Horizon Kinetics SPAC Active ETF
$93.02−0.20 (−0.21%)
- Expense ratio
- 0.85%
- Fund size
- $10M
- 1Y return
- +4.8%
- Yield · Last 12 months
- 16.23%
- Holdings
- 57
- Volume · 30D
- 0M sh
- NAV per share
- $93.52
- 52W range
The ETF.net SPAQ Grade
Score 37 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 19Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 66Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 26Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 68Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 30Category rank
Our read on SPAQ
DMost equity funds measure themselves against the stock market. This one sets its bar at a bank CD: an actively run basket of SPACs and their warrants, chasing realized gains above short-term interest rates.
The Fund seeks realized capital gains above short-term interest rates on a risk-adjusted basis. It primarily pursues this objective by investing in SPACs that the sub-adviser expects to generate gains above comparable bank certificate-of-deposit income.
Why people hold it
- The mandate is unusually literal: realized capital gains above short-term rates, measured against what a comparable bank certificate of deposit would pay.
- Goes where index products rarely do: roughly 60 positions in SPACs plus the warrants and rights attached to them, chosen by a sub-adviser rather than a screen.
- Its peer group is mostly IPO and spin-off index funds (FPX, CSD, IPO). This is one of the few US ETFs pointed squarely at SPACs, and it has run since 2023.
Worth knowing
- Active management shows up in the fee: 0.85% a year versus a 0.70% peer median, and SPAC-focused rival SPCK charges no management fee at all.
- A small fund that trades thinly, so spreads can run wider than in the big index names in its category and order size matters more.
- Cash comes back once or twice a year at most, and with no index underneath, outcomes ride on the sub-adviser's deal-by-deal judgment.
SPAQ Holdings
- Stocks
- 57
- 43%
- OACC
Sectors
- Financials100.0%
Geography
- United States93.38%
- Cayman Islands4.44%
- United Kingdom2.18%
SPAQ Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | SPAQ |
|---|---|
| Year to date | +2.8% |
| 1 month | −0.1% |
| 3 months | −0.7% |
| 1 year | +4.8% |
| 3 years | +5.2% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | SPAQ |
|---|---|---|
| 2026 YTD | +2.8% | |
| 2025 | +7.4% | |
| 2024 | +4.3% | |
| 2023 | +4.9% |
SPAQ in the news
ETF.net Research hasn’t filed on SPAQ yet — coverage lands here as it’s written.
SPAQ Dividends
- 16.23%
- $15.13
- $15.13 per share
- Annual
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Dec 23, 2025 | Dec 24, 2025 | $15.13 |
| Dec 24, 2024 | Dec 26, 2024 | $2.95 |
| Dec 27, 2023 | Dec 29, 2023 | $2.53 |
SPAQ Risk
- 2.5%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.34
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −5.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.04
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
SPAQ Cost
- The middle half of IPO & Spin-Off funds
- Median 0.70%
6 of the 8 IPO & Spin-Off funds charge less.