NYLIM Merger Arbitrage ETF (NYSEARCA:MNA) Shares Climb 0.2% – Here’s Why

Shares of NYLIM Merger Arbitrage ETF (NYSEARCA:MNA) traded up 0.2% during mid-day trading on Friday. The company traded as high as $37.01 and last traded at $36.89. Approximately 418,137 shares changed hands during trading, an increase of 1,152% from the average session volume of 33,391 shares. The stock had previously closed at $36.83.

NYLIM Merger Arbitrage ETF Stock Up 0.2%

The company has a 50 day simple moving average of $36.73 and a 200 day simple moving average of $36.51. The company has a market capitalization of $265.61 million, a price-to-earnings ratio of 25.78 and a beta of 0.06.

Institutional Investors Weigh In On NYLIM Merger Arbitrage ETF

Several institutional investors and hedge funds have recently modified their holdings of MNA. Parallel Advisors LLC grew its position in NYLIM Merger Arbitrage ETF by 17.7% in the first quarter. Parallel Advisors LLC now owns 6,718 shares of the company’s stock valued at $244,000 after acquiring an additional 1,010 shares in the last quarter. Collaborative Fund Advisors LLC purchased a new position in shares of NYLIM Merger Arbitrage ETF in the first quarter valued at $2,216,000. Finally, One Capital Management LLC purchased a new position in shares of NYLIM Merger Arbitrage ETF in the second quarter valued at $6,567,000.

About NYLIM Merger Arbitrage ETF

The IQ Merger Arbitrage ETF (MNA) is an exchange-traded fund that is based on the IQ Merger Arbitrage index. The fund tracks an index that uses a merger arbitrage strategy with long exposure to takeover targets and short exposure to broad global equity indexes. MNA was launched on Nov 17, 2009 and is managed by IndexIQ.