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Name

As of 06/03/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Horizon Kinetics SPAC Active ETF

SPAQ | Active ETF

$93.22

$9.92 M

15.46%

$14.41

0.85%

Vitals

YTD Return

2.8%

1 yr return

5.0%

3 Yr Avg Return

5.9%

5 Yr Avg Return

N/A

Net Assets

$9.92 M

Holdings in Top 10

45.2%

52 WEEK LOW AND HIGH

$93.2
$89.43
$107.83

Expenses

OPERATING FEES

Expense Ratio 0.85%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 06/03/2026

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Horizon Kinetics SPAC Active ETF

SPAQ | Active ETF

$93.22

$9.92 M

15.46%

$14.41

0.85%

SPAQ - Profile

Distributions

  • YTD Total Return 2.8%
  • 3 Yr Annualized Total Return 5.9%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 15.5%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Horizon Kinetics SPAC Active ETF
  • Fund Family Name
    N/A
  • Inception Date
    Jan 27, 2023
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt"The Fund is an actively managed exchange-traded fund (“ETF”) that pursues its investment objective primarily by investing, under/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /spandiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:469.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:276.96pt"normal circumstances, in special purpose acquisition companies (“/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:312.96pt;position:var(--position);text-decoration:none;white-space:pre;width:263.04pt"SPACs”) that Ryan Heritage, LLP, the Fund’s investment sub-/span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:153.28pt"adviser (the “Sub-Adviser”), believes /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:189.28pt;position:var(--position);text-decoration:none;white-space:pre;width:386.63pt"will generate net realized capital gains in excess of the income derived from bank certificates of/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.91pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:493.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:124.28pt"deposit with similar maturities./span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:511.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt"A SPAC (also known as a “blank check” company) is an investment vehicle with no commercial operations that is designed to raise/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:523.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"capital via an initial public offering (“IPO”) for the purpose of engaging in a merger, acquisition, reorganization, or similar business/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"combination (a “Combination”) with one or more operating companies to be identified subsequent to the SPAC’s IPO. SPACs are/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:547.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"often used as a vehicle to transition a company from private to publicly traded as an alternative to a more traditional direct IPO by a/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:559.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:69.72pt"private company./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:105.72pt;position:var(--position);text-decoration:none;white-space:pre;width:470.2pt" Unless and until Combination is completed, a SPAC generally places a minimum of the total amount of cash raised/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.92pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:571.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.81pt"in the IPO in a trust account that invests such cash in U.S. government securities or money market funds. A SPAC sponsor generally/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.81pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:583.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.86pt"has 24 months (or less) to find an acquisition target, secure shareholder approval, and complete the Combination. Prior to/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:595.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.87pt"consummation of a Combination, the SPAC’s shares trade in the market at prices that may be below or above the per share value of/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:607.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.98pt"the trust account. If a Combination is not consummated within the allowed time span, the SPAC is automatically liquidated and the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:619.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:51.14pt"cash value, /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:87.14pt;position:var(--position);text-decoration:none;white-space:pre;width:257.89pt"after any applicable taxes, fees, and administrative expenses,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:345.03pt;position:var(--position);text-decoration:none;white-space:pre;width:230.84pt" of the SPAC trust is distributed to shareholders. If a/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.87pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:631.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.94pt"Combination is proposed, shareholders can (1) continue to hold onto their shares (which then bear the risks associated with all equity/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:643.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"securities) or (2) redeem their shares for the pro rata value of the cash value of the trust. The Sub-Adviser believes SPACs offer upside/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:655.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"potential when sold after an attractive Combination announcement, coupled with one or more redemption options, such as when the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:667.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.92pt"Fund is permitted to exit a SPAC prior to the completion of a Combination without loss of the principal it invested in the SPAC, thus/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.92pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:679.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:244.82pt"providing a true asymmetric risk/reward profile for investors/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:280.82pt;position:var(--position);text-decoration:none;white-space:pre;width:5.29pt". /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:286.11pt;position:var(--position);text-decoration:none;white-space:pre;width:289.83pt"Under normal circumstances, at least 80% of the Fund’s net assets, plus/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:691.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt"borrowings for investment purposes, will be invested in Pre-Combination SPACs, together with the warrants or rights issued in/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:703.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:219.62pt"connection with the IPO of Pre-Combination SPACs./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:255.62pt;position:var(--position);text-decoration:none;white-space:pre;width:320.36pt" A warrant or right is a security that allows its holder to purchase a specified/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.98pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:715.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:261.88pt"amount of common stock at a specified price for a specified time./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:297.88pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:733.5pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"The Fund may maintain during a temporary period of abnormal conditions, a significant portion of its total assets in cash and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:745.5pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.95pt"securities, generally considered to be cash and cash equivalents, including, but not limited to, high quality, U.S. short-term debt/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.95pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdivdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"securities and money market instruments. The Sub-Adviser will invest in such short-term cash positions to the extent the Sub-Adviser/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:48pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:540pt"is unable to find sufficient investments meeting its criteria and when the Sub-Adviser believes the purchase of additional equity/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:576pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:60pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt"securities would not further the investment objective of the Fund during such periods of time. The criteria for temporarily investing in/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:72pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"cash equivalents is a lack of current investments that the Sub-Adviser believes will generate net realized capital gains in excess of the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:84pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:311.21pt"income derived from bank certificates of deposit with similar maturities. /spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:347.21pt;position:var(--position);text-decoration:none;white-space:pre;width:228.72pt"Additionally, to respond to adverse market, economic,/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:96pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.84pt"political or other conditions, which may persist for short or long periods of time, the Fund may invest up to 100% of its assets in the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.84pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/div/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:404.86pt"types of high quality, U.S. short-term debt securities and money market instruments described above./span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:440.86pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:126pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"If the market advances during periods when the Fund is holding a large cash position, the Fund may not participate in the positive/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:138pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.93pt"performance as much as it would have if it had been more fully invested in securities. During the temporary periods mentioned in the/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:150pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.97pt"paragraph above, the Sub-Adviser believes that an additional amount of liquidity in the Fund is desirable both to meet operating/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.97pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:162pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:539.83pt"requirements and to take advantage of new investment opportunities. When the Fund holds a significant portion of assets in cash and/spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:575.83pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divdiv style="font-size:12pt;line-height:10pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:233.01pt"cash equivalents, it may not meet its investment objective./spanspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:269.01pt;position:var(--position);text-decoration:none;white-space:pre;width:2.5pt" /span/divspan style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:36pt;position:var(--position);text-decoration:none;white-space:pre;width:514.18pt"The Fund is classified as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”)./span
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SPAQ - Performance

