Skip to content
etf.net

MNA vs NTRL

NYLI Merger Arbitrage ETF

MNABNYSE Arca

First Trust Merger Arbitrage ETF

NTRLCNYSE Arca

Overlap

Expense ratio

MNA −0.17pt a year

MNA0.78%NTRL0.95%

Avg volume · 30D

MNA 3.2×the volume

MNA37.7KNTRL11.9K

5Y return · a year

NTRL +1.5pt

MNA+2.6%NTRL+4.1%

MNA vs NTRL Performance

Oct 29, 2021 – Oct 30, 2026

+13.5%MNA+22.5%NTRL

Oct 29, 2021 to Oct 30, 2026. MNA +13.5%. NTRL +22.5%. Use the arrow keys to read each point.−5%0%5%10%Oct 2021Apr 2024Oct 2026
Expense ratio
MNA 0.78%, better
NTRL 0.95%
Fund size
MNA $265M
NTRL $16M
1Y total return
MNA +3.0%
NTRL +9.2%, better
Yield (12M)
MNA 0.00%
NTRL 6.17%, better
Holdings
MNA 53
NTRL 190
Avg volume (30D)
MNA 37.7K sh, better
NTRL 11.9K sh
NAV per share
MNA $36.94
NTRL $20.93
52W range

ETF.net Grade

MNA: Cost 66, Risk 51, Mission not scored, Tradability 49, Holdings 52, Durability 76. NTRL: Cost 33, Risk 49, Mission not scored, Tradability 40, Holdings 49, Durability 47.
Pillar letters and Scores for MNA, NTRL, with each pillar’s weight
PillarMNANTRL
Cost30% weightB66HigherD33
Mission25% weightNot scoredNot scored
Risk15% weightC51HigherC49
Tradability15% weightC49HigherC40
Holdings10% weightC52HigherC49
Durability5% weightA76HigherC47

Rank among Merger Arbitrage funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. MNA and NTRL are both graded against the same 4 Merger Arbitrage funds, so their Grades compare head to head.

Merger Arbitrage⁠

Category · 4 funds
See all 4 ›

MNA ranks 2nd and NTRL 4th of 4 funds in the Merger Arbitrage Category.

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

Our read on each fund

ETF.net Research

MNABNYLI Merger Arbitrage ETF

NTRLCFirst Trust Merger Arbitrage ETF

In short

MNA 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

MNA 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

MNA 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

MNA 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 MNA profile⁠

Full NTRL profile⁠

MNA vs 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.

MNA vs NTRL Cost

Overpaying NTRL vs MNA

$2,867

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

  • MNA 0.78%

    $15,002

  • NTRL 0.95%

    $17,869

$10,000
30 years

Cost over time

  • MNA 0.78%
  • NTRL 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530NTRL $17,869MNA $15,002

Year by year

YearMNANTRLOverpaying
10$1,388$1,678$290
20$5,268$6,322$1,054
30$15,002$17,869$2,867

Expense ratio

  • 0.78%MNA, cheaper
  • 0.95%NTRL

MNA vs NTRL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MNA 0.00%
NTRL 6.17%, better
Payout (12M)
MNA None
NTRL $1.29
Last payment
MNA No data
NTRL $1.16
Ex-dividend
MNA No data
NTRL Sep 24, 2026
Paid on
MNA No data
NTRL Sep 30, 2026
Frequency
MNA No data
NTRL Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

MNA2 paymentsAll MNA payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Dec 30, 2020 $0.77; Dec 28, 2023 $0.38. Use the arrow keys to read each point.$0$12017202020232026YTD
NTRLTwice a year · 10 paymentsAll NTRL payments⁠
One bar per payment. 10 payments from 2017 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.$0$12017202020232026YTD

MNA vs NTRL Risk

Fall from peak · 5 years

  • MNA
  • NTRL
Oct 29, 2021 to Oct 30, 2026. Worst fall: MNA −8.4% · Jun 2022. Use the arrow keys to read each point.−8%−6%−4%−2%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
MNA 2.8%, betterNTRL 4.2%
Return per unit of riskSharpe ratio, 3 years
MNA 0.45, betterNTRL 0.22
Worst fallMax drawdown, 5 years
MNA −8.4%NTRL −3.7%, better
Market sensitivityBeta, 5 years
MNA 0.01NTRL 0.04

MNA and NTRL in the news

All news⁠

Popular comparisons

  • MNABvsMRGRB

    NYLI Merger Arbitrage ETF · ProShares Merger ETF

    Expense ratio
    0.78% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NTRLCvsMRGRB

    First Trust Merger Arbitrage ETF · ProShares Merger ETF

    Expense ratio
    0.95% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MNABvsARBB

    NYLI Merger Arbitrage ETF · AltShares Merger Arbitrage ETF

    Expense ratio
    0.78% · 0.82%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NTRLCvsARBB

    First Trust Merger Arbitrage ETF · AltShares Merger Arbitrage ETF

    Expense ratio
    0.95% · 0.82%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.