Morningstar

Horizon Kinetics SPAC Active ETF SPAQ

Medalist Rating as of Sep 30, 2026 See Horizon Kinetics Investment Hub

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.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
SPAQ	Horizon Kinetics SPAC Active ETF	ETF	Open			Jan 27, 2023	$9.04M	0.850%	—	—	−$2.39M

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