The stellar content of the open cluster NGC 2437 ( Messier 46 ) is investigated using moderately deep u*,g ^ { \prime } , and r ^ { \prime } MegaCam images . When compared with solar metallicity isochrones , the ( g ^ { \prime } ,u ^ { \prime } - g ^ { \prime } ) and ( r ^ { \prime } ,g ^ { \prime } - r ^ { \prime } ) CMDs are consistent with an age log ( t _ { yr } ) = 8.35 \pm 0.15 , a distance modulus \mu _ { 0 } = 11.05 \pm 0.05 , and a color excess E ( B - V ) = 0.115 \pm 0.035 . The r ^ { \prime } luminosity function ( LF ) of main sequence stars in the magnitude range r ^ { \prime } < 17 ( i.e . masses \gtrsim 0.8 M _ { \odot } ) has a shape that follows solar neighborhood star counts . However , at fainter magnitudes the cluster LF is flat , in contrast with what would be expected from solar neighborhood counts . The clustering properties of stars in NGC 2437 are investigated by examining the two-point angular correlation functions of main sequence stars in different brightness ranges . Main sequence stars fainter than r = 17 are less centrally concentrated than brighter stars and are found over a larger area of the sky , suggesting that there is a corona of faint main sequence stars around NGC 2437 . Based on the flat LF and extended spatial distribution of faint stars , it is concluded that NGC 2437 is actively shedding stars with masses \lesssim 0.8 M _ { \odot } .