ETF Evaluator:
SPAC and New Issue ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Event Driven Over the Last Year
| 20.1% | Saba Closed-End Funds ETF (CEFS) |
| 10.9% | AltShares Event-Driven ETF (EVNT) |
| 10.3% | ProShares Merger (MRGR) |
| 8.2% | Event Driven () |
| 7.9% | First Trust Equity Market Neutral ETF (NTRL) |
Risk
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Risk
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ETF Details
SPAC and New Issue ETF Overview
SPAC and New Issue ETF (SPCK) is an actively managed Alternative Event Driven exchange-traded fund (ETF). SPAC launched the ETF in 2020.
The investment seeks to provide total return.
The fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in units and shares of Special Purpose Acquisitions Companies (“SPACs”) that have a minimum capitalization of $100 million and companies that completed an initial public offering (“IPO”) within the last two years. The fund may also invest in depositary receipts or appropriate ETFs for cash management purposes or due to a lack of suitable investment opportunities, the fund may hold up to 20% of its net assets in cash or similar short-term, high-quality debt securities.
About SPAC and New Issue ETF (SPCK)
There are 1 members of the management team with an average tenure of 5.63 years: Matthew Tuttle (2020). 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 IQ Merger Arbitrage TR USD DMY index with a weighting of 100%. SPAC and New Issue ETF has 50 securities in its portfolio. The top 10 holdings constitute 38.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
SPAC and New Issue ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. SPAC and New Issue ETF has 7.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 91.5% There is 7.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). SPAC and New Issue ETF has 1.5% of the portfolio in cash.
Assets Under Management
The fund has $8 million in total assets, which is below the $118 million average for the Event Driven 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.
SPCK 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 SPAC and New Issue ETF expense ratio is high compared to funds in the Event Driven category. SPAC and New Issue ETF has an expense ratio of 2.32%, which is 71% higher than its category average, making the fund expense ratio grade a F. 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. SPAC and New Issue ETF has a portfolio turnover rate of 328%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 292% for the Event Driven category.
Recently, in the month of July 2026, SPAC and New Issue ETF returned -1.0%, which earned it a grade of F, as the Event Driven category had an average return of 0.4%. 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.
SPAC and New Issue ETF has a trailing yield of 16.52%, which is above the 3.65% category average.
The fund normally distributes its income 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.
SPAC and New Issue ETF Grades
Year to date, the ETF has returned -0.1%, 4.6 percentage points worse than the category, which translates into a grade of F. The fund has returned 1.9% over the past year (grade of F), 3.2% over the past three years (grade of F) and -1.8% per year over the past five years (grade of F).
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SPCK 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 |
|
| SPCK Return (NAV) | -1.0% | -0.7% | 1.9% | 3.2% | -1.8% | na |
| SPCK Return (Price) | 0.5% | -0.1% | 2.8% | 3.8% | -1.4% | na |
| NAV +/- Price Return | -1.464% | -0.635% | -0.915% | -0.602% | -0.377% | na |
| Event Driven Avg | 0.4% | 1.5% | 8.2% | 8.1% | 4.5% | 4.6% |
| SPCK Grade (NAV) | F | F | F | F | F | na |
| +/- Category (NAV) | -1.3% | -2.2% | -6.3% | -4.9% | -6.3% | na |
| SPCK Tax-Cost Ratio | na | na | 5.8% | 2.4% | 1.5% | na |
SPCK Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPCK Return (NAV) | -0.1% | 7.6% | 2.4% | -3.9% | -12.1% | 10.1% | na | na | na | na | na |
| SPCK Return (Price) | 1.3% | 7.8% | 2.8% | -4.1% | -12.3% | 9.3% | na | na | na | na | na |
| NAV +/- Price Ret | -10.754% | 0.031% | 0.170% | 0.059% | 0.011% | -0.078% | na | na | na | na | na |
| Event Driven Avg | 4.5% | 9.9% | 6.7% | 6.0% | -3.9% | 4.2% | 13.2% | 11.2% | -2.3% | 4.6% | 2.7% |
| SPCK Grade (NAV) | F | D | F | F | F | A | na | na | na | na | na |
| +/- Category | -4.6% | -2.3% | -4.3% | -9.9% | -8.2% | 5.9% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.11 |
| R-Squared: | 11% |
| Standard Deviation: | 4.2% |
| Category Risk Index: | 0.87 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 0.34 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 16.5% |
| Total Assets: | $ 8 Mil |
| Share Class Assets: | $ 8 Mil |
| Turnover: | 328.0% |
| Expense Ratio: | 2.32% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 5.6 years | |||
| Average Tenure: 5.6 years | |||
| Managers (Year): Tuttle Matthew (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 50 |
| % in Top 10 Holdings: | 38.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.0% |
Portfolio Allocation |
|
| Domestic Stock: | 91.5% |
| Foreign Stock: | 7.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 1.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | SPAC |
| Phone Number: | 866-904-0406 |
| Website: | |
| Inception Date: | December 15, 2020 |
Expenses and Fees
| Expense Ratio (%): | 2.32% (Rating: High) |
| Category Average Expense Ratio (%): | 1.36% |
