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SPAC and New Issue ETF is the first actively-managed SPAC ETF. The Fund invests in companies that have recently completed an IPO or are derived from a SPAC. A SPAC is a blank check company that has not yet merged with an operating company for the purpose of effecting a merger, asset acquisition, share exchange/purchase or reorganization. SPACs have predetermined time frames to merge (typically two years) or the SPAC will liquidate.