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Morgan Creek-Exos Active SPAC Arbitrage ETF
ETF
CSH
Payout Change
None
Price as of:
$25.63
+0.09
+0.35%
primary theme
N/A
CSH (ETF)
Morgan Creek-Exos Active SPAC Arbitrage ETF
Payout Change
None
Price as of:
$25.63
+0.09
+0.35%
primary theme
N/A
CSH (ETF)
Morgan Creek-Exos Active SPAC Arbitrage ETF
Payout Change
None
Price as of:
$25.63
+0.09
+0.35%
primary theme
N/A
Name
As of 04/11/2023Price
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
Vitals
YTD Return
0.4%
1 yr return
2.2%
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$8.25 M
Holdings in Top 10
34.0%
52 WEEK LOW AND HIGH
$25.6
$23.97
$25.63
Expenses
OPERATING FEES
Expense Ratio N/A
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 04/11/2023Price
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
CSH - Profile
Distributions
- YTD Total Return 0.4%
- 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
- Dividend Yield 0.0%
- Dividend Distribution Frequency N/A
Fund Details
-
Legal NameMorgan Creek-Exos Active SPAC Arbitrage ETF
-
Fund Family NameN/A
-
Inception DateN/A
-
Shares OutstandingN/A
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDewey Tucker
Fund Description
The Fund is actively managed using a strategy designed around the unique characteristics of “Pre-Combination” (defined below) SPAC securities. Under normal market conditions, the Fund seeks to achieve its investment objective by investing primarily in units made up of common stock, warrants and rights of U.S.-listed special purpose acquisition companies (“SPACs”). A right is a privilege granted to existing holders of a company’s stock to receive additional shares of the common stock before it is offered to the public. A warrant is a derivative that gives the right, but not the obligation, to buy or sell a security at a certain price prior to expiration. Exos Asset Management, LLC (the “Sub-Adviser”) is responsible for the day-to-day management of the Fund 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 and rights) 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 seek to extend the time frame or liquidate. “Post-Combination” SPACs are operating companies that have completed a Combination with a SPAC. The Fund generally will not hold a SPAC’s common stock past the date on which it no longer has the ability to redeem for its share of the underlying collateral held in trust but may, in limited circumstances, continue to hold the rights or warrants on a Post-Combination SPAC
security. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested in Pre-Combination SPACs.
At times, the Fund may utilize leverage in the form of borrowing, which would typically be in the form of loans from banks or other lenders, that may be on a secured or unsecured basis and at fixed or variable rates of interest. The Fund may borrow funds collateralized by its assets to invest in the shares of Pre-Combination SPACs. Generally, Fund borrowing may be used to acquire SPACs trading in the secondary market at a discount to their collateralization or trust asset value. Fund borrowing may be zero at any time. Consistent with applicable regulations, the Fund will maintain an asset coverage ratio (i.e., the value of the Fund’s assets over the Fund’s borrowings) of 300% or higher.
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. The SPACs in which the Fund invests will generally be small or mid-capitalization companies.
