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ProShares Rolls Out Merger Arbitrage ETF

Fidelity begins its long-awaited move into active ETFs, AdvisorShares files for a short-duration bond ETF, and Lee Kranefuss joins Warburg Pincus. Plus, the week's best- and worst-performing funds.

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On Thursday, Dec. 13, ProShares launched an exchange-traded fund devoted to a merger arbitrage strategy.

ProShares Merger Arbitrage ETF (MRGR) tracks an S&P index that contains companies that are the targets of publicly announced acquisitions. In addition, the index also contains short positions in shares of the acquiring firm when the deal involves an exchange of the acquirer's stock. (In other cases--for example, when firms are being taken private--there is no public market for shares in the acquirer, so the index can't take a position.)

Robert Goldsborough does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.

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