HXA vs NTRL: Grades, Fees and Holdings Compared

Mast HedgeIndex Corporate Arbitrage ETF

HXA—NYSE Arca

First Trust Merger Arbitrage ETF

NTRLCNYSE Arca

Overlap

0.0%by weight

Expense ratio

NTRL −0.04pt a year

HXA0.99%NTRL0.95%

Avg volume · 30D

HXA 14.0×the volume

HXA167KNTRL11.9K

HXA vs NTRL Performance

Sep 30, 2026 – Oct 7, 2026

+0.8%HXA+0.3%NTRL

Expense ratio: HXA 0.99%; NTRL 0.95%, better
Fund size: HXA $51M; NTRL $16M
1Y total return: HXA No data; NTRL +9.2%
Yield (12M): HXA No data; NTRL 6.17%
Holdings: HXA 18; NTRL 190
Avg volume (30D): HXA 167K sh, better; NTRL 11.9K sh
NAV per share: HXA $24.92; NTRL $20.93
52W range

ETF.net Grade

—HXANot yet graded

Pillar letters and Scores for HXA, NTRL, with each pillar’s weight
Pillar	HXA	NTRL
Cost30% weight	Not scored	D33
Mission25% weight	Not scored	Not scored
Risk15% weight	Not scored	C49
Tradability15% weight	Not scored	C40
Holdings10% weight	Not scored	C49
Durability5% weight	Not scored	C47

Rank among Merger Arbitrage funds

How we build Categories ›

Merger Arbitrage⁠

Category · 4 funds

See all 4 ›

NTRL ranks 4th of 4 funds in the Merger Arbitrage Category.

Rank 1BMRGRProShares Merger ETFScore 62
Rank 2BMNANYLI Merger Arbitrage ETFScore 58
Rank 3BARBAltShares Merger Arbitrage ETFScore 57
Rank 4CNTRLFirst Trust Merger Arbitrage ETFScore 40

Our read on each fund

ETF.net Research

HXA—Mast HedgeIndex Corporate Arbitrage ETF

NTRLCFirst Trust Merger Arbitrage ETF

In short

HXA No data

NTRL NTRL 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

HXA No data

NTRL 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

HXA No data

NTRL 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

HXA No data

NTRL 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.

Full HXA profile⁠

Full NTRL profile⁠

HXA vs NTRL Holdings

As of Oct 7, 2026

How HXA and NTRL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of HXA and 0.0% of NTRL.

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile15.5%

Sector

No Sector split for HXA and NTRL.

Country, concentration and asset class

Country by domicile

Country weights in HXA and NTRL, widest gap first
Country	More in HXAMore in NTRL	HXA	NTRL
United States	HXA +76.7 points	90.4%	13.7%
United Kingdom	NTRL +22.3 points	0.6%	22.9%
Ireland	NTRL +18.6 points	0.3%	18.9%
Netherlands	NTRL +18.4 points	0.1%	18.5%
Bermuda	NTRL +12.6 points	0.1%	12.7%
Canada	NTRL +9.4 points	0.5%	9.9%
Cayman Islands	HXA +6.0 points	6.0%	0.0%
Switzerland	NTRL +2.1 points	0.1%	2.2%
Other countries (3)	HXA +0.7 points	1.9%	1.2%

Concentration

Weight in the 10 largest Holdings

HXA758.0%
NTRL106.1%

Securities held

HXA18
NTRL189

Asset class

HXA: Equity
NTRL: Alternatives

Holdings

Only in HXA18
In both0
Only in NTRL189

Only in HXA

18 securities, 100% of HXA by weight

Invesco S&P 500 Quality Etf148.39%
Invesco S&P 500 Equal Weight125.15%
Ishares Msci Usa Momentum Fa105.82%
Ishares Russell 2000 Etf69.60%
Invesco S&P 500 Equal Weight65.63%
On Semiconductor57.63%
First Hawaiian Inc54.38%
Fox Corp - Class A46.45%
Invesco S&P 500 Equal Weight46.13%
Invesco S&P 500 Equal Weight38.88%
Brink's Co/The37.65%
Invesco S&P 500 Equal Weight26.92%
Invesco S&P 500 Equal Weight25.50%
Invesco S&P 500 Equal Weight24.07%
Invesco S&P 500 Equal Weight22.77%
Invesco S&P 500 Equal Weight15.45%
Invesco S&P 500 Equal Weig C4.77%
Invesco S&P 500 Equal Weight1.91%

