SPAQ vs. RINC ETF Comparison

Comparison of Horizon Kinetics SPAC Active ETF (SPAQ) to AXS Real Estate Income ETF (RINC)

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

RINC

AXS Real Estate Income ETF

RINC Description

The fund uses a "passive management" approach to track the performance, before fees and expenses, of the index. Under normal circumstances, at least 80% of the fund"s net assets, plus borrowings for investment purposes, will be invested in the component securities of the index. The index consists primarily of common stocks of U.S. publicly traded real estate investment trusts that focus on owning commercial and residential mortgages and mortgage-backed securities and to a lesser extent, publicly traded closed-end funds. It is non-diversified.

Grade (RS Rating)

Last Trade

$23.28

Average Daily Volume

3,909

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	SPAQ	RINC
30 Days	0.59%	0.77%
60 Days	1.38%	-4.61%
90 Days	1.26%	-2.72%
12 Months	1.56%	5.94%

0 Overlapping Holdings

	Symbol	Grade	Weight in SPAQ	Weight in RINC	Overlap

SPAQ Overweight 10 Positions Relative to RINC

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 16 Positions Relative to RINC

Symbol	Grade	Weight
BRSP	B	-5.17%
TRTX	B	-4.91%
LADR	B	-4.72%
ABR	C	-4.68%
FBRT	C	-4.67%
ARI	C	-4.6%
STWD	C	-4.56%
BXMT	C	-4.37%
KREF	D	-4.34%
RC	D	-4.32%
EFC	C	-4.19%
RWT	D	-4.1%
CMTG	F	-4.09%
DX	B	-3.85%
AGNC	D	-3.55%
PMT	D	-3.54%

SPAQ: Top Represented Industries & Keywords

Industries:

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