Investment Sub-Adviser’s Process. The Fund is actively managed using a strategy designed around the unique characteristics of Pre-Combination SPAC securities. The Fund seeks to protect capital at all times via its ability to redeem its shares in SPACs for Treasury bill collateral held in trust, while seeking to generate incremental return via actively trading SPAC securities to extract value from both the underlying collateral and the embedded optionality inherent in the securities. That is, SPAC securities have equity options embedded in them both explicitly (i.e., warrants and rights that are part of a SPAC unit which can be detached and traded separately from the common stock after a minimum holding period) and implicitly (i.e., if the common stock trades above the SPAC redemption value). The Sub-Adviser evaluates potential SPAC investments by seeking to identify those it believes are more likely to: (i) complete a merger, (ii) complete a merger in a short period of time; and (iii) generate above-average performance. The Sub-Adviser considers a variety of factors, including a SPAC’s history and relationships, area of focus, and its management team’s ability to raise outside capital. Potential SPAC investments are also analyzed using a proprietary framework that estimates the potential return of each security taking into account (i) the stated return to trust value and (ii) the estimated value of the embedded options. The Sub-Adviser will make a determination as to whether to continue to hold an individual SPAC security beyond the initial time period within which the SPAC has to complete a Combination if such time frame is extended because the SPAC has not yet completed a Combination. In such cases, the Sub-Adviser will consider similar criteria, including any additional capital invested in the SPAC and the estimated return from the embedded options. In implementing the Fund’s strategy, the Sub-Adviser seeks to:
•harvest return on deals that trade above collateral value;
•monetize the value of warrants and rights embedded in SPAC units it buys at or below collateral value;
•buy issues at a discount to collateral value to lock in embedded return;
•add overall exposure as SPACs get cheaper relative to their collateral value and reduce overall exposure as SPACs get more expensive relative to their collateral value;
•generally recycle capital by selling the Fund’s investment in individual SPACs that are trading above collateral value and reinvesting the proceeds into SPACs trading at or below collateral value; and
•adjust the portfolio at advantageous prices by placing buy orders on the bid or worse, and placing sell orders on the offer or better, in order to earn the spread between the bid and offer.
CSH - Performance
Return Ranking - Trailing
| Period | CSH Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.4% | -48.5% | 23.9% | N/A |
| 1 Yr | 2.2% | -76.0% | 772.5% | N/A |
| 3 Yr | N/A* | -53.1% | 50.0% | N/A |
| 5 Yr | N/A* | -42.4% | 16.0% | N/A |
| 10 Yr | N/A* | -22.8% | 15.0% | N/A |
* Annualized
Return Ranking - Calendar
| Period | CSH Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -83.6% | 547.9% | N/A |
| 2022 | N/A | -69.3% | 196.9% | N/A |
| 2021 | N/A | -28.2% | 63.9% | N/A |
| 2020 | N/A | -29.8% | 9.3% | N/A |
| 2019 | N/A | -14.5% | 29.5% | N/A |
Total Return Ranking - Trailing
| Period | CSH Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 0.4% | -48.5% | 23.9% | N/A |
| 1 Yr | 2.2% | -76.0% | 772.5% | N/A |
| 3 Yr | N/A* | -53.1% | 50.0% | N/A |
| 5 Yr | N/A* | -42.4% | 16.0% | N/A |
| 10 Yr | N/A* | -19.7% | 15.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | CSH Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | N/A | -83.6% | 547.9% | N/A |
| 2022 | N/A | -69.3% | 196.9% | N/A |
| 2021 | N/A | -28.2% | 63.9% | N/A |
| 2020 | N/A | -29.8% | 9.3% | N/A |
| 2019 | N/A | -14.5% | 40.9% | N/A |
CSH - Holdings
