One of the most interesting developments in finance this year has been the sudden popularity of the SPAC, or special-purpose acquisition company. A novel way to raise money and take companies public, SPACs are flourishing with more than 60 formed since the beginning of their big breakout year. And while they've certainly made headlines, they've actually existed for years. 

On this episode of Trillions, Eric and Joel discuss the phenomenon and what it all means with Julian Klymochko of Accelerate Financial Technologies, a SPAC pioneer whose Canadian-listed $ARB ETF offers some exposure to what he considers a new asset class, as well as Josef Schuster of IPOX Schuster, whose index is used for the $FPX ETF that tracks recent IPOs -- and now one SPAC.