ARB vs. MNA ETF Comparison

Comparison of AltShares Merger Arbitrage ETF (ARB) to IQ Merger Arbitrage ETF (MNA)

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

$27.76

Average Daily Volume

10,048

Number of Holdings ^*

* may have additional holdings in another (foreign) market

MNA

IQ Merger Arbitrage ETF

MNA Description

The investment seeks investment results that correspond generally to the price and yield performance of its underlying index, the IQ Merger Arbitrage Index. The fund employs a "passive management" to track the performance of the underlying index, which was developed by Financial Development Holdco LLC ("IndexIQ"). The underlying index seeks to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions. It is non-diversified.

Grade (RS Rating)

Last Trade

$32.95

Average Daily Volume

60,238

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	ARB	MNA
30 Days	0.52%	0.67%
60 Days	1.41%	2.42%
90 Days	2.83%	3.98%
12 Months	5.92%	5.83%

17 Overlapping Holdings

Symbol	Grade	Weight in ARB	Weight in MNA	Overlap
AGS	B	1.32%	0.76%	0.76%
ALE	A	2.09%	2.6%	2.09%
AXNX	A	2.09%	2.34%	2.09%
CHX	D	2.56%	2.26%	2.26%
CTLT	A	2.24%	5.71%	2.24%
DFS	C	1.77%	6.74%	1.77%
HAYN	B	1.31%	0.74%	0.74%
HCP	B	3.33%	4.32%	3.33%
HTLF	C	1.88%	0.86%	0.86%
IBTX	D	0.67%	1.82%	0.67%
JNPR	B	2.31%	5.05%	2.31%
PRFT	A	2.69%	2.0%	2.0%
SRCL	B	0.6%	1.26%	0.6%
SRCL	B	0.6%	2.65%	0.6%
SSB	C	-0.68%	-1.85%	-1.85%
UMBF	C	-0.59%	-0.88%	-0.88%
VZIO	A	1.99%	1.25%	1.25%

ARB Overweight 26 Positions Relative to MNA

Symbol	Grade	Weight
HES	D	3.31%
ANSS	D	3.06%
WIRE	A	2.76%
HIBB	A	2.69%
EDR	A	2.67%
ETRN	D	2.51%
EVBG	B	1.98%
X	F	1.89%
CERE	A	1.88%
SWN	D	1.85%
AMK	B	1.83%
CPRI	B	1.75%
AMED	D	1.45%
MGRC	D	1.36%
NWLI	A	1.28%
HA	B	1.23%
WRK	C	0.94%
SBOW	D	0.82%
OSG	A	0.67%
OLK	A	0.62%
CNSL	A	0.57%
CRGY	B	-0.49%
SNPS	F	-1.86%
CHK	D	-1.94%
CHRD	F	-2.18%
EQT	B	-2.53%

ARB Underweight 32 Positions Relative to MNA

Symbol	Grade	Weight
MRO	D	-3.16%
SHV	B	-2.91%
BALY	A	-2.73%
INST	B	-2.62%
SQSP	A	-2.59%
ENV	C	-2.56%
PWSC	C	-2.26%
K	B	-1.9%
INFN	C	-1.72%
AY	C	-1.64%
SPR	D	-1.63%
RCM	B	-1.6%
EVRI	A	-1.52%
TELL	B	-1.21%
FBMS	D	-1.01%
PETQ	A	-0.68%
AAN	C	-0.63%
CHUY	B	-0.44%
PFC	D	-0.41%
CFB	D	-0.3%
RVNC	F	-0.28%
SRDX	D	-0.27%
PGRU	A	-0.27%
CLF	D	--0.23%
BUSE	D	--0.3%
FA	A	--0.4%
WSBC	D	--0.41%
RNST	D	--1.02%
BA	F	--1.38%
SLB	D	--2.3%
IP	C	--3.71%
COF	C	--7.42%