Horizon Kinetics SPAC Active ETF
SPAQ
NASDAQ Global Market- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- CEO
- Geoffrey D. Strong
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 470 Park Avenue South New York NY United States of America 10016
- IPO Date
- Jan 30, 2023
- CIK
- 0001720990
- Website
- spartanspaciii.com
- Similar Companies
- Business
- Horizon Kinetics SPAC Active ETF (SPAQ) is an actively managed exchange-traded fund that seeks to generate realized capital gains in excess of short-term interest rates on a risk-adjusted basis by primarily investing in special purpose acquisition companies, or SPACs, including their common stock, rights, and warrants. The Fund, sub-advised by Ryan Heritage, LLP, typically holds 15 to 20 SPACs prior to their business combinations, targeting those expected to outperform comparable bank certificates of deposit while benefiting from the structures' mitigated downside risk, optionality, short duration, and tax efficiency; its portfolio as of December 17, 2025, includes top holdings such as AI Infrastructure Acquisition Corp (AIIA, 5.55%), Apex Treasury Corp (APXT, 4.91%), Axiom Intelligence Acquisition Corp 1 (AXIN, 4.90%), and others like Aldel Financial II Inc (ALDF), Centurion Acquisition Corp (ALF), and Oaktree Acquisition Corp III Life Sciences (OACC). Launched on January 27, 2023, and listed on NASDAQ with ticker SPAQ (CUSIP 53656G555), the ETF is part of the Listed Funds Trust under Horizon Kinetics, an independent firm headquartered at 470 Park Avenue South, New York, NY, managing approximately $9.8 billion in firm-wide assets as of December 31, 2024. The Fund operates in the active equity ETF segment of the financial services industry, targeting investors seeking event-driven opportunities in pre-merger SPACs across various sectors and geographies, with net assets of $11.5 million and an expense ratio of 0.85% as of December 17, 2025. It maintains a non-diversified portfolio focused on U.S.-listed SPACs, which deposit substantially all proceeds in trust accounts invested in U.S. government securities, money market instruments, or cash until a combination or liquidation occurs within typical 18-24 month windows. Distributions include significant income components, such as the December 2024 ex-dividend payout totaling $2.9518 per share (primarily income with short-term capital gains), reflecting the interest accrued from SPAC trusts. Recent developments include a December 24, 2024, distribution of $2.9518 per share, comprising $2.8418 in income and $0.11 in short-term capital gains, following a similar 2023 payout; semi-annual financial statements for June 30, 2025 (unaudited), an annual report for December 31, 2024, and quarterly holdings schedules through September 30, 2025; ongoing webinars such as the November 5, 2025, event replay and the 2025 Active ETF Webinar Series; and portfolio evolution shown in top holdings shifts, with net assets declining to $11.5 million from prior peaks around $16.9 million. No major acquisitions, funding rounds, or strategic alliances for the ETF itself are reported in the last 1-2 years, with focus remaining on active SPAC selection amid market conditions reflected in YTD NAV performance of 7.45% and 1-year NAV return of 9.04% as of September 30, 2025.