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HXA vs MRGR

Mast HedgeIndex Corporate Arbitrage ETF

HXA—NYSE Arca

ProShares Merger ETF

MRGRBCboe

Overlap

Expense ratio

MRGR −0.24pt a year

HXA0.99%MRGR0.75%

Avg volume · 30D

HXA 131.7×the volume

HXA167KMRGR1.27K

HXA vs MRGR Performance

Sep 30, 2026 – Oct 7, 2026

+0.8%HXA+1.2%MRGR

Sep 30, 2026 to Oct 7, 2026. HXA +0.8%. MRGR +1.2%. Use the arrow keys to read each point.0%0.25%0.5%1%Sep 30Oct 2Oct 7
Expense ratio
HXA 0.99%
MRGR 0.75%, better
Fund size
HXA $51M
MRGR $16M
1Y total return
HXA No data
MRGR +4.8%
Yield (12M)
HXA No data
MRGR 2.68%
Holdings
HXA 18
MRGR 40
Avg volume (30D)
HXA 167K sh, better
MRGR 1.27K sh
NAV per share
HXA $24.92
MRGR $45.50
52W range

ETF.net Grade

  • —HXANot yet graded
MRGR: Cost 80, Risk 65, Mission not scored, Tradability 22, Holdings 64, Durability 60.
Pillar letters and Scores for HXA, MRGR, with each pillar’s weight
PillarHXAMRGR
Cost30% weightNot scoredA80
Mission25% weightNot scoredNot scored
Risk15% weightNot scoredB65
Tradability15% weightNot scoredF22
Holdings10% weightNot scoredB64
Durability5% weightNot scoredB60

Rank among Merger Arbitrage funds

How we build Categories ›

Merger Arbitrage⁠

Category · 4 funds
See all 4 ›

MRGR ranks 1st of 4 funds in the Merger Arbitrage Category.

  1. Rank 1BMRGRProShares Merger ETFScore 62
  2. Rank 2BMNANYLI Merger Arbitrage ETFScore 58

Our read on each fund

ETF.net Research

HXA—Mast HedgeIndex Corporate Arbitrage ETF

MRGRBProShares Merger ETF

In short

HXA No data

MRGR Merger arbitrage in an ETF wrapper: MRGR tracks a rules-based index of announced global deals instead of leaning on one manager's deal picks, and it has been running that playbook since 2012.

Stated mandate

HXA No data

MRGR MRGR seeks to track the S&P Merger Arbitrage Index before fees and expenses. The fund is designed to provide exposure to a global merger-arbitrage strategy.

Why people hold it

HXA No data

  • MRGR Rules-based, not discretionary: it tracks the S&P Merger Arbitrage Index, so the roughly 40-deal basket follows published index rules rather than a manager's hunches.proshares.com
  • Live since 2012, making it one of the longer-running merger-arb ETFs, with a record spanning more than one deal cycle.
  • At 0.75% it sits at the cheaper end of a pricey niche, under First Trust's NTRL (0.95%) and AltShares' EVNT (1.33%). Distributions are quarterly.

Worth knowing

HXA No data

  • MRGR One of the smaller, thinner-traded funds in the category, so spreads and fill quality are worth a look at the moment of the trade.
  • 0.75% is mid-pack for merger arb (MNA charges the same) but many times the cost of a plain broad-market index fund.
  • The core risk is announced takeovers falling apart, and an index-tracking basket adjusts on the index's rules rather than a manager's judgment call.

Full HXA profile⁠

Full MRGR profile⁠

HXA vs MRGR Holdings

As of
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.

HXA vs MRGR Cost

Overpaying HXA vs MRGR

$4,043

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

  • HXA 0.99%

    $18,525

  • MRGR 0.75%

    $14,482

$10,000
30 years

Cost over time

  • HXA 0.99%
  • MRGR 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HXA $18,525MRGR $14,482

Year by year

YearHXAMRGROverpaying
10$1,746$1,336$410
20$6,565$5,078$1,487
30$18,525$14,482$4,043

Expense ratio

  • 0.99%HXA
  • 0.75%MRGR, cheaper

HXA vs MRGR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HXA No data
MRGR 2.68%
Payout (12M)
HXA None
MRGR $1.22
Last payment
HXA No data
MRGR $0.04
Ex-dividend
HXA No data
MRGR Sep 23, 2026
Paid on
HXA No data
MRGR Sep 29, 2026
Frequency
HXA No data
MRGR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HXAAll HXA payments⁠

No distribution history available.

MRGRQuarterly · 28 paymentsAll MRGR payments⁠
One bar per payment. 28 payments from 2017 to 2026 YTD. Sep 27, 2017 $0.10; Dec 26, 2017 $0.03; Jun 20, 2018 $0.06; Sep 26, 2018 $0.44; Dec 26, 2018 $0.0046; Jun 25, 2019 $0.03; Sep 25, 2019 $0.05; Dec 24, 2019 $0.22; Mar 23, 2021 $0.09; Jun 22, 2021 $0.01; Sep 22, 2021 $0.11; Dec 23, 2021 $0.03; Dec 22, 2022 $0.24; Mar 22, 2023 $0.05; Jun 21, 2023 $0.12; Sep 20, 2023 $0.10; Dec 20, 2023 $0.58; Mar 20, 2024 $0.09; Jun 26, 2024 $0.009; Sep 25, 2024 $0.07; Dec 23, 2024 $1.15; Mar 26, 2025 $0.13; Jun 25, 2025 $0.08; Sep 24, 2025 $0.17; Dec 24, 2025 $1.00; Mar 25, 2026 $0.09; Jun 24, 2026 $0.09; Sep 23, 2026 $0.04. Use the arrow keys to read each point.$0$12017202020232026YTD

HXA vs MRGR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HXA No dataMRGR 3.2%
Return per unit of riskSharpe ratio, 3 years
HXA No dataMRGR 0.90
Worst fallMax drawdown, 5 years
HXA No dataMRGR −8.4%
Market sensitivityBeta, 5 years
HXA 0.00MRGR 0.01

HXA and MRGR in the news

All news⁠

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