Envestnet Portfolio Solutions Inc. Purchases Shares of 8,444 AltShares Merger Arbitrage ETF (NYSEARCA:ARB)

Envestnet Portfolio Solutions Inc. acquired a new position in AltShares Merger Arbitrage ETF (NYSEARCA:ARB) in the second quarter, Holdings Channel.com reports. The firm acquired 8,444 shares of the company’s stock, valued at approximately $227,000.

Several other institutional investors have also recently modified their holdings of the company. Cantor Fitzgerald Investment Advisors L.P. bought a new stake in AltShares Merger Arbitrage ETF in the fourth quarter worth $11,996,000. New York Life Investment Management LLC increased its holdings in shares of AltShares Merger Arbitrage ETF by 12.6% in the fourth quarter. New York Life Investment Management LLC now owns 385,861 shares of the company’s stock worth $10,322,000 after buying an additional 43,300 shares during the period. Legend Financial Advisors Inc. lifted its stake in shares of AltShares Merger Arbitrage ETF by 5.3% in the 1st quarter. Legend Financial Advisors Inc. now owns 152,643 shares of the company’s stock valued at $4,149,000 after acquiring an additional 7,749 shares during the last quarter. Diversify Advisory Services LLC boosted its holdings in AltShares Merger Arbitrage ETF by 2.0% during the 2nd quarter. Diversify Advisory Services LLC now owns 60,787 shares of the company’s stock valued at $1,643,000 after acquiring an additional 1,211 shares during the period. Finally, Columbus Macro LLC grew its position in AltShares Merger Arbitrage ETF by 3.0% during the 1st quarter. Columbus Macro LLC now owns 14,261 shares of the company’s stock worth $388,000 after acquiring an additional 417 shares during the last quarter.

AltShares Merger Arbitrage ETF Price Performance

Shares of ARB opened at $27.57 on Friday. The stock has a market capitalization of $71.94 million, a P/E ratio of 17.48 and a beta of 0.08. AltShares Merger Arbitrage ETF has a twelve month low of $25.81 and a twelve month high of $27.93. The firm has a fifty day simple moving average of $27.17 and a two-hundred day simple moving average of $26.99.

AltShares Merger Arbitrage ETF Profile

The AltShares Merger Arbitrage ETF (ARB) is an exchange-traded fund that mostly invests in long\u002Fshort alternatives. The fund tracks a global USD-hedged index that uses a merger arbitrage strategy by providing long exposure to takeover targets and short exposure the acquiring company. ARB was launched on May 7, 2020 and is managed by Altshares.