The Fund is an actively managed exchange-traded fund (ETF). Under normal circumstances, at least 80% of the Fund's net assets, plus borrowings for investment purposes, will be invested in units and shares of Special Purpose Acquisitions Companies (SPACs) that have a minimum capitalization of $100 million and companies that completed an initial public offering (IPO) within the last two years. A SPAC is blank check company that has not yet merged with an operating company or even chosen a merger target. SPACs are formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. SPACs often have pre-determined time frames to merge (typically two years) or the SPAC will liquidate. A SPAC generally offers units, each comprised of one share of common stock and a warrant (or portion of a warrant) to purchase common stock. A warrant is a security that allows its holder to purchase a specified amount of common stock at a specified price for a specified time. The Fund may seek to sell warrants that it receives in connection with the purchase of a SPACs units in order to generate additional returns for shareholders. The Fund may purchase units or shares of SPACs that have completed an IPO within the last two years on a secondary market or during a SPACs IPO. A SPAC that has completed a business transaction within the last two years is considered a company that has completed an IPO within the last two years.