SPAK ETF — Holdings & Analysis

The Defiance Next Gen SPAC Derived ETF (SPAK) offers targeted exposure to Special Purpose Acquisition Corporations (SPACs) and companies derived from SPACs.

With an AUM of $0.02 billion and an expense ratio of 0.45%, SPAK provides a focused approach to investing in these unique entities. SPAK's strategy involves investing at least 80% of its net assets in SPACs and SPAC-derived companies, distinguishing it as a non-diversified fund within the equity landscape. Past performance does not guarantee future results.

Defiance Next Gen SPAC Derived ETF (SPAK) ETF — Price, Holdings & Analysis

The Defiance Next Gen SPAC Derived ETF (SPAK) offers targeted exposure to Special Purpose Acquisition Corporations (SPACs) and companies derived from SPACs. With an AUM of $0.02 billion and an expense ratio of 0.45%, SPAK provides a focused approach to investing in these unique entities. SPAK's strategy involves investing at least 80% of its net assets in SPACs and SPAC-derived companies, distinguishing it as a non-diversified fund within the equity landscape. Past performance does not guarantee future results.

ETF Overview

The index tracks the performance of the U.S.-listed common stock of Special Purpose Acquisitions Corporations (“SPACs”) and companies derived from SPACs. SPACs are companies with no commercial operations that are established solely to raise capital from investors for the purpose of acquiring one or more operating businesses. The fund invests at least 80% of its net assets in SPACs and SPAC-derived companies. The fund is non-diversified.

The Defiance Next Gen SPAC Derived ETF (SPAK) is designed to track the performance of U.S.-listed common stock of Special Purpose Acquisition Corporations (SPACs) and companies derived from them. SPACs are essentially shell companies that raise capital to acquire one or more operating businesses. SPAK invests at least 80% of its net assets in these SPACs and SPAC-derived entities, offering investors a way to access this specific segment of the equity market. The fund is non-diversified, meaning it concentrates its investments in a smaller number of holdings. SPAK's top holdings include Lucid Group Inc Shs (LCID) at 3.40% and Grab Holdings Inc Class A (GRAB) at 1.91%. Sector allocation is heavily weighted towards Financial Services at 43.6%, followed by Consumer Cyclical at 13.9% and Technology at 12.3%. This concentration reflects the industries where SPACs have been actively targeting acquisitions. SPAK is suitable for investors seeking targeted exposure to the SPAC market, understanding its inherent risks and potential rewards. Past performance does not guarantee future results.

Risk Metrics

Investing in the Defiance Next Gen SPAC Derived ETF (SPAK) involves specific risks. As a non-diversified fund, SPAK concentrates its holdings, increasing the impact of individual stock performance on the overall portfolio. The fund's sector allocation is heavily weighted towards Financial Services (43.6%), creating sector-specific risk. A downturn in this sector could significantly affect SPAK's performance. With a beta of 0.00 (3Y), SPAK has demonstrated very low volatility relative to the broader market, but this may not hold true in the future. The expense ratio of 0.45% will create a drag on returns, especially if the fund's performance is lackluster. Investors should carefully consider their risk tolerance and investment objectives before investing in SPAK. Past performance does not guarantee future results.

Expense Ratio

0.45%

What does SPAK hold?

Holding	Weight
Lucid Group Inc Shs (LCID)	3.40%
Grab Holdings Inc Class A (GRAB)	1.91%
DraftKings Inc Ordinary Shares - Class A (DKNG)	1.72%
MP Materials Corp Ordinary Shares - Class A (MP)	1.52%
Getty Images Holdings Inc (GETY)	1.51%
SoFi Technologies Inc Ordinary Shares (SOFI)	1.33%
Vertiv Holdings Co Class A (VRT)	1.22%
Blue Owl Capital Inc Ordinary Shares - Class A (OWL)	1.11%
KKR Acquisition Holdings I Corp Ordinary Shares - Class A (KAHC)	0.95%
Churchill Capital Corp VII Ordinary Shares - Class A (CVII)	0.94%

How Is the Fund Allocated?

Sector	Weight
Financial Services	43.6%
Consumer Cyclical	13.9%
Technology	12.3%
Healthcare	9.3%
Industrials	8.8%
Communication Services	3.8%
Basic Materials	2.6%
Consumer Defensive	2.0%
Real Estate	1.9%
Utilities	1.8%

Country	Weight
Other	100.0%

Dividend Yield

1.91%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
State Street SPDR Dow Jones Industrial Average ETF Trust (DIA) — 0.16% expense ratio
iShares Russell 2000 ETF (IWM) — 0.19% expense ratio
State Street Financial Select Sector SPDR ETF (XLF) — 0.08% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
iShares MSCI EAFE ETF (EFA) — 0.32% expense ratio

Risk Metrics

Beta: 0.00

Questions & Answers

What is SPAK and what does it track?

SPAK, or the Defiance Next Gen SPAC Derived ETF, is an exchange-traded fund designed to track the performance of U.S.-listed common stocks of Special Purpose Acquisition Corporations (SPACs) and companies derived from SPACs.

SPACs are companies without commercial operations, formed solely to raise capital for acquiring one or more operating businesses.

What is the expense ratio for SPAK?

The expense ratio for the Defiance Next Gen SPAC Derived ETF (SPAK) is 0.45%. This means that for every $10,000 invested in the fund, $45 is charged annually to cover operating expenses.

While there isn't a specific category average readily available for SPAC-focused ETFs, the expense ratio should be considered in relation to the fund's investment strategy and potential returns.

What are the top holdings in SPAK?

The Defiance Next Gen SPAC Derived ETF (SPAK) has a concentrated portfolio, with its top holdings representing a significant portion of its assets.

As of 2026-03-15, the top holdings include Lucid Group Inc Shs (LCID) at 3.40%, Grab Holdings Inc Class A (GRAB) at 1.91%, and DraftKings Inc Ordinary Shares - Class A (DKNG) at 1.72%.

Is SPAK a good long-term investment?

Evaluating SPAK as a long-term investment requires careful consideration of its investment strategy and the inherent risks associated with SPACs. SPAK's focus on SPACs and SPAC-derived companies makes it a highly specialized investment.

The fund's non-diversified nature and concentration in sectors like Financial Services (43.6%) and Consumer Cyclical (13.9%) can lead to increased volatility.

How does SPAK compare to similar ETFs?

SPAK is somewhat unique, as there are not many ETFs that focus specifically on SPAC-related investments. Its expense ratio is 0.45%. Given its AUM of $0.02 billion, SPAK is a smaller fund compared to broader market ETFs.

SPAK's strategy of investing in SPACs and SPAC-derived companies differentiates it from more diversified equity ETFs.

Does SPAK pay dividends?

Yes, the Defiance Next Gen SPAC Derived ETF (SPAK) does pay dividends. As of 2026-03-15, SPAK has a dividend yield of 1.91%. This yield represents the annual dividend payment as a percentage of the fund's current share price.