IQ

SPAQ · Horizon Kinetics SPAC Active ETF

$92.44
0.0% · 1 day, price
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<p>Data: <a href="https://etfiq.com/funds/spaq">ETFIQ SPAQ analysis</a></p>

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SPAQ is actively managed and returned +1.6% over the past year.

What drove SPAQ’s returns?What does SPAQ cost to own and to trade?What does SPAQ hold?
1-year total return
+1.6%to Nov 12, 2026
Expense ratio
0.85%a year
Equity fund · Actively managedExpense ratio 0.85%Fund assets $10m net assets, latest filing (Jun 30, 2026)First traded Jan 30, 2023Benchmark Its own holdings, as of Jun 30, 2026; its prospectus names no index it tracksSEC filings ↗Dividend history

SPAQ returned +1.6% over the year to Nov 12, 2026, charges 0.85% a year and holds $10m in net assets on Jun 30, 2026.

Promise check: Not measured

Analyze SPAQPut to the committeeAdd to portfolioOverlapRisk checkAlerts
Growth of $10,000

SPAQ, 1 year

Total return, distributions reinvested, Nov 12, 2025 to Nov 12, 2026. No second line: its benchmark is its own holdings, which have no daily price series.

SPAQ $10,156 +1.6%Returns from daily closes. Data
Scorecard · vs

SPAQ risk and return scorecard

Not measured: no scorecard was computed for this fund.

Method

Total return

What you earned

SPAQ −0.6%: total return over one month to Nov 12, 2026.
$10,000 in SPAQ would be $9,940, over one month to Nov 12, 2026.
SPAQ−0.6%
SPAQ −1.8%: total return over three months to Nov 12, 2026.
$10,000 in SPAQ would be $9,820, over three months to Nov 12, 2026.
SPAQ−1.8%
SPAQ +0.3%: total return over six months to Nov 12, 2026.
$10,000 in SPAQ would be $10,030, over six months to Nov 12, 2026.
SPAQ+0.3%
SPAQ +2.0%: total return year to date, Dec 31, 2025 to Nov 12, 2026.
$10,000 in SPAQ would be $10,200, year to date, Dec 31, 2025 to Nov 12, 2026.
SPAQ+2.0%
SPAQ +1.6%: total return over one year to Nov 12, 2026.
$10,000 in SPAQ would be $10,160, over one year to Nov 12, 2026.
SPAQ+1.6%
SPAQ +14.8%: total return over three years to Nov 12, 2026.
$10,000 in SPAQ would be $11,480, over three years to Nov 12, 2026.
SPAQ+14.8%
SPAQ +20.5%: total return since launch to Nov 12, 2026.
$10,000 in SPAQ would be $12,050, since launch to Nov 12, 2026.
SPAQ+20.5%
askIQ: what drove SPAQ’s returns? ↗
Fees over time · hypothetical
Fees paid
$818
Of the amount
8.2%

At SPAQ’s 0.85% a year, taken each year from the amount after growth. Hypothetical.

No index, actively managed

How concentrated, and what does it cost?

+1.6%
Total return, 1 year
Report
0.85%
Expense ratio
Report
37
Holdings
Report
−1.8%
Below its high
Report
14.3%
12-month yield, capital gains included, on its starting price
Report
$15.1313
Last payment (paid annually), ex-date Dec 23, 2025
Report
Sector mix
Cost against like funds
askIQ: is a 0.85% fee low for a fund like SPAQ? ↗

12 committee seats read SPAQ on data as of Nov 12, 2026: 0 Supports, 1 Mixed, 5 Challenges, 6 without enough data.

0 Supports1 Mixed5 Challenges6 Not enough data
  • Bogle
  • Graham
  • Buffett & Munger
  • Lynch
  • Templeton
  • Dalio
  • Marks
  • Druckenmiller
  • Swensen
  • Wood
  • Livermore
  • Skeptic

Watch the committee read SPAQ How the committee works

12 seats on SPAQ, as of Nov 12, 2026: 1 Mixed, 5 Challenges, 6 Not enough data.

