AGCB - Two SPAC-focused ETFs were not enough; another starts trading today

A third ETF designed to track burgeoning U.S. SPAC offerings begins trading on Tuesday as hedge fund Morgan Creek Capital Management jumps on the Wall Street bandwagon for special purpose acquisition companies. Morgan Creek and financial-tech firm Exos Financial will jointly launch the Morgan Creek-Exos SPAC Originated ETF, an actively managed SPAC portfolio that will trade on NYSE Arca under the ticker symbol “SPXZ.”SPACs are companies that stage initial public offerings without any real business operations, using the IPO proceeds to later buy firms that want to go public. They’re often called “blank-check” companies because investors give a SPAC’s management a “blank check” to go out and make an acquisition.The Morgan Creek-Exos exchange traded fund is the third of its kind to premiere in the past four months, giving investors an easy way to invest in a portfolio of multiple SPACs.SPXZ opened Tuesday at $25.38 a share and briefly rose some

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Two SPAC-focused ETFs were not enough; another starts trading today