At a glance
SPCZ charges 0.9% a year. It has $5.1M in assets; it paid 11.82% of its price in distributions over the past 12 months, annual. Over the past year it returned +1.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +5.9% a year. Its ten largest positions make up 38.1% of the fund, out of 79 in all.
The short version
RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is an actively managed fund investing in pre-merger SPACs: "blank check" shell companies holding cash in trust while seeking a merger. It aims to preserve capital by generally exiting before deals close, selling shares or cashing them in for their slice of the trust, and it gained 5.3% to 10.2% a year in 2023–2025. Drawbacks: tiny size ($5.1 million as of March 31, 2025) and a 0.90% fee.
Price history
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SPCZ +1.0% 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 | |
|---|---|---|---|---|---|---|
| SPCZ price data to Oct 27, 2026 | +2.0% | +1.0% | +5.9% | — | — | +5.9% |
- Over the year to Oct 27, 2026, SPCZ returned +1.0%.
- Its worst full calendar year was 2024 (+5.3%); its best was 2025 (+10.2%).
- The deepest fall in its price history was 4.5% (Aug 7, 2024 to Sep 3, 2024), recovered by Sep 25, 2024.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.0% |
| 2025 | +10.2% |
| 2024 | +5.3% |
| 2023 | +6.0% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $3.0800 | +180.0% |
| 2024 | $1.1000 | -14.7% |
| 2023 | $1.2900 |
What's inside
As of Mar 31, 2025, the fund held 79 securities; the ten largest made up 38.09% of assets, and 6.5% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Four Leaf Acquisition Corp. | 4.39% | |
| Spark I Acquisition Corp. | 4.19% | |
| Trailblazer Merger Corp I | 4.18% | |
| Legato Merger Corp III | 4.09% | |
| Black Hawk Acquisition Corp. | 4.05% | |
| Ares Acquisition Corp II | 4.01% | |
| Graf Global Corp | 3.99% | |
| GP-Act III Acquisition Corp. | 3.57% | |
| JVSPAC Acquisition Corp | 2.96% | |
| Colombier Acquisition Corp II | 2.66% | |
| Iron Horse Acquisitions Corp | 2.48% | |
| M3-Brigade Acquisition V Corp | 2.00% | |
| Aldel Financial II Inc. | 2.00% | |
| Rising Dragon Acquisition Corp | 1.98% | |
| Centurion Acquisition Corp | 1.98% |
By country
Cayman Islands 71.81%United States 17.03%British Virgin Islands 4.03%By asset type
Stocks 92.86%What changed recently
- Over the three months to Mar 31, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.26%, +0.65%, +0.70%.
How it works
SPCZ follows no index. RiverNorth Capital Management picks holdings, overseen by the adviser, TrueMark Investments. At least 80% of net assets go into pre-merger SPACs and their warrants or rights. In its initial public offering, a SPAC sells units, usually a share plus a warrant (the right to purchase shares at a set price) or a right (a claim on extra shares). The cash raised sits in trust, and the SPAC typically has two years to finish a deal, extend or liquidate.
The manager weighs each SPAC's risk and reward using numerical and judgment-based analysis, rates sponsors' experience, deal flow and record, and compares each SPAC's market price with the underlying value of the fund's share. Position sizes reflect its judgment, and portfolio turnover (trading activity) was 64%, per the April 2025 prospectus. As of March 31, 2025, the fund held 79 issuers; the top 10 made up 38.1%, led by Four Leaf Acquisition Corp. (4.4%) and Spark I Acquisition Corp. (4.2%).
Before a deal closes, the fund generally sells shares trading above trust value or cashes them in for its slice of the trust; warrants can be held after the merger. It may use swaps (contracts to exchange investment returns) to add leverage, magnifying gains and losses, and it is non-diversified, so it can concentrate holdings.
What it really costs
- SPCZ charges 0.9% a year.
