RiverNorth Enhanced Pre-Merger SPAC ETF
Key Statistics
Historical Performance
Total return including reinvested distributions, from adjusted closing prices.
Price History
Price history is being compiled for this fund.
Top Holdings
Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →
About SPCZ
TheFund is actively managed using a strategy designed around the unique characteristics of “Pre-Combination” (definedbelow) SPAC securities. Under normal market conditions, the Fund seeks to achieve its investment objective by investing primarilyin 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 priceprior to the expiration of the warrant. A right is a privilege granted to existing holders of a company’s stock to receiveadditional shares of common stock before it is offered to the public. ASPAC is a “blank check” company with no commercial operations that is designed to raise capital via an initial publicoffering (“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 offeringcosts and underwriting fees and contribute all or a portion of its working capital in exchange for participation in the commonstock and derivatives (such as warrants and rights) of the SPAC. A SPAC IPO typically involves the sale of units consisting ofone share of common stock and a warrant or right (or portion of a warrant or right) to purchase common stock at a fixed priceupon or after the consummation of a Combination. The capital raised in the IPO is typically placed into a trust. The proceedsof 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 seekinga target for a Combination or have not yet completed a Combination with an identified target. Pre-Combination SPACs often havepredetermined time frames within which to consummate a Combination (typically two years) or the SPAC will seek to extend the timeframe or liquidate. RiverNorthCapital Management, LLC (the “Sub-Adviser”), the Fund’s investment sub-adviser, is responsible for the day-to-daymanagement of the Fund, subject to the oversight of TrueMark Investments, LLC (the “Adviser”), the Fund’s investmentadviser. The investment universe for the Fund is 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 applies quantitative and qualitative analyses, includingfundamental and technical analyses, to assess the relative risk/reward potential of the SPACs, in the investment universe andselect those SPACs with the greatest risk/reward potential for investment by the Fund. The Sub-Adviser also evaluates the sponsorsof the SPACs as they are crucial to the success of a SPAC acquisition. SPAC sponsors are 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 operatingbusiness determined by calculating the company’s market cap plus total debt minus cash and cash equivalents. If managementhas any history of growing operating businesses, the Sub-Adviser takes into account their history. Additionally, the Sub-Adviserevaluates a SPAC’s market value relative to the value of the Fund’s share of the SPAC to realize additional valuefor shareholders. Weightingsin the Fund are determined by the Sub-Adviser based on its evaluation of the opportunities in the market. The Fund participatesin IPOs of SPACs, secondary market transactions, private placement in public equities and investments in vehicles formed by SPACsponsors to hold founder shares, which are private rights and other interests issued by a SPAC. Inseeking to achieve the Fund’s investment objective, the Sub-Adviser monitors the Fund’s portfolio and adjust positionsbased on changes in expectations of the investments or the availability of better alternatives. The Fund generally will not holda SPAC’s common stock past the date on which it no longer has the ability to redeem the stock for its share of the underlyingcollateral held in trust. Instead, prior to the completion of a Combination, the Sub-Adviser sells the SPAC’s shares ifthey 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 appropriatevalue for the Fund and its shareholders, even after a Combination has been completed. Inaddition, to the extent permitted by the Investment Company Act of 1940 (the “1940 Act”), the Fund may use swaps toseek to leverage the returns of the Fund’s portfolio. The use of leverage could magnify the Fund’s gains or losses. Undernormal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, are invested in Pre-MergerSPACs (along with the warrants or rights issued in connection with the IPOs of SPACs). The SPACs in which the Fund invests aregenerally small or mid-capitalization companies.
SPCZ News
Data for SPCZ is aggregated from third-party providers (Tiingo, Nasdaq, Finnhub) and SEC filings, may be delayed at least 20 minutes, and may be incomplete or contain errors. Nothing here is investment advice. Verify with the official prospectus before investing.