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Name

As of 04/30/2024

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

CrossingBridge Pre-Merger SPAC ETF

SPC | Active ETF

$21.51

$71.3 M

3.56%

$0.77

0.81%

Vitals

YTD Return

1.6%

1 yr return

5.4%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$71.3 M

Holdings in Top 10

47.2%

52 WEEK LOW AND HIGH

$21.5
$21.15
$21.93

Expenses

OPERATING FEES

Expense Ratio 0.81%

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 04/30/2024

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

CrossingBridge Pre-Merger SPAC ETF

SPC | Active ETF

$21.51

$71.3 M

3.56%

$0.77

0.81%

SPC - Profile

Distributions

  • YTD Total Return 1.6%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 3.6%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    CrossingBridge Pre-Merger SPAC ETF
  • Fund Family Name
    N/A
  • Inception Date
    Sep 20, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Sherman

Fund Description

The Fund is an actively managed exchange-traded fund (“ETF”) that under normal market conditions will invest at least 80% of its net assets, plus borrowings for investment purposes, in shares of common stock and units of Special Purpose Acquisition Companies (“SPACs”) that have yet to consummate a shareholder-approved merger or business combination. The Fund seeks to invest in publicly-traded SPACs that at the time of purchase are trading at or below the SPAC’s pro rata trust account value. From time to time, the Fund may
receive SPAC common stock or units that are trading above the SPAC’s pro rata trust account value as Deposit Securities (defined below).
The Fund will invest primarily in U.S.-listed SPACs, and may also invest in SPACs that are domiciled or listed outside of the U.S., including SPACs listed in Canada, the Cayman Islands, Bermuda and the Virgin Islands.
The Fund may invest in securities offered in a SPAC initial public offering (“IPO”). As part of its participation in a SPAC IPO, pursuant to which the Fund will acquire SPAC common stock or units at or below the pro rata trust account value, the Fund may also receive additional securities that may include founder shares and founder warrants at no additional cost. Such founder shares and founder warrants may have restrictions on resale. Except to the extent that the Fund holds founder shares and founder warrants of a SPAC, the Adviser will submit a redemption notice to a SPAC sponsor or dispose of any SPAC common stock or units held by the Fund generally no later than 10 business days following the consummation of a shareholder-approved merger or business combination. Depending on market pricing, the Fund generally intends to sell warrants that it receives in connection with the purchase of a SPAC’s units in order to reduce the cost basis of each investment, which may generate additional returns for the shareholder.
A SPAC (or “blank check company”) is a company with no commercial operations that is established solely to raise capital through an 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. Generally, a SPAC is formed by sponsors holding founder shares with an approximately 20% equity interest in the SPAC. SPACs may offer units, typically comprised of one share of common stock of the SPAC and a warrant (or portion of a warrant) to purchase common stock of the SPAC or its successor entity upon or after a 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. Typically, a SPAC’s IPO net proceeds are placed in an interest-bearing trust account for the benefit of the SPAC’s common stock shareholders until a merger or business combination is completed or the SPAC is liquidated for not having completed a merger or business combination. The value of the trust account divided by the number of shares issued by a SPAC provides a pro rata trust account value. The SPAC sponsor may have contributed additional monies into the trust account to over-collateralize the amount in excess of the IPO net proceeds. SPACs often have pre-determined time frames to complete a business combination (generally two years) or the SPAC will liquidate. Unless and until a business combination is completed, a SPAC generally invests its IPO net proceeds in U.S. government securities, U.S. agency securities, money market securities and cash, and such assets are held in a trust account.
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. Trust account proceeds that were not distributed to common stock shareholders exercising their redemption rights are contributed as cash to the successor entity and those SPAC common stock shareholders not exercising their redemption rights will receive common stock shares of the successor entity.
The Fund may invest up to 20% of its total assets in fixed income securities for cash management purposes or due to a lack of suitable investment opportunities. The Fund defines fixed income securities to include: bills, notes, bonds, debentures, convertible bonds, loan participations, syndicated loan assignments, floating-rate securities, and other evidence of indebtedness issued by U.S. or foreign corporations, governments, government agencies or government instrumentalities, including floating-rate securities, convertible bonds and preferred stocks. Floating-rate securities provide interest income that can increase or decrease with
interest rates. The Fund invests in individual fixed income securities without restriction as to issuer credit quality, capitalization or security maturity. The Fund will only invest in fixed income securities denominated in U.S. dollars issued by issuers domiciled in North America or developed markets.
Investment decisions for the Fund are made by CrossingBridge Advisors, LLC (the “Adviser”). The Adviser will utilize both quantitative and qualitative analysis to identify investment opportunities with favorable attributes. Quantitative analysis will primarily focus on the current market price relative to a SPAC’s underlying pro rata trust account value as well as the yield to expected liquidation or redemption date. Qualitative analysis may include factors such as a SPAC sponsors’ background and experience, target industry, and terms of an announced transaction (i.e., a publicly announced merger or business combination between a SPAC and a target company). The Adviser tracks publicly-traded SPAC common stock shares and units to evaluate return profiles. In managing the Fund’s portfolio, the Adviser will engage in frequent trading, which may result in a high portfolio turnover rate.
The Fund is deemed to be non-diversified under the Investment Company Act of 1940, as amended (the “1940 Act”), which means that it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.
Read More

