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 * Markets
 * Heard on the Street


IT’S OFFICIAL: SPACS ARE THE NEW MONEY-MARKET FUNDS


BLANK-CHECK VEHICLES MAY NOW BE IN DEMAND MORE AS SOURCES OF RISK-FREE ARBITRAGE
THAN AS WAYS TO INVEST IN EXCITING STARTUPS

The Blank-Check Boom Poses Pitfalls for Investors
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The Blank-Check Boom Poses Pitfalls for InvestorsPlay video: The Blank-Check
Boom Poses Pitfalls for Investors

Private companies are flooding to special-purpose acquisition companies, or
SPACs, to bypass the traditional IPO process and gain a public listing. WSJ
explains why some critics say investing in these so-called blank-check companies
isn’t worth the risk. Illustration: Zoë Soriano/WSJ
By Jon Sindreu
Feb. 9, 2022 5:59 am ET

Print

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Investing in SPACs isn’t about the adrenaline rush it used to be.

As markets sour on speculative assets, a new exchange-traded fund is offering a
twist on investing in special-purpose acquisition companies. Sometimes called
“blank-check” vehicles, SPACs last year became Wall Street’s favorite way to
list flashy ventures with no profits.

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