---
ticker: "NTRL"
name: "First Trust Merger Arbitrage ETF"
url: "https://etf.net/etf/NTRL"
grade: "C"
score: 41
graded_at: "2026-10-12"
category: "Merger Arbitrage"
category_rank: "4 of 5"
methodology: "https://etf.net/methodology"
---

# NTRL: First Trust Merger Arbitrage ETF

Grade **C**, Score 41 of 100. Rank 4 of 5 in Merger Arbitrage.

Graded Oct 12, 2026.

## Grade pillars

| Pillar | Score | Category rank |
| --- | --- | --- |
| Cost | 32 | 4 of 5 |
| Mission | Not scored | — |
| Risk | 44 | 4 of 4 |
| Tradability | 51 | 3 of 5 |
| Holdings | 45 | 4 of 5 |
| Durability | 47 | 4 of 5 |

## Top holdings

The fund holds 242 positions. These are the largest 30, by weight.

| # | Ticker | Name | Weight |
| --- | --- | --- | --- |
| 1 | — | US Dollar | 80.95% |
| 2 | TER | Teradyne, Inc. | 1.60% |
| 3 | MTD | Mettler-Toledo International Inc. | 1.54% |
| 4 | KMT | Kennametal Inc. | 1.51% |
| 5 | QLYS | Qualys, Inc. | 1.51% |
| 6 | MO | Altria Group, Inc. | 1.46% |
| 7 | HLT | Hilton Worldwide Holdings Inc. | 1.44% |
| 8 | EXPD | Expeditors International of Washington, Inc. | 1.42% |
| 9 | SKWD | Skyward Specialty Insurance Group, Inc. | 1.41% |
| 10 | MSCI | MSCI Inc. | 1.38% |
| 11 | IESC | IES Holdings, Inc. | 1.37% |
| 12 | MCO | Moody's Corporation | 1.28% |
| 13 | DPZ | Domino's Pizza, Inc. | 1.26% |
| 14 | CRVL | CorVel Corporation | 1.25% |
| 15 | WINA | Winmark Corporation | 1.22% |
| 16 | ESTC | Elastic N.V. | 1.21% |
| 17 | SWKS | Skyworks Solutions, Inc. | 1.20% |
| 18 | MU | Micron Technology, Inc. | 1.18% |
| 19 | COCO | The Vita Coco Company, Inc. | 1.18% |
| 20 | QNST | QuinStreet, Inc. | 1.13% |
| 21 | AAPL | Apple Inc. | 1.12% |
| 22 | LRCX | Lam Research Corporation | 1.12% |
| 23 | RGA | Reinsurance Group of America, Incorporated | 1.10% |
| 24 | QCOM | QUALCOMM Incorporated | 1.09% |
| 25 | — | JPFTUSL2 Long Trs 07/30/2027 - JPMorgan | 1.07% |
| 26 | SCCO | Southern Copper Corporation | 1.06% |
| 27 | MA | Mastercard Incorporated | 1.06% |
| 28 | HAS | Hasbro, Inc. | 1.05% |
| 29 | DBX | Dropbox, Inc. (Class A) | 1.03% |
| 30 | GTX | Garrett Motion Inc. | 1.03% |

Source: etf.net, https://etf.net/etf/NTRL. Please cite the page URL.