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A SPAC (Special Purpose Acquisition Companies) is a company formed to raise capital through an IPO for the specific purpose of acquiring an existing company, usually a private company. It is usually formed by experts specializing in a particular sector to acquire one or more companies in that sector.
A SPAC’s unique feature is the fact that its IPO investors do not know before-hand the company or companies to be acquired. Hence, SPACs are sometimes called “blank check companies.”
Since the 1990s, SPACs have existed in the technology, healthcare, logistics, media, retail, and telecommunications industries. While SPACs have been around for decades, they are currently enjoying a resurgence in popularity. SPAC transactions had a record year in 2020 raising $83.3bn in capital across 248 SPAC IPOs.
While recent numbers indicate that this trend is set to continue, continued growth in their number should raise concerns among investors, since not all SPACs will find the most rewarding companies in which to invest. What, then, should an investor consider before investing in a SPAC?
How can a SPAC be evaluated before the IPO?
Should it be bought on the IPO or later in the secondary market?
Do SPACs really offer extraordinary returns above ordinary investments such as ETPs or discounted closed-end funds?
What are the significant risks?
Are they suitable for all investors? If not all, then which ones?
Since they concentrate in one sector or industry, should they be included in a diversified portfolio? If so, how?
Our panel of distinguished experts will help answer these questions and more.
Mr. Abssy is the Founder of All You Can ETF LLC, a consultancy focused on index and ETP development. He has product development/management experience with mutual funds, closed-end funds, ETFs, ETNs, listed derivatives and has been directly involved in the development of a number of innovative investment products across multiple issuer
Mr. Abssy is the Founder of All You Can ETF LLC, a consultancy focused on index and ETP development. He has product development/management experience with mutual funds, closed-end funds, ETFs, ETNs, listed derivatives and has been directly involved in the development of a number of innovative investment products across multiple issuers.
In his 25 year career he has held product development and management positions at NYSE|ICE, ISE ETF Ventures, Morgan Stanley, Fidelity Investments and Loomis Sayles.
He received a BSBA from Northeastern University with a focus in Finance and International Business.
Mr. Chanin created PureFunds and had been a sponsor in the ETF market from 2012-2017. Mr. Chanin began his ETF career in 2007 working for the specialist firm Kellogg Group. Chanin quickly worked his way up from clerk to Lead Market Maker for global and international equity ETFs, helping the company transition from its core American
Mr. Chanin created PureFunds and had been a sponsor in the ETF market from 2012-2017. Mr. Chanin began his ETF career in 2007 working for the specialist firm Kellogg Group. Chanin quickly worked his way up from clerk to Lead Market Maker for global and international equity ETFs, helping the company transition from its core American Stock Exchange ETF specialist business to NYSE Arca ETF market making. In 2009, Mr. Chanin was recruited by Cohen Capital Group to build out the firm’s ETF trading capabilities. At Cohen Capital Group, Mr. Chanin held the title of Director of International Trading, where he made markets in a variety of ETFs across various asset classes while helping to develop multiple global and international equity/ETF trading strategies for the company’s prop trading division.
Now, in his latest venture, Chanin and his partner, Robert Tull, have combined their industry experience to develop a truly unique model and vision for the financial services industry via Procure Holdings, LLC. As a mission, Procure Holdings offers the opportunity to design, develop, sponsor and launch ETFs as well as provide asset management, ETP consulting and IP through various subsidiaries. He helps companies develop and execute strategies that create strategic advantages, drive revenue and accelerate performance. With the vision to challenge conventional wisdom, Procure Holdings delivers uncommon value.
Chanin is frequently interviewed by major financial news networks and media outlets including appearances on CNBC, Fox Business and Bloomberg. As a result, of his extraordinary efforts, Chanin is one of the youngest individuals to have rung the opening bell at both the NYSE and NASDAQ stock exchanges.
Chanin earned his BSM from the A.B. Freeman School of Business at Tulane University.
Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
Matthew is a familiar face among the financial media. In addition to speaking at accounting and trade association meetings across the country, he is a frequent guest on Fox Business News, BusinessWeek TV and Channel 12 News, andhas
Matthew Tuttle is the Chief Executive Officer and Chief Investment Officer of Tuttle Capital Management, LLC.
Matthew is a familiar face among the financial media. In addition to speaking at accounting and trade association meetings across the country, he is a frequent guest on Fox Business News, BusinessWeek TV and Channel 12 News, andhas been interviewed on both CNBC and Fox News. Matthew has appeared numerous times on CNNfn, notably on the Your Money Show and Dolans Unscripted with Ken and Daria Dolan.
He is the author of How Harvard & Yale Beat the Market (an Amazon best seller) and Financial Secrets of my Wealthy Grandparents. In addition to his books, Matthew has contributed timely articles to a variety of financial publications, including The CPA Journal, Pennsylvania CPA Journal, TAXPRO Journal, Accounting Crossing, the Fairfield County Business Journal, the Stamford Senior Flyer and over 25 other publications nationwide. He also is a frequent contributor to Forbes.com, The Wall Street Journal, CNBC.com, SmartMoney and Dow Jones Newswires.
An experienced educator, Matthew teaches personal finance to consumers as an adjunct professor at Norwalk Community Technical College. He instructs through the Continuing Education centers of the Westport, Stamford, Darien, Greenwich and Katonah districts, as well as the 92nd Street YMCA. He has also provided continuing education instruction to CPAs at Baruch College, the CPA Law Forum and through the CPA Report.
Matthew has an MBA in finance from Boston University.
Dan Weiskopf joined Toroso in May 2018 as a member of the Investment Committee. On March 2020, Mr. Weiskopf became a Co-Portfolio Manager of the Amplify Transformational Data Sharing ETF (BLOK)
Mr. Weiskopf has been an ETF Strategist since 2003 and is the Lead ETF Think Tank Strategist. Prior to joining Toroso he was the portfolio m
Dan Weiskopf joined Toroso in May 2018 as a member of the Investment Committee. On March 2020, Mr. Weiskopf became a Co-Portfolio Manager of the Amplify Transformational Data Sharing ETF (BLOK)
Mr. Weiskopf has been an ETF Strategist since 2003 and is the Lead ETF Think Tank Strategist. Prior to joining Toroso he was the portfolio manager and founder of MH CApital Partners LLC, a small cap hedge fund from 1995 until 2003 which focused on asset light business models.
Firms that Mr. Weiskopf has been affiliated with include, Investment Planners, Forefront Capital, UBS Financial and American Diversified Enterprises, an affiliated of Allen & Company.
Mr. Weiskopf graduated with an MBA from Fordham University Gabelli School of Busines, and holds a series 7 and 65 license.
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4th Annual ETFGI Global ETFs Insights Summit, United States October 4 & 5, 2023
The Yale Club, New York City