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Trending ETFs

Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$27.10

$61.1 M

0.00%

0.77%

Vitals

YTD Return

1.3%

1 yr return

5.9%

3 Yr Avg Return

3.2%

5 Yr Avg Return

N/A

Net Assets

$61.1 M

Holdings in Top 10

40.7%

52 WEEK LOW AND HIGH

$27.2
$25.47
$27.23

Expenses

OPERATING FEES

Expense Ratio 0.77%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 07/12/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$27.10

$61.1 M

0.00%

0.77%

ARB - Profile

Distributions

  • YTD Total Return 1.3%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.14%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    AltShares Merger Arbitrage ETF
  • Fund Family Name
    Water Island Capital-Advised Funds
  • Inception Date
    May 07, 2020
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Christopher Plunkett

Fund Description

The Fund seeks to track the performance of the Underlying Index, which is designed to reflect a global merger arbitrage strategy. The most common approach to merger arbitrage, and the approach the Underlying Index (and by extension the Fund) reflects, is to seek to capture the difference (the "spread") between the price at which the stock of a target company in a publicly announced merger, takeover, tender offer, or leveraged buy-out (the "Target") trades after the announcement of the acquisition and the price the acquiring company (the "Acquirer") has agreed to pay for the stock of the Target.

The Underlying Index is rebalanced and reconstituted twice per month. The Fund reconstitutes and rebalances on the same schedule as the Underlying Index. The Fund's investment adviser, Water Island Capital, LLC (the "Adviser"), generally expects the Underlying Index to include between 30-50 Targets at each reconstitution. To gain exposure to the Underlying Index, the Fund will establish long positions in shares of the Target stocks. When the terms of a transaction call for the exchange of an Acquirer's common stock, the Underlying Index, as a result of the index methodology, will include short exposure in the Acquirer's stock at the deal's exchange ratio. This short exposure is designed to lock in the current deal spread, and to hedge against the risk of a decline in the deal value as a result of a decline in the value of the Acquirer's stock. The Fund may invest in derivatives, such as swaps, to obtain exposure to long and short constituents of the Underlying Index.

The Underlying Index is comprised of securities of United States ("U.S.") and foreign companies of any market capitalization, which may from time to time include small and medium capitalization companies. The Underlying Index is calculated in U.S. dollars. The Underlying Index hedges against fluctuations in the relative value of foreign currencies against the U.S. dollar. The Fund uses forward currency or futures contracts to effectuate these hedges in the Underlying Index. The amount of forward and futures contracts held by the Fund is based on the aggregate exposure of the Fund to each currency.

The Underlying Index may also include an allocation to cash-like instruments, such as money market and similar cash management funds and ultra short-term bond exchange-traded funds ("ETFs"). In addition, when a transaction closes, any allocation in the Underlying Index to the securities of the Target and/or Acquirer will be reallocated to such instruments. The Underlying Index generally only allocates to cash when there are an insufficient number of Targets for inclusion in the Underlying Index and when a transaction represented by a Target in the Underlying Index has been consummated or abandoned. Accordingly, cash allocations in the Underlying Index and Fund are generally removed as part of each Underlying Index reconstitution, though cash allocations may continue to be included if there are an insufficient number of Targets.

Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in the constituents of the Underlying Index and in financial instruments with economic characteristics similar to such constituents, such as swaps on such constituents. Although the Fund expects to replicate (or hold all components of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. The Fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index, but that the Adviser believes will help the Fund track the Underlying Index. The Fund may also invest in financial instruments, including swap agreements, futures contracts, ETFs, and options on securities or equity securities indices. With respect to derivatives, the Fund will invest principally in swaps and forward contracts on foreign currencies. The Fund will invest in other funds, such as money market and similar cash management funds and ultra short-term bond ETFs, only to reflect cash allocations by the Underlying Index.

The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of August 31, 2023, the Underlying Index included 42 long positions and 7 short positions in companies with market capitalizations of between $207 million and $429 billion.

The Underlying Index was developed by Water Island Indices LLC (the "Index Provider"), an affiliate of the Adviser. The Index Calculation Agent is Solactive AG, which is not affiliated with the Index Provider, the Fund, or the Adviser. The Index Calculation Agent provides information to the Fund about the constituents of the Underlying Index and does not provide investment advice with respect to the desirability of investing in, purchasing or selling securities.

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ARB - Performance

Return Ranking - Trailing

Period ARB Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -11.6% 15.8% 72.00%
1 Yr 5.9% -33.0% 41.7% N/A
3 Yr 3.2%* -10.5% 13.4% N/A
5 Yr N/A* -4.8% 11.1% N/A
10 Yr N/A* -4.6% 7.6% N/A

* Annualized

Return Ranking - Calendar

Period ARB Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -31.7% 23.2% N/A
2022 -1.5% -20.7% 10.7% N/A
2021 3.2% -12.4% 14.7% N/A
2020 N/A -13.2% 12.9% N/A
2019 N/A -11.7% 7.9% N/A

Total Return Ranking - Trailing

Period ARB Return Category Return Low Category Return High Rank in Category (%)
YTD 1.3% -11.7% 15.8% 75.00%
1 Yr 5.9% -33.0% 41.7% N/A
3 Yr 3.2%* -10.5% 13.4% N/A
5 Yr N/A* -4.8% 11.1% N/A
10 Yr N/A* -4.6% 7.6% N/A

