RiverNorth Enhanced Pre-Merger SPAC ETF
SPCZ
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- RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ), listed on Cboe BZX Exchange under the ticker SPCZ, is an actively managed exchange-traded fund that seeks to preserve capital and provide incremental total return by investing primarily in pre-merger securities of U.S.-listed special purpose acquisition companies (SPACs); these include units comprising common stock, warrants, and rights of SPACs prior to their business combination or de-SPAC process. The Fund opportunistically employs leverage based on valuations, exits positions no later than the de-SPAC process via secondary market sales or tendering shares, and holds cash equivalents or U.S. government securities as needed; top holdings typically feature pre-merger SPACs such as Legato Merger Corp III, Graf Global Corp, and GP-Act III Acquisition Corp alongside money market instruments like State Street Institutional U.S. Government Money Market Fund. SPCZ operates within the financial services sector, targeting investors seeking exposure to small- and mid-cap pre-combination SPACs with potential equity upside, interest income, and warrant optionality, while managing risks associated with SPAC liquidity, merger uncertainty, and foreign securities. Launched on July 11, 2022, and domiciled in the United States, the ETF is advised by TrueMark Investments (Chicago, Illinois) with RiverNorth Capital Management, LLC (founded 2000; offices in West Palm Beach, Florida, and Chicago, Illinois) serving as sub-adviser responsible for portfolio management. In recent developments, SPCZ has maintained its focus on pre-merger SPACs amid fluctuating market volumes, with assets under management around $5.6 million and an expense ratio of 0.90% as of late 2025; the Fund continues to emphasize risk-controlled, opportunistic strategies without reported major acquisitions, funding rounds, or structural changes specific to SPCZ in 2024-2025, though RiverNorth's broader partnership with TrueShares advanced through the August 2025 conversion and renaming of the RiverNorth Core Opportunity Fund to RiverNorth Active Income ETF (CEFZ), highlighting ongoing collaboration in ETF product evolution.