# RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ): ETF Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/spcz for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: TrueShares · Asset class: Equity - Strategy: Actively Managed · Inception: 2022-07-11 Under normal market conditions, the fund seeks to invest primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). In seeking to achieve the fund’s investment objective, the sub-adviser will monitor the fund’s portfolio and adjust positions based on changes in expectations of the investments or the availability of better alternatives. At least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested in Pre-Merger SPACs. The fund is non-diversified. ## Key Facts | Metric | Value | |---|---| | Price | $26.06 | | Expense Ratio | 0.59% | | AUM (All Share Classes) | $6.9M | | NAV | $26.01 | | Holdings Count | 219 | | Distribution Yield (TTM) | 11.82% | | Annual Distribution (TTM) | $3.08 /share | | Distribution Frequency | Annual | | 52-Week Range | $24.83 – $29.01 | | Beta | 0.02 | ## Latest Distribution - Amount: $3.0810 /share - Ex-date: 2025-12-24 - Pay date: 2025-12-26 ## Frequently Asked Questions ### What does SPCZ invest in? Under normal market conditions, the fund seeks to invest primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). In seeking to achieve the fund’s investment objective, the sub-adviser will monitor the fund’s portfolio and adjust positions based on changes in expectations of the investments or the availability of better alternatives. At least 80% of the fund’s net assets, plus borrowings for investment purposes, will be invested in Pre-Merger SPACs. The fund is non-diversified. ### What is the expense ratio of SPCZ? RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) charges an expense ratio of 0.59%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is SPCZ? RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is one share class of a fund that manages $6.9M across all of its share classes (RNMN reports the same total). Our data does not carry the assets of this share class alone. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is SPCZ actively managed or an index fund? SPCZ is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (SPCZ's is 0.59%) in exchange for the discretion to over- or under-weight positions. ### When was SPCZ launched? RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) launched in July 2022 and is managed by TrueShares. ### How has SPCZ performed? SPCZ's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does SPCZ pay a dividend? RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) currently distributes little or no income. Trailing-twelve-month yield is 11.82%. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does SPCZ pay dividends? RiverNorth Enhanced Pre-Merger SPAC ETF pays dividends Annual. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is SPCZ's dividend yield? SPCZ's trailing-twelve-month yield is 11.82%, calculated from the sum of dividends over the past year divided by the current price. ### When is SPCZ's next ex-dividend date? The most recently announced ex-dividend date for SPCZ was 2025-12-24. The next ex-date typically follows Annual; once announced it appears at the top of the dividend history table on this page. ### How much will SPCZ's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 0.59% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does SPCZ charge its expense ratio? The expense ratio is deducted in tiny daily slices from SPCZ's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does SPCZ cost more than a fund like VOO? SPCZ is actively managed (current expense ratio 0.59%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether SPCZ's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to SPCZ? The Lower-Fee Alternatives card above lists ETFs following the same investment strategy as SPCZ (0.59%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/spcz - Distribution history: https://www.dividenddata.com/funds/spcz/dividend - Holdings & diversification: https://www.dividenddata.com/funds/spcz/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/spcz/expenses - Peer comparison: https://www.dividenddata.com/funds/spcz/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.