MRGR

Merger ETF

Why Invest in MRGR?

  • Offers a rules-based approach for executing a merger arbitrage strategy.

  • Designed to provide an alternative source of returns not correlated to a portfolio's equity market holdings.

  • Has the goal of producing consistent, positive returns under virtually any market conditions.

  • Can help diversify a portfolio by providing a liquid, low volatility component for the alternative investments allocation.

Why Invest in MRGR?

  • Offers a rules-based approach for executing a merger arbitrage strategy.

  • Designed to provide an alternative source of returns not correlated to a portfolio's equity market holdings.

  • Has the goal of producing consistent, positive returns under virtually any market conditions.

  • Can help diversify a portfolio by providing a liquid, low volatility component for the alternative investments allocation.

Performance

Growth of $10,000

Chart is updated nightly to reflect the more recent of the previous day's market closing price or the closing price on the day the fund was last traded.

Total Return

Fund + Index 1m 3m 6m YTD 1Y 3Y 5Y 10Y Since Inception Inception Date
MRGR Market Price 0.35% 1.95% 3.20% -0.02% 7.50% 1.57% 2.40% 1.65% 0.95% 12/11/2012
MRGR NAV 0.36% 2.00% 3.00% -0.05% 7.41% 1.64% 2.48% 1.43% 0.95% 12/11/2012
S&P Merger Arbitrage Index 0.41% 2.12% 3.42% 0.07% 8.33% 2.76% 3.42% 2.38% 1.97% --

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET (when NAV is normally determined for most funds) and do not represent the returns you would receive if you traded shares at other times. Your brokerage commissions will reduce returns. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see above.

About the Fund

Snapshot
  • Ticker MRGR
  • Intraday Ticker MRGR.IV
  • CUSIP 74348A566
  • Inception Date 12/11/12
  • Expense Ratio 0.75%
  • Gross Expense Ratio 1.45%
  • NAV Calculation Time 4:00 p.m. ET
  • Distributions Quarterly
Characteristics
as of 2/29/2024
  • Number of Companies --
  • Price/Earnings Ratio --
  • Price/Book Ratio --

    Price to book ratio measures market value of a fund or index relative to the collective book values of its component stocks.

  • Distribution Yield 5.78%

    Distribution Yield represents the annualized yield based on the last income distribution.

  • Weighted Avg. Market Cap --

    Weighted average market cap is the average market value of a fund or index, weighted for the market capitalization (price times shares outstanding) of each component. In such a weighting scheme, larger market cap companies carry greater weight than smaller market cap companies.

  • SEC 30-Day Yield 1.58%

    SEC 30-Day Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that facilitates fairer comparisons of funds. The figure reflects dividends and interest earned by the securities held by the fund during the most recent 30-day period, net the fund's expenses.

  • SEC 30-Day Yield (unsubsidized) --
  • Weighted Average Yield to
    Maturity
    --
  • Net Effective Duration --
Price
as of 3/18/2024
  • NAV $40.36
  • NAV Change $+0.04 up caret
  • Market Price $40.29
  • Market Price Change $+0.02 up caret
  • Trading Volume (M) 1,298
  • 30-Day Median Bid Ask Spread 0.22%
  • View Premium / Discount
Snapshot
  • Ticker MRGR
  • Intraday Ticker MRGR.IV
  • CUSIP 74348A566
  • Inception Date 12/11/12
  • Expense Ratio 0.75%
  • Gross Expense Ratio 1.45%
  • NAV Calculation Time 4:00 p.m. ET
  • Distributions Quarterly
Characteristics
as of 2/29/2024
  • Number of Companies --
  • Price/Earnings Ratio --
  • Price/Book Ratio --

    Price to book ratio measures market value of a fund or index relative to the collective book values of its component stocks.

  • Distribution Yield 5.78%

    Distribution Yield represents the annualized yield based on the last income distribution.

  • Weighted Avg. Market Cap --

    Weighted average market cap is the average market value of a fund or index, weighted for the market capitalization (price times shares outstanding) of each component. In such a weighting scheme, larger market cap companies carry greater weight than smaller market cap companies.

  • SEC 30-Day Yield 1.58%

    SEC 30-Day Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that facilitates fairer comparisons of funds. The figure reflects dividends and interest earned by the securities held by the fund during the most recent 30-day period, net the fund's expenses.

  • SEC 30-Day Yield (unsubsidized) --
  • Weighted Average Yield to Maturity --
  • Net Effective Duration --
Price
as of 3/18/2024
  • NAV $40.36
  • NAV Change $+0.04 up caret
  • Market Price $40.29
  • Market Price Change $+0.02 up caret
  • Trading Volume (M) 1,298
  • 30-Day Median Bid Ask Spread 0.22%
  • View Premium / Discount

The expense ratio above has a contractual waiver ending 9/30/24.