Return Ranking - Trailing

Period SPAQ Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% N/A N/A N/A
1 Yr 5.0% N/A N/A N/A
3 Yr 5.9%* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period SPAQ Return Category Return Low Category Return High Rank in Category (%)
2025 -7.9% N/A N/A N/A
2024 1.3% N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period SPAQ Return Category Return Low Category Return High Rank in Category (%)
YTD 2.8% N/A N/A N/A
1 Yr 5.0% N/A N/A N/A
3 Yr 5.9%* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period SPAQ Return Category Return Low Category Return High Rank in Category (%)
2025 7.4% N/A N/A N/A
2024 4.3% N/A N/A N/A
2023 N/A N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A

SPAQ - Holdings

Concentration Analysis

SPAQ Category Low Category High SPAQ % Rank
Net Assets 9.92 M N/A N/A N/A
Number of Holdings 59 N/A N/A N/A
Net Assets in Top 10 4.44 M N/A N/A N/A
Weighting of Top 10 45.16% N/A N/A N/A

Top 10 Holdings

  1. Oaktree Acquisition Corp III Life Sciences 5.40%
  2. AI Infrastructure Acquisition Corp 5.10%
  3. Jackson Acquisition Co II 4.99%
  4. Titan Acquisition Corp 4.45%
  5. Inflection Point Acquisition Corp VI 4.37%
  6. Wen Acquisition Corp 4.25%
  7. Evolution Global Acquisition Corp 4.24%
  8. Space Asset Acquisition Corp 4.14%
  9. Cantor Equity Partners V Inc 4.11%
  10. Willow Lane Acquisition Corp II 4.11%

Asset Allocation

Weighting Return Low Return High SPAQ % Rank
Stocks 		98.41% N/A N/A N/A
Other 		1.08% N/A N/A N/A
Cash 		0.58% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A
Bonds 		0.00% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High SPAQ % Rank
Utilities 		0.00% N/A N/A N/A
Technology 		0.00% N/A N/A N/A
Real Estate 		0.00% N/A N/A N/A
Industrials 		0.00% N/A N/A N/A
Healthcare 		0.00% N/A N/A N/A
Financial Services 		0.00% N/A N/A N/A
Energy 		0.00% N/A N/A N/A
Communication Services 		0.00% N/A N/A N/A
Consumer Defense 		0.00% N/A N/A N/A
Consumer Cyclical 		0.00% N/A N/A N/A
Basic Materials 		0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High SPAQ % Rank
US 		98.41% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

SPAQ - Expenses

Operational Fees

SPAQ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.85% N/A N/A N/A
Management Fee 0.85% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

SPAQ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

SPAQ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SPAQ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

SPAQ - Distributions

Dividend Yield Analysis

SPAQ Category Low Category High SPAQ % Rank
Dividend Yield 15.46% N/A N/A N/A

Dividend Distribution Analysis

SPAQ Category Low Category High Category Mod
Dividend Distribution Frequency Annual

Net Income Ratio Analysis

SPAQ Category Low Category High SPAQ % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

SPAQ Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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SPAQ - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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