ARB vs HXA: Grades, Fees and Holdings Compared

AltShares Merger Arbitrage ETF

ARBBNYSE Arca

Mast HedgeIndex Corporate Arbitrage ETF

HXA—NYSE Arca

Overlap

0.0%by weight

Expense ratio

ARB −0.17pt a year

ARB0.82%HXA0.99%

Avg volume · 30D

HXA 9.5×the volume

ARB17.6KHXA167K

ARB vs HXA Performance

Sep 30, 2026 – Oct 7, 2026

+0.4%ARB+0.8%HXA

Expense ratio: ARB 0.82%, better; HXA 0.99%
Fund size: ARB $111M; HXA $51M
1Y total return: ARB +3.5%; HXA No data
Yield (12M): ARB 0.42%; HXA No data
Holdings: ARB 70; HXA 18
Avg volume (30D): ARB 17.6K sh; HXA 167K sh, better
NAV per share: ARB $30.10; HXA $24.92
52W range

ETF.net Grade

—HXANot yet graded

Pillar letters and Scores for ARB, HXA, with each pillar’s weight
Pillar	ARB	HXA
Cost30% weight	C50	Not scored
Mission25% weight	Not scored	Not scored
Risk15% weight	B55	Not scored
Tradability15% weight	B65	Not scored
Holdings10% weight	A75	Not scored
Durability5% weight	B56	Not scored

Rank among Merger Arbitrage funds

How we build Categories ›

Merger Arbitrage⁠

Category · 4 funds

See all 4 ›

ARB ranks 3rd of 4 funds in the Merger Arbitrage Category.

Rank 1BMRGRProShares Merger ETFScore 62
Rank 2BMNANYLI Merger Arbitrage ETFScore 58
Rank 3BARBAltShares Merger Arbitrage ETFScore 57
Rank 4CNTRLFirst Trust Merger Arbitrage ETFScore 40

Our read on each fund

ETF.net Research

ARBBAltShares Merger Arbitrage ETF

HXA—Mast HedgeIndex Corporate Arbitrage ETF

In short

ARB Merger arb, the hedge fund classic, rendered as index rules: go long announced takeover targets, short the acquirer in stock-for-stock deals, hedge the currency. Run by Water Island Capital, which has been doing this since 2000.

HXA No data

Stated mandate

ARB The Fund seeks to track the performance of the Water Island Merger Arbitrage USD Hedged Index, which reflects a global merger-arbitrage strategy involving announced mergers, takeovers, tender offers, and leveraged buyouts.

HXA No data

Why people hold it

ARB No side project: Water Island Capital has run a merger arbitrage fund since September 2000, and ARB tracks an index built by its affiliate on the same deal-spread playbook.sec.gov sec.gov 2
When a deal pays in acquirer stock, the index shorts that stock at the deal's exchange ratio, aiming to lock in the spread instead of riding the acquirer's share price.sec.gov
Foreign targets bring foreign currency. The index is hedged back to the US dollar, so a euro or pound swing is dampened rather than passed straight into returns.sec.gov
Rules, not hunches: the index reconstitutes and rebalances twice a month and generally expects 30-50 targets, so new deals enter and completed ones exit on a set schedule.sec.gov

HXA No data

Worth knowing

ARB Fee is 0.82%, near the category median and above MNA's 0.78% and MRGR's 0.75% (net of a waiver through September 30, 2027; 2.03% gross).
Thinly traded next to mainstream ETFs, so bid-ask spreads can run wider. Distributions come annually or semiannually, not monthly.
Deal spreads are narrow by design and a collapsed merger stings. The hedges address acquirer stock and currency, not the chance a deal falls apart.sec.gov

HXA No data

Full ARB profile⁠

Full HXA profile⁠

ARB vs HXA Holdings

As of Oct 7, 2026

How ARB and HXA differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of ARB and 0.0% of HXA.

Level by level

Asset classAlternatives, Equity0.0%
Holdings0 in both0.0%
Countryby domicile81.8%

Sector

No Sector split for HXA.

Country, concentration and asset class

Country by domicile

Country weights in ARB and HXA, widest gap first
Country	More in ARBMore in HXA	ARB	HXA
United Kingdom	ARB +13.2 points	13.8%	0.6%
United States	HXA +9.9 points	80.5%	90.4%
Cayman Islands	HXA +6.0 points	0.0%	6.0%
Germany	ARB +2.5 points	2.5%	0.0%
Israel	HXA +1.8 points	0.0%	1.8%
France	ARB +1.5 points	1.5%	0.0%
Canada	ARB +0.8 points	1.3%	0.5%
Other countries (5)	HXA +0.4 points	0.4%	0.8%

