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New SPAC ETF Plots Wall Street Launch Even as the Market Craters

  • TrueMark, RiverNorth fund plans to target pre-merger SPACs
  • One index tracking SPACs has tumbled 40% from 2021 peak

A new exchange-traded fund is on the way looking to tap the once red-hot SPAC market, even as investor enthusiasm for blank-check firms sputters and existing products stumble.

The actively managed RiverNorth SPAC Focus ETF would invest in so-called special purpose acquisition companies before they merge with their targets, according to a filing with the Securities and Exchange Commission this week.