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AltShares Trust - AltShares Merger Arbitrage ETF(ARB)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for ARB
09/14/2026: ARB (1-star) has a low Upturn Star Rating. Not recommended to BUY.
AltShares Merger Arbitrage ETF (ARB) provides retail investors with access to an institutional-style strategy that profits from the price spreads in pending corporate mergers. By holding long positions in target companies and often hedging with shorts, it seeks to offer returns with low correlation to broader equity markets. Its main strength lies in its portfolio diversification potential, though it faces risks related to deal failures, regulatory hurdles, and limited liquidity. ARB is best suited for experienced investors adding a non-correlated sleeve to a core portfolio, provided they understand the specific risks inherent in M&A transactions. Investors should monitor the M&A deal pipeline and regulatory climate as primary factors for performance.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
ETF holdings, costs, diversification, valuation, risks, and market conditions provide supporting context about the fund.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Mixed fit | Merger arbitrage is generally not a growth-oriented strategy as it aims for absolute returns rather than capital appreciation from company expansion. |
| Momentum investor | Weak fit | Momentum investors typically seek high-beta assets, whereas ARB focuses on deal-specific spreads with low market correlation. |
| Value investor | Mixed fit | While the fund acquires shares of target companies, the focus is on the arbitrage spread rather than long-term value assessment. |
| Dividend/Income investor | Weak fit | ARB is designed for capital appreciation through deal completion rather than providing a steady stream of dividend income. |
| Low-risk investor | Mixed fit | While ARB aims for lower market correlation, it carries deal-specific 'break risk' which can lead to sudden volatility if a merger fails. |
Investor Profile
Ideal Investor Profile
The ideal investor is an experienced market participant seeking to reduce overall portfolio correlation by allocating a small portion to alternative strategies.
Suitability
Best suited for long-term investors looking for diversification, rather than active traders or those seeking market-beating alpha in bull markets.
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Volatility | Medium | Merger deals carry specific risks that can cause sharp price drops if an acquisition is terminated. |
| Market risk | Low | The fund is designed to hedge against broad market movements, though it is not completely immune to systemic events. |
| Concentration | Medium / high | The portfolio may be concentrated in a few large pending deals, increasing sensitivity to those specific transactions. |
| Tracking/expense | Medium | Higher management fees are common for active alternative strategies and can drag on net performance. |
| Liquidity | Medium | Low trading volume can result in higher transaction costs and difficulty exiting positions during market stress. |
| Business/sector quality | Low | Success depends more on deal completion probability than the long-term fundamentals of the target business. |
Risk Analysis
Volatility
ARB typically exhibits lower volatility than broad equity indices, but it is susceptible to spikes in volatility linked to deal-break events.
Market Risk
Market risk is mitigated by hedging, but the fund remains exposed to idiosyncratic risks associated with specific corporate deals.
What the ETF Owns
| Exposure Type | Exposure | Weight (%) | Retail Investor Read |
|---|---|---|---|
| Single stock | Long positions in target companies involved in announced M&A deals | 90 | The fund captures the spread between the current price and the deal completion price of M&A targets. |
| Derivatives | Short positions in acquiring company stock or index hedges | 5 | These positions are used to hedge against general market volatility and deal-break risk. |
| Cash/collateral | Cash and cash equivalents | 5 | Cash balances are maintained for liquidity and to facilitate rapid trade execution. |
Price Behavior
Flat / Range-Bound
The stock price has been trading within a narrow range with minimal directional movement.
Very Smooth
The stock has followed a highly orderly price path with minimal short-term disruption.
Analysis of Past Performance
Type ETF | Historic Profit 10.33% | Avg. Invested days 100 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  5.0 | ETF Returns Performance  3.0 |
| Profits based on simulation | Last Close 09/14/2026 |
ETF Fundamentals 
Source: EOD Historical Data • Updated Sep 15, 2026
Fund Basics
| Metric | Value |
|---|---|
| Fund Size (AUM) | $102.52M |
| Issuer | AltShares |
| Expense Ratio | 0.77% |
| Distribution Yield | 0.42% |
| Inception | May 7, 2020 |
Performance
| Period | Total Return |
|---|---|
| YTD | +2.46% |
| 1 Year | +3.15% |
| 3 Year | +4.95% |
| 5 Year | +4.07% |
| 10 Year | +0.00% |
Risk Metrics
| Metric | Value |
|---|---|
| 1Y Volatility | 0.83% |
| 3Y Volatility | 1.91% |
| 3Y Sharpe Ratio | 0.23 |
Ratings
| Metric | Value |
|---|---|
| Morningstar Rating | ★★★★★ |
Market Cap Distribution
| Cap Size | Weight |
|---|---|
| Small Cap | 45.29% |
| Micro Cap | 27.73% |
| Mid Cap | 19.81% |
Top Sectors
| Sector | Weight |
|---|---|
| Financial Services | 21.34% |
| Healthcare | 18.83% |
| Industrials | 15.29% |
| Technology | 12.16% |
Asset Allocation
Portfolio Characteristics
| Metric | Value |
|---|---|
| Portfolio P/E | 14.06x |
| Portfolio P/B | 2.24x |
| Portfolio P/S | 1.66x |
| Holdings Turnover | 4.49% |
Top Holdings
| Holding | Weight |
|---|---|
| Warner Bros Discovery | 3.60% |
| Electronic Arts | 2.81% |
| Clearwater Analytics Holdings | 2.80% |
| The AES | 2.79% |
| Masimo | 2.79% |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
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