Concentration

Weight in the 10 largest Holdings

ARB25.9%
HXA758.0%

Securities held

ARB69
HXA18

Asset class

ARB: Alternatives
HXA: Equity

Holdings

Only in ARB69
In both0
Only in HXA18

Only in ARB

69 securities, 97.6% of ARB by weight

Warner Bros Discovery, Inc.3.74%
Caesars Entertainment, Inc.2.51%
Penumbra, Inc.2.50%
Bio-Techne Corp.2.49%
AES Corp.2.47%
Intertek Group PLC2.46%
Apogee Therapeutics, Inc.2.45%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class2.44%
Crinetics Pharmaceuticals, Inc.2.41%
Delivery Hero SE2.36%
Globalstar, Inc.2.32%
Schroders PLC2.08%
Roku, Inc.2.07%
Lantheus Holdings, Inc.2.00%
MarketAxess Holdings, Inc.2.00%
Atkore, Inc.1.99%
Arcosa, Inc.1.99%
CBIZ, Inc.1.98%
Integer Holdings Corp.1.94%
Silicon Laboratories, Inc.1.92%
Beazley PLC1.92%
Organon & Co.1.90%
UniFirst Corp.1.81%
Iridium Communications, Inc.1.79%
Synaptics, Inc.1.74%
DoubleVerify Holdings, Inc.1.67%
LXP Industrial Trust1.66%
LiveRamp Holdings, Inc.1.65%
Rotork PLC1.65%
Payoneer Global, Inc.1.65%
Global Business Travel Group I1.65%
DigitalBridge Group, Inc.1.63%
BioLife Solutions, Inc.1.62%
NCR Atleos Corp.1.58%
Utz Brands, Inc.1.56%
Senior PLC1.48%
Brighthouse Financial, Inc.1.48%
Clear Channel Outdoor Holdings, Inc.1.44%
Dominion Energy, Inc.1.33%
Allfunds Group PLC1.12%
Mitie Group PLC1.06%
Beazer Homes USA, Inc.1.06%
Nagarro SE1.04%
Advanced Medical Solutions Group PLC1.03%
Safety Insurance Group, Inc.1.03%
Weave Communications, Inc.1.01%
IHS Holding Ltd.1.00%
MarineMax, Inc.0.99%
Exail Technologies SA0.93%
Equitable Holdings, Inc.0.91%

Only in HXA

18 securities, 100% of HXA by weight

Invesco S&P 500 Quality Etf148.39%
Invesco S&P 500 Equal Weight125.15%
Ishares Msci Usa Momentum Fa105.82%
Ishares Russell 2000 Etf69.60%
Invesco S&P 500 Equal Weight65.63%
On Semiconductor57.63%
First Hawaiian Inc54.38%
Fox Corp - Class A46.45%
Invesco S&P 500 Equal Weight46.13%
Invesco S&P 500 Equal Weight38.88%
Brink's Co/The37.65%
Invesco S&P 500 Equal Weight26.92%
Invesco S&P 500 Equal Weight25.50%
Invesco S&P 500 Equal Weight24.07%
Invesco S&P 500 Equal Weight22.77%
Invesco S&P 500 Equal Weight15.45%
Invesco S&P 500 Equal Weig C4.77%
Invesco S&P 500 Equal Weight1.91%

Weight gaps

ARB and HXA share no securities.

All 86 ARB holdings⁠All 149 HXA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ARB vs HXA Cost

Overpaying HXA vs ARB

$2,836

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

ARB 0.82%
$15,689
HXA 0.99%
$18,525

Amount$10,000

Years30 years

Cost over time

ARB 0.82%
HXA 0.99%
Overpaying

Year by year

Year	ARB	HXA	Overpaying
10	$1,457	$1,746	$289
20	$5,519	$6,565	$1,046
30	$15,689	$18,525	$2,836

Expense ratio

0.82%ARB, cheaper
0.99%HXA

ARB vs HXA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ARB 0.42%; HXA No data
Payout (12M): ARB $0.13; HXA None
Last payment: ARB $0.13; HXA No data
Ex-dividend: ARB Dec 18, 2025; HXA No data
Paid on: ARB Dec 19, 2025; HXA No data
Frequency: ARB Annual; HXA No data

Distribution history

Per share, 2020 to 2026, same scale for both

ARBAnnual · 4 paymentsAll ARB payments⁠

HXAAll HXA payments⁠

No distribution history available.

ARB vs HXA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: ARB 2.2%HXA No data
Return per unit of riskSharpe ratio, 3 years: ARB 0.21HXA No data
Worst fallMax drawdown, 5 years: ARB −5.6%HXA No data
Market sensitivityBeta, 5 years: ARB 0.03HXA 0.00; Market = 1

ARB and HXA in the news

All news⁠

News
WBD rises 9.9% as Paramount is said to settle states' Warner Bros. suit
Sep 21, 2026ARB
New ETFs
Mast lists HXF at 0.80% with HedgeIndex in the name and no index in the mandate
Sep 4, 2026HXA

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ARB vs HXA

In short

Stated mandate

Why people hold it

Worth knowing

How ARB and HXA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ARB

Only in HXA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

WBD rises 9.9% as Paramount is said to settle states' Warner Bros. suit

Mast lists HXF at 0.80% with HedgeIndex in the name and no index in the mandate

WBD rises 9.9% as Paramount is said to settle states' Warner Bros. suit

Mast lists HXF at 0.80% with HedgeIndex in the name and no index in the mandate

How ARB and HXA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ARB

Only in HXA

Weight gaps