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Trending ETFs

Robinson Alternative Yield Pre-Merger SPAC ETF

Active ETF
SPAX
Payout Change
Pending
Price as of:
$20.19 +0.01 +0.02%
primary theme
N/A
SPAX (ETF)

Robinson Alternative Yield Pre-Merger SPAC ETF

Payout Change
Pending
Price as of:
$20.19 +0.01 +0.02%
primary theme
N/A
SPAX (ETF)

Robinson Alternative Yield Pre-Merger SPAC ETF

Payout Change
Pending
Price as of:
$20.19 +0.01 +0.02%
primary theme
N/A

Name

As of 11/01/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.19

$14.3 M

5.35%

$1.08

0.86%

Vitals

YTD Return

3.1%

1 yr return

3.9%

3 Yr Avg Return

3.7%

5 Yr Avg Return

N/A

Net Assets

$14.3 M

Holdings in Top 10

41.3%

52 WEEK LOW AND HIGH

$20.2
$19.95
$21.62

Expenses

OPERATING FEES

Expense Ratio 0.86%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 11/01/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.19

$14.3 M

5.35%

$1.08

0.86%

SPAX - Profile

Distributions

  • YTD Total Return 3.1%
  • 3 Yr Annualized Total Return 3.7%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 5.4%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    Robinson Alternative Yield Pre-Merger SPAC ETF
  • Fund Family Name
    N/A
  • Inception Date
    Jun 22, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Charles Ragauss

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”). In pursuing the Fund’s investment objective, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, specifically units and shares of common stock and warrants, of U.S.-listed Special Purpose Acquisition Companies (“SPACs”). The Fund expects to invest the majority of its assets in SPACs which are small capitalization companies. The Fund considers a company to be a small capitalization company if it has a market capitalization below $2 billion. A SPAC (or “blank check company”) is a company with no commercial operations that is established solely to raise capital through an initial public offering (“IPO”) for the purpose of acquiring an existing operating company. A SPAC is publicly traded and is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more other operating companies. SPACs often have pre-determined time frames to complete a business combination (typically two years) or the SPAC will liquidate. Unless and until a business combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash and such assets are held in a trust account. SPACs generally offer units, each comprised of one share of common stock and a warrant (or portion of a warrant) to purchase common stock upon or after the business combination. A warrant is a security that allows its holder to purchase a specified amount of common stock at a specified price for a specified time. The Fund may seek to sell warrants that it receives in connection with the purchase of a SPAC’s units in order to generate additional returns for shareholders. The Fund intends to sell any SPAC units, common shares and warrants prior to the completion of a business combination. SPAC common stock shareholders of record have the right to redeem their shares for the pro rata trust account value rather than participating as a shareholder of a successful merger or business combination. SPAC common stock and warrants may each trade separately on an exchange. A SPAC will file a notice with the SEC and inform investors when warrants may be traded separately from common stock.

The Fund may also invest up to 20% of its net assets in cash, cash equivalents or short-term instruments such as commercial paper, money market mutual funds, or short-term U.S. government securities for cash management purposes or due to a lack of suitable investment opportunities.

Investment decisions for the Fund are made by Robinson Capital Management, LLC (“Robinson” or the “Sub-Adviser”), subject to the supervision of the Adviser. The Sub-Adviser will utilize both qualitative and quantitative analyses. The qualitative analysis involves the Sub-Adviser assigning a likelihood, or probability, that a SPAC will be successful in identifying and completing a business combination. Qualitative factors to be evaluated include the deal making track record and pedigree of the SPAC sponsor, its management and board, as well as the SPAC sponsor’s history in allocating capital, securing financing, managing public companies and background in the industry or business where the SPAC is searching for a business combination. The Sub-Adviser will also consider the voting power of certain stockholders, including stockholders affiliated with the management of the SPAC, in evaluating potential SPAC investments. Quantitative factors to be evaluated include the implied yield-to-worst of the SPAC common shares (i.e., the trust account value divided by the current share price which is then annualized based on the remaining time left to complete a transaction), as well as the value of any attached warrants to the SPAC units. Based on this quantitative analysis, the Sub-Adviser characterizes the Fund’s SPAC investments as an “alternative yield” strategy.

The Sub-Adviser intends to purchase SPAC common stock shares at, or below, the value of the underlying pro rata share of the trust account, and the Sub-Adviser intends to purchase SPAC units at prices at, or below, the combination of the value of the pro rata share of the trust account and the market value of any attached warrants. The Sub-Adviser intends to sell a SPAC investment in the Fund’s portfolio prior to a completed business combination when there has been a deterioration in the quantitative and qualitative factors analyzed by the Sub-Adviser and/or if the Sub-Adviser determines that a more attractive SPAC investment is available for purchase. If the Fund holds common stock of a SPAC that fails to complete a business combination in the pre-determined time frame, the Fund will be entitled to receive a pro rata share of the value of the trust account. Under normal market conditions, the Fund generally intends to hold between 100-150 SPAC positions at any given point in time.

