Verdicts genuinely change. Free email alert the moment SPAQ's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Horizon Kinetics SPAC Active ETF ETF · Listed Funds Trust
60 holdings · as of 2026-06-30 (3.7 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
NON-COMPLIANT At least 50.20% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 50% turns out to be. Matching more holdings can only raise this share, never lower it.
60 holdings, 28 matched (50% of weight). Portfolio as of 2026-06-30, filed 2026-08-26. Source: SEC Form N-PORT.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| Oaktree Acquisition Corp III L | UNSCREENED | 5.31% | no in-house ratios for this holding |
| NHIV NewHold Investment Corp IV | NON_COMPLIANT | 4.56% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| WENN Wen Acquisition Corp | NON_COMPLIANT | 4.19% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| EVOX Evolution Global Acquisition C | NON_COMPLIANT | 4.15% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| Cantor Equity Partners V Inc | UNSCREENED | 4.09% | no in-house ratios for this holding |
| Willow Lane Acquisition Corp I | UNSCREENED | 4.05% | no in-house ratios for this holding |
| OTGA OTG Acquisition Corp I | NON_COMPLIANT | 4.03% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| Space Asset Acquisition Corp | UNSCREENED | 4.03% | no in-house ratios for this holding |
| MTAL Metals Acquisition Corp II | NON_COMPLIANT | 4.03% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| RREV RRE Ventures Acquisition Corp | NON_COMPLIANT | 4.01% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| DSAC Daedalus Special Acquisition C | NON_COMPLIANT | 4.00% | AAOIFI0.4% Usmani0.6% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.6% MSCI Islamic M-Series— FTSE Shariah0.6% |
| Kensington Capital Acquisition | UNSCREENED | 3.99% | no in-house ratios for this holding |
| TMTS Spartacus Acquisition Corp II | NON_COMPLIANT | 3.97% | AAOIFI0.1% Usmani0.1% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.1% MSCI Islamic M-Series— FTSE Shariah0.1% |
| DYNC Dynamix Corp | NON_COMPLIANT | 3.96% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| Aldabra 4 Liquidity Opportunit | UNSCREENED | 3.94% | no in-house ratios for this holding |
| Hennessy Capital Investment Co | UNSCREENED | 3.94% | no in-house ratios for this holding |
| M Evo Global Acquisition Corp | UNSCREENED | 3.93% | no in-house ratios for this holding |
| Crane Harbor Acquisition Corp | UNSCREENED | 3.64% | no in-house ratios for this holding |
| Yorkville International Capita | UNSCREENED | 3.49% | no in-house ratios for this holding |
| ALDF Aldel Financial II Inc | NON_COMPLIANT | 3.18% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| Oyster Enterprises II Acquisit | UNSCREENED | 3.07% | no in-house ratios for this holding |
| AIIA AI Infrastructure Acquisition | NON_COMPLIANT | 3.04% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| BTC Development Corp | UNSCREENED | 2.51% | no in-house ratios for this holding |
| JACS Jackson Acquisition Co II | NON_COMPLIANT | 2.46% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| TACH Titan Acquisition Corp | NON_COMPLIANT | 2.21% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| Inflection Point Acquisition C | UNSCREENED | 2.18% | no in-house ratios for this holding |
| NHIC NewHold Investment Corp III | NON_COMPLIANT | 1.44% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| US BANK MMDA - USBGFS 7 | UNSCREENED | 0.21% | no in-house ratios for this holding |
| METALS ACQUISITION II-CL A | UNSCREENED | 0.15% | no in-house ratios for this holding |
| AIIA AI Infrastructure Acquisition | NON_COMPLIANT | 0.14% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| INFLECTION POINT ACQUI CL-A | UNSCREENED | 0.13% | no in-house ratios for this holding |
| FERA Fifth Era Acquisition Corp I | NON_COMPLIANT | 0.13% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| SPACE ASSET ACQUISITION-CL A | UNSCREENED | 0.12% | no in-house ratios for this holding |
| KENSINGTON CAPITAL ACQUISI-B | UNSCREENED | 0.11% | no in-house ratios for this holding |
| Axiom Intelligence Acquisition | UNSCREENED | 0.11% | no in-house ratios for this holding |
| OTGA OTG ACQUISITION CORP I-CL A | NON_COMPLIANT | 0.10% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| APXT APEX TREASURY CORP-CL A | NON_COMPLIANT | 0.09% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| WILLOW LANE ACQUISITION-CL A | UNSCREENED | 0.09% | no in-house ratios for this holding |
| EVOLUTION GLOBAL ACQUIS-CL A | UNSCREENED | 0.09% | no in-house ratios for this holding |
| ALDF ALDEL FINANCIAL II INC | NON_COMPLIANT | 0.09% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| DAEDALUS SPECIAL ACQUIS-CL A | UNSCREENED | 0.08% | no in-house ratios for this holding |
| Crane Harbor Acquisition Corp | UNSCREENED | 0.08% | no in-house ratios for this holding |
| TACH TITAN ACQUISITION CORP-CL A | NON_COMPLIANT | 0.08% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| M EVO GLOBAL ACQUISITIO-CL A | UNSCREENED | 0.08% | no in-house ratios for this holding |