Concentration Analysis
| CSH | Category Low | Category High | CSH % Rank | |
|---|---|---|---|---|
| Net Assets | 8.25 M | 183 K | 28 B | 96.75% |
| Number of Holdings | 137 | 6 | 1336 | 14.29% |
| Net Assets in Top 10 | 2.8 M | 59 K | 2.7 B | 97.40% |
| Weighting of Top 10 | 33.99% | 4.7% | 100.0% | 50.89% |
Top 10 Holdings
- Austerlitz Acquisition Corp II Ordinary Shares - Class A 4.09%
- United States Treasury Bills 0% 2.52%
- Thunder Bridge Capital Partners IV Inc Class A 2.42%
- Gores Technology Partners II Inc Class A 2.03%
- Cartesian Growth Corp Class A 1.99%
- Churchill Capital Corp VII Ordinary Shares - Class A 1.93%
- Jaws Mustang Acquisition Corp Ordinary Shares - Class A 1.83%
- Corner Growth Acquisition Corp 2 Ordinary Shares - Class A 1.82%
- RedBall Acquisition Corp Ordinary Shares - Class A 1.80%
- Independence Holdings Corp Ordinary Shares - Class A 1.79%
Asset Allocation
| Weighting | Return Low | Return High | CSH % Rank | |
|---|---|---|---|---|
| Stocks | 86.91% | 77.52% | 101.30% | 12.18% |
| Cash | 12.28% | -1.30% | 22.49% | 99.19% |
| Bonds | 0.41% | 0.00% | 3.19% | 0.49% |
| Other | 0.39% | -1.57% | 7.18% | 98.54% |
| Preferred Stocks | 0.00% | 0.00% | 3.43% | 99.19% |
| Convertible Bonds | 0.00% | 0.00% | 1.57% | 99.19% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | CSH % Rank | |
|---|---|---|---|---|
| Utilities | 0.00% | 0.00% | 5.57% | 99.19% |
| Technology | 0.00% | 0.00% | 75.51% | 100.00% |
| Real Estate | 0.00% | 0.00% | 15.31% | 99.84% |
| Industrials | 0.00% | 0.00% | 36.64% | 100.00% |
| Healthcare | 0.00% | 0.00% | 47.90% | 100.00% |
| Financial Services | 0.00% | 0.00% | 100.00% | 0.32% |
| Energy | 0.00% | 0.00% | 55.49% | 99.84% |
| Communication Services | 0.00% | 0.00% | 15.31% | 99.51% |
| Consumer Defense | 0.00% | 0.00% | 13.56% | 99.84% |
| Consumer Cyclical | 0.00% | 0.00% | 40.68% | 100.00% |
| Basic Materials | 0.00% | 0.00% | 10.30% | 99.84% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | CSH % Rank | |
|---|---|---|---|---|
| US | 86.91% | 67.06% | 99.56% | 21.92% |
| Non US | 0.00% | 0.00% | 26.08% | 59.42% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | CSH % Rank | |
|---|---|---|---|---|
| Derivative | 0.39% | 0.00% | 52.82% | 99.13% |
| Cash & Equivalents | 0.00% | 0.00% | 100.00% | 100.00% |
| Securitized | 0.00% | 0.00% | 0.02% | 99.13% |
| Corporate | 0.00% | 0.00% | 100.00% | 9.25% |
| Municipal | 0.00% | 0.00% | 0.00% | 99.13% |
| Government | 0.00% | 0.00% | 99.48% | 0.17% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | CSH % Rank | |
|---|---|---|---|---|
| US | 0.41% | 0.00% | 3.19% | 0.49% |
| Non US | 0.00% | 0.00% | 0.13% | 99.19% |
CSH - Expenses
Operational Fees
| CSH Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | N/A | 0.03% | 4.18% | 35.56% |
| Management Fee | 0.01% | 0.05% | 4.05% | 97.89% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | 25.07% |
| Administrative Fee | N/A | 0.01% | 0.40% | N/A |
Sales Fees
| CSH 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% | 5.00% | N/A |
Trading Fees
| CSH 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.
| CSH Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | N/A | 3.00% | 439.00% | N/A |
CSH - Distributions
Dividend Yield Analysis
| CSH | Category Low | Category High | CSH % Rank | |
|---|---|---|---|---|
| Dividend Yield | 0.00% | 0.00% | 1.88% | 99.19% |
Dividend Distribution Analysis
| CSH | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annually | Annually | Annually |
Net Income Ratio Analysis
| CSH | Category Low | Category High | CSH % Rank | |
|---|---|---|---|---|
| Net Income Ratio | N/A | -4.08% | 1.10% | N/A |
Capital Gain Distribution Analysis
| CSH | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
CSH - Fund Manager Analysis
Managers
Dewey Tucker
Start Date
Tenure
Tenure Rank
Jan 31, 2022
0.33
0.3%
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 | 8.95 | 5.25 |