The Sub-Adviser maintains a real-time model that tracks all publicly traded pre-merger SPAC common stock shares and units. The model ranks the attractiveness of all pre-merger SPAC common shares based on the quantitative and qualitative factors identified above. The Sub-Adviser believes that SPACs with a higher likelihood of completing a business combination, all other things being equal, offer greater upside potential (without any offsetting decrease in downside protection) than SPACs with a lower likelihood of completing a business combination. When ranking SPAC units with attached warrants the likelihood of completing a business combination has an even greater impact on the Sub-Adviser’s analysis. Although the terms of warrants may vary across SPACs, the warrants may have minimal market value if no business combination is completed, or they may convert to warrants with an extended redemption period (five-years in a typical SPAC structure) if a business combination is completed. Weightings of individual SPAC common shares and units in the Fund’s portfolio will be a function of relative attractiveness and market capitalization of the SPACs. The Sub-Adviser monitors the pre-merger SPAC universe in real time to determine which SPACs it deems most attractive versus most overvalued. The Sub-Adviser attempts to continuously own those SPACs that are most attractive and sell any it determines to be overvalued. The Sub-Adviser will also manage liquidity in the Fund’s portfolio by monitoring the average daily trading volumes of the individual positions held by the Fund.

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SPAX - Performance

Return Ranking - Trailing

Period SPAX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -28.6% 728.6% 1.28%
1 Yr 3.9% -53.3% 15.5% N/A
3 Yr 3.7%* -15.1% 30.5% N/A
5 Yr N/A* -12.1% 27.8% N/A
10 Yr N/A* -5.1% 18.2% N/A

* Annualized

Return Ranking - Calendar

Period SPAX Return Category Return Low Category Return High Rank in Category (%)
2023 -0.9% -98.2% 781.7% N/A
2022 0.3% -63.0% 340.3% N/A
2021 N/A -9.1% 48.3% N/A
2020 N/A -76.3% 13.6% N/A
2019 N/A -46.3% 37.0% N/A

Total Return Ranking - Trailing

Period SPAX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.1% -27.2% 728.6% 1.28%
1 Yr 3.9% -56.0% 15.5% N/A
3 Yr 3.7%* -16.8% 30.5% N/A
5 Yr N/A* -13.1% 27.8% N/A
10 Yr N/A* -5.7% 18.2% N/A

* Annualized

Total Return Ranking - Calendar

Period SPAX Return Category Return Low Category Return High Rank in Category (%)
2023 6.6% -98.2% 781.7% N/A
2022 1.2% -63.0% 340.3% N/A
2021 N/A -9.1% 48.3% N/A
2020 N/A -76.3% 14.5% N/A
2019 N/A -8.4% 42.0% N/A

SPAX - Holdings

Concentration Analysis

SPAX Category Low Category High SPAX % Rank
Net Assets 14.3 M 210 K 31.9 B 95.61%
Number of Holdings 109 6 1344 20.69%
Net Assets in Top 10 4.98 M 60.8 K 3.65 B 97.49%
Weighting of Top 10 41.26% 4.3% 100.0% 86.01%

Top 10 Holdings

  1. First American Government Obligations Fund 12.73%
  2. Northern Star Investment Corp IV 5.09%
  3. Spree Acquisition Corp 1 Ltd 3.17%
  4. Healthcare AI Acquisition Corp 3.10%
  5. Berenson Acquisition Corp I 2.96%
  6. ESH Acquisition Corp 2.90%
  7. Welsbach Technology Metals Acquisition Corp 2.88%
  8. Plum Acquisition Corp III 2.85%
  9. Kensington Capital Acquisition Corp V 2.81%
  10. FTAC Emerald Acquisition Corp 2.77%

Asset Allocation

Weighting Return Low Return High SPAX % Rank
Stocks
87.22% 85.66% 103.31% 19.91%
Cash
14.62% -3.31% 14.34% 76.80%
Other
5.16% -1.88% 7.78% 29.15%
Preferred Stocks
0.00% 0.00% 6.04% 16.14%
Convertible Bonds
0.00% 0.00% 0.88% 11.76%
Bonds
0.00% 0.00% 0.53% 11.44%

Stock Sector Breakdown

Weighting Return Low Return High SPAX % Rank
Utilities
0.00% 0.00% 4.69% 43.89%
Technology
0.00% 0.00% 74.23% 99.69%
Real Estate
0.00% 0.00% 25.45% 77.43%
Industrials
0.00% 0.00% 35.94% 99.69%
Healthcare
0.00% 0.00% 64.19% 99.06%
Financial Services
0.00% 0.00% 100.00% 0.16%
Energy
0.00% 0.00% 53.22% 70.69%
Communication Services
0.00% 0.00% 17.06% 88.40%
Consumer Defense
0.00% 0.00% 13.49% 96.24%
Consumer Cyclical
0.00% 0.00% 27.04% 98.43%
Basic Materials
0.00% 0.00% 11.82% 85.42%

