The Defiance NextGen SPAC Derived ETF started trading under the ticker symbol “SPAK” on Oct. 1. The exchange-traded fund will track shares of companies that listed by merging with special purpose acquisition companies, as well as shares of blank check companies that haven’t yet found a target.
On Sept. 24, Securities and Exchange Chairman Jay Clayton said on CNBC that the regulator was looking into the compensation structure of SPACs. A blank check company backed by the former chief executive of MGM Resorts International, James Murren, is looking to raise $300 million in a blank check initial public offering, according to a regulatory filing on Oct. 5.
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