SPCX is the first actively-managed Special Purpose Acquisitions Corporations (SPACs) ETF in the market. The fund seeks capital appreciation by holding a broad portfolio of SPACs or blank check companies and firms that have completed their initial public offering (IPO) within the last two years. SPACs are companies that have no commercial operations or specific business plans, and are formed with the goal to merge or acquire other businesses. The fund adviser uses fundamental analysis to identify favorable investment opportunities and to assess a companys management and business model. Additionally, the fund may also invest in depositary receipts and may hold up to 20% of its assets in cash or other short-term debt securities. Due to frequent trading, SPCX may have a high portfolio turnover rate, which potentially leads to higher trading costs and capital gains distributions. Prior to August 5, 2022, the fund traded under the name The SPAC and New Issue ETF provided by Tuttle Tactical Management.