At a glance
SPCX charges 2.32% a year. It has $8.2M in assets. Its ten largest positions make up 38.5% of the fund, out of 46 in all.
The short version
SPAC and New Issue ETF (SPCX) is an actively managed Tuttle Capital Management fund. It holds SPACs (shell companies formed to merge with an operating business) and companies that went public within the last two years. It offers manager-picked exposure to SPACs and new listings rather than a broad stock index. It stands apart for its 2.32% annual expense ratio and a prospectus that lets it use swaps to add leverage, which magnifies gains and losses.
Price history
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SPCX — over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPCX official prospectus, to Dec 31, 2025 | — | +7.58% | — | +1.12% | — | — |
| SPCX price data to Oct 27, 2026 | -7.7% | — | — | — | — | — |
- The deepest fall in its price history was 43.8% (Jun 16, 2026 to Aug 5, 2026), not yet recovered.
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Jun 12, 2026 |
What's inside
As of Jun 30, 2026, the fund held 46 securities; the ten largest made up 38.5% of assets.
| Holding | Weight | |
|---|---|---|
| Bleichroeder Acquisition Corp II Other | 5.04% | |
| Cohen Circle Acquisition Corp II | 4.72% | |
| FG Imperii Acquisition Corp | 4.22% | |
| Cantor Equity Partners Vi, Inc | 4.07% | |
| Berto Acquisition Corp | 3.90% | |
| Twelve Seas Investment Company III | 3.45% | |
| Collective Acquisition Corp. II Other | 3.29% | |
| Praetorian Acquisition Corp Other | 3.28% | |
| RRE Ventures Acquisition Corp Other | 3.28% | |
| Art Technology Acquisition Corp Other | 3.26% | |
| Tribeca Strategic Acquisition Corp Other | 3.25% | |
| FutureCorp Space Acquisition 1 Other | 3.08% | |
| West Enclave Merger Corp Other | 2.97% | |
| M3-Brigade Acquisition V Corp | 2.83% | |
| Apogee Acquisition Corp Other | 2.68% |
By country
Cayman Islands 96.34%United States 2.52%By asset type
Other 51.9%Stocks 46.97%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.81%, +0.90%, -0.60%.
How it works
SPCX is actively managed: Tuttle Capital Management picks holdings rather than tracking an index. At least 80% of net assets must go to SPACs with at least $100 million in market value and to companies that went public within the last two years. SPACs usually issue units of a share plus a warrant, which is a right to purchase stock at a fixed price, and the fund may trade the warrants separately. SPACs that miss their merger deadline, typically two years, liquidate.
The adviser judges business models and management. It also vets SPAC sponsors' records in allocating capital, raising financing and running public companies. The adviser sets the weights: as of June 30, 2026, Bleichroeder Acquisition Corp II led the 46 holdings at about 5%, and the top ten made up 38.5%. The adviser may exit a SPAC once a merger is announced or its price rises. It trades heavily, turning over holdings worth 328% of the fund's assets in a year, and those trading costs sit outside the expense ratio.
Swaps are also allowed. These are contracts in which another party pays the fund a stock's return. The prospectus says the fund will use them to add leverage, meaning exposure larger than its assets. Leverage magnifies gains and losses, and swaps rely on that other party paying. The June 30, 2026 report showed almost no derivative exposure.
What it really costs
- SPCX charges 2.32% a year.
- Of that, 0.83% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.75% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $235 in the first year and $3,331 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPCX | $235 | $878 | $1,546 | $3,331 |
In a retirement portfolio
Its narrow focus on SPACs, 2.32% expense ratio, permitted leverage and a 43.8% price drop in mid-2026 make it a high-risk side position rather than a core holding.
Launched December 16, 2020, SPCX missed the 2008 crisis and the 2020 COVID crash. Its weakest calendar year was 2022, a bad year for stocks, when it lost 12.11%. Its five-year average annual return through December 31, 2025 was 1.12%. In the price history available from June 12, 2026, shares fell 43.8% between June 16 and August 5, 2026 and had not regained that peak by October 27, 2026. Cashing out shares after a drop like that locks in the loss.
No distributions are on record for the fund, so it offers no income to draw on. Its 2.32% expense ratio is high. In the SEC's standard example, a $10,000 investment earning 5% a year costs $235 in the first year and $3,331 over ten years. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a manager-picked basket of SPACs and companies that went public within the last two years, rather than a broad stock index.
- Those who can hold a small, high-risk side position through swings like the 43.8% price drop between June 16 and August 5, 2026.
- Investors who want a manager that vets SPAC sponsors' records and may exit once a merger is announced or the price rises.
Look elsewhere if
- Cost-conscious investors: the 2.32% expense ratio means $235 in first-year costs on $10,000 in the SEC's standard example.
- Retirees who rely on regular payouts. No distributions are on record, so cash would come only from cashing out shares.
- Anyone wary of leverage or very small funds: swaps may add leverage, and net assets were about $8.2 million on June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does SPCX invest in?
SPCX invests mainly in SPACs, which are blank-check companies formed to merge with an operating business, and in companies that went public within the last two years. Its prospectus requires at least 80% of net assets in those, and the SPACs need at least $100 million in market value. As of June 30, 2026, it had 46 holdings, 96% of them in companies registered in the Cayman Islands. The largest were Bleichroeder Acquisition Corp II (5.0%), Cohen Circle Acquisition Corp II (4.7%) and FG Imperii Acquisition Corp (4.2%).
What is SPCX's 5-year return?
SPCX returned an average of 1.12% a year over the five years through December 31, 2025, according to its prospectus, and 7.58% in 2025 alone. It gained 10.08% in 2021, lost 12.11% in 2022, lost 3.87% in 2023 and gained 2.4% in 2024. Its strongest quarter, ended March 31, 2021, gained 10.63%. Its weakest, ended December 31, 2022, lost 6.05%. Separately, its share price fell 43.8% between June 16 and August 5, 2026 and had not recovered by October 27, 2026.
What is SPCX's expense ratio?
SPCX's expense ratio is 2.32% a year, according to its prospectus filed January 27, 2026. That is well above what broad stock index funds typically charge. In the SEC's standard example, $10,000 earning 5% a year would incur $235 in costs over one year, $878 over three, $1,546 over five and $3,331 over ten, assuming shares are cashed out at the end of each period. Trading costs from its 328% portfolio turnover come on top of that.
Does SPCX pay dividends?
No. There are no distributions on record for SPCX, so it has no yield to report and provides no regular income. Any return comes from changes in the share price. Its largest holdings as of June 30, 2026 were SPACs, blank-check companies formed to merge with an operating business, which generally don't pay dividends. Investors needing cash would have to cash out shares, possibly at a loss after a drop like the 43.8% decline between June 16 and August 5, 2026.
Does SPCX use leverage?
It can. SPCX does not target a set multiple of an index's daily return, as some leveraged ETFs do. But its prospectus says it will use swap agreements to increase leverage. These are contracts in which another party pays the fund the return of a SPAC or newly listed stock. Leverage magnifies both gains and losses, and swaps carry the risk that the other party fails to pay. The June 30, 2026 holdings report showed almost no derivative exposure, but the prospectus leaves room for more.