Megaphone icon ETF Database is now VettaFi. Read More >
ETFdb Logo
ETFdb Logo
  • Channels
    • Active ETF
    • Alternatives
    • Beyond Basic Beta
    • China Insights
    • Climate Insights
    • Commodities
    • Core Strategies
    • Crypto
    • Disruptive Technology
    • Dividend
    • Dual Impact
    • Emerging Markets
    • Energy Infrastructure
    • Entrepreneur ETF
    • Equity ETF
    • ESG
    • ETF Building Blocks
    • ETF Education
    • ETF Strategist
    • Fixed Income
    • Future ETFs
    • Gold & Silver Investing
    • Innovative ETFs
    • Institutional Income Strategies
    • Leveraged & Inverse
    • Managed Futures
    • Modern Alpha
    • Multi-Asset
    • Multi-Factor
    • Nasdaq Investment Intelligence
    • Portfolio Strategies
    • Retirement Income
    • Smart Beta
    • Thematic Investing
    • Volatility Resource
  • Database
  • Tools
    • ETF Screener
    • ETF Country Exposure Tool
    • ETF Sector Tracker Tool
    • ETF Database Categories
    • Head-To-Head ETF Comparison Tool
    • ETF Stock Exposure Tool
    • ETF Issuer Fund Flows
    • Indexes
    • Mutual Fund To ETF Converter
    • ETF Data for Journalists
    • ETF Nerds
  • Research
    • First Bitcoin ETF
    • ETF Education
    • Equity Investing
    • Dividend ETFs
    • Leveraged ETFs
    • Inverse ETFs
    • Top ETF Sectors
    • Top ETF Issuers
    • Top ETF Industries
  • Webcasts
    • ETFs Future-Forward 2021: An iShares Investing Symposium
    • Three Themes for 2021: An iShares & MSCI Investing Symposium
  • Themes
    • AI ETFs
    • Blockchain ETFs
    • See all Thematic Investing ETF themes
    • ESG Investing
    • Marijuana ETFs
  • Videos & Podcasts
    • ETF 360 Video Series
    • ETF Trends on Videos
    • ETF Trends on Podcasts
    • ETF Prime Podcast
  • PRO
    • Pro Content
    • Pro Tools
    • Advanced
    • FAQ
    • Pricing
    • Free Sign Up
    • Login
  1. EXOS and Morgan Creek launch SPAC Arbitrage ETF
News
Share

EXOS and Morgan Creek launch SPAC Arbitrage ETF

James ComtoisFeb 01, 2022
2022-02-01

Morgan Creek Capital Management and fintech company EXOS Financial today launched the Morgan Creek – Exos Active SPAC Arbitrage ETF (NYSE Arca: CSH), an actively managed ETF with an investment strategy that invests in special purpose acquisition companies and their underlying U.S. Treasury collateral to earn a potentially higher return per unit of risk than traditional cash alternatives.

CSH seeks to provide investors with short-duration investment exposure that still earns a meaningful positive return. The fund seeks to achieve this objective by holding a diversified portfolio of “pre-combination SPACs,” which are structurally collateralized by U.S. T-bills or equivalents and embedded equity options. It actively manages the underlying portfolio to optimize returns relative to the risk to its underlying collateral value.

SPACs are hybrid investment vehicles where trust assets are collateralized by a pool of U.S. Treasuries and include equity options embedded in the structure that could allow for additional return above the risk-free rate. CSH is designed to capitalize on these key structural features of SPACs, and therefore is not necessarily dependent on the performance of the SPAC market as a whole, or on the performance of the individual companies that utilize SPACs to go public.

“There has never been a more challenging time to be a saver,” said Mark Yusko, CEO and chief investment officer at Morgan Creek Capital Management, in a news release announcing the fund launch. “Record high inflation and ultra-low interest rates make it extremely difficult for investors to make the most of their cash. Banks are paying close to zero and other cash alternatives like credit, or longer duration bonds, offer only a small incremental return, but can leave investors with significant losses in the worst-case scenarios.”

