ETF Evaluator:
Horizon Kinetics SPAC Active ETF ()
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(as of Aug 18)
Best Performing in Financial Over the Last Year
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ETF Details
Horizon Kinetics SPAC Active ETF Overview
Horizon Kinetics SPAC Active ETF (SPAQ) is an actively managed Sector Equity Financial exchange-traded fund (ETF). Horizon Kinetics launched the ETF in 2023.
The investment seeks to generate realized capital gains in excess of short-term interest rates on a risk adjusted basis.
The fund is an actively-managed exchange-traded fund that pursues its investment objective primarily by investing, under normal circumstances, in special purpose acquisition companies (“SPACs”) that, the fund’s investment sub-adviser, believes will generate net realized capital gains in excess of the income derived from bank certificates of deposit with similar maturities. The fund is non-diversified.
About Horizon Kinetics SPAC Active ETF (SPAQ)
There are 3 members of the management team with an average tenure of 3.51 years: Andrew Dakos (2023), Rajeev Das (2023) and Phillip Goldstein (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and ICE BofA US 6M Trsy Bill TR USD index with a weighting of 100%. Horizon Kinetics SPAC Active ETF has 62 securities in its portfolio. The top 10 holdings constitute 42.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Horizon Kinetics SPAC Active ETF is part of the Equity global asset class and is within the Sector Equity ETF group. Horizon Kinetics SPAC Active ETF has 4.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 94.9% There is 4.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.1% (0.1% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Horizon Kinetics SPAC Active ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $2 billion average for the Financial category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SPAQ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Horizon Kinetics SPAC Active ETF expense ratio is high compared to funds in the Financial category. Horizon Kinetics SPAC Active ETF has an expense ratio of 0.85%, which is 44% lower than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Horizon Kinetics SPAC Active ETF has a portfolio turnover rate of 81%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 27% for the Financial category.
Recently, in the month of July 2026, Horizon Kinetics SPAC Active ETF returned 0.1%, which earned it a grade of F, as the Financial category had an average return of 4.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Horizon Kinetics SPAC Active ETF has a trailing yield of 15.23%, which is above the 3.85% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Horizon Kinetics SPAC Active ETF Grades
Year to date, the ETF has returned 2.4%, 2.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.7% over the past year (grade of D) and 5.8% over the past three years (grade of F).
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SPAQ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPAQ Return (NAV) | 0.1% | 1.8% | 4.7% | 5.8% | na | na |
| SPAQ Return (Price) | -0.3% | 2.9% | 2.1% | 4.9% | na | na |
| NAV +/- Price Return | 0.307% | -1.163% | 2.629% | 0.940% | na | na |
| Financial Avg | 4.6% | 6.3% | 9.3% | 15.6% | 8.6% | 10.8% |
| SPAQ Grade (NAV) | F | D | D | F | na | na |
| +/- Category (NAV) | -4.6% | -4.6% | -4.6% | -9.8% | na | na |
| SPAQ Tax-Cost Ratio | na | na | 5.7% | 2.7% | na | na |
SPAQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPAQ Return (NAV) | 2.4% | 8.9% | 4.3% | na | na | na | na | na | na | na | na |
| SPAQ Return (Price) | 2.9% | 5.2% | 4.3% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.175% | -0.411% | 0.018% | na | na | na | na | na | na | na | na |
| Financial Avg | 4.8% | 11.7% | 23.9% | 13.9% | -13.8% | 32.1% | -1.0% | 28.6% | -12.8% | 14.2% | 22.3% |
| SPAQ Grade (NAV) | D | C | F | na | na | na | na | na | na | na | na |
| +/- Category | -2.4% | -2.9% | -19.6% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.04 |
| R-Squared: | 5% |
| Standard Deviation: | 2.0% |
| Category Risk Index: | 0.12 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.17 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 15.2% |
| Total Assets: | $ 10 Mil |
| Share Class Assets: | $ 10 Mil |
| Turnover: | 81.0% |
| Expense Ratio: | 0.85% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.5 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Dakos Andrew (2023), Das Rajeev (2023), Goldstein Phillip (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 62 |
| % in Top 10 Holdings: | 42.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.3% |
Portfolio Allocation |
|
| Domestic Stock: | 94.9% |
| Foreign Stock: | 4.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.1% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.1% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Horizon Kinetics |
| Phone Number: | 800-617-0004 |
| Website: | |
| Inception Date: | January 27, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.85% (Rating: High) |
| Category Average Expense Ratio (%): | 1.52% |
