Horizon Kinetics SPAC Active ETF SPAQ Strategy

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.