

    SAAQ

    G8375S101

    39,999

    $407,190

  • 4.08%

    OTG Acquisition Corp I

    OTGA

    G6791A100

    40,000

    $404,800

  • 4.07%

    Metals Acquisition Corp II

    MTAL

    G60420109

    39,999

    $404,190

  • 4.03%

    Spartacus Acquisition Corp II

    TMTS

    G8303R100

    39,999

    $400,390

  • 4.03%

    Willow Lane Acquisition Corp II

    WLII

    G9675K103

    40,000

    $399,800

  • 4.02%

    RRE Ventures Acquisition Corp

    RREVU

    G770AL111

    40,000

    $399,200

  • 4.01%

    Daedalus Special Acquisition Corp

    DSAC

    G2616C108

    40,000

    $398,000

  • 4.00%

    Aldabra 4 Liquidity Opportunity Vehicle Inc

    ALOV

    G01900102

    39,999

    $396,990

  • 3.99%

    M Evo Global Acquisition Corp II

    MEVO

    G6071J102

    40,000

    $395,600

  • 3.98%

    Hennessy Capital Investment Corp VIII

    HCIC

    G44055104

    40,000

    $395,000

  • 3.66%

    Crane Harbor Acquisition Corp II

    CRAN

    G25014104

    36,191

    $363,358

  • 3.21%

    Aldel Financial II Inc

    ALDF

    G01558108

    30,000

    $318,900

  • 3.09%

    Oyster Enterprises II Acquisition Corp

    OYSE

    G6861F104

    30,000

    $306,600

  • 3.06%

    AI Infrastructure Acquisition Corp

    AIIA

    G01336109

    30,000

    $303,900

  • 2.54%

    BTC Development Corp

    BDCI

    G0701G109

    25,164

    $252,269

  • 2.49%

    Jackson Acquisition Co II

    JACS

    G4992A110

    23,288

    $246,736

  • 2.47%

    NewHold Investment Corp III

    NHIC

    G6486E102

    23,308

    $245,200

  • 1.03%

    Indigo Acquisition Corp

    INAC

    G4791J106

    10,000

    $101,800

  • 0.40%

    US BANK MMDA - USBGFS 7 06/01/2031

    USBGFS7

    8AMMF0FT3

    39,408

    $39,408

  • 0.15%

    AI Infrastructure Acquisition Corp

    AIIA-R

    G01336117

    63,234

    $15,176

  • 0.12%

    Fifth Era Acquisition Corp I

    FERAR

    G3415K135

    37,549

    $12,016

  • 0.12%

    Space Asset Acquisition Corp

    SAAQW

    G8375S119

    13,333

    $11,733

  • 0.11%

    Axiom Intelligence Acquisition Corp 1

    AXINR

    G0750N112

    60,729

    $10,628

  • 0.10%

    Metals Acquisition Corp II

    MTAL/WS

    G60420117

    13,333

    $10,000

  • 0.09%

    Aldel Financial II Inc

    ALDFW

    G01558124

    25,512

    $8,686

  • 0.08%

    Crane Harbor Acquisition Corp II

    CRANR

    G25014112

    36,191

    $7,781

  • 0.08%

    Evolution Global Acquisition Corp

    EVOXW

    G3226F119

    20,875

    $7,724

  • 0.08%

    GigCapital7 Corp

    GIGGW

    G38648120

    18,693

    $8,262

  • 0.08%

    BERTO ACQUISITION CORP

    TACOW

    G1051H119

    9,894

    $8,410

  • 0.07%

    Apex Treasury Corp

    APXTW

    G04104124

    28,500

    $6,698

  • 0.07%

    Hennessy Capital Investment Corp VIII

    HCICR

    G44055120

    40,000

    $6,700

  • 0.07%

    Jackson Acquisition Co II

    JACS-R

    G4992A136

    46,288

    $7,175

  • 0.07%

    M Evo Global Acquisition Corp II

    MEVOW

