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MNA vs MRGR

NYLI Merger Arbitrage ETF

MNABNYSE Arca

ProShares Merger ETF

MRGRBCboe

Overlap

30.9%by weight

Expense ratio

MRGR −0.03pt a year

MNA0.78%MRGR0.75%

Avg volume · 30D

MNA 29.8×the volume

MNA37.7KMRGR1.27K

10Y return · a year

MRGR +0.8pt

MNA+2.9%MRGR+3.7%

MNA vs MRGR Performance

Oct 29, 2021 – Oct 30, 2026

+13.5%MNA+20.8%MRGR

Oct 29, 2021 to Oct 30, 2026. MNA +13.5%. MRGR +20.8%. Use the arrow keys to read each point.−5%0%5%10%Oct 2021Apr 2024Oct 2026
Expense ratio
MNA 0.78%
MRGR 0.75%, better
Fund size
MNA $265M
MRGR $16M
1Y total return
MNA +3.0%
MRGR +4.8%, better
Yield (12M)
MNA 0.00%
MRGR 2.68%, better
Holdings
MNA 53
MRGR 40
Avg volume (30D)
MNA 37.7K sh, better
MRGR 1.27K sh
NAV per share
MNA $36.94
MRGR $45.50
52W range

ETF.net Grade

MNA: Cost 66, Risk 51, Mission not scored, Tradability 49, Holdings 52, Durability 76. MRGR: Cost 80, Risk 65, Mission not scored, Tradability 22, Holdings 64, Durability 60.
Pillar letters and Scores for MNA, MRGR, with each pillar’s weight
PillarMNAMRGR
Cost30% weightB66A80Higher
Mission25% weightNot scoredNot scored
Risk15% weightC51B65Higher
Tradability15% weightC49HigherF22
Holdings10% weightC52B64Higher
Durability5% weightA76HigherB60

Rank among Merger Arbitrage funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MNA and MRGR 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 ›

MRGR ranks 1st and MNA 2nd of 4 funds in the Merger Arbitrage Category.

  1. Rank 1BMRGRProShares Merger ETFScore 62
  2. Rank 2BMNANYLI Merger Arbitrage ETFScore 58
  3. Rank 3BARBAltShares Merger Arbitrage ETFScore 57

Our read on each fund

ETF.net Research

MNABNYLI Merger Arbitrage ETF

MRGRBProShares Merger ETF

In short

MNA 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

MNA 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

MNA 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

MNA 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 MNA profile⁠

Full MRGR profile⁠

MNA vs MRGR Holdings

How MNA and MRGR differ

Overlap by weight

30.9%

Shared holdings make up 37.1% of MRGR and 36.9% of MNA.

Level by level

  • Asset classAlternatives, Equity0.0%
  • Holdings16 in both30.9%
  • Sector11 Sectors71.1%
  • Countryby domicile91.2%

Sector

Sector weights in MNA and MRGR, widest gap first
SectorMore in MNAMore in MRGR
IndustrialsMNA +10.9 points
Health CareMRGR +10.5 points
Consumer DiscretionaryMRGR +9.7 points
MaterialsMNA +7.6 points
EnergyMRGR +4.9 points
Real EstateMRGR +3.1 points
CommunicationMNA +3.0 points
UtilitiesMNA +2.9 points
TechnologyMNA +2.3 points
FinancialsMNA +2.2 points
Consumer StaplesMRGR +0.8 points

Country, concentration and asset class

Country by domicile

Country weights in MNA and MRGR, widest gap first
CountryMore in MNAMore in MRGR
United StatesMNA +6.2 points
AustraliaMRGR +3.1 points
United KingdomMRGR +2.8 points
GermanyMRGR +1.6 points
NorwayMRGR +1.3 points
FranceMNA +1.1 points
IrelandMNA +0.9 points
CanadaMNA +0.6 points

Outside the US: MRGR 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

  • MNA45.5%
  • MRGR33.6%

Securities held

  • MNA48
  • MRGR39

Asset class

MNA
Alternatives
MRGR
Equity

Holdings

  • Only in MNA32
  • In both16
  • Only in MRGR23

Only in MNA

32 securities, 62.7% of MNA by weight

  • Drey Inst Pref Gov Mm Ins10.80%
  • Cash6.60%
  • Dominion Energy Inc4.19%

Only in MRGR

23 securities, 52.0% of MRGR by weight

  • Bluenord Asa2.99%
  • Personalis Inc2.72%
  • Allfunds Group PLC2.57%

Weight gaps

All 16 Holdings in both funds, largest gap first.

Holding weights in MNA and MRGR, widest gap first
HoldingMore in MNAMore in MRGR
Safety Insurance Group, Inc.SAFTMRGR +1.33 points
Caesars Entertainment, Inc.CZRMNA +1.30 points
Roku, Inc. Class AROKUMNA +1.13 points
DoubleVerify Holdings, Inc.DVMRGR +1.10 points
Bio-Techne CorporationTECHMNA +1.09 points
Organon & Co.OGNMNA +0.99 points
MarineMax, Inc.HZOMRGR +0.98 points
UTZ Brands, Inc. Class AUTZMRGR +0.91 points

All 74 MNA holdings⁠All 52 MRGR 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.

MNA vs MRGR Cost

Overpaying MNA vs MRGR

$520

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

  • MNA 0.78%

    $15,002

  • MRGR 0.75%

    $14,482

$10,000
30 years

Cost over time

  • MNA 0.78%
  • 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$20K051015202530MNA $15,002MRGR $14,482

Year by year

YearMNAMRGROverpaying
10$1,388$1,336$52
20$5,268$5,078$190
30$15,002$14,482$520

Expense ratio

  • 0.78%MNA
  • 0.75%MRGR, cheaper

MNA vs MRGR Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MNA 0.00%
MRGR 2.68%, better
Payout (12M)
MNA None
MRGR $1.22
Last payment
MNA No data
MRGR $0.04
Ex-dividend
MNA No data
MRGR Sep 23, 2026
Paid on
MNA No data
MRGR Sep 29, 2026
Frequency
MNA No data
MRGR Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

MNA2 paymentsAll MNA payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Dec 30, 2020 $0.77; Dec 28, 2023 $0.38. Use the arrow keys to read each point.$0$12017202020232026YTD
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

MNA vs MRGR Risk

Fall from peak · 5 years

  • MNA
  • MRGR
Oct 29, 2021 to Oct 30, 2026. Worst fall: MRGR −8.4% · Mar 2023. Use the arrow keys to read each point.−8%−6%−4%−2%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
MNA 2.8%, betterMRGR 3.2%
Return per unit of riskSharpe ratio, 3 years
MNA 0.45MRGR 0.90, better
Worst fallMax drawdown, 5 years
MNA −8.4%MRGR −8.4%Same figure. Both funds show the same value, so neither comes out ahead.
Market sensitivityBeta, 5 years
MNA 0.01MRGR 0.01Same figure. Both funds show the same value, so neither comes out ahead.

MNA and MRGR in the news

All news⁠

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