ARB Stock, AltShares Merger Arbitrage ETF Information

AltShares Merger Arbitrage ETF (the Fund) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its underlying index, the Water Island Merger Arbitrage USD Hedged Index (the Underlying Index). The Fund seeks to track the performance of the Underlying Index, which is designed to reflect a global merger arbitrage strategy. The most common approach to merger arbitrage, and the approach the Underlying Index (and by extension the Fund) reflects, is to seek to capture the difference (the Spread) between the price at which the stock of a target company in a publicly announced merger, takeover, tender offer, or leveraged buy-out (the Target) trades after the announcement of the acquisition and the price the acquiring company (the Acquirer) has agreed to pay for the stock of the Target.