In the tradition ofJohn BogleBogle-style Low CostChallenges
In the tradition ofBenjamin GrahamGraham-style Margin of SafetyNot enough data
In the tradition ofWarren Buffett & Charlie MungerBuffett & Munger-style QualityNot enough data
In the tradition ofPeter LynchLynch-style Growth at a Reasonable PriceNot enough data
In the tradition ofJohn TempletonTempleton-style Global ContrarianNot enough data
In the tradition ofRay DalioDalio-style All-WeatherChallenges
In the tradition ofHoward MarksMarks-style Cycles & RiskChallenges
In the tradition ofStanley DruckenmillerDruckenmiller-style Macro & LiquidityChallenges
In the tradition ofDavid SwensenSwensen-style DiversificationChallenges
In the tradition ofCathie WoodWood-style Disruptive InnovationNot enough data
In the tradition ofJesse LivermoreLivermore-style Trend FollowingMixed
Uses ETFIQ’s measuresETFIQ SkepticETFIQ’s own seatNot enough data
Put SPAQ to the committee →See all seats →No investor named is affiliated with or endorses ETFIQ. Not investment advice.

Risk Officer

Risk check

What to look at before you hold SPAQ. Not advice.

As of Nov 13, 2026, SPAQ crossed 0 of 5 ETFIQ risk lines.

OverlapNot publishedNot published
Trading costNot publishedNot published
Premium or discountNot publishedNot published
ConcentrationTop 10 holdings are 42.4% of the fundClear
ClosureNo closure flagClear

Lines and sources: Method. Check several funds at once on My Portfolio.

More on SPAQ

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Price and total return, 1 year

$92.440.0%1 day, priceClose, Nov 12, 2026

Total return adds every distribution, reinvested. Computed by ETFIQ from Tiingo daily prices.

Source: Tiingo end-of-day prices. Data as of Nov 12, 2026. Updated every trading night. Report a data error

SPAQ returns by window: total return, cash paid and price change
WindowTotal returnS&P 500 (SPY)
1M Oct 13 – Nov 12, 2026−0.6%−2.7%
3M Aug 13 – Nov 12, 2026−1.8%−2.4%
6M May 14 – Nov 12, 2026+0.3%+1.7%
YTD Dec 31, 2025 – Nov 12, 2026+2.0%+11.9%
1Y Nov 12, 2025 – Nov 12, 2026+1.6%+12.0%
3Y Nov 13, 2023 – Nov 12, 2026+14.8%+78.3%
Since launch Jan 30, 2023 – Nov 12, 2026+20.5%+98.2%
Since launch, annualised Jan 30, 2023 – Nov 12, 2026+5.0%–

Total returns, distributions reinvested.

Source: Tiingo end-of-day prices, with distributions reinvested.

SPAQ key stats

52-week high, daily closes to Nov 12, 2026 (ETFIQ)$107.48 on Dec 18, 2025
52-week low, daily closes to Nov 12, 2026 (ETFIQ)$89.43 on Jan 5, 2026
Close on Nov 12, 2026, within that range (ETFIQ)$92.44, 17% of the way from the low to the high
Holdings37
Top ten weight42.4%
Range, beta and R-squared computed by ETFIQ from Tiingo daily prices.

Trading

as of Nov 11, 2026
Trading · SPAQas of Nov 11, 2026
·
Not scored1 of 6 measured · Nov 11, 2026
0 · Hard to tradeIQ Liquidity Score100 · Trades like a giant
Cost for your order · one way, half its 30-day median spread
One dealer
How to tradeSpread not read.
Full trading page: components, premium history, dealers →

SPAQ for holders outside the US

US tax withheld on dividends, no treaty30%
Treaty rates on dividends (IRS table, read Oct 30, 2026)65 countries, 10% to 30%
SPAQ interest-related and short-term gain dividendsnot read by ETFIQ
US estate tax filing threshold, non-resident holders$60,000
Share classDistributing

SPAQ is a US fund. Stock of US corporations counts as US property for a non-resident's estate. Facts from the IRS, not tax advice. How withholding and treaties work
Download all holdings

SPAQ top ten by weight, 42.4% of the fund, of its 37 equity positions, from the holdings filed for Jun 30, 2026. Source: the fund’s SEC filing.

