This actively managed exchange-traded fund (ETF) aims to achieve its investment goals by primarily allocating capital to U.S.-listed special purpose acquisition companies (SPACs). It also invests in businesses that have already completed a merger or acquisition with a SPAC. A SPAC, often called a "blank check" company, is a firm without its own commercial operations; its sole purpose is to raise funds through an initial public offering (IPO) in order to identify and engage in a business combination (such as a merger, acquisition, or reorganization) with one or more existing operating companies.
