# EDGAR Filing Document

**Accession Number:** 0001779306
**File Stem:** 0001104659-26-064566
**Filing Date:** 2026-5
**Character Count:** 5885
**Document Hash:** 28d5399f682f3d446cda23c933100215
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-064566.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001104659-26-064566

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**EFFECTIVENESS DATE**: 20260520

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALTSHARES TRUST
- **CENTRAL INDEX KEY:** 0001779306

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-233772
- **FILM NUMBER:** 261004673

**BUSINESS ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011
- **BUSINESS PHONE:** 800-560-8210

**MAIL ADDRESS:**
- **STREET 1:** C/O WATER ISLAND CAPITAL, LLC
- **STREET 2:** 104 FIFTH AVENUE, 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10011

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AltShares Trust
- **DATE OF NAME CHANGE:** 20191002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** wicShares Trust
- **DATE OF NAME CHANGE:** 20190930

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AltShares Trust
- **DATE OF NAME CHANGE:** 20190926

## Series and Classes Contracts Data

### AltShares Event-Driven ETF (Series ID: S000072757)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000229260 | AltShares Event-Driven ETF | EVNT            |

**ALTSHARES TRUST**

**AltShares Merger Arbitrage ETF and AltShares Event-Driven ETF**

**(each, a "Fund" and, together, the "Funds")**

**Supplement dated May 20, 2026 to the Summary Prospectus, Prospectus and Statement of Additional<br> Information of the Funds dated September 26, 2025, as supplemented**

You should read this Supplement in conjunction with the Summary Prospectus, Prospectus and SAI for the Funds and retain it for future reference. You may obtain these documents, free of charge, by writing to AltShares Trust at 104 Fifth Avenue, 9th Floor, New York, NY 10011 or you can view, print, and download these documents at AltShares Trust's website at <u>www.altsharesetfs.com/resources</u>.

The Board of Trustees of AltShares Trust has approved an Agreement and Plan of Reorganization and Termination ("Reorganization Agreement"), which provides for the reorganization of each Fund of AltShares Trust into a substantially identical, newly-created Fund that is a series of The Arbitrage Funds (each, a "Reorganization," and collectively, the "Reorganizations"), as follows:

---

| | | |
|:---|:---|:---|
| **Reorganizations** | **Reorganizations** | **Reorganizations** |
| Each **Target Fund** will be reorganized into a corresponding **Acquiring Fund** as follows: | Each **Target Fund** will be reorganized into a corresponding **Acquiring Fund** as follows: | Each **Target Fund** will be reorganized into a corresponding **Acquiring Fund** as follows: |
| **<u>Target Funds</u>**<br> (each a series of AltShares Trust) | 🡪 | **<u>Acquiring Funds</u>**<br> (each a series of The Arbitrage Funds) |
| AltShares Merger Arbitrage ETF | 🡪 | AltShares Merger Arbitrage ETF, a newly-created series of<br> The Arbitrage Funds |
| AltShares Event-Driven ETF | 🡪 | AltShares Event-Driven ETF, a newly-created series of<br> The Arbitrage Funds |

---

The Reorganizations are intended to streamline the fund family and to promote operating efficiencies. The Reorganizations are intended to combine all of the funds that are advised by Water Island Capital, LLC into a single, larger trust (that is, The Arbitrage Funds). Each Target Fund and its corresponding Acquiring Fund have identical investment objectives, policies, strategies, and risk profiles. In addition, the fees and expenses of each Acquiring Fund are expected to be the same as those of the corresponding Target Fund. Water Island Capital, LLC is the investment adviser to each Target Fund and Acquiring Fund.

Each Reorganization will involve the transfer of all of the assets of the Target Fund to the corresponding Acquiring Fund in exchange solely for Acquiring Fund shares having an aggregate net asset value equal to the Target Fund's net assets; the Acquiring Fund's assumption of all of the liabilities of the Target Fund; the distribution of Acquiring Fund shares to the shareholders of the Target Fund; and the termination of the Target Fund. Thus, on the closing date of the Reorganizations, each Target Fund's shareholders will become shareholders of the corresponding Acquiring Fund and receive shares of the corresponding Acquiring Fund with a total net asset value equal to that of their shares of the Target Fund on the closing date.

The Reorganizations do not require shareholder approval but are subject to the satisfaction of certain conditions. If the closing conditions are satisfied, the Reorganizations are expected to occur on or about September 25, 2026 (the "Closing Date"). Prior to the Closing Date, you will continue to be able to purchase and sell shares of each Target Fund subject to the limitations described in each Target Fund's Prospectus.

In advance of the Closing Date, additional information regarding the Acquiring Funds (including the investment objectives, policies and risks, fees and expenses of the Acquiring Funds), the terms of the Reorganization Agreement, and the factors that the Board of Trustees of AltShares Trust considered in deciding to approve the Reorganization Plan will be sent to shareholders of the Target Funds in a Combined Information Statement/Prospectus, which also will be available for free on the EDGAR database on the SEC's Internet site at: <u>http://www.sec.gov</u> and at AltShares Trust's website at <u>www.altsharesetfs.com/resources</u>.

**Please retain this supplement for future reference.**