SPAC and New Issue ETF (NASDAQ:SPCK) Short Interest Up 176.9% in May

SPAC and New Issue ETF (NASDAQ:SPCK) was the target of a large growth in short interest during the month of May. As of May 29th, there was short interest totaling 26,731 shares, a growth of 176.9% from the May 14th total of 9,652 shares. Approximately 8.4% of the company’s stock are sold short. Based on an average daily trading volume, of 7,859 shares, the days-to-cover ratio is presently 3.4 days.

SPAC and New Issue ETF Trading Down 1.1%

Shares of NASDAQ:SPCK traded down $0.25 during trading on Friday, hitting $22.09. 59,450 shares of the company were exchanged, compared to its average volume of 3,563. SPAC and New Issue ETF has a 12-month low of $21.32 and a 12-month high of $26.61. The company has a 50 day moving average of $22.13.

SPAC and New Issue ETF (NASDAQ: SPCK) is an exchange-traded fund designed to provide investors with exposure to companies that have recently gone public, including special purpose acquisition companies and other new issues. The fund seeks to track a rules-based index focused on newly listed U.S. equities, giving investors a way to access a segment of the market that can be characterized by early-stage growth opportunities and higher volatility.

The ETF primarily invests in securities that have recently completed an initial public offering or SPAC transaction, and it may also hold related cash equivalents or short-term instruments as part of its portfolio management approach.