ARB vs MNA: Grades, Fees and Holdings Compared

AltShares Merger Arbitrage ETF

ARBBNYSE Arca

NYLI Merger Arbitrage ETF

MNABNYSE Arca

Overlap

34.5%by weight

Expense ratio

MNA −0.04pt a year

ARB0.82%MNA0.78%

Avg volume · 30D

MNA 2.1×the volume

ARB17.6KMNA37.7K

5Y return · a year

ARB +1.4pt

ARB+4.0%MNA+2.6%

ARB vs MNA Performance

Oct 29, 2021 – Oct 30, 2026

+21.8%ARB+13.5%MNA

Expense ratio: ARB 0.82%; MNA 0.78%, better
Fund size: ARB $111M; MNA $265M
1Y total return: ARB +3.5%, better; MNA +3.0%
Yield (12M): ARB 0.42%, better; MNA 0.00%
Holdings: ARB 70; MNA 53
Avg volume (30D): ARB 17.6K sh; MNA 37.7K sh, better
NAV per share: ARB $30.10; MNA $36.94
52W range

ETF.net Grade

Pillar letters and Scores for ARB, MNA, with each pillar’s weight
Pillar	ARB	MNA
Cost30% weight	C50	B66Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B55Higher	C51
Tradability15% weight	B65Higher	C49
Holdings10% weight	A75Higher	C52
Durability5% weight	B56	A76Higher

Rank among Merger Arbitrage funds

How we build Categories ›

Same Category. ARB and MNA are both graded against the same 4 Merger Arbitrage funds, so their Grades compare head to head.

Merger Arbitrage⁠

Category · 4 funds

See all 4 ›

MNA ranks 2nd and ARB 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

MNABNYLI Merger 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.

MNA 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.

MNA 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

MNA 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

MNA No data

Full ARB profile⁠

Full MNA profile⁠

ARB vs MNA Holdings

How ARB and MNA differ

Overlap by weight

34.5%

Shared holdings make up 49.6% of MNA and 36.1% of ARB.

Level by level

Holdings26 in both34.5%
Sector11 Sectors70.3%
Countryby domicile93.8%
Asset classAlternatives100%

Sector

Sector weights in ARB and MNA, widest gap first
Sector	More in ARBMore in MNA	ARB	MNA
Industrials	MNA +16.3 points	8.3%	24.6%
Technology	ARB +15.2 points	23.2%	8.0%
Health Care	ARB +9.4 points	22.3%	12.9%
Communication	MNA +7.9 points	3.3%	11.2%
Consumer Staples	ARB +3.0 points	7.9%	4.9%
Financials	MNA +2.5 points	13.2%	15.7%
Real Estate	MNA +1.2 points	3.9%	5.1%
Consumer Discretionary	ARB +1.1 points	7.2%	6.1%
Energy	MNA +1.0 points	0.0%	1.0%
Utilities	ARB +1.0 points	3.9%	2.9%
Materials	MNA +0.9 points	6.7%	7.6%

Country, concentration and asset class

Country by domicile

Country weights in ARB and MNA, widest gap first
Country	More in ARBMore in MNA	ARB	MNA
United Kingdom	ARB +3.6 points	13.8%	10.2%
Australia	MNA +2.0 points	0.0%	2.0%
Norway	MNA +1.9 points	0.0%	1.9%
Canada	MNA +1.8 points	1.3%	3.1%
Germany	ARB +1.7 points	2.5%	0.8%
Other countries (3)	ARB +0.4 points	82.4%	82.0%

Concentration

Weight in the 10 largest Holdings

ARB25.9%
MNA45.5%

Securities held

ARB69
MNA48

Asset class

ARB: Alternatives
MNA: Alternatives

Holdings

Only in ARB43
In both26
Only in MNA22

Only in ARB

43 securities, 61.4% of ARB by weight

Warner Bros Discovery, Inc.3.74%
Penumbra, Inc.2.50%
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%
Schroders PLC2.08%
Atkore, Inc.1.99%
Arcosa, Inc.1.99%
CBIZ, Inc.1.98%
Beazley PLC1.92%
Iridium Communications, Inc.1.79%
Synaptics, Inc.1.74%
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%
Senior PLC1.48%
Brighthouse Financial, Inc.1.48%
Clear Channel Outdoor Holdings, Inc.1.44%
Dominion Energy, Inc.1.33%
Mitie Group PLC1.06%
Beazer Homes USA, Inc.1.06%
Weave Communications, Inc.1.01%
Equitable Holdings, Inc.0.91%
Kenvue, Inc.0.89%
Qorvo, Inc.0.88%
Laurentian Bank of Canada0.64%
Jamieson Wellness, Inc.0.57%
Simulations Plus, Inc.0.54%
Distribution Solutions Group, Inc.0.51%
Sanara Medtech, Inc.0.50%
Nathan's Famous, Inc.0.48%
Fnac Darty SA0.47%
Blue Ridge Bankshares, Inc.0.30%
Agnico Eagle Mines Ltd. CVR, Expires 6/16/20360.02%
Esperion Therapeutics, Inc., CVR, Expires 12/31/20300.01%
Apellis Pharmaceuticals, Inc., CVR, Expires 12/31/2031<0.01%