Stock Geographic Breakdown

Weighting Return Low Return High SPAX % Rank
US
87.22% 0.00% 101.62% 47.18%
Non US
0.00% 0.00% 96.59% 29.62%

SPAX - Expenses

Operational Fees

SPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.86% 0.03% 6.02% 95.91%
Management Fee 0.85% 0.05% 1.57% 66.56%
12b-1 Fee N/A 0.00% 1.00% 1.94%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

SPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

SPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SPAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 3.00% 461.00% N/A

SPAX - Distributions

Dividend Yield Analysis

SPAX Category Low Category High SPAX % Rank
Dividend Yield 5.35% 0.00% 10.84% 11.29%

Dividend Distribution Analysis

SPAX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Annually Annually

Net Income Ratio Analysis

SPAX Category Low Category High SPAX % Rank
Net Income Ratio N/A -5.42% 1.10% N/A

Capital Gain Distribution Analysis

SPAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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SPAX - Fund Manager Analysis

Managers

Charles Ragauss


Start Date

Tenure

Tenure Rank

Jun 22, 2021

0.94

0.9%

Mr. Ragauss currently serves as Director of Product Management at CSat Investment Advisory, having joined the it in April 2016. Prior to joiningCSat Investment Advisory, Mr. Ragauss was Assistant Vice President at Huntington National Bank (“Huntington”), where he was Product Manager for the Huntington Funds and Huntington Strategy Shares ETFs, a combined fund complex of almost $4 billion in assets under management. At Huntington, he led ETF development bringing to market some of the first actively managed ETFs. Mr. Ragauss joined Huntington in 2010. Mr. Ragauss attended Grand Valley State University where he received his Bachelor of Business Administration in Finance and International Business, as well as a minor in French. He is a member of both the National and West Michigan CFA societies and holds the CFA designation.

Michael Venuto


Start Date

Tenure

Tenure Rank

Jun 22, 2021

0.94

0.9%

Mr. Venuto is a co-founder and has been the Chief Investment Officer of the Toroso Investments, LLC since 2012. Mr. Venuto is an ETF industry veteran with over a decade of experience in the design and implementation of ETF-based investment strategies. Previously, he was Head of Investments at Global X Funds where he provided portfolio optimization services to institutional clients. Before that, he was Senior Vice President at Horizon Kinetics where his responsibilities included new business development, investment strategy and client and strategic initiatives.

Jonathan Browne


Start Date

Tenure

Tenure Rank

Jun 22, 2021

0.94

0.9%

Mr. Browne serves as a Portfolio Manager as well as Director of Closed-End Fund Research and Trading for Robinson Capital Management. He jointly oversees the day-to-day management of the Fund, including its investment strategies and processes, risk management, regulatory compliance, asset allocation modeling, external manager due diligence and selection, and trading. Prior to joining Robinson Capital, Jonathan worked as an Associate Portfolio Manager for Federated Investors, Inc. In that role, he helped manage several income focused, multi-asset class funds and SMA portfolios. In addition to his portfolio management responsibilities, Jonathan also served as a Research Analyst, providing fundamental equity research across various industries. Previously, Jonathan worked for three years as a Senior Consultant at FactSet Research Systems Inc., where he developed proprietary models and streamlined investment processes for institutional investors, such as hedge fund managers, plan sponsors, and private wealth advisors. Jonathan holds both a BS and MBA in Finance and Economics from Carnegie Mellon University.

James Robinson


Start Date

Tenure

Tenure Rank

Jun 22, 2021

0.94

0.9%

Mr. Robinson serves as the Chief Executive Officer and Chief Investment Officer of Robinson Capital Management, LLC. Mr. Robinson oversees the day-to-day operations and activities of Robinson Capital Management, LLC, including its investment strategies and processes, risk management, regulatory compliance, asset allocation modeling, external manager due diligence and selection, trading, and personnel. Prior to founding Robinson in 2012, Mr. Robinson was Chief Executive Officer and Chief Investment Officer of Telemus Capital Partners, LLC and its subsidiary Beacon Asset Management, LLC. Earlier, Mr. Robinson served for five years as the Chairman and CEO of Munder Capital Management and President of the Munder Funds. From 1987 to 1999, Mr. Robinson served as Executive Vice President and Chief Investment Officer-Fixed Income with Munder Capital Management. Mr. Robinson holds an MBA from Carnegie Mellon University, as well as a BBS in Finance and Economics from Wayne State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 30.18 8.52 0.07