Only in NTRL

189 securities, 100% of NTRL by weight

CGFT005L Long Trs 08/11/2027 - Citigroup1.67%
ICON Plc1.54%
Qualys, Inc.1.50%
Bnpftulo Long Trs 07/14/2027 - Bnp1.48%
Vertiv Holdings Co (Class A)1.45%
Eli Lilly and Company1.40%
WD-40 Company1.39%
Hasbro, Inc.1.38%
Masco Corporation1.37%
Weatherford International Plc1.37%
DaVita Inc.1.35%
H&R Block, Inc.1.35%
Workiva Inc.1.34%
MSCI Inc.1.34%
Halozyme Therapeutics, Inc.1.34%
nCino, Inc.1.33%
CF Industries Holdings, Inc.1.33%
First Advantage Corporation1.32%
Chemed Corporation1.32%
Jackson Financial Inc. (Class A)1.31%
Incyte Corporation1.31%
Frontdoor, Inc.1.31%
Neurocrine Biosciences, Inc.1.31%
Mastercard Incorporated1.31%
WaFd Inc.1.30%
Radian Group Inc.1.30%
Acuity Inc.1.30%
Best Buy Co., Inc.1.29%
Elastic N.V.1.29%
W.W. Grainger, Inc.1.29%
Apple Inc.1.29%
ExlService Holdings, Inc.1.29%
Pfizer Inc.1.29%
Bristol-Myers Squibb Company1.29%
OneMain Holdings, Inc.1.28%
Colgate-Palmolive Company1.28%
Paycom Software, Inc.1.28%
Ameriprise Financial, Inc.1.28%
Monster Beverage Corporation1.28%
Expeditors International of Washington, Inc.1.27%
The J.M. Smucker Company1.27%
Palomar Holdings, Inc.1.27%
TechnipFMC Plc1.27%
Dropbox, Inc. (Class A)1.27%
Gold.com Inc.1.27%
Reinsurance Group of America, Incorporated1.26%
Bread Financial Holdings, Inc.1.26%
IDEXX Laboratories, Inc.1.26%
United Therapeutics Corporation1.23%
Guardian Pharmacy Services, Inc. (Class A)1.22%

Weight gaps

HXA and NTRL share no securities.

All 149 HXA holdings⁠All NTRL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HXA vs NTRL Cost

Overpaying HXA vs NTRL

$656

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

HXA 0.99%
$18,525
NTRL 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

HXA 0.99%
NTRL 0.95%
Overpaying

Year by year

Year	HXA	NTRL	Overpaying
10	$1,746	$1,678	$68
20	$6,565	$6,322	$243
30	$18,525	$17,869	$656

Expense ratio

0.99%HXA
0.95%NTRL, cheaper

HXA vs NTRL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HXA No data; NTRL 6.17%
Payout (12M): HXA None; NTRL $1.29
Last payment: HXA No data; NTRL $1.16
Ex-dividend: HXA No data; NTRL Sep 24, 2026
Paid on: HXA No data; NTRL Sep 30, 2026
Frequency: HXA No data; NTRL Twice a year

Distribution history

Per share, 2022 to 2026, same scale for both

HXAAll HXA payments⁠

No distribution history available.

NTRLTwice a year · 10 paymentsAll NTRL payments⁠

HXA vs NTRL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HXA No dataNTRL 4.2%
Return per unit of riskSharpe ratio, 3 years: HXA No dataNTRL 0.22
Worst fallMax drawdown, 5 years: HXA No dataNTRL −3.7%
Market sensitivityBeta, 5 years: HXA 0.00NTRL 0.04; Market = 1

HXA and NTRL in the news

All news⁠

ETF Filings
First Trust converts RFDI and RFEM into Active Factor ETFs
Sep 11, 2026NTRL
New ETFs
Mast lists HXF at 0.80% with HedgeIndex in the name and no index in the mandate
Sep 4, 2026HXA

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HXA vs NTRL

In short

Stated mandate

Why people hold it

Worth knowing

How HXA and NTRL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HXA

Only in NTRL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

First Trust converts RFDI and RFEM into Active Factor ETFs

Mast lists HXF at 0.80% with HedgeIndex in the name and no index in the mandate