    G6071J110

    20,000

    $7,400

  • 0.07%

    OTG Acquisition Corp I

    OTGAW

    G6791A118

    25,188

    $7,191

  • 0.07%

    Oyster Enterprises II Acquisition Corp

    OYSER

    G6861F138

    42,871

    $6,814

  • 0.07%

    Titan Acquisition Corp

    TACHW

    G8901A111

    21,196

    $6,485

  • 0.07%

    Spartacus Acquisition Corp II

    TMTSW

    G8303R118

    13,333

    $7,386

  • 0.07%

    Willow Lane Acquisition Corp II

    WLIIW

    G9675K111

    10,000

    $6,650

  • 0.06%

    Indigo Acquisition Corp

    INACR

    G4791J114

    44,021

    $5,930

  • 0.06%

    NewHold Investment Corp III

    NHICW

    G6486E110

    8,655

    $6,240

  • 0.06%

    Sizzle Acquisition Corp II

    SZZLR

    G8193F133

    30,281

    $5,743

  • 0.05%

    Aldabra 4 Liquidity Opportunity Vehicle Inc

    ALOVW

    G01900110

    13,333

    $5,200

  • 0.05%

    Roman DBDR Acquisition Corp II

    DRDBW

    G7633M112

    22,858

    $5,046

  • 0.05%

    Daedalus Special Acquisition Corp

    DSACW

    G2616C116

    13,000

    $5,330

  • 0.05%

    Soulpower Acquisition Corp

    SOUL-R

    G82745137

    30,281

    $5,375

  • 0.04%

    Centurion Acquisition Corp

    ALFUW

    G20315118

    25,003

    $3,684

  • 0.04%

    Black Hawk Acquisition Corp

    BKHAR

    G1148A119

    2,857

    $4,000

  • 0.04%

    Blue Water Acquisition Corp III

    BLUWW

    G1368E114

    8,491

    $3,608

  • 0.04%

    Flag Ship Acquisition Corp

    FSHPR

    G3530C117

    40,003

    $3,996

  • 0.03%

    BTC Development Corp

    BDCIW

    G0701G117

    6,291

    $3,083

  • 0.03%

    Lionheart Holdings

    CUBWW

    G5501C117

    20,002

    $3,000

  • 0.03%

    Silverbox Corp IV

    SBXD/WS

    G81354121

    15,622

    $2,881

  • 0.03%

    Wen Acquisition Corp

    WENNW

    G9R39C111

    7,701

    $2,849

  • 0.02%

    Launch Two Acquisition Corp

    LPBBW

    G5S87A113

    11,307

    $1,640

  • 0.02%

    Voyager Acquisition Corp

    VACHW

    G93A7H112

    15,460

    $2,319

  • 0.00%

    Aldabra 4 Liquidity Opportunity Vehicle Inc

    ALOVU

    G01900201

    1

    $10

  • 0.00%

    Metals Acquisition Corp II

    MTAL/U

    G60420125

    1

    $10

  • 0.00%

    Space Asset Acquisition Corp

    SAAQU

    G8375S127

    1

    $10

  • 0.00%

    Spartacus Acquisition Corp II

    TMTSU

    G8303R126

    1

    $10

  • -0.03%

    Cash & Other

    Cash&Other

    Cash&Other

    -2,493

    $-2,493

Data as of: 05/08/2026

  • Net Asset Value

    $92.33

  • NAV Change

    $0.16

  • Median 30 Day Spread

    %

  • Market Price

    $91.56

  • Market Price Change

    $0.60

  • Premium/Discount

    $-0.77 | -0.84%

Historical Data

Premium/Discount Range (%)

Date

  • Greatest Premium

    0.11% 04/29/2026

  • Greatest Discount

    -1.45% 04/15/2026

  • Number of Days At

  • Premium:

    1

  • NAV:

    1

  • Discount:

    25

  • Days Within Percent of NAV

  • Percent of Days +/- 0.5% of NAV:

    63%

  • Number of Days +/- 0.5% of NAV:

