Thu, 05/06/2014 - 12:00
IndexIQ has announced the mergers and acquisitions (M&A) deals to which investors can gain exposure in the IQ Merger Arbitrage ETF (MNA).
MNA was the industry’s first exchange-traded fund (ETF) to give investors exposure to global corporate M&A activity, which is rapidly increasing.
MNA has more than four years of live performance, having launched on 17 November 2009, while its underlying index, the IQ Merger Arbitrage Index, has more than six years of live performance, having launched on 31 October 2007.
MNA was designed to provide capital appreciation by investing in global companies for which there has been a public announcement of a takeover by an acquirer, a strategy generally known as “merger arbitrage.” This strategy generally seeks to take advantage of the price differential, where it exists, between the current trading price of a stock and the price of that stock at the time the deal is completed.
As of 5 May, 2014 the deals that were added to and removed from the IQ Merger Arbitrage ETF are as follows:
MNA deals added to MNA ETF –
Australand Property Group – Stockland
Bull SA – ATOS SE
Capitamalls Asia Limited – CapitaLand Ltd.
Chelsea Therapeutics International, Ltd – H Lundbeck A/S
David Jones Limited – Woolworths Holdings Ltd
DFC Global Corp – Lone Star Global Acquisitions Ltd
DIRECTV – AT&T, Inc
Dixons Retail plc – Carphone Warehouse Group Plc
Gentiva Health Services, Inc – Kindred Healthcare, Inc
Goodman Fielder Limited – Goodman Fielder Ltd. /Private Group/
Hillshire Brands Company – Tyson Foods, Inc
Orbital Sciences Corporation – Alliant Techsystems, Inc
Panaust Limited – Guangdong Rising Assets Management Co, Ltd
Pinnacle Foods, Inc – The Hillshire Brands Co
Roland Corporation – Taiyo Pacific Partners LP
Sai Global Limited – Pacific Equity Partners Pty Ltd
Taiyo Nippon Sanso Corporation – Mitsubishi Chemical Holdings Corp.
Treasury Wine Estates Limited – KKR Holdings LP
VIVUS, Inc – Aspen Investment Fund LLC
MNA deals removed from MNA ETF –
LSI Corporation – Avago Technologies Ltd
AMCOL International Corporation – Minerals Technologies, Inc
F&C Asset Management plc – Bank of Montreal
Olam International Limited – Temasek Holdings Pte Ltd.
Pohjola Bank Plc Class A – OP-Pohjola Group Central Cooperative
Scania AB Class B – Volkswagen AG
Zale Corporation – Signet Jewelers Ltd
ArthroCare Corporation – Smith & Nephew Plc
EPL Oil & Gas, Inc – Energy XXI (Bermuda) Ltd.
Osisko Mining Corporation – Goldcorp, Inc
AstraZeneca PLC – Pfizer Inc
Bourbon SA – JACCAR Holdings SA
Chatham Lodging Trust – BlueMountain Capital Management LLC
Metso Oyj – The Weir Group Plc
“Historically, investors have not had broad access to capitalize on mergers and acquisitions activity in an ETF,” says Adam Patti, chief executive officer at IndexIQ. “The Merger Arbitrage ETF is a hedged strategy designed to take advantage of price disparities that exist in merger activity and strengthen investor portfolios by buying below the target price and realizing the capital appreciation if the deal closes at or above the target price. As such a strategy had not historically been accessible in an ETF before the launch of MNA more than four years ago, we are very excited about providing investors with this liquid, transparent, low cost, and easily tradable product.”
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