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 data from Thomson Reuters. 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. Data is delayed at least 15 minutes.

Total Return

Fund + Index 1m 3m 6m YTD 1Y 3Y 5Y 10Y Since Inception Inception Date
MRGR Market Price -0.37% -0.44% -2.13% -2.37% -0.90% 3.09% 3.08% -- 0.88% 12/11/2012
MRGR NAV -0.61% -0.77% -2.15% -2.38% -1.07% 3.09% 3.09% -- 0.84% 12/11/2012
S&P Merger Arbitrage Index -0.53% -0.52% -1.56% -1.89% 0.33% 4.04% 4.01% -- 1.89% --

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 1.68%
  • NAV Calculation Time 4:00 p.m. ET
  • Distributions Quarterly
Characteristics
as of 5/31/2022
  • Distribution Yield 0%

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

Price
as of 7/01/2022
  • NAV $40.22
  • NAV Change $+0.06 up caret
  • Market Price $40.19
  • Market Price Change $+0.02 up caret
  • Trading Volume (M) 2,434
  • 30-Day Median Bid Ask Spread 0.35%
  • View Premium / Discount
Snapshot
  • Ticker MRGR
  • Intraday Ticker MRGR.IV
  • CUSIP 74348A566
  • Inception Date 12/11/12
  • Expense Ratio 0.75%
  • Gross Expense Ratio 1.68%
  • NAV Calculation Time 4:00 p.m. ET
  • Distributions Quarterly
Characteristics
as of 5/31/2022
  • Distribution Yield 0%

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

Price
as of 7/01/2022
  • NAV $40.22
  • NAV Change $+0.06 up caret
  • Market Price $40.19
  • Market Price Change $+0.02 up caret
  • Trading Volume (M) 2,434
  • 30-Day Median Bid Ask Spread 0.35%
  • View Premium / Discount

The expense ratio above has a contractual waiver ending 9/30/22.

Exposures

Index as of 3/31/2022 and Fund as of 7/01/2022

Holdings

as of 7/01/2022

Weight Ticker Description Exposure Value
(Notional + GL)
Market Value Shares/Contracts
8.57% -- S&P MERGER ARBITRAGE LONG INDEX SWAP SOCIETE GENERALE 6,377,951 -- 2,478
3.05% SAFM SANDERSON FARMS INC -- $2,270,448.94 10,489
3.00% DRE DUKE REALTY CORP -- $2,231,589.60 39,708
2.87% SJI SOUTH JERSEY INDUSTRIES -- $2,137,493.68 62,573
2.83% RDUS RADIUS HEALTH INC -- $2,106,480.00 201,000
2.81% MTOR MERITOR INC -- $2,094,117.88 57,721
2.81% CDK CDK GLOBAL INC -- $2,093,846.04 38,181
2.81% CNR CORNERSTONE BUILDING BRANDS -- $2,090,742.55 84,955
2.78% HR HEALTHCARE REALTY TRUST INC -- $2,066,989.12 74,192
2.76% CVET COVETRUS INC -- $2,054,934.30 98,558
2.75% POLY PLANTRONICS INC -- $2,049,472.00 51,650
2.75% TPTX TURNING POINT THERAPEUTICS I -- $2,048,399.92 27,272
2.75% SAIL SAILPOINT TECHNOLOGIES HOLDI -- $2,047,485.70 32,474
2.75% MANT MANTECH INTERNATIONAL CORP-A -- $2,045,757.60 21,444
2.73% Y ALLEGHANY CORP -- $2,031,380.40 2,436
2.73% ROG ROGERS CORP -- $2,031,102.00 7,782
2.73% ZEN ZENDESK INC -- $2,030,397.50 27,250
2.72% MNDT MANDIANT INC -- $2,026,968.90 92,895
2.71% -- SWITCH INC COMMON STOCK USD 0.001 -- $2,014,057.95 60,211
2.69% SAVE SPIRIT AIRLINES INC -- $1,998,222.70 81,394
2.67% ATVI ACTIVISION BLIZZARD INC -- $1,987,192.44 25,292
2.61% TGNA TEGNA INC -- $1,940,672.43 92,457
2.60% VG VONAGE HOLDINGS CORP -- $1,935,570.60 101,445
2.59% LHCG LHC GROUP INC -- $1,928,046.75 12,435
2.58% FHN FIRST HORIZON CORP -- $1,917,310.00 87,950
2.57% MGGT MEGGITT PLC -- $1,910,704.51 200,349
2.55% UWL UNITI GROUP LTD -- $1,893,752.77 564,507
2.54% BKI BLACK KNIGHT INC -- $1,891,556.76 28,582
2.53% BHVN BIOHAVEN PHARMACEUTICAL HOLD -- $1,882,636.36 12,956
2.48% EUCAR EUROPCAR MOBILITY GROUP -- $1,845,071.43 3,475,617
2.46% CCMP CMC MATERIALS INC -- $1,830,580.68 10,601
2.43% NLSN NIELSEN HOLDINGS PLC -- $1,809,599.06 76,613
2.42% VMW VMWARE INC-CLASS A -- $1,801,691.76 15,796
1.68% PSB PS BUSINESS PARKS INC/MD -- $1,253,034.00 6,700
1.45% -- HOMESERVE PLC COMMON STOCK GBP 2.69231 -- $1,079,257.61 76,453
1.19% TWTR TWITTER INC -- $886,056.71 23,177
0.65% ACC AMERICAN CAMPUS COMMUNITIES -- $486,909.54 7,521
0.01% -- S&P MERGER ARBITRAGE LONG SUB-INDEX SWAP CITIBANK NA 7,721 -- 03
-- -- AUSTRALIA DOLLAR CURRENCY CONTRACT - USD -1,897,731 -- -2,783,000
-- -- EUROPEAN EURO CURRENCY CONTRACT - USD -1,845,370 -- -1,768,000
-- -- UNITED KINGDOM POUND CURRENCY CONTRACT - USD -2,977,458 -- -2,461,000
-- -- NET OTHER ASSETS (LIABILITIES) -- $6,644,459.81 6,644,460
-4.94% -- S&P MERGER ARBITRAGE SHORT SUB-INDEX SWAP CITIBANK NA -3,673,164 -- -1,933
-6.13% -- S&P MERGER ARBITRAGE SHORT SUB-INDEX SWAP SOCIETE GENERALE -4,558,676 -- -2,399

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 Research & Insights

Momentum: Unlocking the Full Outperformance Potential of the Nasdaq-100

ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA), which tracks the Nasdaq-100 Dorsey Wright Momentum Index, is the only ETF providing a momentum-based strategy to identify the top‑performing stocks in the bellwether Nasdaq-100 Index, which is known for innovative and growing companies.
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.

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

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 ETFs (ProShares Trust and ProShares Trust II) 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.