MNAvsARBETF Comparison
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NYLI Merger Arbitrage ETF (MNA) belongs to the Uncategorized Equities segment. AltShares Merger Arbitrage ETF (ARB) is part of the Alternatives segment. MNA's top 3 sector exposures are Finance, Industrials and Utilities. In contrast, ARB's top sector exposures are Finance, Healthcare and Consumer Services. MNA is more expensive with a Total Expense Ratio (TER) of 0.77%, versus 0.76% for ARB. MNA is up 1.74% year-to-date (YTD) with -$16M in YTD flows. ARB performs better with 2.18% YTD performance, and -$937K in YTD flows. Run a side-by-side ETF comparison of MNA and ARB 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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MNA vs ARB performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 07/30/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | MNA ARB | +0.23%-0.27% | +0.40%+0.37% | +1.74%+2.18% | +2.98%+3.37% | +18.71%+17.32% | +11.07%+22.28% |
| Flows | MNA ARB | +$9K-$2M | +$2M+$2M | -$16M-$937K | -$2M+$13M | -$262M+$18M | -$485M+$85M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | MNA ARB | +3.10%+1.63% | +2.94%+1.57% | +3.34%+2.03% | +3.87%+2.87% |
| Max drawdown | MNA ARB | -0.83%-0.40% | -1.38%-0.44% | -2.89%-1.55% | -9.24%-5.26% |
| Max drawdown duration | MNA ARB | 44d14d | 118d16d | 119d98d | 1141d315d |
Trading data
MNA | ARB | |
Last sale 7/31/2026 at 5:23 PM | $36.50 | $29.62 |
| Previous close 07/30/2026 | $36.36 | $29.55 |
| Consolidated volume 07/30/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of June 30, 2026
1-year trailing difference
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MNA | ARB | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 7/31/2026 at 5:23 PM
Live
Closed
MNA | ARB | |
|---|---|---|
| Last price | $36.50 | $29.62 |
| 1D performance | +0.39% | +0.22% |
| AuM | $251.97 M | $101.88 M |
| E/R | 0.77% | 0.76% |
Characteristics
MNA | ARB | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | New York Life Investments | AltShares |
| Benchmark | NYLI Merger Arbitrage Index | Water Island Merger Arbitrage USD Hedged Index |
| N° of holdings | 50 | 58 |
| Asset class | Equities | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | November 17, 2009 | May 7, 2020 |
| ESG | No | No |
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Exposure
Countries
MNA
USA
66.65%
Canada
15.63%
Other
17.72%
ARB
USA
77.23%
United Kingdom
11.33%
Other
11.44%
Sectors
MNA
Finance
15.19%
Industrials
12.5%
Utilities
11.95%
Technology
10.92%
Non-Energy Materi.
8.45%
Consumer Services
8.33%
Other
32.67%
ARB
Finance
24.98%
Healthcare
16.99%
Consumer Services
11.51%
Technology
11.4%
Industrials
10.91%
Other
24.21%
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Diversification
MNA
Total weight of top 15 holdings out of 15
49.7%
ARB
Total weight of top 15 holdings out of 15
41.97%
Top 15 holdings
Data as of June 30, 2026
MNA
Teck Resources Limited
5.09%
Norfolk Southern Corp.
4.11%
Electronic Arts, Inc.
3.90%
NorthWestern Energy Group, Inc.
3.68%
Chart Industries, Inc.
3.54%
Dominion Energy, Inc.
3.53%
Warner Bros. Discovery, Inc.
3.21%
Caesars Entertainment, Inc.
3.19%
The AES Corp.
3.07%
Kenvue, Inc.
3.05%
ARC Resources Ltd.
2.75%
Organon & Co.
2.73%
Taylor Morrison Home Corp.
2.72%
Qorvo, Inc.
2.57%
Equitable Holdings, Inc.
2.57%
ARB
Warner Bros. Discovery, Inc.
3.53%
Caesars Entertainment, Inc.
3.18%
Norfolk Southern Corp.
3.13%
Electronic Arts, Inc.
3.13%
Webster Financial Corp.
3.12%
Chart Industries, Inc.
3.06%
Roku, Inc.
3.03%
Penumbra, Inc.
3.02%
National Storage Affiliates Trust
2.50%
Janus Henderson Group Plc
2.43%
Taylor Morrison Home Corp.
2.42%
Globalstar, Inc.
2.39%
Nuvalent, Inc.
2.36%
The AES Corp.
2.35%
Beazley Plc
2.33%
Frequently asked questions about MNA and ARB
How have the MNA and ARB ETFs performed in 2026?
As of July 30, 2026, MNA is up 1.74% year-to-date (YTD), while ARB has returned 2.18%. That puts ARB better performer ahead so far this year.
Which ETF is attracting more investor money: MNA or ARB?
Year-to-date, the MNA ETF saw -$16M in flows, compared to -$937K for ARB.
Which ETF is more volatile: MNA or ARB?
Over the past year, MNA had a volatility of 2.94%, while ARB experienced 1.57%.
Which ETF is bigger: MNA or ARB?
As of July 30, 2026, MNA holds $251.97 M in assets under management (AUM), while ARB manages $101.88 M.
What sectors do the MNA and ARB ETFs invest in?
MNA leans toward sectors like Finance, Industrials and Utilities. Meanwhile, ARB focuses on Finance, Healthcare and Consumer Services.
What are the top holdings of the MNA ETF and ARB ETF?
MNA top holdings include Teck Resources Limited, Norfolk Southern Corp. and Electronic Arts, Inc.. ARB holds in its top three: Warner Bros. Discovery, Inc., Caesars Entertainment, Inc. and Norfolk Southern Corp..
Which ETF is more diversified: MNA or ARB?
MNA holds 50 securities with 49.7% of its assets in the top 15. ARB has 58 securities and a top 15 weight of 41.97%.
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