Wall Street is launching a third exchange-traded fund that invests in SPACs, accelerating a rush to cash in on investors’ enthusiasm for blank-check firms, the Wall Street Journal reports.
The hedge fund Morgan Creek Capital Management and the financial-technology company Exos Financial plan to launch the SPAC ETF on Jan. 26, the companies said. The new Morgan Creek-Exos SPAC Originated ETF will trade under the ticker SPXZ and consist of a mix of firms that recently went public by merging with a SPAC plus shell companies that are still seeking startups to take public. Read more.
