For some SPAC investors, it's a welcome change. Julian Klymochko, who runs the active SPAC-focused Accelerate Arbitrage Fund (ARB), said he was "very happy" to see the correction. The Canadian investor employs what he calls a "simple but not easy" SPAC arbitrage strategy, which distills down to buying a SPAC at or below its net asset value (or trust value) and capitalizing on the option of redeeming shares in two years or less. The strategy fared well amid the SPAC boom last year and was up about 30%, Klymochko told Insider. This year, despite a record 228 SPACs having raised $73.2 billion as of March 8, Klymochko was left starving for opportunities.