SPAK

The First SPAC ETF



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SPAK // Defiance NextGen SPAC Derived ETF

What are SPACs?

  • SPACs are companies with no commercial operations that are established solely to raise capital from investors for the purpose of acquiring one or more operating businesses.

Why invest in SPACS?

  • SPACs give emerging companies both flexibility and control, while investors finally have open access to some of the biggest investment deals in the market.
  • The IPO process is institutionalized, cumbersome and inflexible, especially in adapting to the Covid-19 reality where virtual road shows are less effective, and uncertainty is rife. Enter the Special Purchase Acquisition Company (SPAC), an alternative route for a company to go public, which can be cheaper, quicker, more transparent and involves agreements and processes more within the purview and control of the company.
  • SPACs have grown in popularity as they increasingly attract high-worth, credible sponsors. As the quality of their founders and the success of their merger companies grows, so does their integrity in the wider investment community. So far in 2020, SPACs have raised $22.5 billion to spend on deals, exceeding the record $13.6 billion raised in 2019.1

Why the Defiance SPAK ETF? 

  • Picking the winners of individual SPACs can be very difficult, however the ETF structure allows investors to access the most liquid SPAC IPOs in a diversified basket.  SPAK allows both financial advisors and retail investors to participate in an IPO private equity style of investing which is usually only available to large financial institutions. The ETF currently has 36 holdings, rebalanced on a quarterly basis. An 80% weighting is applied to IPO companies derived from SPACs and 20% is allocated to common stock of newly listed Special Purpose Acquisition Companies (“SPACs”), ex-warrants. Newly IPO companies derived from SPACs will be screened monthly and SPACs quarterly.

Index Description

  • The Indxx SPAC & NextGen IPO Index is a passive rules-based index that tracks the performance of the common stock of newly listed Special Purpose Acquisition Companies (“SPACs”), ex-warrants, and initial public offerings (“IPOs”) derived from Acquisition Companies over the preceding 36 months. SPACs are companies with no commercial operations that are established solely to raise capital from investors for the purpose of acquiring one or more operating businesses.

1 “Wall Street holds the cards as Main Street chases blank-check deal frenzy,” Joshua Franklin, Krystal Hu, August 18, 2020. https://www.reuters.com/article/us-usa-spac-wallstreet-analysis-idUSKCN25E166

FUND DATA & PRICING
Net Assets as of 10/27/2020 $22.84m
NAV $23.43
Shares Outstanding 975,000
Premium/discount Percentage -0.06%
Closing Price $23.41
Median 30 Day Spread Percentage 0.20

Data as of 10/27/2020

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The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling 833.333.9383.

Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns.

Market price is the price at which shares in the ETF can be brought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share's portion of the fund's underlying assets and cash at the end of the trading day.

HOLDINGS SNAPSHOT
Percentage Of Net Assets Name Identifier Shares Held Market Value
14.11% DRAFTKINGS INC DKNG 76,248 2,908,861.20
13.35% CLARIVATE PLC CCC 92,016 2,751,278.40
10.47% VERTIV HOLDINGS CO VRT 122,652 2,158,675.20
5.61% OPEN LENDING CORP LPRO 44,208 1,156,039.20
5.35% VIVINT SMART HOME INC VVNT 67,716 1,103,093.64
5.17% IMMUNOVANT INC IMVT 25,416 1,066,709.52
4.88% BROADMARK RLTY CAP INC BRMK 102,600 1,005,480.00
3.93% VIRGIN GALACTIC HOLDINGS INC COM SPCE 46,296 809,254.08
2.98% REPAY HLDGS CORP RPAY 26,424 614,622.24
2.67% IMMATICS N.V IMTX 50,256 550,805.76
Data as of 10/29/2020. Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.