Methodology: The SPAC Research Warrant Index is the ratio of the total market cap of all public SPAC warrants without an announced transaction to the initial trust account values for those SPACs. SPACs must have a separately traded warrant to be included, and SPACs are removed from the index if they have signed a definitive business combination agreement or liquidated.

Example: On January 1, 2020, there were 72 SPACs with separately traded warrants that had not announced any business combination. Those SPACs had $16.373bn in their trust accounts at IPO, and their public warrants were worth $677mm. The Warrant Index Value for that date is 677/16373 = 4.13%.