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Tag: SPACs

SPACs: There’s Now An ETF For That (NYSEARCA:SPAK)

October 5, 2020
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With all the attention SPACs have received, it was only a matter of time before an ETF covering SPACs came to market. Yesterday, the Defiance NextGen SPAC IPO ETF (SPAK) launched and I will be going through an overview of the fund in this article. I will be covering key details, index methodology/weighting, and examining the holdings.

SPAK Key Details

-Expense ratio: 0.45%

-Number of holdings: 35

-Rebalance frequency: Quarterly

SPAK Index and Methodology

Looking into the index and methodology, I found some interesting information on which SPACs are included in the fund. SPAK focuses the majority of its holdings on SPACs that have already completed a merger with a target company. As is noted below 80% of the fund is allocated towards that area and only 20% are allocated to SPACs that have not completed a merger. Within that 20%, the majority of that weight is allocated to SPACs

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US IPO Weekly Recap: IPOs, SPACs, and direct listings, oh my!

October 3, 2020
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A total of 29 companies entered the public market this past week, the most ever in a single week. The week’s 11 IPOs were joined by 15 SPACs and three direct listings.

Notable new IPO filings included TPG-backed antivirus provider McAfee (MCFE), Vista Equity’s IT software provider Datto (MSP), and three mortgage companies.

We also released our 3Q US Review, and updated our blog post on SPAC performance.

Data analytics unicorn Palantir (PLTR) opened 38% above its reference price, beginning trading at $10 for an implied $22.2 billion market cap. Work management SaaS Asana (ASAN) opened 29% above the reference price with its first trade at $27, implying a $5.0 billion market cap. Both deals had healthy volume on day one. While recent software IPOs have outperformed, the high-growth large-loss direct listings weren’t able to find support in the public market, and traded off from their opens. From their opening

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