AltShares Merger Arbitrage ETF (ARB)
AltShares Merger Arbitrage ETF operates in the Asset Management industry of the Financial Services sector, headquartered in New York, NY, US. The stock last traded at $29.73, up 0.13% on the session, giving a market capitalisation of $105.0M. Its beta of 0.03 implies it has historically moved less than the broad market.
ARB is the first ETF by AltShares Trust and the first merger arbitrage fund that hedges foreign currency exposure. The fund is passively managed to invest in a developed market index of all-cap equities, focused on publicly-announced stock-for-stock mergers or acquisitions. The fund takes long positions on 30-50 takeover targets, while shorting the acquiring firms to hedge the acquirers stock price decline. The index rebalances and reconstitutes twice a month. ARB hedges its FX risks against the USD using forward currency or futures contracts. The fund may also hold positions in cash when the number of takeover targets are not met or when deals are consummated.
AltShares Merger Arbitrage ETF is most often compared with the following Financial Services names: