Special purpose acquisition companies are the hottest investment phenomenon of the year. But they’re not a surefire way to make money, as many lose value after they merge with operating businesses. The good news is that the SPACs that have completed mergers this year are trading better than last year’s crop, according to new data.

Forty three percent of the stocks of companies formed from the merger of a SPAC with an operating business this year were trading at or above their initial SPAC offering price of $10 as of Nov. 10,  according to data from SPAC Research. While that means 57% are trading below their initial offer price, it's an improvement on those that merged last year. Of that group, 71% were trading below their initial price earlier this month.