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Launched · SEC filings

Horizon Kinetics SPAC Active ETF

SPAQNasdaqHorizon KineticsD

$92.39−0.54 (−0.58%)

At close: Nov 2, 2026, 4:00 PM ET

D36/ 100

Rank 6 of 8 in IPO & Spin-Off

D36/100Rank 6 of 8inIPO & Spin-Off
Intraday session: down, 77 prints from 92.93 to 92.39. Range 91.89 to 93.15. Use the arrow keys to read each point.92.0092.2592.7510 AM12 PM2 PM4 PM
Expense ratio
0.85%
Fund size
$9M
1Y total return
+1.4%
Yield · Last 12 months
16.36%
Holdings
59
Avg volume · 30D
214 sh
52W range
low $89.43high $108.25
Launched
Filings
SEC EDGAR

The ETF.net SPAQ Grade

Based on 5 of 6 pillars

D

Score 36 out of 100

Category
IPO & Spin-Off⁠
Rank
6 of 8
Six-pillar profile for SPAQ. Scores out of 100: Cost 18, Risk 67, Mission not scored, Tradability 29, Holdings 57, Durability 30. Strongest: Risk (67). Weakest: Cost (18). Based on 5 of 6 pillars.

Score 36 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F18 out of 100
    Rank 7 of 8

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B67 out of 100
    Rank 1 of 8

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D29 out of 100
    Rank 6 of 8

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B57 out of 100
    Rank 4 of 7

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D30 out of 100
    Rank 8 of 8

Our read on SPAQ

ETF.net Research

In short

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.

Stated mandate

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

Holdings pillarB57 out of 100Rank 4 of 7 in IPO & Spin-Off
Asset class
Stocks
Holdings
59
Top-10 weight
44%
Largest holding
Us Bank Mmda - Usbgfs 7 06/01/20315.8%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 4.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataUs Bank Mmda - Usbgfs 7 06/01/20315.80%524,695$525K7
2NHIVNewHold Investment Corp IV4.50%40,814$407K1
3ACAAAverin Capital Acquisition Corp4.44%40,000$402K1
4VIIViking Acquisition Corp II4.31%39,747$390K1
5EVOXEvolution Global Acquisition Corp4.25%37,866$384K2
6OTGAOTG Acquisition Corp I4.12%36,279$373K1
7CEPVCantor Equity Partners V Inc4.10%36,279$370K1
8WLIIWillow Lane Acquisition Corp II4.09%36,279$369K1
9MTALMetals Acquisition Corp II4.07%36,278$367K2
10SAAQSpace Asset Acquisition Corp4.05%36,278$366K2
11MEVOM Evo Global Acquisition Corp II4.02%36,279$363K1
12ALOVAldabra 4 Liquidity Opportunity Vehicle Inc4.02%36,278$363K1
13TMTSSpartacus Acquisition Corp II4.01%36,278$363K1
14HCICHennessy Capital Investment Corp VIII4.00%36,279$362K1
15RNAQRainier Acquisition Corp3.99%36,279$361K2

Showing 1–15 of 59 holdings

SPAQ Performance

Launched Jan 27, 2023

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.
SPAQ$10,143
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. SPAQ $10,143. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for SPAQ. Periods over one year show the average yearly return.
PeriodSPAQ
Year to date+2.0%
1 month−0.9%
3 months−1.5%
1 year+1.4%
3 yearsper year+4.8%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for SPAQ
YearReturn barSPAQ
2026 YTD+2.0%
2025+7.4%
2024+4.3%
2023+4.9%

History from Jan 31, 2023

SPAQ in the news

SPAQ Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
16.36%Last 12 months
Payout per share
$15.13Last 12 months
Last payment
$15.13 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 to 2026 YTD. Dec 27, 2023 $2.53; Dec 24, 2024 $2.95; Dec 23, 2025 $15.13. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 23, 2025Dec 24, 2025$15.13
Dec 24, 2024Dec 26, 2024$2.95
Dec 27, 2023Dec 29, 2023$2.53

$10,000 in SPAQ 3 years ago paid $2,081 in dividends.

SPAQ Risk

Risk pillarB67 out of 100Rank 1 of 8 in IPO & Spin-Off
How much the fund’s monthly returns vary, scaled to a year.
2.7%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
0.10
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−5.3%
44 months · trough Sep 2025
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.

How strongly the fund’s returns move with its asset-class index.
0.04
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

SPAQ Cost

Compare SPAQ and FPX

Overpaying vs FPX, cheapest in IPO & Spin-Off

$4,928

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SPAQ 0.85%

    $16,199

  • FPX 0.57% Cheapest

    $11,271

$10,000
30 years

Cost over time

  • SPAQ 0.85%
  • FPX 0.57%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SPAQ $16,199FPX $11,271

Year by year

YearSPAQFPXOverpaying
10$1,508$1,023$485
20$5,706$3,921$1,785
30$16,199$11,271$4,928

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