AltShares Merger Arbitrage 

This exchange-traded fund aims to replicate the performance of an underlying index, which itself is constructed to pursue a worldwide merger arbitrage investment strategy. Typically, at least 80% of its net assets—including any capital acquired through borrowing for investment—will be allocated either directly to the securities comprising the index or to financial instruments, such as swaps, that offer similar economic exposure to those underlying components. The portfolio maintains a non-diversified investment status.