Oaktree Acquisition Corp III L OACC 5.31%
NewHold Investment Corp IV NHIVU 4.55%
Wen Acquisition Corp WENN 4.19%
Evolution Global Acquisition C EVOX 4.15%
Cantor Equity Partners V Inc CEPV 4.09%
Willow Lane Acquisition Corp I WLII 4.05%
OTG Acquisition Corp I OTGA 4.03%
Space Asset Acquisition Corp SAAQ 4.03%
Metals Acquisition Corp II MTAL 4.03%
RRE Ventures Acquisition Corp RREVU 4.01%
Fund filings on SEC EDGAR ↗See all 37 holdings →Check overlap with another fund →

Source: Holdings filing (SEC Form N-PORT). Data as of Jun 30, 2026. Updated when the fund files its next report.

About SPAQ

What it tracksNo index, actively managed
Fund typeEquity fund
Category (ETFIQ)Stocks · Financials
Region (ETFIQ)United States
Expense ratio (485BPOS XBRL, Apr 27, 2026)0.85%
Price$92.44
First tradedJan 30, 2023
Net assets (SEC filing, whole fund, as filed for Jun 30, 2026)$10mReport
Benchmark (ETFIQ, from its filings)Its own holdings, as of Jun 30, 2026; its prospectus names no index it tracks
Below its high (ETFIQ)−1.8%
Holdings37
Top ten weight42.4%
Cash, not in the top ten1.8%
Holdings as of (SEC N-PORT)Jun 30, 2026
Already in the S&P 500, by weight (ETFIQ)0.0%
Active share vs the S&P 500 (ETFIQ)100.0%
Already in the Nasdaq-100, by weight (ETFIQ)0.0%
Promise checkNot measured. It names no index it tracks.

Questions people ask about SPAQ

How has SPAQ performed?
Over the year to Nov 12, 2026, SPAQ returned +1.6% with distributions reinvested. Over three years the number is +14.8%.
What does SPAQ cost?
The prospectus expense ratio is 0.85% a year.
What does SPAQ hold?
37 positions as filed for Jun 30, 2026, with the top ten at 42.4% of the fund. 0% of its weight is in stocks the S&P 500 also holds.
How far is SPAQ below its high?
1.8% below its high of Aug 12, 2026, measured on the reinvested series to Nov 12, 2026.
Sources and dates
Prices, SPAQ and S&P 500 (SPY)Tiingo end-of-day · Nov 12, 2026
Fee, 0.85%Prospectus filing with the expense ratio (SEC) ↗
Net assets, $10mSEC filing, whole fund · Jun 30, 2026
HoldingsHoldings filing (SEC Form N-PORT) · Jun 30, 2026 ↗
IssuerHorizon Kinetics website ↗
All fund filingsFund filings on SEC EDGAR ↗
Horizon Kinetics’s own site ↗

Links are sources, not endorsements.

Method →Standards and sources →Open data →
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ETFIQ, SPAQ, stock fund, data as of Nov 12, 2026. https://etfiq.com/funds/spaq

Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms. The underlying files are at Open data.

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SPAQ: SPAQ over 1 year: total return +1.6%. Data to Nov 12, 2026.
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<iframe src="https://etfiq.com/embed/core/spaq/" title="SPAQ: SPAQ over 1 year: total return +1.6%. Data to Nov 12, 2026." width="640" height="370" loading="lazy" style="border:0;max-width:100%;width:100%"></iframe>
<figcaption style="font:13px/1.5 sans-serif">SPAQ: SPAQ over 1 year: total return +1.6%. Data to Nov 12, 2026. Data: <a href="https://etfiq.com/funds/spaq">ETFIQ</a></figcaption>
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