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SPIT

GradeDNASDAQ Global Select

F/m Emerald Special Situations ETF

Active Equity · Emerald · Inception 2025-10-06 · SEC filings

$31.23−0.29 (−0.92%)

As of Sep 23, 2026, 3:09 PM EDT

History starts Oct 6, 2025.History starts Oct 6, 2025.
Intraday session: down, 25 prints from 31.52 to 31.23. Range 31.08 to 31.46. Use the arrow keys to read each point.$31.10$31.30$31.40$31.5010 AM12 PM2 PM4 PM
Expense ratio
0.89%
Fund size
$34M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$31.50
52W range
low $23.69high $35.78

The ETF.net SPIT Grade

D

39/ 100

Rank 86 of 127 in US Active Equity⁠

Confidence Medium

Six-pillar profile for SPIT. Scores out of 100: Cost 24, Risk 34, Mission not scored, Tradability 57, Holdings 78, Durability 26. Strongest: Holdings (78). Weakest: Cost (24). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 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 24
    Category rank98/127 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 34
    Category rank98/126 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 57
    Category rank49/127 · top 39%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    AScore 78
    Category rank21/124 · top 17%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    DScore 26
    Category rank117/127 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on SPIT

ETF.net Research

DAn event-driven stock picker in ETF wrapping. SPIT hunts mergers, reorganizations and other one-off corporate shake-ups, benchmark-agnostic and sector-agnostic, run by an Emerald team managing US equity money since the early 1990s.

Stated mandate

The Fund seeks long-term growth through capital appreciation and primarily invests in equity securities of companies undergoing unique, idiosyncratic situations or transformations, including mergers, reorganizations, and other unusual issuer-specific events.

Why people hold it

  1. 01Buys the catalyst, not the index: the mandate targets companies going through mergers, reorganizations and other unusual issuer-specific events.
  2. 02Benchmark-agnostic and sector-agnostic by design, so managers can roam across sectors and market caps instead of anchoring to mega-cap-heavy core exposure.businesswire.com
  3. 03Sub-advised by Emerald Advisers, a Pennsylvania shop running active US equity since 1991, in a concentrated high-conviction book rather than a sprawling name list.businesswire.com
  4. 04The portfolio itself is the strongest part of the package: a genuinely differentiated set of holdings, not an index tracker wearing an active label.

Worth knowing

  1. 01Charges 0.89% a year, well above the typical active US equity ETF, and that fee applies whether or not the situations play out.
  2. 02Launched in 2025, still a small and thinly traded fund, so bid-ask spreads can be wider than in the giants of its category and the live record is short.
  3. 03Deals break. The fund's own risk language notes a special situation may never happen or may take far longer than expected, pressuring the shares involved.businesswire.com

SPIT Holdings

As of Sep 20, 2026, 9:31 AM
Asset class
Stocks
Holdings
—
Top-10 weight
35%
Largest holding
CORT5.5%

Geography

  • United States94.51%
  • United Kingdom3.14%
  • Cayman Islands2.35%
The fund’s holdings, weight-ordered — page 1 of 3.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001CORTCorcept Therapeutics Inc5.51%16,585$2M147
002GHGuardant Health Inc4.04%7,831$1M171
003TTITETRA Technologies Inc3.87%215,276$1M80
004AMZNAmazon.com Inc3.75%5,056$1M720
005SEISolaris Energy Infrastructure Inc3.23%16,125$1M122
006LIVNLivaNova PLC3.14%13,827$1M129
007EEExcelerate Energy Inc2.97%27,774$1M77
008CVLTCommvault Systems Inc2.90%6,954$992K162
009ARLOArlo Technologies Inc2.84%72,882$970K96
010SKWDSkyward Specialty Insurance Group Inc2.63%15,999$900K95
011IDCCInterDigital Inc2.63%2,768$897K188
012PEverpure Inc2.61%8,625$892K257
013AVAVAeroVironment Inc2.54%5,401$868K138
014NVDANVIDIA Corp2.52%3,922$860K828
015CDNLCardinal Infrastructure Group Inc2.48%27,245$849K42

Showing 1–15 of 44 holdings

SPIT Performance

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

SPIT$12,151
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. SPIT $12,151. SPY $11,430. Use the arrow keys to read each point.$8,960$11,378$13,795Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

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.

Trailing total return for SPIT. Periods over one year show the average yearly return.
PeriodSPIT
Year to date+21.5%
1 month−5.3%
3 months−6.8%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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 SPIT
YearReturn barSPIT
2026 YTD+21.5%
2025+5.5%

Since listing, Oct 6, 2025

SPIT in the news

ETF.net Research hasn’t filed on SPIT yet — coverage lands here as it’s written.

SPIT 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 Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$1.86 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Nov 13, 2025 $1.86. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Nov 13, 2025Nov 14, 2025$1.86

SPIT Risk

How much the fund’s monthly returns vary, scaled to a year.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
1.44
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.

SPIT Cost

Expense ratio0.89%
  • The middle half of US Active Equity funds
  • Median 0.70%

92 of the 124 US Active Equity funds charge less.

SPIT costs $89.00 a year on $10,000. The median US Active Equity fund costs $70.00.