SPC - Performance

Return Ranking - Trailing

Period SPC Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -48.5% 23.9% 92.65%
1 Yr 5.4% -76.0% 772.5% N/A
3 Yr N/A* -53.1% 50.0% N/A
5 Yr N/A* -42.4% 16.0% N/A
10 Yr N/A* -22.8% 15.0% N/A

* Annualized

Return Ranking - Calendar

Period SPC Return Category Return Low Category Return High Rank in Category (%)
2023 2.3% -83.6% 547.9% N/A
2022 0.9% -69.3% 196.9% N/A
2021 N/A -28.2% 63.9% N/A
2020 N/A -29.8% 9.3% N/A
2019 N/A -14.5% 29.5% N/A

Total Return Ranking - Trailing

Period SPC Return Category Return Low Category Return High Rank in Category (%)
YTD 1.6% -48.5% 23.9% 93.14%
1 Yr 5.4% -76.0% 772.5% N/A
3 Yr N/A* -53.1% 50.0% N/A
5 Yr N/A* -42.4% 16.0% N/A
10 Yr N/A* -19.7% 15.0% N/A

* Annualized

Total Return Ranking - Calendar

Period SPC Return Category Return Low Category Return High Rank in Category (%)
2023 6.0% -83.6% 547.9% N/A
2022 2.0% -69.3% 196.9% N/A
2021 N/A -28.2% 63.9% N/A
2020 N/A -29.8% 9.3% N/A
2019 N/A -14.5% 40.9% N/A

SPC - Holdings

Concentration Analysis

SPC Category Low Category High SPC % Rank
Net Assets 71.3 M 183 K 28 B 87.66%
Number of Holdings 42 6 1336 7.14%
Net Assets in Top 10 32.1 M 59 K 2.7 B 88.64%
Weighting of Top 10 47.21% 4.7% 100.0% 58.86%

Top 10 Holdings

  1. TortoiseEcofin Acquisition Corp III 5.08%
  2. Nabors Energy Transition Corp II 4.90%
  3. Rigel Resource Acquisition Corp 4.84%
  4. Keen Vision Acquisition Corp 4.75%
  5. Inflection Point Acquisition Corp II 4.72%
  6. Ares Acquisition Corp II 4.71%
  7. Alchemy Investments Acquisition Corp 1 4.66%
  8. CARTESIAN GROWTH CORP II 4.55%
  9. ESH Acquisition Corp 4.53%
  10. Agriculture Natural Solutions Acquisition Corp 4.48%

