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Trending ETFs

Name

As of 08/18/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

-

$6.3 M

0.00%

1.00%

Vitals

YTD Return

N/A

1 yr return

N/A

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$6.3 M

Holdings in Top 10

34.5%

52 WEEK LOW AND HIGH

$11.0
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.00%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 08/18/2022

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

-

$6.3 M

0.00%

1.00%

SPXZ - Profile

Distributions

  • YTD Total Return N/A
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency N/A

Fund Details

  • Legal Name
    Morgan Creek - Exos SPAC Originated ETF
  • Fund Family Name
    N/A
  • Inception Date
    N/A
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Dewey Tucker

Fund Description

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in U.S.-listed special purpose acquisition companies (“SPACs”) and in companies that have merged with or been acquired by a SPAC. Investment decisions for the Fund are made by Exos Asset Management, LLC (the “Sub-Adviser”) with the oversight of Morgan Creek Capital Management, LLC (the “Adviser”). A SPAC is a “blank check” company with no commercial operations that is designed to raise capital via an initial public offering (“IPO”) for the purpose of engaging in a merger, acquisition, reorganization, or similar business combination (a “Combination”) with one or more operating companies. Sponsors of SPACs typically pay the SPAC’s offering costs and underwriting fees and contribute all or a portion of its working capital in exchange for participation in the common stock and derivatives (such as warrants) of the SPAC. A SPAC IPO typically involves the sale of units consisting of one share of common stock and a warrant or right (or portion of a warrant or right) to purchase common stock at a fixed price upon or after the consummation of a Combination. The capital raised in the IPO is typically placed into a trust. The proceeds of the IPO may be used only to consummate a Combination and for other limited purposes such as paying taxes owed by the SPAC. “Pre-Combination” SPACs are SPACs that are either seeking a target for a Combination or have not yet completed a Combination with an identified target. Pre-Combination SPACs often have predetermined time frames to consummate a Combination (typically two years) or the SPAC will liquidate. “Post-Combination” SPACs are operating companies that have completed a Combination with a SPAC within the last three calendar years. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in Pre-Combination SPACs (along with the warrants or rights issued in connection with the IPO of Pre-Combination SPACs) and Post-Combination SPACs.
The Fund generally seeks to invest approximately 33% of its assets in Pre-Combination SPACs (as well as any rights or warrants issued in connection with the IPO of a Pre-Combination SPAC) and approximately 66% of its assets in Post-Combination SPACs (together, the “Portfolio Targets”). However, the actual amounts invested may be greater or lesser than the Portfolio Targets from time to time as a result of changes in the market value of Fund holdings and during periods when the Sub-Adviser is actively increasing or decreasing exposure to certain investments. The Fund generally intends to weight each Pre-Combination SPAC in its portfolio equally
and each Post-Combination SPAC in its portfolio equally, although the weight of each Pre-Combination SPAC may differ from each Post-Combination SPAC.
The Fund generally will invest in Pre-Combination SPACs that are among the 50 largest publicly-traded Pre-Combination SPACs as measured by market capitalization, but may invest in any Pre-Combination SPAC with a market capitalization of $100 million or greater. The selection of specific Pre-Combination SPACs will be based on a number of factors including: (i) the number of Pre-Combination SPACs with market capitalizations over $250 million; (ii) the expected pipeline for new SPAC IPOs; and (iii) the Fund’s regular portfolio management activities. The Fund’s portfolio typically will include the securities of approximately 20 to 50 Pre-Combination SPACs.
The Fund generally will invest in Post-Combination SPACs that are among the 50 largest publicly-traded Post-Combination SPACs as measured by market capitalizations, but may invest in any Post-Combination SPAC with a market capitalization of $500 million or greater. The selection of specific Post-Combination SPACs will be based on a number of factors including: (i) the number of Post-Combination SPACs with market capitalizations over $750 million; (ii) the number of Post-Combination SPACs attracting broad research analyst coverage; (iii) the expected pipeline for SPAC Combinations; and (iv) the Fund’s regular portfolio management activities. The Fund’s portfolio typically will include the securities of approximately 20 to 50 Post-Combination SPACs.
The Fund may hold a limited number of Pre- or Post-Combination SPACs that are not among the 50 largest Pre- or Post-Combination SPACs, respectively, where the valuation analysis of the Sub-Adviser indicates that a particular Pre- or Post-Combination SPAC has the potential for greater appreciation or reduced drawdowns relative to the largest Pre- or Post-Combination SPACs, or to achieve increased diversification for the Fund. However, any such company will be subject to a minimum market capitalization of $100 million for Pre-Combination SPACs and $500 million for Post-Combination SPACs.
The Sub-Adviser may overweight the Fund’s position in one or more Pre- or Post-Combination SPACs that it believes offer a more advantageous price relative to other companies until, in the determination of the Sub-Adviser, the advantageous pricing has normalized. The occurrence of advantageous price conditions is uncertain, and advantageous price conditions are not expected to materially change the Fund’s Portfolio Targets. An advantageous price condition exists where the market price of a SPAC temporarily deviates from the Sub-Adviser’s valuation. Similarly, the Sub-Adviser may underweight the Fund’s position in one or more Pre- or Post-Combination SPACs that it believes offer a less advantageous price relative to other companies until, in the determination of the Sub-Adviser, the less advantageous pricing has normalized.
To maintain the Portfolio Targets, the Sub-Adviser generally will rebalance the Fund’s portfolio monthly based on the Fund’s Portfolio Targets. The monthly rebalancing of the Fund’s portfolio may result in a higher portfolio turnover rate than experienced by other funds that rebalance their portfolios less frequently.
The Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a lesser number of issuers than if it were a diversified fund.
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SPXZ - Performance

