First Trust Merger Arbitrage ETF
$20.76+0.06 (+0.30%)
- 0.95%
- $14M
- +8.8%
- 6.24%
- 0M sh
- $20.59
- low $19.78high $22.89
The ETF.net NTRL Grade
C
Score 41 out of 100
- 4 of 5
Score 41 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.D32 out of 100Rank 4 of 5Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C44 out of 100Rank 4 of 4Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C51 out of 100Rank 3 of 5Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C45 out of 100Rank 4 of 5Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.C47 out of 100Rank 4 of 5
Our read on NTRL
CNTRL launched in 2020 chasing merger-arbitrage spreads on announced takeovers. Per First Trust, it converts on June 24, 2026 to a plain U.S. equity mandate built with stocks, ETFs and derivatives. Same ticker, different engine.
After converting from the First Trust Merger Arbitrage ETF on June 24, 2026, NTRL seeks capital appreciation through at least 80% exposure to U.S.-listed equity securities, implemented through derivatives, ETFs, and/or stocks.
Why people hold it
- The new mandate is explicit: from the June 24, 2026 conversion, at least 80% of assets sit in U.S.-listed equity exposure, expressed through stocks, ETFs or derivatives.ftportfolios.com
- A live record dating to the February 2020 launch, so this is a seasoned fund wearing a new strategy rather than a brand-new ticker.
- Flexible plumbing: the equity exposure can be built with derivatives or other ETFs, not only individual stocks.ftportfolios.com
Worth knowing
- 0.95% a year sits above the merger-arb crowd, where MNA, MRGR and ARB all charge roughly 0.75%.
- A small fund that trades thinly, so bid-ask spreads can run wider than in heavily traded ETFs and sizable orders need care.
- The pre-conversion history came from deal-spread arbitrage, not equity market exposure, so it says little about how the fund behaves after the switch.
NTRL Holdings
- Other
- 242
- 94%
- US Dollar
Sectors
- Financials31.2%
- Industrials19.8%
- Consumer Discretionary19.2%
- Technology14.8%
- Health Care6.8%
- Communication6.4%
- Consumer Staples1.8%
Geography
- United States67.77%
- Ireland10.53%
- Netherlands7.36%
- Cayman Islands3.71%
- Luxembourg3.12%
- Canada2.68%
- Israel1.61%
- Uruguay1.61%
- 1.61%
NTRL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.
NTRL$10,882
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | NTRL |
|---|---|
| Year to date | +6.1% |
| 1 month | +1.2% |
| 3 months | +4.9% |
| 1 year | +8.8% |
| 3 years | +4.8% |
| 5 years | +3.9% |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | NTRL |
|---|---|---|
| 2026 YTD | +6.1% | |
| 2025 | +7.0% | |
| 2024 | +0.7% | |
| 2023 | +2.2% | |
| 2022 | +3.9% | |
| 2021 | +0.3% | |
| 2020 | −2.3% |
NTRL in the news
NTRL Dividends
- 6.24%
- $1.29
- $1.16 per share
- Twice a year
Distribution history
NTRL Risk
- 4.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.05
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −3.7%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.04
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
NTRL Cost
0.95%
Other funds in Merger Arbitrage
- BARBAltShares Merger Arbitrage ETFExpense ratio 0.76%1 year return +4.3%
- BMNANYLI Merger Arbitrage ETFExpense ratio 0.75%1 year return +3.1%
- BMRGRProShares - Merger ETFExpense ratio 0.75%1 year return +7.1%