SPCZ
RiverNorth Enhanced Pre-Merger SPAC ETF
RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is an actively managed fund that invests in premerger securities of special purpose acquisition companies (SPACs). Also known as “blank check companies”, their business plan is to raise capital in an Initial Public Offering (IPO) and, within a specific period of time, engage in a merger or acquisition with one or more unidentified companies.
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The Fund aims to capture the potential discount, equity upside, and interest income of pre-merger SPACs. A goal of the Fund is to achieve positive absolute rates of return, particularly when measured against the level of risk assumed.
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A SPAC is a public acquisition vehicle formed by a management sponsor team that raises capital via IPO with the intent to use that capital to merge with an existing private company within a finite period. The primary stages of a SPAC are the IPO, announcement of a business combination, closing of the business combination and listing of a new public entity (at which point the SPAC dissolves).
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The Fund’s investment manager utilizes relative value analysis for each SPAC investment as well as trading strategies and programs in concert with proprietary trading strategies and programs that seek to derive value from buying and selling SPAC securities.
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By purchasing SPACs in the Pre-Acquisition phase of the SPAC life cycle, management is able to make investments that offer downside mitigation due to the redemption value of the SPAC Trust. The portfolio is diversified by SPAC sponsor, by vintage, and across units, common shares, founder shares and warrants.
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The Fund can be utilized in the alternatives allocation in a portfolio in an effort to capture alpha with low correlation to traditional asset classes.
| FUND DETAILS | |
|---|---|
| Fund Inception | July 11, 2022 |
| Fund Listing | July 12, 2022 |
| Primary Exchange | NYSE |
| Ticker | SPCZ |
| CUSIP | 53656G100 |
| NAV Symbol | SPCZ.NV |
| Expense Ratio | 0.89% |
| 30 Day SEC Yield * | |
* As of 7/12/2022
| FUND DATA & PRICING | |
|---|---|
| Net Assets as of 08/11/2022 | $3.76M |
| NAV | $25.04 |
| Shares Outstanding | 150,000 |
| Premium/discount Percentage | 0.14% |
| Closing Price | $25.08 |
| 30 Day Median Bid/Ask Spread | 0.28% |
Data as of 08/11/2022
FUND DOCUMENTS
| PERFORMANCE | Returns as of 7/11/2022 | ||||||
|---|---|---|---|---|---|---|---|
| AVG. ANNUALIZED | |||||||
| 3 month | 6 month | 1 Year | 3 Year | Since Inception | |||
| MARKET PRICE | |||||||
| FUND NAV | |||||||
| ICE BofA 0-3 Year | |||||||
Expense ratio: 0.89%
As fund is less than a year old, Since Inception performance shown is cumulative. Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.
Performance data quoted on this website represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed or sold in the secondary market, may be worth more or less than the original cost. Investors will incur usual and customary brokerage commissions when buying or selling shares of the exchange-traded funds (“ETFs”) in the secondary market, and that, if reflected, the brokerage commissions would reduce the performance returns. Current performance may be lower or higher than the performance shown. Shares are bought and sold at market price not net asset value (“NAV”) and are not individually redeemable from the fund. Call 877.774.TRUE for more information.
Index performance does not represent TrueShares fund performance. It is not possible to invest directly in an index. All performance figures assume reinvestment of dividend and capital gains at net asset value; actual returns may differ. Performance 1-year and less are cumulative; performance over 1-year are average annualized total returns. Market price performance is determined using the bid/ask midpoint at 4:00pm Eastern time, when the NAV is typically calculated. NAV price performance is determined using the daily calculated NAV. They do not represent the returns you would receive if you traded shares at other times. Performance figures do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or upon redemption or sale of fund shares.
The ICE BofA 0-3 Year US Treasury Index tracks the performance of US dollar denominated sovereign debt publicly issued by the US government in its domestic market with maturities less than three years.
| DISTRIBUTION DETAIL | |||
|---|---|---|---|
| EX-Date | Record Date | Payable Date | Amount |
| TOP 10 HOLDINGS | |||||
|---|---|---|---|---|---|
| Percentage Of Net Assets | Name | TICKER | CUSIP | Shares Held | Market Value |
| 3.99 | FORTRESS VALUE ACQUIS IV-A | FVIV | 34964K108 | 15240.00 | 149809.20 |
| 3.99 | FORTRESS VALUE ACQUIS CORP III COM CL A | FVT | 34964G107 | 15162.00 | 149800.56 |
| 3.98 | JAWS MUSTANG ACQUISITION CORP SHS CL A | JWSM | G50737108 | 15144.00 | 149622.72 |
| 3.98 | AUSTERLITZ ACQUISITION CORP II COM CL A | ASZ | G0633U101 | 15252.00 | 149469.60 |
| 3.49 | SCREAMING EAGLE ACQUISITN CORP CLASS A ORD SHS | SCRM | G79407105 | 13584.00 | 131221.44 |
| 3.00 | CHURCHILL CAPITAL CORP VI | CCVI | 17143W101 | 11418.00 | 112581.48 |
| 3.00 | APOLLO STRATEGIC GRWT CPTL II SHS CL A | APGB | G0412A102 | 11406.00 | 112577.22 |
| 3.00 | CHURCHILL CAPITAL CORP V | CCV | 17144T107 | 11394.00 | 112572.72 |
| 3.00 | JAWS JUGGERNAUT ACQUISITN CORP CLASS A ORD SHS | JUGG | G50735102 | 11502.00 | 112547.07 |
| 2.99 | JAWS HURRICANE ACQUISITN CORP CLASS A COM | HCNE | 47201B103 | 11502.00 | 112489.56 |
Data as of 08/15/2022. Holdings are subject to change.