SPAX
Robinson Alternative Yield Pre-Merger SPAC ETF
Fund Summary
The Robinson Alternative Yield Pre-Merger SPAC ETF (SPAX) is an actively managed exchange-traded fund (ETF) that invests in Special Purpose Acquisition Companies (SPACs), also known as blank check companies. SPAX seeks to provide total return while minimizing downside risk. SPAX invests primarily in equity securities, specifically units and shares of common stock and warrants of U.S.-listed SPACs. SPAX expects to invest the majority of its assets in SPACs which are small capitalization companies. The Fund intends to exit any SPAC units, common shares and warrants prior to the completion of a business combination, seeking to minimize downside risk.
Robinson Capital recognized as one of the Top 10 Alternative Investments Services Providers by Financial Services Review. The annual listing comprises ten companies that are at the forefront of providing Alternative Investments services and impacting the marketplace. †
Fund Information
| Fund Name | Robinson Alternative Yield Pre-Merger SPAC ETF |
| Fund Inception | 06/22/2021 |
| Ticker | SPAX |
| Primary Exchange | NYSE Arca |
| CUSIP | 886364678 |
| NAV Symbol | SPAX.NV |
| *Gross Expense Ratio | 0.85% |
| *Net Expense Ratio | 0.75% |
*The Fund’s investment adviser has contractually agreed to reduce its unitary management fee to 0.75% of the Fund’s average daily net assets through at least August 28, 2024.
Fund Data and Pricing
30-Day Median Spread is a calculation of the Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10-second interval during each trading day during the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.
Performance Returns (Month-End & Quarter-End)
Inception Date: 06/22/2021
| Month-End as of November 30, 2022 | Quarter-End as of September 30, 2022 | ||||||||
| MTD | QTD | YTD | Since Inception | QTD | YTD | 1 Year | 3 Year | Since Inception | |
| Market Price | 0.79% | 1.60% | 2.13% | 3.20% | 0.24% | 0.52% | 3.21% | – | 2.35% |
| Fund NAV | 0.50% | 1.14% | 1.61% | 2.87% | 0.51% | 0.47% | 3.07% | – | 2.34% |
| Index | 0.82% | 0.70% | -3.87% | -3.02% | -1.48% | -4.54% | -5.07% | – | -3.93% |
. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.
The LGC3TRUU index is the Bloomberg 1-3 Yr US Gov/Credit Total Return Index Value Unhedged, which includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.
Distribution Detail
| Ex-Date | Record Date | Payable Date | Amount |
|---|---|---|---|
| 09/26/2024 | 09/26/2024 | 09/30/2024 | 0.27 |
| 06/26/2024 | 06/26/2024 | 06/28/2024 | 0.27 |
| 03/25/2024 | 03/26/2024 | 03/28/2024 | 0.27 |
| 12/22/2023 | 12/26/2023 | 12/27/2023 | 1.27 |
| 09/26/2023 | 09/27/2023 | 09/29/2023 | 0.27 |
| 12/23/2022 | 12/27/2022 | 12/28/2022 | 0.20 |
| Month-End as of November 30, 2022 | Quarter-End as of September 30, 2022 | ||||||||
| MTD | QTD | YTD | Since Inception | QTD | YTD | 1 Year | 3 Year | Since Inception | |
| Market Price | 0.79% | 1.60% | 2.13% | 3.20% | 0.24% | 0.52% | 3.21% | – | 2.35% |
| Fund NAV | 0.50% | 1.14% | 1.61% | 2.87% | 0.51% | 0.47% | 3.07% | – | 2.34% |
| Index | 0.82% | 0.70% | -3.87% | -3.02% | -1.48% | -4.54% | -5.07% | – | -3.93% |
Performance Returns (Month-End & Quarter-End)
Inception Date: 06/22/2021
| Month-End as of November 30, 2022 | Quarter-End as of September 30, 2022 | ||||||||
| MTD | QTD | YTD | Since Inception | QTD | YTD | 1 Year | 3 Year | Since Inception | |
| Market Price | 0.79% | 1.60% | 2.13% | 3.20% | 0.24% | 0.52% | 3.21% | – | 2.35% |
| Fund NAV | 0.50% | 1.14% | 1.61% | 2.87% | 0.51% | 0.47% | 3.07% | – | 2.34% |
| Index | 0.82% | 0.70% | -3.87% | -3.02% | -1.48% | -4.54% | -5.07% | – | -3.93% |
. Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.
The index is the Bloomberg Barclays U.S. 1–3 Year Government/Credit Float Adjusted Index, which is a market-weighted bond index that covers investment-grade bonds with a dollar-weighted average maturity of 1 to 3 years.
Performance Returns (Calendar Year)
| YTD 2022 | |
| Market Price | 2.13% |
| Fund NAV | 1.61% |
Top 10 Holdings
Holdings subject to change.
How to Purchase our ETF
broker-dealers, investment advisers, and other financial services firms, including: 
This Fund is not affiliated with these financial service firms. Their listing should not be viewed as a recommendation or endorsement.
SPAX ETF Blog
In the News
Robinson Capital Named a Top 10 Alternative Investments Service Provider
Financial Services Review’s annual listing comprises ten companies that are at the forefront of providing Alternative Investments services and impacting the marketplace.†
SPAX Q1 2023 Commentary & Outlook
Q1 2023 Statistical Data The Robinson Alternative Yield Pre-Merger SPAC ETF (ticker: SPAX) returned 2.47% for the first quarter of 2023 on a price basis
SPAX Q4 2022 Commentary & Outlook
Q4 2022 Statistical Data The Robinson Alternative Yield Pre-Merger SPAC ETF (ticker: SPAX) returned 0.73% for the fourth quarter of 2022 on a price basis
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, click here. Read the prospectus or summary prospectus carefully before investing.
FUND RISKS
Investing involves risk. Principal loss is possible. ETFs may trade at a premium or discount to their net asset value. Brokerage commissions are charged on each trade which may reduce returns.
The Fund invests in equity securities and warrants of SPACs, which raise assets to seek potential business combination opportunities. Unless and until a business combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Because SPACs have no operating history or ongoing business other than seeking a business combination, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable business combination. There is no guarantee that the SPACs in which the Fund invests will complete a business combination or will be profitable.
Some SPACs may pursue a business combination only within certain industries or regions, which may increase the volatility of their prices. To the extent a SPAC or the fund is invested in cash or cash equivalents, this may impact the ability of the Fund to meet its investment objective. Investments in a SPAC may be considered illiquid and subject to restrictions on resale.
The Fund may purchase warrants to purchase equity securities. Investments in warrants are pure speculation in that they have no voting rights and pay no dividends. They do not represent ownership of the securities, but only the right to buy them. Warrants involve the risk that the Fund could lose the purchase value of the warrant if the warrant is not exercised or sold prior to its expiration. The Fund may also purchase securities of companies that are offered in an IPO. The risk exists that the market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior public market, unseasoned trading, a small number of shares available for trading and limited information about the issuer. Such investments could have a magnified impact on the Fund.
Some sectors of the economy and individual issuers have experienced particularly large losses due to economic trends, adverse market movements and global health crises. This may adversely affect the value and liquidity of the Fund’s investments especially since the fund is non-diversified, meaning it may invest a greater percentage of its assets in the securities of a particular, industry or sector than if it was a diversified fund. As a result, a decline in the value of an investment could cause the Fund’s overall value to decline to a great degree.
The Fund is a recently organized management investment company with limited operating history and track record for prospective investors to base their investment decision.
The fund is distributed by Foreside Fund Services, LLC.