* Annualized

Total Return Ranking - Calendar

Period ARB Return Category Return Low Category Return High Rank in Category (%)
2023 3.8% -31.7% 23.2% N/A
2022 2.7% -20.7% 10.7% N/A
2021 3.2% -12.4% 14.7% N/A
2020 N/A -12.7% 12.9% N/A
2019 N/A -11.5% 13.2% N/A

ARB - Holdings

Concentration Analysis

ARB Category Low Category High ARB % Rank
Net Assets 61.1 M 105 K 12.6 B 94.23%
Number of Holdings 123 5 2526 75.96%
Net Assets in Top 10 29 M -619 M 6.53 B 86.54%
Weighting of Top 10 40.72% 7.6% 96.1% 63.41%

Top 10 Holdings

  1. MORGAN STANLEY PRIME BROKER US 11.69%
  2. State Street Institutional US Government Money Market Fund 3.40%
  3. Morgan Stanley Institutional Liquidity Funds - Government Portfolio 3.40%
  4. Apartment Income REIT Corp 3.33%
  5. HashiCorp Inc 3.32%
  6. Hess Corp 3.30%
  7. Shockwave Medical Inc 3.30%
  8. Deciphera Pharmaceuticals Inc 3.19%
  9. ANSYS Inc 3.05%
  10. Encore Wire Corp 2.75%

Asset Allocation

Weighting Return Low Return High ARB % Rank
Stocks
79.24% -57.09% 325.56% 5.77%
Cash
9.47% -225.56% 102.75% 82.69%
Other
0.46% -11.90% 43.69% 61.54%
Preferred Stocks
0.00% 0.00% 5.67% 59.62%
Convertible Bonds
0.00% 0.00% 95.47% 66.35%
Bonds
0.00% -1.04% 63.30% 65.38%

Stock Sector Breakdown

Weighting Return Low Return High ARB % Rank
Technology
28.04% 0.00% 100.00% 23.66%
Healthcare
16.61% 0.00% 27.28% 5.38%
Financial Services
16.06% 0.00% 98.37% 27.96%
Industrials
9.96% 0.00% 27.58% 60.22%
Communication Services
8.98% 0.00% 33.72% 52.69%
Consumer Cyclical
5.98% 0.00% 29.06% 75.27%
Basic Materials
5.38% 0.00% 42.74% 48.39%
Real Estate
4.17% 0.00% 93.91% 62.37%
Energy
3.23% 0.00% 53.30% 31.18%
Consumer Defense
1.58% 0.00% 30.58% 82.80%
Utilities
0.00% 0.00% 66.28% 7.53%

Stock Geographic Breakdown

Weighting Return Low Return High ARB % Rank
US
71.73% -55.82% 325.56% 8.65%
Non US
7.51% -7.09% 86.98% 5.77%

ARB - Expenses

Operational Fees

ARB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.77% 0.73% 9.52% 99.03%
Management Fee 0.75% 0.13% 1.65% 18.27%
12b-1 Fee 0.00% 0.00% 1.00% 10.17%
Administrative Fee N/A 0.06% 0.40% N/A

Sales Fees

ARB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.75% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

ARB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

ARB Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 30.00% 483.00% N/A

ARB - Distributions

Dividend Yield Analysis

ARB Category Low Category High ARB % Rank
Dividend Yield 0.00% 0.00% 0.75% 41.35%

Dividend Distribution Analysis

ARB Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annually Quarterly Annually

Net Income Ratio Analysis

ARB Category Low Category High ARB % Rank
Net Income Ratio -0.14% -2.49% 4.20% 66.99%

Capital Gain Distribution Analysis

ARB Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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ARB - Fund Manager Analysis

Managers

Christopher Plunkett


Start Date

Tenure

Tenure Rank

May 07, 2020

2.07

2.1%

Christopher Plunkett joined Water Island Capital in 2012 and serves as Portfolio Manager and Director of Technology and Data Analytics of the Water Island Capital. Prior to joining the firm, Mr. Plunkett held roles at Marathon Asset Management in operations and trading. Mr. Plunkett received a BS in Finance from Quinnipiac University.

John Orrico


Start Date

Tenure

Tenure Rank

May 07, 2020

2.07

2.1%

Mr. Orrico founded Water Island Capital, the advisor to The Arbitrage Funds, in 2000. He currently serves as Chairman of The Arbitrage Funds series trust and Chief Investment Officer of the firm. Prior to founding Water Island Capital, Mr. Orrico directed arbitrage, special situations, and distressed hedge fund portfolios at Lindemann Capital, which he joined in 1999, in conjunction with starting the organizational process for the Arbitrage Fund. Prior to joining Lindemann Capital, Mr. Orrico joined Gruss & Co in 1994, focusing on merger arbitrage and special situations, and became Senior Arbitrage Analyst in 1996. Mr. Orrico has worked in the securities industry since joining Morgan Stanley in 1982, beginning in corporate finance, with additional experience in institutional equity trading, equity research analysis and portfolio management. Mr. Orrico received a BA from Georgetown University.

Eric Becker


Start Date

Tenure

Tenure Rank

May 07, 2020

2.07

2.1%

Eric Becker joined Water Island Capital in 2010 and serves as a Portfolio Manage and Senior Investment Analyst of Water Island Capital. Prior to joining the firm, Mr. Becker worked for the Electronic Trading and Product Development divisions of Bloomberg Tradebook. Mr. Becker received an Executive MBA from Cornell University and a BS in Business Administration from Bucknell University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 30.59 6.3 9.42