SPXZ — Morgan Creek - Exos SPAC Originated ETF

SPXZ Fund Overview

SPXZ — Morgan Creek - Exos SPAC Originated ETF is a US ETF managed by Listed Funds Trust, categorised as United States Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Listed Funds Trust
• Category: United States Growth Equity
• Assets under management: $6.04M
• 1-year return: -51.6%
• Ticker: SPXZ
• SEC CIK: 0001683471
• SEC series ID: S000070708
• Share class ID: C000224799

SPXZ Investment Objective and Strategy

Morgan Creek - Exos SPAC Originated ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Listed Funds Trust.

Investment objective

The Morgan Creek - Exos SPAC Originated ETF (the Fund) seeks capital appreciation.

Principal investment strategy

The Fund is an actively-managed exchange-traded fund (ETF) that seeks to achieve its investment objective by investing primarily in U.S.-listed special purpose acquisition companies (SPACs) and in companies that have merged with or been acquired by a SPAC. Investment decisions for the Fund are made by Exos Asset Management, LLC (the Sub-Adviser) with the oversight of Morgan Creek Capital Management, LLC (the Adviser). 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 SPACs 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) 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 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 to consummate a Combination (typically two years) or the SPAC will liquidate. Post-Combination SPACs are operating companies that have completed a Combination with a SPAC within the last three calendar years.

Under normal circumstances, at least 80% of the Funds net assets, plus borrowings for investment purposes, will be invested in Pre-Combination SPACs (along with the warrants or rights issued in connection with the IPO of Pre-Combination SPACs) and Post-Combination SPACs. The Fund generally seeks to invest approximately 33% of its assets in Pre-Combination SPACs (as well as any rights or warrants issued in connection with the IPO of a Pre-Combination SPAC) and approximately 66% of its assets in Post-Combination SPACs (together, the Portfolio Targets). However, the actual amounts invested may be greater or lesser than the Portfolio Targets from time to time as a result of changes in the market value of Fund holdings and during periods when the Sub-Adviser is actively increasing or decreasing exposure to certain investments.

The Fund generally intends to weight each Pre-Combination SPAC in its portfolio equally and each Post-Combination SPAC in its portfolio equally, although the weight of each Pre-Combination SPAC may differ from each Post-Combination SPAC. The Fund generally will invest in Pre-Combination SPACs that are among the 50 largest publicly-traded Pre-Combination SPACs as measured by market capitalization, but may invest in any Pre-Combination SPAC with a market capitalization of $100 million or greater. The selection of specific Pre-Combination SPACs will be based on a number of factors including: (i) the number of Pre-Combination SPACs with market capitalizations over $250 million; (ii) the expected pipeline for new SPAC IPOs; and (iii) the Funds regular portfolio management activities. The Funds portfolio typically will include the securities of approximately 20 to 50 Pre-Combination SPACs.

The Fund generally will invest in Post-Combination SPACs that are among the 50 largest publicly-traded Post-Combination SPACs as measured by market capitalizations, but may invest in any Post-Combination SPAC with a market capitalization of $500 million or greater. The selection of specific Post-Combination SPACs will be based on a number of factors including: (i) the number of Post-Combination SPACs with market capitalizations over $750 million; (ii) the number of Post-Combination SPACs attracting broad research analyst coverage; (iii) the expected pipeline for SPAC Combinations; and (iv) the Funds regular portfolio management activities. The Funds portfolio typically will include the securities of approximately 20 to 50 Post-Combination SPACs. The Fund may hold a limited number of Pre- or Post-Combination SPACs that are not among the 50 largest Pre- or Post-Combination SPACs, respectively, where the valuation analysis of the Sub-Adviser indicates that a particular Pre- or Post-Combination SPAC has the potential for greater appreciation or reduced drawdowns relative to the largest Pre- or Post-Combination SPACs, or to achieve increased diversification for the Fund.

However, any such company will be subject to a minimum market capitalization of $100 million for Pre-Combination SPACs and $500 million for Post-Combination SPACs. The Sub-Adviser may overweight the Funds position in one or more Pre- or Post-Combination SPACs that it believes offer a more advantageous price relative to other companies until, in the determination of the Sub-Adviser, the advantageous pricing has normalized. The occurrence of advantageous price conditions is uncertain, and advantageous price conditions are not expected to materially change the Funds Portfolio Targets. An advantageous price condition exists where the market price of a SPAC temporarily deviates from the Sub-Advisers valuation. Similarly, the Sub-Adviser may underweight the Funds position in one or more Pre- or Post-Combination SPACs that it believes offer a less advantageous price relative to other companies until, in the determination of the Sub-Adviser, the less advantageous pricing has normalized.

To maintain the Portfolio Targets, the Sub-Adviser generally will rebalance the Funds portfolio monthly based on the Funds Portfolio Targets. The monthly rebalancing of the Funds portfolio may result in a higher portfolio turnover rate than experienced by other funds that rebalance their portfolios less frequently. 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.

SPXZ Performance

Total returns for SPXZ (as of 2026-10-01), from SEC filings.

SPXZ Risk Information

Risk metrics for SPXZ, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 22.1%

SPXZ Costs and Fees

SPXZ costs about $100 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.00%
• Gross expense ratio: 1.00%
• Portfolio turnover: 165%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

SPXZ Cashflows

Over the 12 months to 2022-06, Morgan Creek - Exos SPAC Originated ETF had net inflows of $10.74M, from monthly SEC N-PORT filings.

SPXZ Debt Constituents

No individual debt constituents are reported in Morgan Creek - Exos SPAC Originated ETF's latest SEC N-PORT filing.

SPXZ Prospectus and SEC Filings

Official Morgan Creek - Exos SPAC Originated ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2022-04-28
• Prospectus (485BPOS) — filed 2021-01-20
• Portfolio holdings (N-PORT) — filed 2022-08-26
• Portfolio holdings (N-PORT) — filed 2022-05-27
• Portfolio holdings (N-PORT) — filed 2022-02-28
• Annual census (N-CEN) — filed 2022-03-15

Related Funds

Other United States Growth Equity funds tracked on ABC INVEST:

• Stralem Equity Fund (STEFX)
• FormulaFolios Hedged Growth ETF (FFHG)
• Innovator Growth-100 Power Buffer ETF - May (NMAY)
• Beacon Accelerated Return Strategy Fund (BARTX)
• HSBC Opportunity Fund Class I (RESCX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.