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NTRL

GradeDNew York Stock Exchange Arca

First Trust Merger Arbitrage ETF

Multi-Asset & Alternatives · First Trust · Inception 2020-02-04 · SEC filings

$21.27+0.01 (+0.02%)

As of Sep 23, 2026, 2:21 PM EDT

Intraday session: up, 5 prints from 21.27 to 21.27. Range 21.27 to 21.31. Use the arrow keys to read each point.$21.28$21.29$21.3010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$17M
1Y return
+5.7%
Yield · Last 12 months
2.93%
Volume · 30D
0M sh
NAV per share
$21.40
52W range
low $19.75high $22.89

The ETF.net NTRL Grade

D

39/ 100

Rank 4 of 5 in Merger Arbitrage⁠

Confidence Low

Six-pillar profile for NTRL. Scores out of 100: Cost 32, Risk 45, Mission not scored, Tradability 50, Holdings 36, Durability 47. Strongest: Tradability (50). Weakest: Cost (32). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 32
    Category rank4/5 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 45
    Category rank4/4 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 50
    Category rank4/5 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    DScore 36
    Category rank4/4 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 47
    Category rank4/5 · bottom quartile

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on NTRL

ETF.net Research

DNTRL 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.

Stated mandate

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

  1. 01The 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
  2. 02A live record dating to the February 2020 launch, so this is a seasoned fund wearing a new strategy rather than a brand-new ticker.
  3. 03Flexible plumbing: the equity exposure can be built with derivatives or other ETFs, not only individual stocks.ftportfolios.com

Worth knowing

  1. 010.95% a year sits above the merger-arb crowd, where MNA, MRGR and ARB all charge roughly 0.75%.
  2. 02A small fund that trades thinly, so bid-ask spreads can run wider than in heavily traded ETFs and sizable orders need care.
  3. 03The 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

As of Sep 21, 2026, 5:20 PM
Asset class
Other
Holdings
—
Top-10 weight
96%
Largest holding
US Dollar83.1%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 17.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—US Dollar83.07%17,314,256$17M394
002—JPFTUSS2 SHORT TRS 07/30/2027 - JPMORGAN1.50%-82,800$314K1
003IESCIES Holdings, Inc.1.44%929$299K141
004TERTeradyne, Inc.1.43%805$299K421
005MOAltria Group, Inc.1.37%4,111$286K369
006KMTKennametal Inc.1.37%9,595$286K139
007EXPDExpeditors International of Washington, Inc.1.36%1,484$283K319
008SWKSSkyworks Solutions, Inc.1.36%3,189$283K265
009MTDMettler-Toledo International Inc.1.34%200$279K269
010SKWDSkyward Specialty Insurance Group, Inc.1.32%4,904$276K95
011MSCIMSCI Inc.1.31%493$273K308
012HLTHilton Worldwide Holdings Inc.1.31%890$272K327
013QLYSQualys, Inc.1.27%1,512$265K189
014MCOMoody's Corporation1.25%558$261K327
015QNSTQuinStreet, Inc.1.22%14,481$254K94

Showing 1–15 of 242 holdings

NTRL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

NTRL$10,568
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. NTRL $10,568. SPY $11,723. Use the arrow keys to read each point.$9,353$10,646$11,940Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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.

Trailing total return for NTRL. Periods over one year show the average yearly return.
PeriodNTRL
Year to date+3.0%
1 month−1.3%
3 months+2.2%
1 year+5.7%
3 years+3.8%per year
5 years+3.2%per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for NTRL
YearReturn barNTRL
2026 YTD+3.0%
2025+7.0%
2024+0.7%
2023+2.2%
2022+3.9%
2021+0.3%
2020−2.3%

History from Feb 5, 2020

NTRL in the news

NTRL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
2.93%Last 12 months
Payout per share
$0.62Last 12 months
Last payment
$0.13 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Twice a year

Distribution history

2022–2026

One bar per payment. 9 payments from 2022 to 2026 YTD. Dec 23, 2022 $0.20; Jun 27, 2023 $0.05; Sep 22, 2023 $0.25; Dec 22, 2023 $0.15; Jun 27, 2024 $0.06; Sep 26, 2024 $0.16; Dec 13, 2024 $0.19; Sep 25, 2025 $0.49; Dec 12, 2025 $0.13. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 12, 2025Dec 31, 2025$0.13
Sep 25, 2025Sep 30, 2025$0.49
Dec 13, 2024Dec 31, 2024$0.19
Sep 26, 2024Sep 30, 2024$0.16
Jun 27, 2024Jun 28, 2024$0.06
Dec 22, 2023Dec 29, 2023$0.15
Sep 22, 2023Sep 29, 2023$0.25
Jun 27, 2023Jun 30, 2023$0.05
Dec 23, 2022Dec 30, 2022$0.20

NTRL Risk

How much the fund’s monthly returns vary, scaled to a year.
4.0%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.01
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−3.7%
Trough Apr 2024
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.

How strongly the fund’s returns move with its asset-class index.
0.04
vs its asset-class index
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

Expense ratio0.95%
  • The middle half of Merger Arbitrage funds
  • Median 0.76%

3 of the 5 Merger Arbitrage funds charge less.

NTRL costs $95.00 a year on $10,000. The median Merger Arbitrage fund costs $76.00.