ETF Evaluator:
NYLI Merger Arbitrage ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Event Driven Over the Last Year
| 20.1% | Saba Closed-End Funds ETF (CEFS) |
| 10.9% | AltShares Event-Driven ETF (EVNT) |
| 10.3% | ProShares Merger (MRGR) |
| 8.2% | Event Driven () |
| 7.9% | First Trust Equity Market Neutral ETF (NTRL) |
Risk
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Risk
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ETF Details
NYLI Merger Arbitrage ETF Overview
NYLI Merger Arbitrage ETF (MNA) is a passively managed Alternative Event Driven exchange-traded fund (ETF). New York Life Investment Management LLC launched the ETF in 2009.
The investment seeks investment results that correspond generally to the price and yield performance of its underlying index, the NYLI Merger Arbitrage Index.
The fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the investments included in its underlying index. The underlying index seeks to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S., and which are involved in announced mergers, acquisitions and other buyout-related transactions. The fund is non-diversified.
About NYLI Merger Arbitrage ETF (MNA)
There are 2 members of the management team with an average tenure of 9.13 years: Greg Barrato (2011) and Francis Ok (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI World NR USD index with a weighting of 100% and NYLI Merger Arbitrage TR USD index with a weighting of 100%. NYLI Merger Arbitrage ETF has 112 securities in its portfolio. The top 10 holdings constitute 47.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
NYLI Merger Arbitrage ETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. NYLI Merger Arbitrage ETF has 26.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 40.6% There is 26.3% allocated to foreign stock, and 8.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 3.8% (3.8% domestic bond, 0.0% foreign bond and 0.0% convertible bond). NYLI Merger Arbitrage ETF has 21.0% of the portfolio in cash.
Assets Under Management
The fund has $251 million in total assets, which is above the $118 million average for the Event Driven category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
MNA Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The NYLI Merger Arbitrage ETF expense ratio is above average compared to funds in the Event Driven category. NYLI Merger Arbitrage ETF has an expense ratio of 0.77%, which is 43% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. NYLI Merger Arbitrage ETF has a portfolio turnover rate of 335%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 292% for the Event Driven category.
Recently, in the month of July 2026, NYLI Merger Arbitrage ETF returned 0.1%, which earned it a grade of C, as the Event Driven category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
NYLI Merger Arbitrage ETF has a trailing yield of 0.00%, which is below the 3.65% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
NYLI Merger Arbitrage ETF Grades
Year to date, the ETF has returned 1.6%, 2.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 2.9% over the past year (grade of F), 5.8% over the past three years (grade of C) and 2.1% per year over the past five years (grade of F) and 2.9% per year over the past 10 years (grade of F).
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MNA Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| MNA Return (NAV) | 0.1% | 0.2% | 2.9% | 5.8% | 2.1% | 2.9% |
| MNA Return (Price) | 0.1% | 0.3% | 3.3% | 5.9% | 2.1% | 2.9% |
| NAV +/- Price Return | -0.061% | -0.044% | -0.365% | -0.034% | -0.055% | -0.009% |
| Event Driven Avg | 0.4% | 1.5% | 8.2% | 8.1% | 4.5% | 4.6% |
| MNA Grade (NAV) | C | F | F | C | F | F |
| +/- Category (NAV) | -0.3% | -1.3% | -5.3% | -2.3% | -2.5% | -1.7% |
| MNA Tax-Cost Ratio | na | na | 0.0% | 0.2% | 0.1% | 0.2% |
MNA Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MNA Return (NAV) | 1.6% | 8.6% | 5.0% | 0.4% | -1.5% | -3.3% | 2.9% | 4.6% | 2.1% | 5.9% | 4.9% |
| MNA Return (Price) | 2.0% | 8.6% | 4.9% | 0.2% | -1.6% | -3.2% | 2.7% | 4.7% | 2.1% | 6.0% | 4.6% |
| NAV +/- Price Ret | 0.307% | -0.001% | -0.005% | -0.497% | 0.080% | -0.010% | -0.056% | 1.7% | 1.7% | 1.8% | -5.4% |
| Event Driven Avg | 4.5% | 9.9% | 6.7% | 6.0% | -3.9% | 4.2% | 13.2% | 11.2% | -2.3% | 4.6% | 2.7% |
| MNA Grade (NAV) | F | C | C | F | B | F | D | D | B | A | A |
| +/- Category | -2.9% | -1.3% | -1.7% | -5.7% | 2.4% | -7.4% | -10.4% | -6.6% | 4.4% | 1.2% | 2.2% |
| Risk Measures | |
| Beta: | 0.01 |
| R-Squared: | 0% |
| Standard Deviation: | 2.8% |
| Category Risk Index: | 0.59 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.23 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 252 Mil |
| Share Class Assets: | $ 252 Mil |
| Turnover: | 335.0% |
| Expense Ratio: | 0.77% |
| Index Fund: | Yes |
| Index Tracked: | MSCI World NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.4 years | |||
| Average Tenure: 9.1 years | |||
| Managers (Year): Barrato Greg (2011), Ok Francis (2023) | |||
Portfolio Composition (as of 7/30/26)
| # of Holdings: | 112 |
| % in Top 10 Holdings: | 47.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 26.3% |
Portfolio Allocation |
|
| Domestic Stock: | 40.6% |
| Foreign Stock: | 26.3% |
| Preferred Stock: | 8.2% |
| Domestic Bond: | 3.8% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.1% |
| Cash: | 21.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | New York Life Investment Management LLC |
| Phone Number: | 888-474-7725 |
| Website: | www.indexiq.com |
| Inception Date: | November 17, 2009 |
Expenses and Fees
| Expense Ratio (%): | 0.77% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.36% |