Only in MNA

22 securities, 50.1% of MNA by weight

Drey Inst Pref Gov Mm Ins10.80%
Cash6.60%
Dominion Energy Inc4.19%
Equitable Holdings, Inc.3.37%
Synaptics Incorporated3.21%
iShares Trust iShares 0-1 Year Treasury Bond ETF3.00%
First Capital Real Estate Investment Trust2.91%
Rotork plc2.44%
Huntsman Corporation2.22%
Tate & Lyle PLC2.05%
LCI Industries2.03%
MITIE Group PLC1.87%
BlueNord ASA1.82%
Reliance Worldwide Corp. Ltd.1.54%
Payoneer Global Inc.1.49%
Ausgold Limited0.35%
Payb Amzn Sms0.07%
Chinook Therapeutics Inc Cvr0.05%
Payb Ogc Sms0.04%
Epizyme Incâ Contingent Value Right0.01%
Contra Apellis Pharmac<0.01%
Vigil Neuroscience Cvr<0.01%

Weight gaps

All 26 Holdings in both funds, largest gap first.

Holding weights in ARB and MNA, widest gap first
Holding	More in ARBMore in MNA	ARB	MNA
Allfunds Group PLC	MNA +1.63 points	1.12%	2.75%
Roku, Inc.ROKU	MNA +1.58 points	2.07%	3.65%
Organon & Co.OGN	MNA +1.49 points	1.90%	3.39%
NCR Atleos Corp.NATL	MNA +1.14 points	1.58%	2.72%
IHS Holding Ltd.IHS	MNA +1.11 points	1.00%	2.11%
Caesars Entertainment, Inc.CZR	MNA +1.08 points	2.51%	3.59%
Lantheus Holdings, Inc.LNTH	MNA +1.01 points	2.00%	3.01%
Silicon Laboratories, Inc.SLAB	MNA +1.00 points	1.92%	2.92%
Bio-Techne Corp.TECH	MNA +0.95 points	2.49%	3.44%
Globalstar, Inc.GSAT	MNA +0.94 points	2.32%	3.26%
Advanced Medical Solutions Group PLCAMS.L	ARB +0.58 points	1.03%	0.45%
MarketAxess Holdings, Inc.MKTX	MNA +0.56 points	2.00%	2.56%
UniFirst Corp.UNF	MNA +0.54 points	1.81%	2.35%
Integer Holdings Corp.ITGR	MNA +0.53 points	1.94%	2.47%
Irish Continental Group PLC	MNA +0.45 points	0.36%	0.81%
DoubleVerify Holdings, Inc.DV	ARB +0.40 points	1.67%	1.27%
MarineMax, Inc.HZO	MNA +0.36 points	0.99%	1.35%
TriCo BancsharesTCBK	MNA +0.32 points	0.90%	1.22%
Nagarro SE	ARB +0.31 points	1.04%	0.73%
Varex Imaging Corp.VREX	MNA +0.14 points	0.53%	0.67%
Utz Brands, Inc.UTZ	ARB +0.14 points	1.56%	1.42%
Luxfer Holdings PLCLXFR	ARB +0.13 points	0.36%	0.23%
Exail Technologies SA	MNA +0.11 points	0.93%	1.04%
Bowman Consulting Group Ltd.BWMN	MNA +0.08 points	0.52%	0.60%
Safety Insurance Group, Inc.SAFT	ARB +0.05 points	1.03%	0.98%
Bowhead Specialty Holdings, Inc.BOW	ARB +0.01 points	0.54%	0.53%

All 86 ARB holdings⁠All 74 MNA 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 MNA Cost

Overpaying ARB vs MNA

$687

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

ARB 0.82%
$15,689
MNA 0.78%
$15,002

Amount$10,000

Years30 years

Cost over time

ARB 0.82%
MNA 0.78%
Overpaying

Year by year

Year	ARB	MNA	Overpaying
10	$1,457	$1,388	$69
20	$5,519	$5,268	$251
30	$15,689	$15,002	$687

Expense ratio

0.82%ARB
0.78%MNA, cheaper

ARB vs MNA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): ARB 0.42%, better; MNA 0.00%
Payout (12M): ARB $0.13; MNA None
Last payment: ARB $0.13; MNA No data
Ex-dividend: ARB Dec 18, 2025; MNA No data
Paid on: ARB Dec 19, 2025; MNA No data
Frequency: ARB Annual; MNA No data

Distribution history

Per share, 2017 to 2026, same scale for both

ARBAnnual · 4 paymentsAll ARB payments⁠

MNA2 paymentsAll MNA payments⁠

ARB vs MNA Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: ARB 2.2%, betterMNA 2.8%
Return per unit of riskSharpe ratio, 3 years: ARB 0.21MNA 0.45, better
Worst fallMax drawdown, 5 years: ARB −5.6%, betterMNA −8.4%
Market sensitivityBeta, 5 years: ARB 0.03MNA 0.01; Market = 1

ARB and MNA in the news

All news⁠

News
WBD rises 9.9% as Paramount is said to settle states' Warner Bros. suit
Sep 21, 2026ARBMNA

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ARB vs MNA

In short

Stated mandate

Why people hold it

Worth knowing

How ARB and MNA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ARB

Only in MNA

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

How ARB and MNA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in ARB

Only in MNA

Weight gaps