Asset Allocation

Weighting Return Low Return High SPC % Rank
Stocks 		97.44% 77.52% 101.30% 62.82%
Cash 		2.59% -1.30% 22.49% 30.19%
Other 		0.01% -1.57% 7.18% 24.68%
Preferred Stocks 		0.00% 0.00% 3.43% 7.63%
Convertible Bonds 		0.00% 0.00% 1.57% 4.38%
Bonds 		0.00% 0.00% 3.19% 1.46%

Stock Sector Breakdown

Weighting Return Low Return High SPC % Rank
Utilities 		0.00% 0.00% 5.57% 34.09%
Technology 		0.00% 0.00% 75.51% 99.84%
Real Estate 		0.00% 0.00% 15.31% 75.16%
Industrials 		0.00% 0.00% 36.64% 99.19%
Healthcare 		0.00% 0.00% 47.90% 99.19%
Financial Services 		0.00% 0.00% 100.00% 0.16%
Energy 		0.00% 0.00% 55.49% 74.35%
Communication Services 		0.00% 0.00% 15.31% 84.58%
Consumer Defense 		0.00% 0.00% 13.56% 96.43%
Consumer Cyclical 		0.00% 0.00% 40.68% 98.86%
Basic Materials 		0.00% 0.00% 10.30% 84.90%

Stock Geographic Breakdown

Weighting Return Low Return High SPC % Rank
US 		97.44% 67.06% 99.56% 87.66%
Non US 		0.00% 0.00% 26.08% 8.77%

SPC - Expenses

Operational Fees

SPC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.81% 0.03% 4.18% 87.44%
Management Fee 0.80% 0.05% 4.05% 48.46%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

SPC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

SPC 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.

SPC Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 3.00% 439.00% N/A

SPC - Distributions

Dividend Yield Analysis

SPC Category Low Category High SPC % Rank
Dividend Yield 3.56% 0.00% 1.88% 9.74%

Dividend Distribution Analysis

SPC Category Low Category High Category Mod
Dividend Distribution Frequency None Annually Annually Annually

Net Income Ratio Analysis

SPC Category Low Category High SPC % Rank
Net Income Ratio N/A -4.08% 1.10% 56.27%

Capital Gain Distribution Analysis

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

Distributions History

View More +

SPC - Fund Manager Analysis

Managers

David Sherman

Start Date

Tenure

Tenure Rank

Sep 20, 2021

0.69

0.7%

David K. Sherman is the portfolio manager for RiverPark Short Term and RiverPark Strategic Income. Mr. Sherman, is the managing member of Cohanzick. Since 1996, Mr. Sherman, on behalf of Cohanzick Management, LLC , has managed accounts for various clients utilizing investment programs substantially similar to those intended to be used by the Fund. From January 1987 to August 1996, Mr. Sherman held various executive and director positions at Leucadia National Corporation and/or its subsidiaries. From August 1992 to August 1996, Mr. Sherman served as a Vice President of Leucadia with primary responsibility for the oversight of Leucadia's insurance companies' investment portfolios. Mr. Sherman holds a B.S. in Business Administration from Washington University.

T. Kirk Whitney

Start Date

Tenure

Tenure Rank

Sep 20, 2021

0.69

0.7%

T. Kirk Whitney, CFA® is an Assistant Portfolio Manager of the Adviser, a wholly owned subsidiary of Cohanzick Management, LLC, and serves as an Assistant Portfolio Manager of the Responsible Credit Fund. Mr. Whitney began his career with Cohanzick Management, LLC as a Portfolio Analyst in 2013, rising to his current role of Assistant Portfolio Manager and Senior Analyst. Mr. Whitney has over 20 years of experience having worked at the Solaris Group, Concordia Advisors, Alliance Capital and Bloomberg. Mr. Whitney holds a B.S. from Pennsylvania State University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.44 8.95 5.25

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