The fund is an actively-managed ETF that seeks to achieve its investment objective by investing primarily in U.S.-listed special purpose acquisition companies (SPACs) and in companies that have merged with or been acquired by a SPAC. A SPAC is a blank check company with no commercial operations that is designed to raise capital via an initial public offering (IPO) for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination (a Combination) with one or more operating companies. The fund is non-diversified.
