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
$ 137.5 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) | $137 |
| 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
| SKECHERS USA INC-CL A | 23.5 % |
| GMS INC. | 5.0 % |
| CHART INDUSTRIES INC | 3.9 % |
| FRONTIER COMMUNICATIONS PARENT, INC. | 3.8 % |
| INFORMATICA INC | 3.7 % |
| VERONA PHARMA PLC - ADR | 3.7 % |
| NORFOLK SOUTHERN CORP | 3.7 % |
| SANDSTORM GOLD LTD | 3.2 % |
| PNM RESOURCES INC | 3.1 % |
| AVIDXCHANGE HOLDINGS, INC. | 3.0 % |
Constituent Breakdown
| Number of holdings | 95 |
| Herfindahl-Hirschman Index | 792 |
| Wgt avg mkt cap (mns) | $49,814 |
| Large cap (>$10bn) | 32.7% |
| Mid cap ($2-10bn) | 45.2% |
| Small cap (<$2bn) | 29.8% |
| Developed mkts. | 111.4% |
| Emerging mkts. | 0.0% |
Country Exposure
 |
UNITED STATES | 91.9 % |
 |
BRITAIN | 9.4 % |
 |
CANADA | 4.6 % |
 |
NETHERLANDS | 3.0 % |
 |
GERMANY | 2.6 % |
Historical Performance
Standardized Performance (as of 01/31/2026)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | -0.1% | 4.1% | 4.5% | 4.4% | 2.8% | -- | -- | 2.6% |
| Dividend Yield | 0.0% | 0.5% | 0.8% | 0.5% | 1.2% | -- | -- | 1.5% |
| Total Returns | -0.1% | 4.5% | 5.3% | 4.9% | 4.0% | -- | -- | 4.1% | Ann. Volatility | 1.7% | 2.6% | 3.0% | 3.8% | 4.5% | -- | -- | 4.4% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.04 | 9% |
| MSCI EAFE | 0.05 | 11% |
| MSCI Emg Mkts | 0.04 | 8% |
Liquidity Measures
| Avg. volume (000) | 10 |
| ADV traded (mns) | $0 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.28% |
Technical Indicators
| 30d moving avg. (EMA) | $29.03 |
| Relative strength (RSI) | 54 |
| MACD/Signal | 0.02/0.02 |
| Bollinger Bands (Upper/Lower) | $29.09/$29.00 |
| Short interest (% of AUM) | 1.8% |
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 |
|---|
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 (USD)
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | ||
|---|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- | ||
| Book value per share | -- | -- | -- | -- | -- | -- | -- | ||
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2025 | 2026 | 2027 | |
| 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 2/2/2026
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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
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
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
ARB
3.2%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 1155 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.1%. ARB's ALTAR Score™ is approximately
1.1 standard deviations
below
the category average. This places ARB in the 14th 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