Morgan Creek-Exos Active SPAC Arbitrage ETF
CSH
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- Morgan Creek-Exos Active SPAC Arbitrage ETF (CSH) is an actively managed exchange-traded fund that seeks to provide investors with short-duration exposure to US-listed pre-combination special purpose acquisition companies (SPACs) through investments in common stock, warrants, and rights, typically in small- and mid-cap positions; the fund exploits the structural features of SPACs collateralized by U.S. Treasury bills or equivalents to optimize returns relative to collateral risk via proprietary valuation analysis and systematic rebalancing. CSH holds a diversified portfolio weighted by expected return analysis, enabling potential profits from SPAC appreciation or redemption for underlying collateral; it targets higher risk-adjusted returns compared to traditional cash alternatives like bank deposits or short-term bonds. The ETF lists on NYSE Arca with a net expense ratio of 1.25% and focuses on the SPAC arbitrage strategy within the equity extended market segment. Launched on February 1, 2022, through a strategic alliance between issuer Morgan Creek Capital Management, LLC, headquartered in Chapel Hill, North Carolina, and fintech collaborator EXOS Financial, based in New York; the fund operates primarily in U.S. markets with geographic exposure concentrated in North America. Morgan Creek Capital Management, founded in 2004, serves as the advisor and portfolio manager Dewey Tucker oversees active management; EXOS Financial contributes SPAC expertise from former Credit Suisse leadership. As of late 2025, CSH maintains assets under management of approximately $8.37 million with top holdings including First American Government Obligations Fund (99.92%) and broker deposits for short positions (0.08%), reflecting a conservative shift amid diminished pre-combination SPAC activity; the fund has sustained operations without reported liquidations, partnerships, acquisitions, or new product launches in the last 1-2 years, continuing its core arbitrage mandate.