Horizon Kinetics SPAC Active ETF

Horizon Kinetics SPAC Active ETF is an actively managed exchange-traded fund that focuses on special purpose acquisition companies, or SPACs. Its primary objective is to seek realized capital gains on a risk-adjusted basis by investing under normal circumstances in pre-combination SPACs that the sub-adviser believes may offer attractive return potential relative to short-term interest rates. The fund is designed for investors seeking a specialized, publicly traded vehicle with exposure to a niche corner of the equity market. As an active ETF, it does not track an index and instead relies on portfolio management to select holdings across SPAC-related opportunities. Horizon Kinetics SPAC Active ETF serves a distinct role within the market by providing targeted access to a category of blank-check companies through a listed fund structure.