The Short De-SPAC ETF

The Short De-SPAC ETF (NYSE: SOGU) seeks daily investment results, before fees and expenses, that approximately correspond to the inverse (-1x) of the daily performance of The De-SPAC Index. SOGU is appropriate for investors who are either looking to express a near-term view on the De-SPAC market or who may be looking to hedge an existing long portfolio of De-SPAC’d stocks.

HOLDINGS

FACT SHEET

PERFORMANCE

The De-SPAC Index Sector Weightings

Basic Materials	4%
Communications	5%
Consumer, Cyclical	33%
Consumer, Non-cyclical	19%
Energy	4%
Financial	4%
Industrial	8%
Technology	23%

Index data as of 09/30/21. Index sector weightings are subject to change. The De-SPAC Index is developed and maintained by The Herculoid Group LLC. An index is unmanaged and cannot be subject to a direct investment.

Source: Bloomberg

SPAC Issuance Accelerates through 1Q21

$81.5 Billion Raised in 2020
$97 Billion Raised in 1Q21

(Source: Citi)

SPAC IPO Sizes >$300M since 2018

%

2018

%

2019

%

2020

(Source: Citi)

Stages of a SPAC

U

~4-6 weeks

Initial Due Diligence & Wall Cross

Management presentation; Full data room & comprehensive due diligence access; Assess need to raise funds via a Private Investment in Public Equity (PIPE)

l

30-45 Days

Sign Deal

Raise fully-committed PIPE (if applicable); Complete due diligence; Prepare purchase agreement and ancillary agreements; Sign definitive agreements and announce deal

Z

45-75 Days

SEC Approval & Investor Marketing

File S-4/proxy with SEC as soon as possible post announcement; Launch investor roadshow after initial filing (~1 week, with follow-up calls thereafter); Initial SEC review of filing takes 30 days, with 2-3 rounds of comments thereafter



~15 days

Shareholder Notification, Vote & Closing

Shareholder notification and vote; Shareholder redemption elections due 2 business days prior to extraordinary general meeting; Deal closes 1-2 business days post meeting

E

De-SPAC

Merged entity starts trading under a new ticker symbol. De-SPAC commences its life as a public company with additional accounting & reporting requirements. Potential for sell-side equity research coverage to help raise investor awareness. Stock may be eligible for broad equity index inclusion.

(Source: Bank of America)