SPCZ ETF — Holdings & Analysis

With an expense ratio of 0.89%, SPCZ differentiates itself by actively monitoring and adjusting its positions based on expectations of investments and availability of better alternatives within the SPAC market, allocating 100% of its investments to the Financial Services sector.

RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) ETF — Price, Holdings & Analysis

The RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is a non-diversified equity fund managed by TrueShares with $0.01B in assets under management. Launched in 2022, SPCZ focuses on investing in pre-merger SPACs, primarily in units of common stock, warrants, and rights. With an expense ratio of 0.89%, SPCZ differentiates itself by actively monitoring and adjusting its positions based on expectations of investments and availability of better alternatives within the SPAC market, allocating 100% of its investments to the Financial Services sector.

ETF Overview

Under normal market conditions, the fund seeks to invest primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). In seeking to achieve the fund’s investment objective, the sub-adviser will monitor the fund’s portfolio and adjust positions based on changes in expectations of the investments or the availability of better alternatives. At least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested in Pre-Merger SPACs. The fund is non-diversified.

The RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) aims to capitalize on the pre-merger stage of Special Purpose Acquisition Companies (SPACs). The fund invests at least 80% of its net assets in pre-merger SPACs, specifically in units comprising common stock, warrants, and rights of U.S.-listed SPACs. SPCZ is non-diversified, concentrating its investments within a specific segment of the equity market. The fund's sub-adviser actively monitors the portfolio, adjusting positions based on changing expectations of the investments or the emergence of more attractive alternatives. The fund's top holdings include Legato Merger Corp III (LEGT) at 3.42%, Graf Global Corp Class A (GRAF) at 3.34%, and GP-Act III Acquisition Corp Class A Ordinary Shares (GPAT) at 2.99%. SPCZ allocates 100% of its investments to the Financial Services sector, with a primary focus on companies based in the United States (85.3%).

Risk Metrics

SPCZ presents several risks inherent to its investment strategy. The fund's non-diversified nature concentrates its holdings, amplifying the impact of individual SPAC performance on the overall portfolio. The fund's entire allocation to the Financial Services sector exposes it to sector-specific risks and potential downturns within that industry. With a beta of -0.01, SPCZ has historically shown a very low correlation to the broader market, which can be both a risk and a potential benefit depending on market conditions. The expense ratio of 0.89% is relatively high, which can create a drag on performance, especially in a low-return environment. Past performance does not guarantee future results.

Expense Ratio

0.89%

What does SPCZ hold?

Holding	Weight
Legato Merger Corp III (LEGT)	3.42%
Graf Global Corp Class A (GRAF)	3.34%
GP-Act III Acquisition Corp Class A Ordinary Shares (GPAT)	2.99%
Solarius Capital Acquisition Corp Class A (SOCA)	2.67%
Activate Energy Acquisition Corp Units (1 Ord Cls A & 1/2 War) (AEAQU)	2.62%
SC II Acquisition Corp Units (1 Ord Cls A & 1 Rts) (SCIIU)	2.61%
Bitcoin Infrastructure Acquisition Corp Ltd Units (1 Ord Cls A & 1/2 Wa (BIXIU)	2.60%
Legato Merger Corp IV Units (1 Ord Shs & 1/3 War) (LEGO.U)	2.60%
United Acquisition Corp I Units (1 Ord Cls A & 1/4 War) (UAC.U)	2.59%
Lafayette Digital Acquisition Corp I Units (1 Ord Cls A & 1/4 War) (ZKPU)	2.59%

How Is the Fund Allocated?

Sector	Weight
Financial Services	100.0%

Country	Weight
United States	85.3%
Other	3.2%
Cayman Islands	3.1%
Singapore	2.6%
Hong Kong	2.2%
China	2.0%
United Kingdom	0.9%
Mexico	0.7%
Canada	0.1%
Indonesia	0.0%

Dividend Yield

0.00%

Invesco QQQ Trust, Series 1 (QQQ) — 0.18% expense ratio
State Street Energy Select Sector SPDR ETF (XLE) — 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 Technology Select Sector SPDR ETF (XLK) — 0.08% expense ratio
iShares MSCI Emerging Markets ETF (EEM) — 0.72% expense ratio
State Street SPDR S&P 500 ETF (SPY) — 0.09% expense ratio

TrueShares Equity Hedge ETF (ONEH) (Equity) — 0.79% expense ratio
RiverNorth Active Income ETF (CEFZ) (Equity) — 3.36% expense ratio

Risk Metrics

Beta: -0.01

Questions & Answers

What is SPCZ and what does it track?

The RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is an exchange-traded fund that focuses on investing in Special Purpose Acquisition Companies (SPACs) before they complete their mergers.

SPCZ seeks to provide investors exposure to the pre-merger stage of SPACs, primarily by investing in units made up of common stock, warrants, and rights of U.S.-listed SPACs.

What is the expense ratio for SPCZ?

The expense ratio for the RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is 0.89%. This means that for every $10,000 invested in the fund, $89 is used to cover the fund's operating expenses.

What are the top holdings in SPCZ?

As of 2026-03-15, the top holdings in the RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) are: Legato Merger Corp III (LEGT) at 3.42%, Graf Global Corp Class A (GRAF) at 3.34%, and GP-Act III Acquisition Corp Class A Ordinary Shares (GPAT)…

at 2.99%. These holdings represent a significant portion of the fund's portfolio, reflecting its strategy of investing in pre-merger SPACs.

Is SPCZ a good long-term investment?

Evaluating SPCZ as a long-term investment requires careful consideration of its specific strategy and associated risks. The fund focuses on pre-merger SPACs, which can be subject to market volatility and regulatory changes.

SPCZ's expense ratio of 0.89% is relatively high, which can impact long-term returns.

How does SPCZ compare to similar ETFs?

SPCZ distinguishes itself through its focused strategy on pre-merger SPACs. While there are not many ETFs with a directly comparable strategy, SPCZ's expense ratio of 0.89% is higher than many broad-based equity ETFs.

As of 2026-03-15, SPCZ has $0.01B in assets under management, which is relatively small compared to more established equity ETFs.

Does SPCZ pay dividends?

As of 2026-03-15, the RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) has a dividend yield of 0.00%. This indicates that the fund does not currently distribute dividends to its shareholders.

The fund's focus on capital appreciation through pre-merger SPAC investments may explain the absence of dividend payouts.