Return Ranking - Trailing

Period SPXZ Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -52.7% 606.6% 23.48%
1 Yr N/A -63.8% 60.0% 97.15%
3 Yr N/A* -20.6% 40.7% N/A
5 Yr N/A* -14.3% 30.8% N/A
10 Yr N/A* -7.0% 20.0% N/A

* Annualized

Return Ranking - Calendar

Period SPXZ Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -98.2% 781.7% N/A
2022 N/A -63.0% 340.3% N/A
2021 N/A -9.1% 48.3% N/A
2020 N/A -76.3% 13.6% N/A
2019 N/A -46.3% 37.0% N/A

Total Return Ranking - Trailing

Period SPXZ Return Category Return Low Category Return High Rank in Category (%)
YTD N/A -67.4% 606.6% 96.81%
1 Yr N/A -64.1% 60.0% 97.14%
3 Yr N/A* -22.2% 40.7% N/A
5 Yr N/A* -15.3% 30.8% N/A
10 Yr N/A* -7.6% 20.0% N/A

* Annualized

Total Return Ranking - Calendar

Period SPXZ Return Category Return Low Category Return High Rank in Category (%)
2023 N/A -98.2% 781.7% N/A
2022 N/A -63.0% 340.3% N/A
2021 N/A -9.1% 48.3% N/A
2020 N/A -76.3% 14.5% N/A
2019 N/A -8.4% 42.0% N/A

SPXZ - Holdings

Concentration Analysis

SPXZ Category Low Category High SPXZ % Rank
Net Assets 6.3 M 183 K 28 B 97.19%
Number of Holdings 104 6 1336 38.91%
Net Assets in Top 10 2.08 M 59 K 2.7 B 98.13%
Weighting of Top 10 34.49% 4.7% 100.0% 78.53%

Top 10 Holdings

  1. First American Government Obligations Fund 19.64%
  2. Cyxtera Technologies Inc 1.76%
  3. PureCycle Technologies Inc 1.72%
  4. Joby Aviation Inc 1.69%
  5. Danimer Scientific Inc 1.67%
  6. Utz Brands Inc 1.63%
  7. CCC Intelligent Solutions Holdings Inc 1.63%
  8. ChargePoint Holdings Inc 1.61%
  9. Hillman Solutions Corp 1.58%
  10. E2open Parent Holdings Inc 1.57%

Asset Allocation

Weighting Return Low Return High SPXZ % Rank
Stocks
97.04% 77.52% 101.30% 6.88%
Cash
19.64% -1.30% 22.49% 90.63%
Bonds
0.49% 0.00% 3.19% 2.66%
Preferred Stocks
0.00% 0.00% 3.43% 12.34%
Other
0.00% -1.57% 20.21% 27.34%
Convertible Bonds
0.00% 0.00% 1.57% 10.00%

Stock Sector Breakdown

Weighting Return Low Return High SPXZ % Rank
Utilities
0.00% 0.00% 10.26% 37.19%
Technology
0.00% 0.00% 75.51% 88.13%
Real Estate
0.00% 0.00% 27.01% 42.97%
Industrials
0.00% 0.00% 36.64% 85.63%
Healthcare
0.00% 0.00% 58.05% 95.16%
Financial Services
0.00% 0.00% 100.00% 0.63%
Energy
0.00% 0.00% 55.49% 75.16%
Communication Services
0.00% 0.00% 15.31% 47.03%
Consumer Defense
0.00% 0.00% 30.87% 88.28%
Consumer Cyclical
0.00% 0.00% 40.68% 78.13%
Basic Materials
0.00% 0.00% 11.17% 40.63%

Stock Geographic Breakdown

Weighting Return Low Return High SPXZ % Rank
US
97.04% 32.04% 99.56% 59.38%
Non US
0.00% 0.00% 46.32% 19.38%

Bond Sector Breakdown

Weighting Return Low Return High SPXZ % Rank
Cash & Equivalents
19.64% 0.00% 100.00% 99.16%
Derivative
0.00% 0.00% 52.82% 8.91%
Securitized
0.00% 0.00% 0.02% 8.24%
Corporate
0.00% 0.00% 100.00% 17.82%
Municipal
0.00% 0.00% 0.00% 8.07%
Government
0.00% 0.00% 100.00% 0.17%

Bond Geographic Breakdown

Weighting Return Low Return High SPXZ % Rank
US
0.49% 0.00% 3.19% 1.72%
Non US
0.00% 0.00% 0.13% 7.81%

SPXZ - Expenses

Operational Fees

SPXZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.00% 0.03% 6.02% 60.60%
Management Fee 1.00% 0.05% 4.05% 84.35%
12b-1 Fee N/A 0.00% 1.00% 2.75%
Administrative Fee N/A 0.01% 0.40% N/A

Sales Fees

SPXZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

SPXZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

SPXZ Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 461.00% 96.54%

SPXZ - Distributions

Dividend Yield Analysis

SPXZ Category Low Category High SPXZ % Rank
Dividend Yield 0.00% 0.00% 22.65% 2.52%

Dividend Distribution Analysis

SPXZ Category Low Category High Category Mod
Dividend Distribution Frequency Annually Quarterly Annually

Net Income Ratio Analysis

SPXZ Category Low Category High SPXZ % Rank
Net Income Ratio N/A -5.42% 1.10% 16.83%

Capital Gain Distribution Analysis

SPXZ Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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SPXZ - Fund Manager Analysis

Managers

Dewey Tucker


Start Date

Tenure

Tenure Rank

Jan 25, 2021

1.35

1.4%

Mr. Tucker joined Exos as Partner, Head of Trading Strategies in October 2017. Mr. Tucker began his career at Knight Capital Group in January 2005, developing trading strategies for the automated equities market making business. He later transitioned to managing a variety of proprietary trading strategies at Knight Capital Americas, LLC and then KCG Americas LLC, specifically focused on equities, futures, and fixed income market making. Mr. Tucker has a Ph.D. from MIT in Electrical Engineering, specializing in statistical signal processing and probabilistic modeling.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.44 8.81 0.33