ARB vs. CEFS ETF Comparison

Comparison of AltShares Merger Arbitrage ETF (ARB) to Exchange Listed Funds Trust ETF (CEFS)

ARB

AltShares Merger Arbitrage ETF

ARB Description

AltShares Trust - AltShares Merger Arbitrage ETF is an exchange traded fund launched and managed by Water Island Capital, LLC. It invests in public equity markets of global region. The fund invests through derivatives in stocks of companies operating across diversified sectors. The fund employs long/short strategy and uses derivatives such as futures, forwards, swaps to create its portfolio. AltShares Trust - AltShares Merger Arbitrage ETF is domiciled in the United States.

Grade (RS Rating)

Last Trade

$27.94

Average Daily Volume

11,353

Number of Holdings ^*

* may have additional holdings in another (foreign) market

CEFS

Exchange Listed Funds Trust ETF

CEFS Description

The investment seeks to provide capital appreciation and dividend income. The fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by normally investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities issued by closed-end funds (the "underlying funds"). The advisor expects to invest in underlying funds operated by a diversified group of closed-end fund managers ("underlying fund managers"). The fund normally invests in underlying funds that primarily pursue high yield opportunities.

Grade (RS Rating)

Last Trade

$22.18

Average Daily Volume

47,773

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	ARB	CEFS
30 Days	0.17%	0.77%
60 Days	0.43%	1.28%
90 Days	1.37%	4.04%
12 Months	5.64%	29.31%

0 Overlapping Holdings

	Symbol	Grade	Weight in ARB	Weight in CEFS	Overlap

ARB Overweight 43 Positions Relative to CEFS

Symbol	Grade	Weight
MRO	B	2.76%
RCM	F	2.73%
CTLT	B	2.72%
HCP	B	2.72%
SPR	D	2.68%
K	A	2.67%
JNPR	F	2.66%
ANSS	B	2.57%
INFN	C	2.27%
SRCL	C	2.19%
CHX	C	2.19%
ENV	B	2.17%
SILK	F	2.16%
PETQ	D	2.14%
EVRI	A	2.13%
RVNC	F	2.07%
HA	D	2.02%
HES	B	1.95%
DFS	B	1.9%
X	C	1.85%
DO	D	1.83%
ALE	A	1.81%
PRFT	D	1.81%
PWSC	C	1.81%
AXNX	C	1.81%
INST	C	1.79%
VZIO	A	1.78%
AMK	D	1.78%
GTHX	D	1.72%
SRDX	B	1.4%
FBMS	B	1.16%
HTLF	B	1.15%
BALY	C	1.14%
CHUY	D	1.13%
TWKS	D	1.11%
MGRC	B	1.07%
SWN	D	0.94%
CALT	D	0.58%
AAN	D	0.56%
CNSL	C	0.54%
AGS	A	0.53%
HAYN	C	0.53%
SRCL	C	0.5%

ARB Underweight 89 Positions Relative to CEFS

Symbol	Grade	Weight
BIGZ	A	-16.16%
GDV	A	-8.03%
PDX	A	-8.02%
ASA	D	-7.98%
ADX	C	-5.7%
BCAT	A	-4.77%
BFZ	D	-4.65%
NFJ	B	-4.6%
GAM	A	-4.11%
ASGI	C	-3.88%
ENX	B	-3.59%
BSTZ	A	-3.54%
EVM	C	-2.95%
NQP	D	-2.81%
NXJ	D	-2.75%
HQL	F	-2.62%
BOE	B	-2.55%
MHI	D	-2.15%
BMEZ	D	-1.98%
HQH	D	-1.85%
GRX	D	-1.73%
AFB	D	-1.68%
MAV	C	-1.6%
TEAF	D	-1.57%
BGY	B	-1.37%
LGI	C	-1.34%
NTG	A	-1.26%
IIF	D	-1.25%
ECF	B	-1.23%
EMO	A	-1.2%
VPV	B	-1.19%
KSM	F	-1.06%
AOD	D	-0.98%
BCX	C	-0.97%
LEO	D	-0.95%
VTN	B	-0.81%
EDD	D	-0.79%
NBH	D	-0.7%
JOF	F	-0.66%
IHD	D	-0.63%
GF	F	-0.61%
PGZ	C	-0.61%
DSM	D	-0.5%
HYB	A	-0.45%
CEV	D	-0.4%
QQQX	B	-0.37%
NDP	A	-0.37%
GLQ	C	-0.36%
CXE	D	-0.36%
BGR	A	-0.36%
BCV	B	-0.3%
DMB	C	-0.28%
FMN	F	-0.25%
EOD	C	-0.24%
PEO	C	-0.23%
CPZ	C	-0.22%
TWN	D	-0.21%
PCK	D	-0.21%
RA	B	-0.17%
GNT	C	-0.17%
TTP	A	-0.17%
VMO	D	-0.16%
MPA	D	-0.11%
AGD	D	-0.11%
FGB	C	-0.09%
SWZ	F	-0.08%
ERH	C	-0.08%
TYG	A	-0.07%
NML	A	-0.05%
VGM	D	-0.04%
GLO	D	-0.04%
GLV	D	-0.03%
HEQ	B	-0.03%
PNI	D	-0.02%
KYN	A	-0.02%
DIAX	A	-0.02%
MYN	C	-0.01%
MFM	D	-0.01%
BTT	D	-0.01%
MXE	F	-0.01%
MUJ	C	-0.0%
BHV	C	-0.0%
MIY	C	-0.0%
NAC	C	-0.0%
VFL	D	-0.0%
BNY	D	-0.0%
RMT	B	-0.0%
MHN	C	-0.0%
MUC	C	-0.0%

CEFS: Top Represented Industries & Keywords

Industries: Asset Management Other