NYLI Merger Arbitrage ETF (NYSEARCA:MNA) Sees Significant Drop in Short Interest

NYLI Merger Arbitrage ETF (NYSEARCA:MNA) was the recipient of a large decline in short interest in the month of May. As of May 31st, there was short interest totalling 25,700 shares, a decline of 24.9% from the May 15th total of 34,200 shares. Based on an average daily volume of 41,600 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.4% of the company’s shares are sold short.

Institutional Inflows and Outflows

An institutional investor recently bought a new position in NYLI Merger Arbitrage ETF stock. Summit Financial LLC purchased a new position in NYLI Merger Arbitrage ETF (NYSEARCA:MNA) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,848 shares of the company’s stock, valued at approximately $201,000. Summit Financial LLC owned about 0.09% of NYLI Merger Arbitrage ETF at the end of the most recent quarter.

NYLI Merger Arbitrage ETF Stock Performance

NYSEARCA MNA opened at $35.02 on Wednesday. The business’s 50 day moving average price is $34.72 and its 200-day moving average price is $33.93. NYLI Merger Arbitrage ETF has a fifty-two week low of $30.99 and a fifty-two week high of $35.53. The company has a market cap of $234.63 million, a P/E ratio of 25.78 and a beta of 0.04.

About NYLI 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.