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.

The De-SPAC Index Sector Weightings

Consumer, Cyclical40%
Consumer, Non-cyclical16%
Basic Materials8%

Index data as of 5/17/21. 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







(Source: Citi)

Stages of a SPAC

~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)
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
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


  • 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)

Have a Question?

Thank you for your interest in the De-SPAC ETFs. Please fill out this form so we can better help you.

You can either contact your Financial Advisor to see if SOGU is available on their platform or go through an online broker below:



Charles Schwab

TD Ameritrade

E Trade

Interactive Brokers