SPAQ
Horizon Kinetics SPAC Active ETF
SPAQ is actively managed to provide exposure to globally listed, pre-combination special purpose acquisition companies (SPACs) of any capitalization.
Global
EQUITY
Active
MANAGEMENT STYLE
17.0 M
ASSETS UNDER MGMT
85 bp
EXPENSES
Fund Basics
| Fund sponsor | |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Jan 30, 2023 |
| Assets (mns) | $17 |
| Expense ratio | 85 bp |
Fund Structure
| Regulation | |
| Distributions | |
| Taxation | 1099 |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top Holdings
| OAKTREE ACQUISITION CORP III LIFE SCIENCES | 4.8 % |
| CENTURION ACQUISITION CORP | 4.8 % |
| M3-BRIGADE ACQUISITION V CORP | 4.7 % |
| LAUNCH TWO ACQUISITION CORP | 4.7 % |
| ALDEL FINANCIAL II INC | 4.5 % |
| GRAF GLOBAL CORP | 4.5 % |
| LEGATO MERGER CORP III | 4.4 % |
| VOYAGER ACQUISITION CORP | 4.4 % |
| SILVERBOX CORP IV | 4.4 % |
| HAYMAKER ACQUISITION CORP 4 | 4.4 % |
Asset Allocation
Historical Performance
Standardized Performance (as of 04/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 3.2% | 3.1% | 2.8% | -- | -- | -- | -- | 3.3% |
| Dividend Yield | 0.0% | 3.1% | 2.9% | -- | -- | -- | -- | 2.6% |
| Total Returns | 3.2% | 6.2% | 5.7% | -- | -- | -- | -- | 5.8% | Ann. Volatility | 3.9% | 6.1% | 6.4% | -- | -- | -- | -- | 6.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | -0.12 | 63% |
| MSCI EAFE | -0.05 | 14% |
| MSCI Emg Mkts | -0.11 | 28% |
Liquidity Measures
| Avg. volume (000) | 0 |
| ADV traded (mns) | $0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 3.66% |
Technical Indicators
| Recent close | $101.67 |
| 30d moving avg. | $100.80 |
| Annualized volatility | 1.8% |
| Relative strength (RSI) | 66 |
| Short interest | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| SPAQ (85 bp) Percentile rank | 68 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| SPAQ | 85.0 | 366.4 | 451.4 |
| Peer Avg. | 58.5 | 34.3 | 92.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .