This paper analyzes the correlation between passive ETF investments and SPAC pricing along with the roles and impacts of each party involved within the de-SPAC process. We find that ETFs serving as passive investment vehicles are primary holders of SPACs as seen through the -15.56% median decline in SPACs following the delisting of SPAK, a leading SPAC based ETF. We further analyze the opportunities within the de-SPAC process for insiders to receive personal benefits through the means of payouts, founder shares, and more.

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