Arbitrage
What a SPAC pays you to wait
Strip out the deal and a SPAC share is a short-dated claim on cash: you pay today's price and, if nothing happens, you get the trust value back on the deadline date. Annualised, that is the return a desk actually decides on.
How this is worked out
- 01
Start from the cash, not the story
Every live vehicle's trust value per share, taken from its SEC filings. Where the filer tags a redemption price we use it; otherwise it is the trust balance over the share count, reconciled to the same reporting period.
- 02
Compare it with what the market is paying
Live quotes on the common stock. The gap between price and trust is the whole trade: buy below trust and the redemption alone makes you money.
- 03
Annualise over the clock
A 1% gap is worth much more with three months to run than with two years. Every figure is annualised against the vehicle's own combination deadline, so they can be compared.
- 04
Publish only what reconciles
Where price and trust cannot both be current, the row is withheld rather than guessed. The return excludes interest the trust will still earn, so it is a floor, not a forecast.
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126 of the 328 live vehicles have a price and a trust value that reconcile, so a yield can be published for them. It is free, it takes one email and no password.
- Annualised yield for every assessable vehicle
- The yield curve, plotted against each deadline
- How the market is distributed today
- Ranked table, and the workings behind each row
Reference data compiled from SEC filings. Not investment advice, and a redemption is only as certain as the vehicle honouring it.