| JACS Jackson Acquisition Co II | NON_COMPLIANT | 0.08% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| CENTURION ACQUISITION CORP | UNSCREENED | 0.07% | no in-house ratios for this holding |
| SPARTACUS ACQUISITION C-CL A | UNSCREENED | 0.07% | no in-house ratios for this holding |
| Hennessy Capital Investment Co | UNSCREENED | 0.06% | no in-house ratios for this holding |
| ALDABRA 4 LIQUIDITY OPP-CL A | UNSCREENED | 0.06% | no in-house ratios for this holding |
| Oyster Enterprises II Acquisit | UNSCREENED | 0.06% | no in-house ratios for this holding |
| SZZL Sizzle Acquisition Corp II | NON_COMPLIANT | 0.06% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| INAC Indigo Acquisition Corp | NON_COMPLIANT | 0.05% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| ROMAN DBDR ACQUISITION CORP | UNSCREENED | 0.05% | no in-house ratios for this holding |
| BKHA Black Hawk Acquisition Corp | NON_COMPLIANT | 0.04% | AAOIFI2.5% Usmani4.9% Dow Jones Islamic1.7% S&P Shariah— MSCI Islamic4.9% MSCI Islamic M-Series— FTSE Shariah4.9% |
| CUB LIONHEART HOLDINGS - CL A | NON_COMPLIANT | 0.04% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| LPBB LAUNCH TWO ACQUISITION- CL A | NON_COMPLIANT | 0.04% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| BLUE WATER ACQUISITION C-A | UNSCREENED | 0.03% | no in-house ratios for this holding |
| BTC DEVELOPMENT CORP-CL A | UNSCREENED | 0.03% | no in-house ratios for this holding |
| WENN WEN ACQUISITION CORP-A | NON_COMPLIANT | 0.03% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic— S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
| SBXD SILVERBOX CORP IV-A | NON_COMPLIANT | 0.02% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah— MSCI Islamic0.0% MSCI Islamic M-Series— FTSE Shariah0.0% |
All 7 published standards agree about this fund to within 0.0 points of portfolio weight.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 0.0% ratios fail on 50.2% 49.9% not rated under AAOIFI
ratios pass on 0.0% ratios fail on 50.2% 49.9% not rated under Usmani
ratios pass on 0.0% ratios fail on 3.4% 96.7% not rated under Dow Jones Islamic
ratios pass on 0.0% ratios fail on 0.0% 100.1% not rated under S&P Shariah
ratios pass on 0.0% ratios fail on 50.2% 49.9% not rated under MSCI Islamic
ratios pass on 0.0% ratios fail on 0.0% 100.1% not rated under MSCI Islamic M-Series
ratios pass on 0.0% ratios fail on 50.2% 49.9% not rated under FTSE Shariah
22 of 60 listed holdings carry our own per-methodology verdicts (50% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none.
| Non-compliant holding | Weight |
|---|---|
| NHIV NewHold Investment Corp IV | 4.56% |
| WENN Wen Acquisition Corp | 4.19% |
| EVOX Evolution Global Acquisition C | 4.15% |
| OTGA OTG Acquisition Corp I | 4.03% |
| MTAL Metals Acquisition Corp II | 4.03% |
| RREV RRE Ventures Acquisition Corp | 4.01% |
| DSAC Daedalus Special Acquisition C | 4.00% |
| TMTS Spartacus Acquisition Corp II | 3.97% |
| DYNC Dynamix Corp | 3.96% |
| ALDF Aldel Financial II Inc | 3.18% |
Methodology breakdown computing — it will appear here on its own.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
Horizon Kinetics SPAC Active ETF (SPAQ) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Computing the full ratio and business-activity breakdown for SPAQ — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Not enough completed daily bars to compute pivots.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 28.50 | BUY |
| Stochastic %K (14) | 0.00 | BUY |
| CCI (20) | -237.20 | BUY |
| Williams %R (14) | -100.00 | BUY |
| MACD (12,26,9) | -0.03 | SELL |
| ROC (10) | -0.67 | SELL |
| Momentum (10) | -0.62 | SELL |
| EMA (10) | 92.88 | SELL |
| SMA (10) | 92.90 | SELL |
| EMA (20) | 93.04 | SELL |
| SMA (20) | 93.05 | SELL |
| EMA (30) | 93.16 | SELL |
| SMA (30) | 93.23 | SELL |
| EMA (50) | 93.29 | SELL |
| SMA (50) | 93.45 | SELL |
| EMA (100) | 93.20 | SELL |
| SMA (100) | 93.58 | SELL |
| EMA (200) | 92.51 | SELL |
| SMA (200) | 92.47 | SELL |
The fund is an actively-managed exchange-traded fund that pursues its investment objective primarily by investing, under normal circumstances, in special purpose acquisition companies (“SPACs”) that, the fund’s investment sub-adviser, believes will generate net realized capital gains in excess of the income derived from bank certificates of deposit with similar maturities. The fund is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
Weak — low conviction, small size or skip
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | BEARISH | 41 |
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Insider transactions reported in the last ninety days. Insiders sell for reasons that have nothing to do with a view, so a sale on its own is not a signal.
NO DATA 0 buys · 0 sells
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-10-13 · Asset managers net 915835 (+9220)
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.