ETF Evaluator:
ProShares Merger ()
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
Index
Risk
Index
ETF Details
ProShares Merger Overview
ProShares Merger (MRGR) is a passively managed Alternative Event Driven exchange-traded fund (ETF). ProShares launched the ETF in 2012.
The investment seeks investment results, before fees and expenses, that track the performance of the S&P® Merger Arbitrage Index (the "index").
The fund is designed to track the performance of the index and provide exposure to a global merger arbitrage strategy. The index is designed to measure the performance of a risk arbitrage strategy that exploits commonly observed price changes associated with publicly announced mergers, acquisitions, or other corporate reorganizations. The fund is non-diversified.
About ProShares Merger (MRGR)
There are 2 members of the management team with an average tenure of 4.67 years: Alexander Ilyasov (2020) and Eric Silverthorne (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P US TMI TR USD index with a weighting of 100% and S&P Merger Arbitrage TR USD index with a weighting of 100%. ProShares Merger has 58 securities in its portfolio. The top 10 holdings constitute 26.4% 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.
ProShares Merger is part of the Alternative Strategies global asset class and is within the Alternative ETF group. ProShares Merger has 29.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 66.4% There is 29.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Merger has 4.3% of the portfolio in cash.
Assets Under Management
The fund has $15 million in total assets, which is below 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.
MRGR 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 ProShares Merger expense ratio is above average compared to funds in the Event Driven category. ProShares Merger has an expense ratio of 0.75%, which is 45% lower than its category average, making the fund expense ratio grade a A. 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. ProShares Merger has a portfolio turnover rate of 231%, 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, ProShares Merger returned 0.2%, which earned it a grade of B, 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.
ProShares Merger has a trailing yield of 1.14%, which is below the 3.65% category average.
The fund normally distributes its income quarterly.
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.
ProShares Merger Grades
Year to date, the ETF has returned 3.0%, 1.5 percentage points worse than the category, which translates into a grade of C. The fund has returned 10.3% over the past year (grade of B), 8.7% over the past three years (grade of B) and 4.5% per year over the past five years (grade of B) and 3.7% per year over the past 10 years (grade of C).
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MRGR 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 |
|
| MRGR Return (NAV) | 0.2% | 1.2% | 10.3% | 8.7% | 4.5% | 3.7% |
| MRGR Return (Price) | 0.2% | 1.1% | 10.4% | 8.7% | 4.4% | 3.7% |
| NAV +/- Price Return | 0.015% | 0.057% | -0.093% | -0.015% | 0.112% | -0.027% |
| Event Driven Avg | 0.4% | 1.5% | 8.2% | 8.1% | 4.5% | 4.6% |
| MRGR Grade (NAV) | B | C | B | B | B | C |
| +/- Category (NAV) | -0.2% | -0.3% | 2.1% | 0.6% | -0.1% | -0.9% |
| MRGR Tax-Cost Ratio | na | na | 1.2% | 1.1% | 0.8% | 0.5% |
MRGR Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| MRGR Return (NAV) | 3.0% | 11.6% | 5.4% | 4.7% | -4.3% | 5.5% | 2.7% | 4.4% | 3.7% | 2.2% | -1.4% |
| MRGR Return (Price) | 2.7% | 11.9% | 5.3% | 4.9% | -4.8% | 6.6% | 2.0% | 4.3% | 3.4% | 2.1% | -1.3% |
| NAV +/- Price Ret | -0.113% | 0.029% | -0.020% | 0.045% | 0.122% | 0.203% | -0.266% | -1.3% | -8.0% | -6.7% | -4.5% |
| 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% |
| MRGR Grade (NAV) | C | B | B | B | C | B | F | F | A | F | F |
| +/- Category | -1.5% | 1.7% | -1.3% | -1.3% | -0.4% | 1.3% | -10.5% | -6.9% | 6.0% | -2.4% | -4.1% |
| Risk Measures | |
| Beta: | 0.01 |
| R-Squared: | 0% |
| Standard Deviation: | 2.9% |
| Category Risk Index: | 0.61 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.24 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 1.1% |
| Total Assets: | $ 16 Mil |
| Share Class Assets: | $ 16 Mil |
| Turnover: | 231.0% |
| Expense Ratio: | 0.75% |
| Index Fund: | Yes |
| Index Tracked: | S&P US TMI TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 6.0 years | |||
| Average Tenure: 4.7 years | |||
| Managers (Year): Ilyasov Alexander (2020), Silverthorne Eric (2023) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 58 |
| % in Top 10 Holdings: | 26.4% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 29.3% |
Portfolio Allocation |
|
| Domestic Stock: | 66.4% |
| Foreign Stock: | 29.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | December 11, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.75% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.36% |
