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Launched · SEC filings

First Trust Merger Arbitrage ETF

NTRLNYSE ArcaFirst TrustC

$20.76−0.17 (−0.81%)

As of Nov 2, 2026, 3:40 PM ET

C40/ 100

Rank 4 of 5 in Merger Arbitrage

C40/100Rank 4 of 5inMerger Arbitrage
Intraday session: down, 69 prints from 20.93 to 20.76. Range 20.72 to 20.93. Use the arrow keys to read each point.20.8020.8520.9010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$16M
1Y total return
+9.2%
Yield · Last 12 months
6.17%
Holdings
190
Avg volume · 30D
11.9K sh
52W range
low $19.75high $22.89
Launched
Filings
SEC EDGAR

The ETF.net NTRL Grade

Based on 5 of 6 pillars

C

Score 40 out of 100

Category
Merger Arbitrage⁠
Rank
4 of 5
Six-pillar profile for NTRL. Scores out of 100: Cost 33, Risk 49, Mission not scored, Tradability 40, Holdings 49, Durability 47. Strongest: Risk (49). Weakest: Cost (33). Based on 5 of 6 pillars.

Score 40 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.
    D33 out of 100
    Rank 4 of 5

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 4 of 4

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C40 out of 100
    Rank 4 of 5

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C49 out of 100
    Rank 4 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    C47 out of 100
    Rank 4 of 5

Our read on NTRL

ETF.net Research

In short

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.

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

  • 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

Holdings pillarC49 out of 100Rank 4 of 5 in Merger Arbitrage
Asset class
Other
Holdings
190
Top-10 weight
106%
Largest holding
US Dollar92.9%

Geography

  • United Kingdom22.85%
  • Ireland18.89%
  • Netherlands18.49%
  • United States13.74%
  • Bermuda12.68%
  • Canada9.91%
  • Switzerland2.25%
  • Mexico1.19%
The fund’s holdings, weight-ordered — page 1 of 13.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataUS Dollar92.88%15,653,811$15.7M408
2No dataCGFT005L Long Trs 08/11/2027 - Citigroup1.67%110,000$282K1
3ICLRICON Plc1.54%1,229$260K80
4QLYSQualys, Inc.1.50%1,124$252K199
5No dataBnpftulo Long Trs 07/14/2027 - Bnp1.48%89,900$249K1
6VRTVertiv Holdings Co (Class A)1.45%1,052$245K400
7LLYEli Lilly and Company1.40%167$237K593
8WDFCWD-40 Company1.39%1,063$235K124
9HASHasbro, Inc.1.38%1,956$233K273
10MASMasco Corporation1.37%2,869$231K261
11WFRDWeatherford International Plc1.37%2,552$231K166
12DVADaVita Inc.1.35%1,215$228K225
13HRBH&R Block, Inc.1.35%4,424$227K215
14WKWorkiva Inc.1.34%2,702$226K121
15MSCIMSCI Inc.1.34%362$226K319

Showing 1–15 of 190 holdings

NTRL Performance

Launched Feb 4, 2020

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$10,918
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. NTRL $10,918. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+7.3%
1 month+2.7%
3 months+2.1%
1 year+9.2%
3 yearsper year+5.4%
5 yearsper year+4.1%
10 yearsFund is under 10 years oldper yearNo data

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+7.3%
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 Oct 30, 2026.
6.17%Last 12 months
Payout per share
$1.29Last 12 months
Last payment
$1.16 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. 10 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; Sep 24, 2026 $1.16. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Sep 24, 2026Sep 30, 2026$1.16
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

$10,000 in NTRL 5 years ago paid $1,450 in dividends.

NTRL Risk

Risk pillarC49 out of 100Rank 4 of 4 in Merger Arbitrage
How much the fund’s monthly returns vary, scaled to a year.
4.2%
Annualised · 36 months to Oct 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.
0.22
vs 3-month T-bills · to Oct 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.

FMP measures it over up to five years of monthly returns.

NTRL Cost

Compare NTRL and MRGR

Overpaying vs MRGR, cheapest in Merger Arbitrage

$3,387

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • NTRL 0.95%

    $17,869

  • MRGR 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • NTRL 0.95%
  • MRGR 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530NTRL $17,869MRGR $14,482

Year by year

YearNTRLMRGROverpaying
10$1,678$1,336$342
20$6,322$5,078$1,244
30$17,869$14,482$3,387

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