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RiverNorth Enhanced Pre-Merger SPAC ETF

Active ETF
SPCZ
Payout Change
Pending
Price as of:
$25.9827 +0.02 +0.07%
primary theme
N/A
SPCZ (ETF)

RiverNorth Enhanced Pre-Merger SPAC ETF

Payout Change
Pending
Price as of:
$25.9827 +0.02 +0.07%
primary theme
N/A
SPCZ (ETF)

RiverNorth Enhanced Pre-Merger SPAC ETF

Payout Change
Pending
Price as of:
$25.9827 +0.02 +0.07%
primary theme
N/A

Name

As of 12/31/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

RiverNorth Enhanced Pre-Merger SPAC ETF

SPCZ | Active ETF

$25.98

$5.22 M

3.21%

$0.83

0.90%

Vitals

YTD Return

0.0%

1 yr return

5.3%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$5.22 M

Holdings in Top 10

40.2%

52 WEEK LOW AND HIGH

$26.0
$25.42
$27.08

Expenses

OPERATING FEES

Expense Ratio 0.90%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 12/31/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

RiverNorth Enhanced Pre-Merger SPAC ETF

SPCZ | Active ETF

$25.98

$5.22 M

3.21%

$0.83

0.90%

SPCZ - Profile

Distributions

  • YTD Total Return 0.0%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    RiverNorth Enhanced Pre-Merger SPAC ETF
  • Fund Family Name
    N/A
  • Inception Date
    Jul 11, 2022
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US

Fund Description

The Fund is actively managed using a strategy designed around the unique characteristics of “Pre-Combination” (defined below) SPAC securities. Under normal market conditions, the Fund seeks to achieve its investment objective by investing primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). A warrant is a derivative that gives the holder the right, but not the obligation, to buy or sell a security at a certain price prior to the expiration of the warrant. A right is a privilege granted to existing holders of a company’s stock to receive additional shares of common stock before it is offered to the public.
A SPAC is a “blank check” company with no commercial operations that is designed to raise capital via an initial public offering (“IPO”) for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination (a “Combination”) with one or more operating companies. Sponsors of SPACs typically pay the SPAC’s offering costs and underwriting fees and contribute all or a portion of its working capital in exchange for participation in the common stock and derivatives (such as warrants and rights) of the SPAC. A SPAC IPO typically involves the sale of units consisting of one share of common stock and a warrant or right (or portion of a warrant or right) to purchase common stock at a fixed price upon or after the consummation of a Combination. The capital raised in the IPO is typically placed into a trust. The proceeds of the IPO may be used only to consummate a Combination and for other limited purposes such as paying taxes owed by the SPAC. “Pre-Combination” SPACs (also referred to herein as “Pre-Merger” SPACs) are SPACs that are either seeking a target for a Combination or have not yet completed a Combination with an identified target. Pre-Combination SPACs often have predetermined time frames within which to consummate a Combination (typically two years) or the SPAC will seek to extend the time frame or liquidate.
RiverNorth Capital Management, LLC (the “Sub-Adviser”), the Fund’s investment sub-adviser, is responsible for the day-to-day management of the Fund, subject to the oversight of TrueMark Investments, LLC (the “Adviser”), the Fund’s investment adviser. The investment universe for the Fund will be all Pre-Combination SPACs and their rights and warrants. Such SPACs may be formed, operated and listed in the U.S. or outside of the U.S. The Sub-Adviser will apply quantitative and qualitative analyses, including fundamental and technical analyses, to assess the relative risk/reward potential of the SPACs, in the investment universe and select those SPACs with the greatest risk/reward potential for investment by the Fund. The Sub-Adviser will also evaluate the sponsors of the SPACs as they are crucial to the success of a SPAC acquisition. SPAC sponsors will be evaluated based on the team’s strategy, experience, deal flow, and demonstrated track record in building enterprise value, which is a measure of the value of an operating business determined by calculating the company’s market cap plus total debt minus cash and cash equivalents. If management has any history of growing operating businesses, the Sub-Adviser will take into account their history. Additionally, the Sub-Adviser will evaluate a SPAC’s market value relative to the value of the Fund’s share of the SPAC to realize additional value for shareholders.
Weightings in the Fund will be determined by the Sub-Adviser based on its evaluation of the opportunities in the market. The Fund expects to participate in IPOs of SPACs, secondary market transactions, private placement in public equities and investments in vehicles formed by SPAC sponsors to hold founder shares, which are private rights and other interests issued by a SPAC.
In seeking to achieve the Fund’s investment objective, the Sub-Adviser will monitor the Fund’s portfolio and adjust positions based on changes in expectations of the investments or the availability of better alternatives. The Fund generally will not hold a SPAC’s common stock past the date on which it no longer has the ability to redeem the stock for its share of the underlying collateral held in trust. Instead, prior to the completion of a Combination, the Sub-Adviser intends to sell the SPAC’s shares if they are trading at a premium relative to the trust collateral or tender out of the shares using the Fund’s redemption rights. Warrants acquired during the SPAC lifecycle may be held by the Fund for as long as the Sub-Adviser believes they offer appropriate value for the Fund and its shareholders, even after a Combination has been completed.
In addition, to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”), the Fund may use swaps to seek to leverage the returns of the Fund’s portfolio. The use of leverage could magnify the Fund’s gains or losses.
Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in Pre-Merger SPACs (along with the warrants or rights issued in connection with the IPOs of SPACs).
The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a lesser number of issuers than if it were a diversified fund. The SPACs in which the Fund invests will generally be small or mid-capitalization companies.
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SPCZ - Performance

Return Ranking - Trailing

Period SPCZ Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% N/A N/A N/A
1 Yr 5.3% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Return Ranking - Calendar

Period SPCZ Return Category Return Low Category Return High Rank in Category (%)
2024 1.0% N/A N/A N/A
2023 0.9% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A

Total Return Ranking - Trailing

Period SPCZ Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% N/A N/A N/A
1 Yr 5.3% N/A N/A N/A
3 Yr N/A* N/A N/A N/A
5 Yr N/A* N/A N/A N/A
10 Yr N/A* N/A N/A N/A

* Annualized

Total Return Ranking - Calendar

Period SPCZ Return Category Return Low Category Return High Rank in Category (%)
2024 5.3% N/A N/A N/A
2023 5.9% N/A N/A N/A
2022 N/A N/A N/A N/A
2021 N/A N/A N/A N/A
2020 N/A N/A N/A N/A

SPCZ - Holdings

Concentration Analysis

SPCZ Category Low Category High SPCZ % Rank
Net Assets 5.22 M N/A N/A N/A
Number of Holdings 86 N/A N/A N/A
Net Assets in Top 10 2.08 M N/A N/A N/A
Weighting of Top 10 40.19% N/A N/A N/A

Top 10 Holdings

  1. Four Leaf Acquisition Corp. COM CL A 4.21%
  2. Global Lights Acquisition Corp. ORD SHS 4.20%
  3. Trailblazer Merger Corp I CL A 4.05%
  4. Spark I Acquisition Corp. COM USD0.0001 CL A 4.04%
  5. AI Transportation Acquisition Corp. ORD SHS 4.03%
  6. Quetta Acquisition Corp. COM 4.00%
  7. Legato Merger Corp III USD0.0001 3.94%
  8. TMT Acquisition Corp. COM USD0.0001 3.93%
  9. Black Hawk Acquisition Corp. USD CL A SHS 3.90%
  10. Oak Woods Acquisition Corp. CL A 3.89%

Asset Allocation

Weighting Return Low Return High SPCZ % Rank
Stocks 		98.65% N/A N/A N/A
Cash 		1.09% N/A N/A N/A
Other 		0.32% N/A N/A N/A
Preferred Stocks 		0.00% N/A N/A N/A
Convertible Bonds 		0.00% N/A N/A N/A
Bonds 		0.00% N/A N/A N/A

Stock Sector Breakdown

Weighting Return Low Return High SPCZ % Rank
Utilities 		0.00% N/A N/A N/A
Technology 		0.00% N/A N/A N/A
Real Estate 		0.00% N/A N/A N/A
Industrials 		0.00% N/A N/A N/A
Healthcare 		0.00% N/A N/A N/A
Financial Services 		0.00% N/A N/A N/A
Energy 		0.00% N/A N/A N/A
Communication Services 		0.00% N/A N/A N/A
Consumer Defense 		0.00% N/A N/A N/A
Consumer Cyclical 		0.00% N/A N/A N/A
Basic Materials 		0.00% N/A N/A N/A

Stock Geographic Breakdown

Weighting Return Low Return High SPCZ % Rank
US 		98.65% N/A N/A N/A
Non US 		0.00% N/A N/A N/A

SPCZ - Expenses

Operational Fees

SPCZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.90% N/A N/A N/A
Management Fee 0.89% N/A N/A N/A
12b-1 Fee N/A N/A N/A N/A
Administrative Fee N/A N/A N/A N/A

Sales Fees

SPCZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A N/A N/A N/A
Deferred Load N/A N/A N/A N/A

Trading Fees

SPCZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SPCZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A N/A N/A N/A

SPCZ - Distributions

Dividend Yield Analysis

SPCZ Category Low Category High SPCZ % Rank
Dividend Yield 3.21% N/A N/A N/A

Dividend Distribution Analysis

SPCZ Category Low Category High Category Mod
Dividend Distribution Frequency Annual

Net Income Ratio Analysis

SPCZ Category Low Category High SPCZ % Rank
Net Income Ratio N/A N/A N/A N/A

Capital Gain Distribution Analysis

SPCZ Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

View More +

SPCZ - Fund Manager Analysis

Tenure Analysis

Category Low Category High Category Average Category Mode
N/A N/A N/A N/A

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