Exposures

Index as of 12/29/2023 and Fund as of 3/18/2024

Holdings

as of 3/18/2024

Weight Ticker Description Exposure Value
(Notional + GL)
Market Value Shares/Contracts SEDOL Number
10.66% -- S&P MERGER ARBITRAGE LONG INDEX SWAP SOCIETE GENERALE 1,075,405 -- 392 --
3.36% WRK WESTROCK CO -- $338,730.00 7,000 BYR0914
3.20% EVBG EVERBRIDGE INC -- $323,361.00 9,300 BYY5ZB4
2.89% NS NUSTAR ENERGY LP -- $291,926.25 12,375 2738804
2.72% ERF ENERPLUS CORP -- $274,768.25 14,750 B584T89
2.69% MOR MORPHOSYS AG -- $270,986.49 3,755 5531000
2.67% ANSS ANSYS INC -- $269,892.35 805 2045623
2.66% PXD PIONEER NATURAL RESOURCES CO -- $268,578.70 1,066 2690830
2.64% CERE CEREVEL THERAPEUTICS HOLDING -- $266,893.76 6,271 BMVMJ12
2.63% CSR CSR LTD -- $265,432.04 45,900 6238645
2.62% CBAY CYMABAY THERAPEUTICS INC -- $264,549.00 8,150 BJ3WDH3
2.61% MDC MDC HOLDINGS INC -- $263,592.00 4,200 2561204
2.60% DOOR MASONITE INTERNATIONAL CORP -- $262,646.70 2,010 BCZM468
2.60% AEL AMERICAN EQUITY INVT LIFE HL -- $262,515.33 4,697 2191300
2.60% ALU ALTIUM LTD -- $261,873.99 6,125 6167697
2.58% -- ALUMINA LTD COMMON STOCK AUD 0 -- $260,840.52 317,000 --
2.58% AXNX AXONICS INC -- $260,237.25 3,813 BGDQ8B3
2.56% ETRN EQUITRANS MIDSTREAM CORP -- $258,804.00 23,400 BFMWBV6
2.56% JNPR JUNIPER NETWORKS INC -- $257,924.46 7,026 2431846
2.54% CPE CALLON PETROLEUM CO -- $256,525.22 7,603 BMYVSM0
2.52% DFS DISCOVER FINANCIAL SERVICES -- $254,603.70 2,115 B1YLC43
2.51% INBX INHIBRX INC -- $253,315.00 7,250 BK1MBC3
2.51% MGRC MCGRATH RENTCORP -- $253,151.25 2,125 2551551
2.44% HA HAWAIIAN HOLDINGS INC -- $246,096.76 18,122 2408044
2.43% CTLT CATALENT INC -- $244,825.00 4,375 BP96PQ4
2.36% HES HESS CORP -- $238,367.40 1,587 2023748
2.14% CPRI CAPRI HOLDINGS LTD -- $216,233.68 4,712 BJ1N1M9
2.04% X UNITED STATES STEEL CORP -- $205,700.04 5,292 2824770
0.08% -- S&P MERGER ARBITRAGE LONG SUB-INDEX SWAP CITIBANK NA 8,230 -- 03 --
-- -- AUSTRALIA DOLLAR CURRENCY CONTRACT - USD -790,024 -- -1,204,000 --
-- -- CANADA DOLLAR CURRENCY CONTRACT - USD -256,411 -- -347,000 --
-- -- EUROPEAN EURO CURRENCY CONTRACT - USD -266,571 -- -245,000 --
-- -- JAPAN YEN CURRENCY CONTRACT - USD 00 -- 00 --
-- -- UNITED KINGDOM POUND CURRENCY CONTRACT - USD 00 -- 00 --
-- -- NET OTHER ASSETS (LIABILITIES) -- $2,998,980.61 2,998,981 --
-0.07% -- S&P MERGER ARBITRAGE SHORT SUB-INDEX SWAP CITIBANK NA -7,324 -- -03 --
-33.22% -- S&P MERGER ARBITRAGE SHORT SUB-INDEX SWAP SOCIETE GENERALE -3,351,960 -- -1,373 --

Index

About the Index

The S&P Merger Arbitrage Index provides exposure to a global merger arbitrage strategy, which seeks to capture the spread between the price at which the stock of a company (each such company, a "target") trades after a proposed acquisition of such target is announced and the value (cash plus stock) that the acquiring company (the "acquirer") has proposed to pay for the stock of the target (a "spread"). Such a spread typically exists due to the uncertainty that the announced merger, acquisition or other corporate reorganization (each, a “deal”) will close, and if it closes, that such deal will be at the initially proposed economic terms. For deals that close, the price of the target after the deal is announced is expected to approach the proposed acquisition price by the closing date of the deal, resulting in a gain to strategies such as the index’s, which attempt to capture this spread. The size of the spread will depend on factors, including the perceived risk of the deal closing and the length of time expected until the deal is completed. For deals that are not consummated, the price of the target commonly falls back to pre-announcement levels, typically resulting in significant losses well in excess of the post-announcement spread the strategy attempts to capture.

