One of the biggest events for investors last week was the new additions to the Russell 3000 Index. The inclusion in the index means several ETFs have to add shares of the stocks as part of the rebalancing efforts.
What Happened: There was a large number of additions to the Russell 3000 Index on Friday and one particular item that stood out was how SPACs affected the rebalancing.
One in five companies that were added to the Russell 3000 on Friday went public via SPAC merger.
The Former SPACs: Here is a look at the companies that went public via SPAC and were added to the Russell 3000 Index.
Aeva Technologies Inc AEVA: lidar company
Appharvest Inc APPH: indoor sustainable farming company
Beauty Health Co SKIN: owner of HydraFacial, non-invasive skincare treatment
Butterfly Network Inc BFLY: portable ultrasound company
Carlotz Inc LOTZ: used vehicle consignment seller
ChargePoint Holdings Inc CHPT: electric vehicle charging infrastructure company
Clarivate PLC CLVT: information service and analytics company that serves scientific research companies
Danimer Scientific Inc DNMR: a next-generation bioplastics company
Desktop Metal Inc DM: 3D printing company focused on several business segments
Digital Media Solutions Inc DMS: digital marketing company in the media segment
Draftkings Inc DKNG: one of the largest online sports betting operators
E2open Parent Holdings Inc ETWO: end-to-end supply chain management company
Eos Energy Enterprises Inc EOSE: battery storage solutions company
Curiositystream Inc CURI: a streaming company focused on documentaries
Finance of America Companies Inc FOA: a financial company focused on home loans, commercial loans, student loans and reverse mortgages
Fisker Inc FSR: electric vehicle startup led by Henrik Fisker
Golden Nugget Online Gaming Inc GNOG: online gaming company with sports betting and online casino in several states
Hall of Fame Resort & Entertainment Co HOFV: sports, media and entertainment company focused on the NFL and the Hall of Fame property in Ohio
Hyliion Holdings Corp HYLN: electrified powertrain solutions for commercial vehicles
Landsea Homes Corp LSEA: homebuilding company
Lordstown Motors Corp RIDE: electric vehicle company working to bring the Lordstown Endurance pickup truck to market
Metromile Inc MILE: digital insurance company with a pay-per-mile approach
MP Materials Corp MP: rare earth mining company
Nikola Corporation NKLA: focused on hydrogen-powered vehicles
Open Lending Corp LPRO: automated lending to the financial sector
Ouster Inc OUST: lidar company
Paya Holdings Inc PAYA: integrated payment solutions
Paysafe Ltd PSFE: payment solutions and digital wallet company
PLBY Group Inc PLBY: consumer products and licensing company with the well-known Playboy brand
Porch Group Inc PRCH: software platforms and services for the home service industry
PureCycle Technologies PCT: solvent-based purification recycling technology
Quantumscape Corp QS: working on solid-state batteries for the electric vehicle market
Romeo Power Inc RMO: working on lithium-ion batteries for the electric vehicle market
Rush Street Interactive Inc RSI: online sports betting and online casino operator in several states
Shift Technologies Inc SFT: e-commerce based used car sales
Skillz Inc SKLZ: person-to-person wagering for mobile games
Stem Inc STEM: artificial intelligence-based energy storage solutions
Tattooed Chef Inc TTCF: plant-based foods sold direct-to-consumer and in retail stores
Utz Brands Inc UTZ: salty snack food manufacturer
UWM Holdings Corp UWMC: residential mortgage and wholesale mortgage lender
Velodyne Lidar Inc VLDR: lidar company
Whole Earth Brands Inc FREE: manufacturers zero/low sugar and calorie sweeteners
XL Fleet Corp XL: fleet electrification for the commercial vehicle market.
DeSpac ETF: The recently launched De-SPAC ETF DSPC holds a weighting of 25 of the largest former SPACs over the trailing 12-month period.
The ETF has stakes in many of the companies added to the Russell 3000 Index inclusion and could be a way for investors to play the rebalancing.
Related Link: 10 SPACs And Former SPACs That Could Be Short Squeeze Candidates: Clover, Nikola And More
Disclosure: Author is long CHPT, FSR, HOFV and RMO.
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