Peter Early, head of business development at EXOS Financial, added in the release: “We’re thrilled about bringing this new ETF to market in collaboration with Morgan Creek. CSH is built for investors looking to earn a return on their liquid assets without compromising on safety. We do this by leveraging our expertise and extensive knowledge of SPACs while we have the ability to redeem our shares for the underlying collateral at some date in the future. This stage of a SPAC’s life cycle is unique because it offers the protection of the US government credit with the upside potential of equity, which is quite appealing.”

CSH will hold a diversified portfolio that is weighted based on a proprietary valuation analysis which is updated in real time. “We believe that active management is absolutely essential when navigating the world of SPACs. Our ETF manages risk through consistent and systematic rebalancing using a structured analytical framework that compares the expected return of each security in the universe relative to its risk to the underlying collateral value. This proprietary process is what keeps the portfolio well-positioned for small, but consistent, gains without over-exposing investors to any single security,” said portfolio manager Dewey Tucker.

CSH has an expense ratio of 1.25%.

For more information on the fund, visit https://www.csh-etf.com/.

For more news, information, and strategy, visit ETF Trends.


Content continues below advertisement

» Popular Pages

  • Tickers
  • Articles

May 27

Bearish Traders Target Bitcoin ETF During Crypto's Fall

May 27

"In Gold We Trust" Sees Gold at $2,000 by Year's End

May 27

Exposure to Rebounding Consumer Discretionary With RCD

May 27

Fed Ready to Slow Economy: Investing for Stagflation

May 27

JPMorgan Sees Another Upside for Bitcoin

May 27

In Case of Emergency, Induce Vomiting

May 27

Lockdown Not Preventing Chinese Consumers From Spending

May 27

Quant Hedge Funds Having a HeyDay: This ETF Captures

May 27

Tailwinds for This Global Dividend ETF

May 27

Tencent Making Moves That May Benefit This ETF

QQQ

Invesco QQQ Trust

SPY

SPDR S&P 500 ETF Trust

VOO

Vanguard S&P 500 ETF

DBA

Invesco DB Agriculture Fund

XLE

Energy Select Sector SPDR...

WEAT

Teucrium Wheat Fund

VTI

Vanguard Total Stock Market...

ARKK

ARK Innovation ETF

SCHD

Schwab US Dividend Equity ETF...

VGT

Vanguard Information...


Content continues below advertisement

Loading Articles...
Help & Info
  • Contact Us
  • Mission Statement
  • Press
Tools
  • ETF Screener
  • ETF Analyzer
  • Mutual Fund to ETF Converter
  • Head-To-Head ETF Comparison
  • ETF Country Exposure Tool
  • ETF Stock Exposure Tool
  • ETF Performance Visualizer
  • ETF Database Model Portfolios
  • ETF Database Realtime Ratings
  • ETF Database Pro
More Tools
  • ETF Launch Center
  • Financial Advisor & RIA Center
  • ETF Database RSS Feed
Explore ETFs
  • ETF News
  • ETF Picks of the Month
  • ETF Category Reports
  • Premium Articles
  • Alphabetical Listing of ETFs
  • Best ETFs
  • Browse ETFs by ETF Database Category
  • Browse ETFs by Index
  • Browse ETFs by Issuer
  • Compare ETFs
Legal
  • Terms of Use and Privacy Policy
  • © ETF Flows LLC
Follow ETF Database
Follow ETF Database

Advertisement

Is Your Portfolio Positioned With Enough Global Exposure?

Equity ETF Channel

Retirement Portfolio Redux: Is the 60%-40% Portfolio Dead?

Debbie CarlsonOct 22, 2020
2020-10-22

With the 10-year U.S. Treasury yield hovering below 1% and Federal Reserve Chairman Jerome Powell...

Equity ETF Channel

Portfolio Diversification Isn't Dead, It Was Just Sleeping

Debbie CarlsonOct 15, 2020
2020-10-15

Investors could be forgiven to think there was no reason to invest outside of the U.S. for the...

}
X