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IQ ARB Merger Arbitrage ETF
MNA

82 hedge funds and large institutions have $161M invested in IQ ARB Merger Arbitrage ETF in 2025 Q3 according to their latest regulatory filings, with 15 funds opening new positions, 21 increasing their positions, 33 reducing their positions, and 4 closing their positions.

New
Increased
Maintained
Reduced
Closed

275% more first-time investments, than exits

New positions opened: 15 | Existing positions closed: 4

12% more funds holding

Funds holding: 73 → 82 (+9)

7% more capital invested

Capital invested by funds: $151M → $161M (+$9.95M)

1.71% less ownership

Funds ownership: 64.94% → 63.23% (-1.7%)

36% less repeat investments, than reductions

Existing positions increased: 21 | Existing positions reduced: 33

Holders
82
Holders Change
+9
Holders Change %
+12.33%
% of All Funds
1.08%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
15
Increased
21
Reduced
33
Closed
4
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
Envestnet Asset Management
Envestnet Asset Management
Illinois
+$3.52M
2
KWA
Kingswood Wealth Advisors
California
+$1.63M
3
Cetera Investment Advisers
Cetera Investment Advisers
Illinois
+$1.6M
4
Jane Street
Jane Street
New York
+$1.24M
5
GS
GTS Securities
New York
+$1.06M

Top Sellers

Rank Fund Capital Flow
1
BRWA
B. Riley Wealth Advisors
Florida
-$1.87M
2
RL
Retireful LLC
Michigan
-$1.35M
3
Morgan Stanley
Morgan Stanley
New York
-$1.03M
4
LSWP
Liberty Square Wealth Partners
Pennsylvania
-$784K
5
Commonwealth Equity Services
Commonwealth Equity Services
Massachusetts
-$588K
Name Holding Trade Value Shares
Change 		Change in
Stake
BCI
26
Brinker Capital Investments
Pennsylvania
$759K +$498 +14 +0.1%
Janney Montgomery Scott
27
Janney Montgomery Scott
Pennsylvania
$724K +$717K +20,154 New
FFA
28
Farther Finance Advisors
California
$710K -$219K -6,171 -24%
FFN
29
Focus Financial Network
Minnesota
$707K +$9.56K +269 +1%
KAS
30
Kestra Advisory Services
Texas
$694K -$818 -23 -0.1%
Osaic Holdings
31
Osaic Holdings
Arizona
$686K -$26.8K -755 -4%
Wells Fargo
32
Wells Fargo
California
$582K +$24.2K +681 +4%
DWAM
33
Duncan Williams Asset Management
Tennessee
$577K -$20.1K -566 -3%
ONB
34
Old National Bancorp
Indiana
$568K -$20.7K -583 -4%
MCM
35
MAI Capital Management
Ohio
$479K -$26.2K -737 -5%
IAN
36
Integrated Advisors Network
Texas
$472K -$11.4K -320 -2%
GSWA
37
Good Steward Wealth Advisors
Tennessee
$433K +$429K +12,055 New
HH
38
Hilltop Holdings
Texas
$405K +$402K +11,292 New
OC
39
Oppenheimer & Co
New York
$404K -$139K -3,922 -26%
BAM
40
Belpointe Asset Management
Nevada
$381K +$1.42K +40 +0.4%
WAM
41
Worth Asset Management
Texas
$363K +$359K +10,103 New
SF
42
Summit Financial
New Jersey
$362K +$60.2K +1,694 +20%
WAP
43
Wealthcare Advisory Partners
Pennsylvania
$351K -$3.56K -100 -1%
RF
44
RHS Financial
California
$348K +$32.6K +918 +10%
SWP
45
Strategic Wealth Partners
Ohio
$335K +$332K +9,333 New
ML
46
McAdam LLC
Pennsylvania
$332K +$12.9K +364 +4%
SAM
47
Smartleaf Asset Management
Massachusetts
$328K +$326K +9,168 New
Rockefeller Capital Management
48
Rockefeller Capital Management
New York
$321K -$43.2K -1,216 -12%
PAG
49
Private Advisor Group
New Jersey
$317K +$314K +8,826 New
CMMS
50
Comprehensive Money Management Services
Florida
$270K – – –
1
2
3 4

MNA Hedge Fund Activity: Q3 2025 in Review

82 of the 7,620 institutional investors tracked by Wall St. Rank reported a position in IQ ARB Merger Arbitrage ETF (MNA) for Q3 2025, worth a combined $161M — up 6.6% from $151M a quarter earlier.

Buyers outnumbered sellers: 15 funds opened new MNA positions and 4 closed out — a net gain of 11 holders — while 21 added to existing stakes and 33 trimmed.

The largest buyer was Envestnet Asset Management, adding an estimated $3.52M. The largest seller was B. Riley Wealth Advisors, cutting an estimated $1.87M.

  • 82 institutional investors held IQ ARB Merger Arbitrage ETF (MNA) as of Q3 2025, up from 73 in Q2 2025.
  • Funds reported $161M of IQ ARB Merger Arbitrage ETF stock for Q3 2025, up 6.6% quarter-over-quarter.
  • 15 funds opened new IQ ARB Merger Arbitrage ETF positions in Q3 2025 and 4 closed out, a net change of +11 holders.
  • The largest IQ ARB Merger Arbitrage ETF buyer in Q3 2025 was Envestnet Asset Management, an estimated $3.52M added.
  • The largest IQ ARB Merger Arbitrage ETF seller in Q3 2025 was B. Riley Wealth Advisors, an estimated $1.87M sold.

Based on aggregated 13F filings for Q3 2025.