
Special Purpose Acquisition Companies (SPACs) are one of the most exciting & disruptive capital markets themes over the past several years. Along with an increase in the number of SPAC IPOs, larger deal sizes and high-profile sponsor teams are drawing investors to this once underfollowed market. However, with little research and information available on publicly-traded SPACs, investors are often left wondering how they can efficiently access a market that has traditionally been dominated by institutional investors.
The solution? The SPAC and New Issue ETF (Nasdaq: SPCX), the first actively-managed SPAC ETF. SPCX gives investors exposure to a broad portfolio of SPACs with the familiar attributes of an exchange traded fund’s diversity, tax-efficiency and liquidity.
What is a SPAC?

Acquisition within two years
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Reverse Merger
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A sponsor team raises a blind pool of cash to combine with a private operating company. The structure gives public investors access to a top tier sponsor that is highly incentivized to generate excess value through sourcing a unique business combination opportunity.
(Source: Bank of America)
SPAC Issuance Accelerates through 1Q21
$81.5 Billion Raised in 2020
$97 Billion Raised in 1Q21
(Source: Citi)
SPAC IPO Sizes >$300M since 2018
%
2018
%
2019
%
2020
(Source: Citi)
How is a SPAC Structured?
A brief explanation of the basic plumbing
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Stages of a SPAC
How it all comes together
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Why do a SPAC?
From a Sponsor’s and Seller’s point of view
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Potential Benefits of Going Public via a SPAC
Why more companies are taking this disruptive path to market
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How to Invest
The SPAC and New Issue ETF (Nasdaq: SPCX), the first actively-managed SPAC exchange traded fund. SPCX offers a simple yet institutional-level solution to help investors of all types navigate an often complicated SPAC landscape.
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