    17

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: 03/31/2026

  • SPAQ

    NAV

  • 1 Month

    -0.21%

  • YTD

    -0.20%

  • 1 Year

    5.82%

  • 3 Year

    5.55%

  • 5 Year

    --

  • Since Inception Annualized

    5.53%

  • SPAQ

    Market Value

  • 1 Month

    -0.24%

  • YTD

    0.06%

  • 1 Year

    4.78%

  • 3 Year

    5.20%

  • 5 Year

    --

  • Since Inception Annualized

    5.23%

Data as of: 03/31/2026

  • SPAQ

    1 Month

    YTD

    1 Year

    3 Year

    5 Year

    Since Inception Annualized

  • NAV

    -0.21%

    -0.20%

    5.82%

    5.55%

    --

    5.53%

  • Market Value

    -0.24%

    0.06%

    4.78%

    5.20%

    --

    5.23%

Latest Distribution History

  • Ex-Dividend Date

    Dec 23, 2025

  • Record Date

    Dec 23, 2025

  • Payable Date

    Dec 24, 2025

  • Income

    $14.40989

  • Short Term Capital Gain

    $0.41414

  • Long Term Capital Gain

    $0.30723

  • Return of Capital

    $0.00

  • Total

    $15.13126

  • Ex-Dividend Date

    Dec 24, 2024

  • Record Date

    Dec 24, 2024

  • Payable Date

    Dec 26, 2024

  • Income

    $2.84177729

  • Short Term Capital Gain

    $0.11

  • Long Term Capital Gain

    $0.00

  • Return of Capital

    $0.00

  • Total

    $2.9518

  • Ex-Dividend Date

    Dec 27, 2023

  • Record Date

    Dec 28, 2023

  • Payable Date

    Dec 29, 2023

  • Income

    $2.49989253

  • Short Term Capital Gain

    $0.02994

  • Long Term Capital Gain

    $0.00

  • Return of Capital

    $0.00

  • Total

    $2.52983253

Latest Distribution History

  • Ex-Dividend
    Date

    Record Date

    Payable Date

    Income

    Short Term
    Capital Gain

    Long Term
    Capital Gain

    Return of
    Capital

    Total

  • Dec 23, 2025

    Dec 23, 2025

    Dec 24, 2025

    $14.40989

    $0.41414

    $0.30723

    $0.00

    $15.13126

  • Dec 24, 2024

    Dec 24, 2024

    Dec 26, 2024

    $2.84177729

    $0.11

    $0.00

    $0.00

    $2.9518

  • Dec 27, 2023

    Dec 28, 2023

    Dec 29, 2023

    $2.49989253

    $0.02994

    $0.00

    $0.00

    $2.52983253

Resources

  • SPAQ Factsheet
    View PDF
  • SPAQ Presentation
    View PDF
  • SPAC (Special Purpose Acquisition Companies) Primer
    View PDF
  • SPAQ ETF Annual Financial Statements and Additional Information December 31, 2025
    View PDF
  • SPAQ Annual Shareholder Report (TSR) December 31, 2025
    View PDF
  • 2025 SPAQ Distributions
    View PDF
  • SPAQ 9/30/2025 Quarterly Schedule of Portfolio Holdings
    View PDF
  • Form N-PX Voting Record
    Read More
  • SPAQ 2024 Semi-Annual Letter
    View PDF
  • SPAQ Summary Prospectus
    View PDF
  • SPAQ Prospectus
    View PDF
  • SPAQ Semi-Annual Financial Statements and Additional Information June 30, 2025 (Unaudited)
    View PDF
  • ETF Annual Financial Statements and Additional Information December 31, 2024
    View PDF
  • SPAQ Statement of Additional Information
    View PDF
  • SPAQ Semi-Annual Shareholder Report (TSR) June 30, 2025
    View PDF
  • SPAQ Annual Shareholder Report (TSR) December 31, 2024
    View PDF
  • SPAQ Semi-Annual Shareholder Report June 30, 2024
    View PDF
  • SPAQ 3/31/2025 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 9/30/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 3/31/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • Semi-Annual Financial Statements and Additional Information June 30, 2024 (Unaudited)
    View PDF
  • 2024 ETF Distributions
    View PDF
  • 2023 ETF Distribution
    View PDF
  • 2023 Annual Report
    View PDF
  • SPAQ Factsheet
    View PDF
  • SPAQ Presentation
    View PDF
  • SPAC (Special Purpose Acquisition Companies) Primer
    View PDF
  • SPAQ ETF Annual Financial Statements and Additional Information December 31, 2025
    View PDF
  • SPAQ Annual Shareholder Report (TSR) December 31, 2025
    View PDF
  • 2025 SPAQ Distributions
    View PDF
  • SPAQ 9/30/2025 Quarterly Schedule of Portfolio Holdings
    View PDF
  • Form N-PX Voting Record
    Read More
  • SPAQ 2024 Semi-Annual Letter
    View PDF
  • SPAQ Summary Prospectus
    View PDF
  • SPAQ Prospectus
    View PDF
  • SPAQ Semi-Annual Financial Statements and Additional Information June 30, 2025 (Unaudited)
    View PDF
  • ETF Annual Financial Statements and Additional Information December 31, 2024
    View PDF
  • SPAQ Statement of Additional Information
    View PDF
  • SPAQ Semi-Annual Shareholder Report (TSR) June 30, 2025
    View PDF
  • SPAQ Annual Shareholder Report (TSR) December 31, 2024
    View PDF
  • SPAQ Semi-Annual Shareholder Report June 30, 2024
    View PDF
  • SPAQ 3/31/2025 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 9/30/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • SPAQ 3/31/2024 Quarterly Schedule of Portfolio Holdings
    View PDF
  • Semi-Annual Financial Statements and Additional Information June 30, 2024 (Unaudited)
    View PDF
  • 2024 ETF Distributions
    View PDF
  • 2023 ETF Distribution
    View PDF
  • 2023 Annual Report
    View PDF

Press

  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 11/5/2025)
    Watch
  • Horizon Kinetics Active ETF 2025 Webinar Series
    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
  • Replay – Horizon Kinetics SPAC Active ETF (SPAQ) Webinar (Event Date: 11/5/2025)
    Watch
  • Horizon Kinetics Active ETF 2025 Webinar Series
    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.

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