AltShares Merger Arbitrage ETF
New York Stock Exchange ArcaCapital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- CEO
- Gregg Felton
- Full Time Employees
- 207
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 41 Madison Avenue, 42nd Floor New York NY United States of America 10010
- IPO Date
- May 11, 2020
- CIK
- 0001779306
- Website
- altuspower.com
- Similar Companies
- Business
- AltShares Merger Arbitrage ETF (ARB) is an exchange-traded fund that seeks to provide investment results corresponding, before fees and expenses, to the performance of the Water Island Merger Arbitrage USD Hedged Index, reflecting a pure-play global merger arbitrage strategy focused on definitive, publicly announced mergers and acquisitions. The ETF employs a long position in takeover targets and fully hedges stock-for-stock deals with short positions in acquirers; implements rules-based risk mitigation through currency hedging, liquidity constraints, and position sizing based on standalone downside and market-implied deal success probabilities; reconstitutes and rebalances its portfolio twice monthly to capture evolving deal spreads while excluding transactions with undefined returns; and maintains a passive structure offering tax efficiency, intraday liquidity, and daily holdings transparency. As of late 2025, ARB holds approximately 40-60 positions primarily in developed markets, with significant exposure to U.S. equities (around 66-74%), non-U.S. stocks (around 25%), and cash equivalents, featuring top holdings such as Skechers USA Inc., SpringWorks Therapeutics Inc., and Frontier Communications Parent Inc.; it targets institutional and retail investors seeking low-volatility, low-correlation returns independent of broader equity and fixed-income markets. Launched on May 7, 2020, by AltShares Trust, the first ETF in its lineup and sponsored by Water Island Capital--a New York-based event-driven investment specialist founded in 2000 and headquartered at 41 Madison Avenue--ARB operates globally with primary focus on U.S., U.K., and developed market transactions. Recent developments include hitting a new 52-week high in November 2024 amid rising global M&A activity driven by Federal Reserve rate cuts and moderating inflation, boosting deal announcements by 7.3% year-over-year; celebrating its five-year anniversary in 2025 with portfolio managers highlighting differentiated returns and a favorable regulatory environment for mergers; and maintaining assets under management near $90-88 million with a net expense ratio of 0.84% as of mid-to-late 2025.
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