The index takes long positions in target securities. The index also takes short positions in shares of the acquirer when the deal involves an exchange of the acquirer's stock. The short positions are intended to reduce the effect that declines in the value of the acquirer's stock could have on the spread.

The index is comprised of up to 40 publicly announced deals within developed market countries through a combination of long and, in certain cases, short security positions. When deals enter the index, the weight in long positions of targets is initiated at three percent (3%) and the initial weight in short positions of acquirers ranges between zero and three percent (0% and 3%), depending on terms of the deal. This limits the sum of initial net exposures to between zero and one hundred percent (0% and 100%), with both the long and short positions having a maximum initial exposure each of 120%. The index also includes a Treasury bill component, which constitutes the remainder of the index when net exposure from included deals is less than 100%. Certain deals are screened out based on liquidity, size, and remaining spread between the deal price and the stock price of the company being acquired. Additions and deletions occur on a rolling basis.

The index is denominated in local currencies.

Distributions

Ex-Dividend Date Record Date Payable Date Dividend Long-Term Capital Gain Short-Term Capital Gain Return of Capital

ProShares Insights and Research

Are Dividend Aristocrats a Relative Bargain?

Major U.S. equity benchmarks kept marching higher during the first eight months of 2021, with the S&P 500 closing at multiple record highs throughout the year.
Read More
Get the latest perspectives and updates.

For the total return table above, since inception returns are cumulative for funds less than one year old; otherwise, returns are annualized. Market returns are based on the composite closing price and do not represent the returns you would receive if you traded shares at other times. The listing date is typically one or more days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the listing date.

The expense ratio for certain funds includes a contractual fee waiver that results in a lower net expense ratio for some or all periods shown. For information about this ETF’s fees, please see above.

Registered Investment Companies are required by the IRS to distribute substantially all of their income and capital gains to shareholders at least annually. For specific tax advice, we recommend you speak with a qualified tax professional.

Holdings are subject to change. ProShares may invest in financial instruments (including derivatives) that, in combination, should have price return characteristics similar to the fund's benchmark.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET (when NAV is normally determined for most funds) and do not represent the returns you would receive if you traded shares at other times. Your brokerage commissions will reduce returns. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see above.

There is no guarantee that capital gain distributions will not be made in the future. There is no guarantee that dividends or interest income will be paid.

Index information does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged, and one cannot invest directly in an index.

There is no guarantee any ProShares ETF will achieve its investment objective.

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns.

Investing involves risk, including the possible loss of principal. ProShares ETFs are generally non-diversified and each entails certain risks, including risks associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Please see their summary and full prospectuses for a more complete description of risks.

The fund targets the same mergers, acquisitions or other corporate reorganizations ("deals") as the S&P Merger Arbitrage Index (the "index") and is exposed to similar risks. There is no assurance that any targeted deal will be completed, and most or all of the deals could fail under certain market conditions. If a targeted deal fails, spreads in that deal should be expected to widen, typically resulting in losses well in excess of the spread the index and fund were attempting to capture. In addition, deals may be terminated, renegotiated, or subject to a longer time frame than initially contemplated. The index may also delete transactions, thus precluding potential future gains. These events may negatively impact the performance of the index and fund. Foreign companies involved in targeted deals may present risks distinct from comparable transactions completed solely within the United States.

Short positions in a security lose value as that security's price increases.

International investments may also involve risk from unfavorable fluctuations in currency values, differences in generally accepted accounting principles, and from economic or political instability.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.

The "S&P Merger Arbitrage Index" is a product of S&P Dow Jones Indices LLC and its affiliates and has been licensed for use by ProShares. "S&P" is a registered trademark of Standard & Poor’s Financial Services LLC ("S&P") and “Dow Jones®" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. ProShares have not been passed on by S&P Dow Jones Indices LLC and its affiliates as to their legality or suitability. ProShares based on the S&P Merger Arbitrage Index are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

Quote data provided by Interactive Data - Real Time Services, Inc. and subject to terms of use.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

Your use of this site signifies that you accept our Terms and Conditions of Use.