ARBvsMNAETF Comparison
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AltShares Merger Arbitrage ETF (ARB) belongs to the Alternatives segment. NYLI Merger Arbitrage ETF (MNA) is part of the Uncategorized Equities segment. ARB's top 3 sector exposures are Finance, Healthcare and Technology. In contrast, MNA's top sector exposures are Finance, Utilities and Technology. ARB is less expensive with a Total Expense Ratio (TER) of 0.76%, versus 0.77% for MNA. ARB is up 2.76% year-to-date (YTD) with -$973K in YTD flows. MNA performs worse with 2.53% YTD performance, and -$13M in YTD flows. Run a side-by-side ETF comparison of ARB and MNA below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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ARB vs MNA performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 08/28/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | ARB MNA | +0.30%+0.85% | +0.68%+1.32% | +2.76%+2.53% | +3.42%+2.99% | +16.31%+17.13% | +22.60%+12.65% |
| Flows | ARB MNA | -$42K+$4M | -$2M+$4M | -$973K-$13M | +$13M-$5M | +$18M-$249M | +$85M-$486M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | ARB MNA | +1.66%+2.53% | +1.57%+2.96% | +2.01%+3.30% | +2.83%+3.85% |
| Max drawdown | ARB MNA | -0.40%-0.53% | -0.44%-1.38% | -1.55%-2.89% | -5.26%-8.83% |
| Max drawdown duration | ARB MNA | 21d27d | 16d118d | 98d119d | 315d1103d |
Trading data
ARB | MNA | |
Last sale 8/31/2026 at 1:30 PM | $29.73 | $36.62 |
| Previous close 08/28/2026 | $29.75 | $36.59 |
| Consolidated volume 08/28/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of July 31, 2026
1-year trailing difference
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ARB | MNA | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 8/31/2026 at 1:30 PM
Live
Closed
ARB | MNA | |
|---|---|---|
| Last price | $29.73 | $36.62 |
| 1D performance | -0.08% | +0.08% |
| AuM | $102.47 M | $257.60 M |
| E/R | 0.76% | 0.77% |
Characteristics
ARB | MNA | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | AltShares | New York Life Investments |
| Benchmark | Water Island Merger Arbitrage USD Hedged Index | NYLI Merger Arbitrage Index |
| N° of holdings | 59 | 116 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | May 7, 2020 | November 17, 2009 |
| ESG | No | No |
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Exposure
Countries
ARB
USA
69.79%
United Kingdom
12.96%
Other
17.25%
MNA
USA
73.04%
Canada
13.25%
Other
13.72%
Sectors
ARB
Finance
18.28%
Healthcare
16.04%
Technology
14.18%
Consumer Services
12.12%
Industrials
8.49%
Other
30.9%
MNA
Finance
15.3%
Utilities
11.67%
Technology
11.33%
Consumer Services
9.24%
Non-Corporate
9.19%
Industrials
8.82%
Other
34.45%
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Diversification
ARB
Total weight of top 15 holdings out of 15
40.15%
MNA
Total weight of top 15 holdings out of 15
55.14%
Top 15 holdings
Data as of July 31, 2026
ARB
Warner Bros. Discovery, Inc.
3.49%
Webster Financial Corp.
2.95%
Penumbra, Inc.
2.94%
Electronic Arts, Inc.
2.92%
Bio-Techne Corp.
2.92%
Norfolk Southern Corp.
2.87%
Caesars Entertainment, Inc.
2.85%
Apogee Therapeutics, Inc.
2.84%
Crinetics Pharmaceuticals, Inc.
2.79%
Globalstar, Inc.
2.38%
Intertek Group Plc
2.28%
Beazley Plc
2.25%
The AES Corp.
2.24%
Silicon Laboratories, Inc.
2.22%
Organon & Co.
2.21%
MNA
Dreyfus Institutional Preferred Government Money Market Fund
9.18%
Teck Resources Limited
5.07%
Norfolk Southern Corp.
4.30%
Electronic Arts, Inc.
3.92%
Dominion Energy, Inc.
3.51%
NorthWestern Energy Group, Inc.
3.47%
Warner Bros. Discovery, Inc.
3.10%
Caesars Entertainment, Inc.
3.09%
ARC Resources Ltd.
3.07%
The AES Corp.
3.02%
Kenvue, Inc.
3.01%
Equitable Holdings, Inc.
2.74%
Organon & Co.
2.68%
Globalstar, Inc.
2.53%
Qorvo, Inc.
2.45%
Frequently asked questions about ARB and MNA
How have the ARB and MNA ETFs performed in 2026?
As of August 28, 2026, ARB is up 2.76% year-to-date (YTD), while MNA has returned 2.53%. That puts ARB better performer ahead so far this year.
Which ETF is attracting more investor money: ARB or MNA?
Year-to-date, the ARB ETF saw -$973K in flows, compared to -$13M for MNA.
Which ETF is more volatile: ARB or MNA?
Over the past year, ARB had a volatility of 1.57%, while MNA experienced 2.96%.
Which ETF is bigger: ARB or MNA?
As of August 28, 2026, ARB holds $102.47 M in assets under management (AUM), while MNA manages $257.60 M.
What sectors do the ARB and MNA ETFs invest in?
ARB leans toward sectors like Finance, Healthcare and Technology. Meanwhile, MNA focuses on Finance, Utilities and Technology.
What are the top holdings of the ARB ETF and MNA ETF?
ARB top holdings include Warner Bros. Discovery, Inc., Webster Financial Corp. and Penumbra, Inc.. MNA holds in its top three: Dreyfus Institutional Preferred Government Money Market Fund, Teck Resources Limited and Norfolk Southern Corp..
Which ETF is more diversified: ARB or MNA?
ARB holds 59 securities with 40.15% of its assets in the top 15. MNA has 116 securities and a top 15 weight of 55.14%.
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