SPAQ ETF — Horizon Kinetics SPAC Active ETF

Horizon Kinetics SPAC Active ETF (SPAQ)

SPAQ is an ETF. its distribution rate is 3.15%, its trailing-12-month yield is 16.18%, its expense ratio is 0.85%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is 21.9% over the past 3.6 years, 80.5 points behind SPY at 102.4%.

SPAQ performance versus SPY

Price and return data through 2026-09-21.

Total return is 21.9% over the past 3.6 years, 80.5 points behind SPY at 102.4%. Over the past year its total return — price change plus distributions reinvested — is 5.7%. Its deepest 1-year drawdown was 3.9%.

SPAQ key facts

Distribution Safety Score™

50 · Unproven

Issuer

Horizon Kinetics

Asset type

ETF

Asset class

Equity

Inception date

01/27/2023

Expense ratio

0.85%

Distribution rate

3.15%

Distribution frequency

Annual

Trailing yield

16.18%

Last close

$93.53 (as of 2026-09-21)

NAV

$93.50

Premium / discount

0.03% premium

AUM

$10,050,263

Average volume

11.0

Last dividend

$15.131

Last ex-dividend date

12/23/2025 (as of 2025-12-23)

Last payment date

12/24/2025 (as of 2025-12-24)

Beta

0.1044

P/E ratio

37.8437

How Dividend Vision calculates yield and returns

Distribution rate (3.15%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (16.18%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: Horizon Kinetics; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

SPAQ risks and drawbacks

SPAQ's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are annual, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 3.9%.

Who may consider SPAQ — and who may not

SPAQ may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (SPAQ pays annual); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from Horizon Kinetics.