SPAQ Fees and Costs — Horizon Kinetics SPAC Active ETF
Data updated: 2026-08-26
The net expense ratio is 0.85%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $16K in broker commissions, 0.1050% of average net assets, and portfolio turnover was 81%.
SPAQ Fees and Expenses
Annual operating expenses and sales charges of SPAQ. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SPAQ Costs Over Time
On $10,000 invested in SPAQ, assuming 5% a year before costs, total costs come to $598 over 5 years, cutting the return by 1.00% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.85%) | $89 | $279 | $483 |
| Trading costs (broker commissions) | $11 | $34 | $60 |
| Lost growth on money paid in costs | $0 | $15 | $55 |
| Total costs | $100 | $329 | $598 |
| Value after costs | $10,400 | $11,248 | $12,165 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
SPAQ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1050%
- Total broker commissions: $16K
- Bought from dealers (principal trades, not a cost): $9.0M
- Portfolio turnover (prospectus): 81%
- Securities lending: none during the year
SPAQ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $7K | 45.08% |
| STONEX FINANCIAL INC. | $3K | 18.89% |
| CANTOR FITZGERALD & CO. | $3K | 16.83% |
| CLEAR STREET LLC | $2K | 13.80% |
| FIRST BALLANTYNE LLC | $400 | 2.52% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $290 | 1.82% |
| MADISON WILLIAMS AND COMPANY | $137 | 0.86% |
| WELLS FARGO SECURITIES LLC | $28 | 0.18% |
| ROTHSCHILD & CO US INC. | $5 | 0.03% |
SPAQ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $2.9M | 31.85% |
| CANTOR FITZGERALD & CO. | $2.2M | 24.53% |
| GOLDMAN SACHS & CO. LLC | $1.5M | 16.72% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $820K | 9.14% |
| WEDBUSH SECURITIES INC. | $645K | 7.19% |
| NATIONAL FINANCIAL SERVICES LLC | $598K | 6.66% |
| BTIG LLC | $350K | 3.90% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.