- Issuer
- RiverNorth
- Inception Date
- Jul 11, 2022
- Region
- North America (U.S.)
- Category
- Financials Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Assets Under Management
- $7M
Share Price Chart
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Performance
SPCZ Performance Chart
RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) is up 1.9% since the beginning of the year. SPCZ is currently trading at $26 per share.
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Returns By Period
RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) has returned 1.94% so far this year and 4.71% over the past 12 months.
RiverNorth Enhanced Pre-Merger SPAC ETF
- 1D
- 0.04%
- 1M
- 0.35%
- YTD
- 1.94%
- 6M
- 2.10%
- 1Y
- 4.71%
- 3Y*
- 6.63%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
SPCZ Monthly Returns History
Based on dividend-adjusted daily data since Jul 12, 2022, SPCZ's average daily return is +0.03%, while the average monthly return is +0.51%. At this rate, an investment would double in approximately 11.4 years.
Historically, 77% of months were positive and 23% were negative. The best month was Jul 2025 with a return of +3.7%, while the worst month was Jun 2025 at -1.9%. The longest winning streak lasted 13 consecutive months, and the longest losing streak was 2 months.
On a daily basis, SPCZ closed higher 56% of trading days. The best single day was Jun 10, 2026 with a return of +4.5%, while the worst single day was Sep 3, 2024 at -3.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.60% | 0.03% | -0.78% | -0.69% | 2.41% | 0.39% | 1.94% | ||||||
| 2025 | 0.16% | 0.71% | 0.75% | 2.29% | 2.02% | -1.86% | 3.70% | 0.14% | 1.39% | 1.26% | -0.64% | -0.07% | 10.19% |
| 2024 | 0.55% | 0.81% | 0.40% | 0.75% | 0.13% | 0.21% | 0.35% | -0.49% | 1.63% | -0.19% | -0.65% | 1.71% | 5.31% |
| 2023 | 0.68% | 0.66% | 0.58% | 0.42% | 1.03% | 0.27% | 0.53% | 0.68% | 0.53% | 0.16% | -0.26% | 0.49% | 5.93% |
| 2022 | -0.28% | 0.08% | -0.04% | 0.74% | 0.55% | 0.63% | 1.69% |
Benchmark Metrics
RiverNorth Enhanced Pre-Merger SPAC ETF has an annualized alpha of 6.53%, beta of 0.00, and R2 of 0.00 versus S&P 500 Index. Calculated based on daily prices since July 12, 2022.
- This ETF captured 10.65% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -18.49%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.00 may look defensive, but with R2 of 0.00 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.00 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 6.53%
- Beta
- 0.00
- R²
- 0.00
- Upside Capture
- 10.65%
- Downside Capture
- -18.49%
Expense Ratio
SPCZ has an expense ratio of 0.90%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SPCZ ranks 21 for risk / return — below 21% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPCZ | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -1.96 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.37 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 2.78 | -1.55 |
| Martin ratioReturn relative to average drawdown | 2.88 | 12.44 | -9.56 |
Dividends
Dividend History
RiverNorth Enhanced Pre-Merger SPAC ETF provided a 11.83% dividend yield over the last twelve months, with an annual payout of $3.08 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $3.08 | $3.08 | $1.10 | $1.29 | $0.06 |
Dividend yield | 11.83% | 12.06% | 4.24% | 5.01% | 0.22% |
Monthly Dividends
The table displays the monthly dividend distributions for RiverNorth Enhanced Pre-Merger SPAC ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.08 | $3.08 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.10 | $1.10 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.29 | $1.29 |
| 2022 | $0.06 | $0.06 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the RiverNorth Enhanced Pre-Merger SPAC ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the RiverNorth Enhanced Pre-Merger SPAC ETF was 4.47%, occurring on Sep 3, 2024. Recovery took 16 trading sessions.
The current RiverNorth Enhanced Pre-Merger SPAC ETF drawdown is 3.37%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2024 pullback2024 | -4.47%Sep 2024 | 26d | 22d | 1mo 18dAug 2024 - Sep 2024 |
2026 pullback2026 | -3.82%Apr 2026 | 0s | 1mo 11d | 1mo 11dApr 2026 - Jun 2026 |
2026 pullback2026 | -3.51%Jun 2026 | 4d | — | 12d 7hJun 2026 - now |
2025 pullback2025 | -3.50%Jun 2025 | 13d | 23d | 1mo 6dJun 2025 - Jul 2025 |
2026 pullback2026 | -2.86%Jan 2026 | 8d | 3mo 22d | 4moDec 2025 - Apr 2026 |
Drawdown Indicators
| SPCZ | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.47% | -56.78% | +52.31% |
Max Drawdown (1Y)Largest decline over 1 year | -3.82% | -9.10% | +5.28% |
Max Drawdown (3Y)Largest decline over 3 years | -4.47% | -18.90% | +14.43% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -3.37% | -1.80% | -1.57% |
Average DrawdownAverage peak-to-trough decline | -0.53% | -10.71% | +10.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.66% | 2.03% | -0.37% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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