The SPAC and New Issue ETF (SPCX) Reaches $137 Million AUM

Rhea-AI Summary

The SPAC and New Issue ETF (SPCX) has become the first SPAC ETF to surpass $100 million in assets under management (AUM), reaching $137.3 million in just 27 trading days as of February 3, 2021. The ETF offers investors exposure to the booming SPAC market and has seen an increase in trading volume, averaging 305,000 shares per day. As of early February 2021, over 100 SPAC IPOs raised more than $29.6 billion this year, indicating strong investor interest. Options trading on SPCX began on January 13, 2021, enhancing trading opportunities for investors.

Positive

• First SPAC ETF to exceed $100 million in AUM.
• AUM of $137.3 million achieved in 27 trading days.
• Average trading volume of 305,000 shares per day.
• Strong performance with over 100 SPAC IPOs raising $29.6 billion in 2021.

Negative

• None.

NEW YORK, Feb. 4, 2021 /PRNewswire/ -- The SPAC and New Issue ETF (NYSE: SPCX) announced today that it is the first and only SPAC ETF to garner over $100 million in assets under management (AUM). As of the close of business on February 3, AUM stood at $137.3 million, having achieved the $100mm mark in just 27 trading days. SPCX is the first actively-managed ETF that gives investors direct exposure to the disruptive capital markets theme of Special Purpose Acquisition Companies (SPACs).

The SPAC and New Issue ETF (SPCX) becomes the first and only SPAC ETF to break $100 million asset barrier

Additionally, options on SPCX began trading on January 13, 2021.

"Averaging 305,000 shares per day since the product's launch, we have seen a significant increase in SPCX trading volumes over the last two weeks, in part buoyed by the listing of options", commented Matthew Tuttle, Chief Executive Officer and Chief Investment Officer of Tuttle Tactical Management LLC ("TTM"), which serves as the Advisor to SPCX. "Options on SPCX give investors another cost efficient tool to either express an outright directional view on the overall SPAC market or to assist in hedging a merger arb or event driven strategy."

"This year has gotten off to an extraordinary start in terms of the number of new SPACs coming public. With over 100 SPAC IPOs raising in excess of $29.6 billion thus far in 2021¹, we are extremely encouraged by investor enthusiasm for what continues to be a robust new issue calendar", said Tuttle. "The key to our strategy, however, is our active approach to separating the wheat from the chaff. We feel that our focus on pre-deal SPACs backed by strong sponsor teams will prove itself over the longer term."

For more information please visit SPCXetf.com

About Tuttle Tactical Management
TTM is an experienced industry leader in Trend Aggregation (TA) providing Investment Advisors, Financial Planners, Insurance Agents and their clients indirectly with proven strategies and customized tactical ETF-based investment strategies and exclusive asset management. As of January 31, 2021, TTM managed eleven strategies with AUM of $286 million. Please visit www.tuttletactical.com for more information.

Investing involves risk. Principal loss is possible. As an ETF, the fund may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. The Fund is new with a limited operating history.

Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability. Investments in non-U.S. securities also may be subject to withholding or other taxes and may be subject to additional trading, settlement, custodial, and operational risks. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments.

The Fund invests in companies that have recently completed an IPO or are derived from a SPAC. These companies may be unseasoned and lack a trading history, a track record of reporting to investors, and widely available research coverage. IPOs are thus often subject to extreme price volatility and speculative trading. In addition, IPOs may share similar illiquidity risks of private equity and venture capital. The free float shares held by the public in an IPO are typically a small percentage of the market capitalization. The ownership of many IPOs often includes large holdings by venture capital and private equity investors who seek to sell their shares in the public market in the months following an IPO when shares restricted by lock-up are released, causing greater volatility and possible downward pressure during the time that locked-up shares are released. The Fund may seek to sell SPAC warrants. Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Most warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. While the Fund is in a defensive position, the Fund may not achieve its investment objective.

Visit SPCXetf.com to view a prospectus or summary prospectus. You may also request a prospectus or summary prospectus from your financial professional or by calling 866-904-0406. The prospectus includes investment objectives, risks, fees, expenses, and other information that you should consider carefully before investing.

Distributor: Foreside Fund Services, LLC.

¹ Source: SPACinsider.com/stats as of February 3, 2021

Media Contact:
Matthew Tuttle
Tuttle Tactical Management
(347) 852-0548
mtuttle@tuttletactical.com 

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SOURCE Tuttle Tactical Management

FAQ

What is the current AUM of SPCX?

As of February 3, 2021, the AUM of SPCX is $137.3 million.

When did SPCX options begin trading?

Options on SPCX started trading on January 13, 2021.

How many SPAC IPOs were there in 2021?

There have been over 100 SPAC IPOs in 2021, raising more than $29.6 billion.

What is the significance of SPCX's AUM milestone?

SPCX is the first SPAC ETF to surpass $100 million in assets under management.