- Of that, 0.89% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,108 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPCZ | $92 | $287 | $498 | $1,108 |
In a retirement portfolio
It holds SPAC shares backed by cash in trust rather than operating businesses, and its one-year beta, a gauge of how closely it tracks the stock market, was -0.02 as of October 27, 2026.
SPCZ launched in July 2022, so its record misses the 2008 crisis, the 2020 COVID crash and the full 2022 bear market. Every full calendar year since has been a gain; the weakest, 2024, returned 5.3%. Its deepest drop, 4.5% from August 7 to September 3, 2024, was recovered by September 25. Shallow dips help if shares must be sold in a bad year, but the record is short and the fund held $5.1 million in assets as of March 31, 2025.
Income is paid once a year. The trailing yield was 11.82% as of October 27, 2026, but payouts lower the share price by about the same amount, and the one-year return was about 1%. The 0.90% fee ($92 in year one on $10,000, per the SEC example) eats into modest returns. Past results don't predict the future; a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a holding that has moved almost independently of stocks: its one-year beta was -0.02 as of October 27, 2026.
- Those who understand SPACs and want a manager to handle sponsor vetting, trust redemptions and warrants across 79 issuers (as of March 31, 2025).
- Investors wanting a small portfolio slice with shallow dips: the deepest drop, 4.5% in 2024, recovered within a month; 2023–2025 were all gains.
Look elsewhere if
- Anyone wanting steady income: the 11.82% trailing yield (as of October 27, 2026) is paid annually, and the one-year return was only about 1%.
- Cost-conscious investors: the 0.90% expense ratio adds up to $92 after one year and $1,108 after 10 years on $10,000, per the SEC example.
- Those wary of tiny, non-diversified funds: assets were $5.1 million as of March 31, 2025, and small ETFs can trade thinly or close.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does SPCZ invest in?
SPCZ invests mainly in pre-merger SPACs, shell companies that hold money raised from investors in a trust while they look for a business to merge with. At least 80% of net assets go to these SPACs and their warrants or rights. As of March 31, 2025, it held 79 issuers, led by Four Leaf Acquisition Corp. (4.4%), Spark I Acquisition Corp. (4.2%), Trailblazer Merger Corp I (4.2%) and Legato Merger Corp III (4.1%). About 72% of assets were in Cayman Islands-registered companies, and cash was 6.5%.
Does SPCZ pay dividends?
Yes, SPCZ pays distributions once a year. Over the 12 months to October 27, 2026, it paid $3.08 per share, a trailing yield of 11.82%. That number can mislead: a payout lowers the share price by about the same amount, and the fund's one-year return over the same period was only about 1%. Annual payouts can also change a lot from one year to the next, so a single year's figure says little about future income.
Can you lose money in SPCZ?
Yes. The prospectus warns that you could lose all or part of your investment, though its declines through October 27, 2026 were small. The deepest drop since the July 2022 launch was 4.5%, from August 7 to September 3, 2024, and it was recovered by September 25. Each full calendar year from 2023 to 2025 was a gain. Still, the fund may use swaps to add leverage, is non-diversified, and its history doesn't include the 2008, 2020 or full 2022 market slumps.
What is the SPCZ expense ratio?
SPCZ's expense ratio is 0.90% a year, which includes a 0.89% management fee, according to its April 30, 2025 prospectus. Under the SEC's standard example ($10,000 invested, a 5% annual return, shares sold at the end of each period), costs total $92 after one year, $498 after five years and $1,108 after 10. That is more than many broad index funds charge, and on a strategy that returned 5.3% to 10.2% a year in 2023–2025, the fee takes a noticeable bite.
How has SPCZ performed?
SPCZ has produced modest gains with small swings. As of October 27, 2026, it returned about 5.9% a year over three years (19% in total) but only about 1% over one year, with a flat return over the prior three months. Calendar-year returns were 5.96% in 2023, 5.3% in 2024 and 10.19% in 2025. Beta, a gauge of how closely a fund tracks the stock market, was -0.02 over one year, so it barely moved with stocks.