SPAX

Robinson Alternative Yield Pre-Merger SPAC ETF
*Unless otherwise stated, data provided by FactSet.

SPAX Fund Description

SPAX is an actively managed fund of small-cap, US-listed SPACs the advisor expects to experience a spike in price in the future.

SPAX Factset Analytics Insight

SPAX is Robinson’s first equity ETF and the first fund to focus solely on small-cap SPACs. The fund is actively managed to hold units, common shares and warrants of small-cap, US-listed SPACs and sell its investments prior to a merger, asset acquisition, or any business combination in an effort to minimize downside risk. The fund adviser uses a combination of qualitative and quantitative analysis in determining its constituents. The qualitative analysis determines the likelihood that a SPAC will be successful in identifying and completing a business combination. The quantitative approach, or what the fund adviser characterizes as the “alternative yield” strategy, consists of the implied yield-to-worst of the SPAC common shares as well as the value of any attached SPAC warrants. The strategy provides almost zero correlation with traditional fixed income exposure. Due to an active approach, constituent weights may deviate significantly from the usual relative value and market-cap scheme.

PERFORMANCE [as of 09/24/21] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
SPAX 0.38% -0.50% -- -- -- -- --
SPAX (NAV) 0.50% -0.45% -- -- -- -- --
No Underlying Index -- -- -- -- -- -- --
MSCI USA Small Cap Index 0.79% -1.14% 17.85% 57.59% 13.03% 15.05% 15.78%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

SPAX Summary Data

Robinson
06/22/21
Open-Ended Fund
0.85%
$5.48M
$75.31K
0.35%
N/A

SPAX Portfolio Data

$286.73M
-325.19
1.75
--
N/A
58

SPAX Index Data

No Underlying Index
Proprietary
Proprietary
MSCI USA Small Cap Index

SPAX Portfolio Management

0.85%
--
--
--

SPAX Tax Exposures

20.00% / 39.60%
--
Qualified dividends
No

SPAX Fund Structure

Open-Ended Fund
No
No
-- / --
N/A
N/A
Low
Daily

SPAX Factset Analytics Block Liquidity

As of 09/27/21
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of SPAX. SPAX is rated a N/A out of 5.

SPAX Tradability

3,768
$75.31K
43
0
0.35%
$0.07
0.15%
0.76% / -0.14%
None
--
--
--
--
--
0
$19.94
N/A

SPAX Top 10 Holdings[View All]

2.11%
1.87%
1.87%
1.87%
1.86%
1.86%
1.86%
1.86%
21.22%

SPAX Countries


SPAX
Segment Benchmark
100.00%
100.00%

SPAX Regions


SPAX
Segment Benchmark
100.00%
100.00%

SPAX Economic Development


SPAX
Segment Benchmark
100.00%
100.00%

SPAX Performance Statistics

--
--
--
--
0.00%
MSCI USA Small Cap Index

SPAX Benchmark Comparison Holdings

58
1858
--
0.00%

SPAX Benchmark Comparison Summary


SPAX
Segment Benchmark
58
1858
$286.73M
$5.50B
-325.19
82.45
1.75
2.75
0.00%
1.02%
Low
Low

SPAX Benchmark Comparison Market Cap Size


SPAX
Segment Benchmark
0.00%
3.24%
0.00%
73.31%
0.00%
22.40%
100.00%
1.05%

Options Strategies for Outcome Investing

A collar strategy is a protective option strategy constructed by writing a call and buying a put with the same expiration date while being long the underlying security.