What this ETF is trying to do

The SPAC and New Issue ETF (ticker: SPCK) is an exchange-traded fund listed on the NASDAQ. Based on its name, this ETF focuses on Special Purpose Acquisition Companies (SPACs) and new business issues.

The fund holds a variety of different companies. According to the most recent data from October 4, 2026, its top holdings include:

• Cohen Circle Acquisition Corp II Class A (4.71%)

• FG Imperii Acquisition Corp Class A (4.25%)

• Cantor Equity Partners VI Inc Ordinary Shares Class A (4.03%)

• Berto Acquisition Corp (3.88%)

• Pasqal Holding SA (3.62%)

• Twelve Seas Investment Company III Class A (3.47%)

• Praetorian Acquisition Corp Units (3.29%)

• Collective Acquisition Corp II Units (3.28%)

• Art Technology Acquisition Corp Units (3.27%)

• RRE Ventures Acquisition Corp Units (3.27%)

Please note that this is a partial list of the 51 total holdings, and holdings can change over time.

What the numbers show

When looking at an ETF, it is important to understand the difference between price return and total return. Price return only tracks how much the share price moves. Total return includes both the price movement and any cash distributions (dividends) paid out.

For SPCK, the numbers show different results depending on how you measure them:

• Year-to-Date (YTD): The price return is approximately -0.39%, and the total return is also approximately -0.39%.

• One Year: The price return was a decline of about 13.65%. However, the total return for the year was actually a gain of about 0.55%.

• Three Year: The price return was a decline of about 7.03%, while the total return was a gain of about 11.48%.

To give you an idea of the price change, the estimated price from roughly one year ago was $25.13. The current price is $21.70.

Income and distribution explanation

This ETF has a high distribution yield of approximately 16.55%. This number describes the cash distributions relative to the ETF's price. However, a high yield alone can be misleading; it does not mean an investor earned that percentage as their total return.

The fund has made two distributions in the last 12 months, totaling $3.59 per share. The distribution frequency is described as "irregular" or "less frequent."

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in a fund decreases. While a falling market price does not always mean the NAV has declined, investors often watch for this trend.

StockValueFinder uses an erosion-risk score to measure this risk. SPCK has an erosion score of 75, which is labeled as "mild price erosion." There is no severe erosion-risk flag for this ETF.

Pros

• The fund provides a high distribution yield, which can provide cash income.

• When looking at total returns (which include distributions), the fund has shown positive results over the one-year and three-year periods, even though the share price itself declined.

Cons

• The fund has experienced a share-price decline over the last year and three years.

• The distribution frequency is irregular, meaning payments may not happen on a steady schedule.

Beginner takeaway

When studying SPCK, it is important to distinguish between the share price and the total return. While the price of a single share has gone down over the last year, the total return was positive because of the cash distributions. Always remember that high yields do not guarantee that your original investment will stay at the same value.