---
ticker: "SPAQ"
name: "Horizon Kinetics SPAC Active ETF"
url: "https://etf.net/etf/SPAQ"
grade: "D"
score: 37
graded_at: "2026-10-12"
category: "IPO & Spin-Off"
category_rank: "6 of 8"
methodology: "https://etf.net/methodology"
---

# SPAQ: Horizon Kinetics SPAC Active ETF

Grade **D**, Score 37 of 100. Rank 6 of 8 in IPO & Spin-Off.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 19 | 7 of 8 |
| Mission | Not scored | — |
| Risk | 62 | 1 of 8 |
| Tradability | 31 | 6 of 8 |
| Holdings | 69 | 1 of 7 |
| Durability | 30 | 8 of 8 |

## Top holdings

The fund holds 63 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | OACC | Oaktree Acquisition Corp III Life Sciences | 5.38% |
| 2 | NHIV | NewHold Investment Corp IV | 4.56% |
| 3 | VII | Viking Acquisition Corp II | 4.30% |
| 4 | EVOX | Evolution Global Acquisition Corp | 4.22% |
| 5 | OTGA | OTG Acquisition Corp I | 4.11% |
| 6 | CEPV | Cantor Equity Partners V Inc | 4.08% |
| 7 | WLII | Willow Lane Acquisition Corp II | 4.08% |
| 8 | MTAL | Metals Acquisition Corp II | 4.05% |
| 9 | KCA-UN | Kensington Capital Acquisition Corp VI | 4.04% |
| 10 | DYNC | Dynamix Corp | 4.02% |
| 11 | MEVO | M Evo Global Acquisition Corp II | 4.02% |
| 12 | SAAQ | Space Asset Acquisition Corp | 4.02% |
| 13 | RNAQ | Rainier Acquisition Corp | 4.00% |
| 14 | ALOV | Aldabra 4 Liquidity Opportunity Vehicle Inc | 4.00% |
| 15 | HCIC | Hennessy Capital Investment Corp VIII | 3.99% |
| 16 | TMTS | Spartacus Acquisition Corp II | 3.99% |
| 17 | BCCQ | Bleichroeder Acquisition Corp III | 3.97% |
| 18 | RREV | RRE Ventures Acquisition Corp | 3.96% |
| 19 | CRAN | Crane Harbor Acquisition Corp II | 3.65% |
| 20 | YICC | Yorkville International Capital Corp | 3.46% |
| 21 | — | Haymaker Acquisition Corp V | 3.30% |
| 22 | OYSE | Oyster Enterprises II Acquisition Corp | 3.12% |
| 23 | AIIA | AI Infrastructure Acquisition Corp | 3.07% |
| 24 | BDCI | BTC Development Corp | 2.55% |
| 25 | IPFX | Inflection Point Acquisition Corp VI | 2.13% |
| 26 | DSAC | Daedalus Special Acquisition Corp | 2.02% |
| 27 | MTAL-WT | Metals Acquisition Corp II | 0.12% |
| 28 | FERAR | Fifth Era Acquisition Corp I | 0.09% |
| 29 | — | AI Infrastructure Acquisition Corp | 0.08% |
| 30 | APXTW | Apex Treasury Corp | 0.08% |

Source: etf.net, https://etf.net/etf/SPAQ. Please cite the page URL.