SPAQ vs. REM ETF Comparison

Comparison of Horizon Kinetics SPAC Active ETF (SPAQ) to iShares Mortgage Real Estate Capped ETF (REM)

SPAQ

Horizon Kinetics SPAC Active ETF

SPAQ Description

As of March 16, 2022, Spartan Acquisition Corp. III was acquired by SPARTAN Acquisition CORP. III, in a reverse merger transaction. Spartan Acquisition Corp. III focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was founded in 2020 and is based in New York, New York.

Grade (RS Rating)

Last Trade

$100.56

Average Daily Volume

290

Number of Holdings ^*

* may have additional holdings in another (foreign) market

REM

iShares Mortgage Real Estate Capped ETF

REM Description

The investment seeks to track the investment results of an index composed of U.S. real estate investment trusts ("REITs") that hold U.S. residential and commercial mortgages. The fund generally invests at least 90% of its assets in securities of the underlying index and in depositary receipts representing securities of the underlying index. The underlying index measures the performance of the residential and commercial mortgage real estate, mortgage finance and savings associations sectors of the U.S. equity market. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$22.96

Average Daily Volume

408,343

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SPAQ	REM
30 Days	0.59%	0.59%
60 Days	1.38%	-3.04%
90 Days	1.26%	-0.68%
12 Months	1.56%	12.49%

0 Overlapping Holdings

	Symbol	Grade	Weight in SPAQ	Weight in REM	Overlap

SPAQ Overweight 10 Positions Relative to REM

Symbol	Grade	Weight
ALF	C	4.96%
MBAV	D	4.95%
OACCU	F	4.93%
SBXD	D	4.66%
VACH	F	4.65%
GRAF	D	4.65%
LEGT	B	4.62%
IBAC	C	4.6%
HYAC	C	4.55%
BOWN	A	4.54%

SPAQ Underweight 33 Positions Relative to REM

Symbol	Grade	Weight
NLY	C	-15.54%
AGNC	D	-11.23%
STWD	C	-9.72%
RITM	C	-8.6%
ABR	C	-5.06%
BXMT	C	-4.71%
LADR	B	-3.13%
ARI	C	-3.09%
TWO	D	-2.86%
CIM	D	-2.81%
RC	D	-2.76%
PMT	D	-2.71%
MFA	D	-2.67%
FBRT	C	-2.51%
EFC	C	-2.42%
RWT	D	-2.22%
DX	B	-2.2%
ARR	D	-2.18%
BRSP	B	-1.9%
KREF	D	-1.59%
CMTG	F	-1.34%
ORC	B	-1.33%
NYMT	C	-1.28%
TRTX	B	-1.25%
IVR	F	-0.95%
ACRE	C	-0.9%
REFI	A	-0.64%
GPMT	C	-0.41%
AFCG	D	-0.39%
SEVN	D	-0.39%
NREF	A	-0.33%
AOMR	D	-0.26%
SUNS	C	-0.2%

SPAQ: Top Represented Industries & Keywords

Industries:

Keywords: Mergers And Acquisitions Private Equity Special Purpose Acquisition Company Reverse Takeover