ARB
AltShares Merger Arbitrage ETF
ARB tracks a global USD-hedged index that uses a merger arbitrage strategy by providing long exposure to takeover targets and short exposure the acquiring company.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
70.5 M
ASSETS UNDER MGMT
77 bp
EXPENSES
Fund Basics
| Fund sponsor | Water Island Capital Partners LP |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | May 07, 2020 |
| Assets (mns) | $71 |
| Expense ratio | 77 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Multi-Factor |
| Weighting | Multi-Factor |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| CHORD ENERGY CORPORATION | 4.1 % |
| HESS CORP | 3.2 % |
| DECIPHERA PHARMACEUTICALS, INC. | 3.2 % |
| ANSYS INC | 3.0 % |
| PERFICIENT INC | 2.7 % |
| APERGY CORP. | 2.7 % |
| ENDEAVOR GROUP HOLDINGS, INC. CLASS A | 2.7 % |
| HIBBETT SPORTS INC | 2.7 % |
| DARKTRACE PLC | 2.6 % |
| CATALENT INC | 2.4 % |
Constituent Breakdown
| Number of holdings | 92 |
| Herfindahl-Hirschman Index | 190 |
| Wgt avg mkt cap (mns) | $7,340 |
| Large cap (>$10bn) | 25.6% |
| Mid cap ($2-10bn) | 49.9% |
| Small cap (<$2bn) | 24.6% |
| Developed mkts. | 100.0% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 71.3 % |
 |
BRITAIN | 5.7 % |
 |
CANADA | 2.2 % |
 |
GERMANY | 1.4 % |
 |
SWEDEN | 1.2 % |
 |
NORWAY | 0.6 % |
Historical Performance
Standardized Performance (as of 08/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 2.3% | 5.1% | 3.1% | -- | -- | -- | 3.2% | Volatility | 3.2% | 3.6% | 4.6% | 5.1% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.07 | 11% |
| MSCI EAFE | 0.04 | 4% |
| MSCI Emg Mkts | -0.03 | 3% |
Liquidity Measures
| Avg. volume (000) | 13 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.21% |
| ADV of underlying (mns) | $2,280 |
Technical Indicators
| Recent close | $27.60 |
| 30d moving avg. | $27.54 |
| Annualized volatility | 3.7% |
| Relative strength (RSI) | 47 |
| Short interest (ETF) | 0.3% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. ARB |
Expenses vs. ARB |
ALTAR Score™ vs. ARB |
|---|---|---|---|---|
| XOP | SPDR S&P Oil & Gas Exploration & Production ETF | 11.3% | -42 bp | +6.0% |
Risk and Returns: ARB vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/6/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
ARB
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
ALTAR Score™
ARB
4.4%
Cat. Avg
5.8%
ALTAR Score™ Calculation
Category Overview
There are 920 funds in the US Equity category, with an average ALTAR Score™
of 5.8% and a standard deviation of
2.5%. ARB's ALTAR Score™ is approximately
0.6 standard deviations
below
the category average. This places ARB in the 29th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
ARBSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| ARB (77 bp) Percentile rank | 82 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| ARB | 77.0 | 21.2 | 98.2 |
| Peer Avg. | 35.8 | 15.4 | 51.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .