MRGR vs NTRL: Grades, Fees and Holdings Compared

ProShares Merger ETF

MRGRBCboe

First Trust Merger Arbitrage ETF

NTRLCNYSE Arca

Overlap

0.0%by weight

Expense ratio

MRGR −0.20pt a year

MRGR0.75%NTRL0.95%

Avg volume · 30D

NTRL 9.4×the volume

MRGR1.27KNTRL11.9K

5Y return · a year

NTRL +0.2pt

MRGR+3.9%NTRL+4.1%

MRGR vs NTRL Performance

Oct 29, 2021 – Oct 30, 2026

+20.8%MRGR+22.5%NTRL

Expense ratio: MRGR 0.75%, better; NTRL 0.95%
Fund size: MRGR $16M; NTRL $16M
1Y total return: MRGR +4.8%; NTRL +9.2%, better
Yield (12M): MRGR 2.68%; NTRL 6.17%, better
Holdings: MRGR 40; NTRL 190
Avg volume (30D): MRGR 1.27K sh; NTRL 11.9K sh, better
NAV per share: MRGR $45.50; NTRL $20.93
52W range

ETF.net Grade

Pillar letters and Scores for MRGR, NTRL, with each pillar’s weight
Pillar	MRGR	NTRL
Cost30% weight	A80Higher	D33
Mission25% weight	Not scored	Not scored
Risk15% weight	B65Higher	C49
Tradability15% weight	F22	C40Higher
Holdings10% weight	B64Higher	C49
Durability5% weight	B60Higher	C47

Rank among Merger Arbitrage funds

How we build Categories ›

Same Category. MRGR 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 ›

MRGR ranks 1st and NTRL 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

MRGRBProShares Merger ETF

NTRLCFirst Trust Merger Arbitrage ETF

In short

MRGR Merger arbitrage in an ETF wrapper: MRGR tracks a rules-based index of announced global deals instead of leaning on one manager's deal picks, and it has been running that playbook since 2012.

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

MRGR MRGR seeks to track the S&P Merger Arbitrage Index before fees and expenses. The fund is designed to provide exposure to a global merger-arbitrage strategy.

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

MRGR Rules-based, not discretionary: it tracks the S&P Merger Arbitrage Index, so the roughly 40-deal basket follows published index rules rather than a manager's hunches.proshares.com
Live since 2012, making it one of the longer-running merger-arb ETFs, with a record spanning more than one deal cycle.
At 0.75% it sits at the cheaper end of a pricey niche, under First Trust's NTRL (0.95%) and AltShares' EVNT (1.33%). Distributions are quarterly.

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

MRGR One of the smaller, thinner-traded funds in the category, so spreads and fill quality are worth a look at the moment of the trade.
0.75% is mid-pack for merger arb (MNA charges the same) but many times the cost of a plain broad-market index fund.
The core risk is announced takeovers falling apart, and an index-tracking basket adjusts on the index's rules rather than a manager's judgment call.

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 MRGR profile⁠

Full NTRL profile⁠

MRGR vs NTRL Holdings

How MRGR and NTRL differ

Overlap by weight

0.0%

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

Level by level

Asset classEquity, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile29.2%

Sector

No Sector split for NTRL.

Country, concentration and asset class

Country by domicile

Country weights in MRGR and NTRL, widest gap first
Country	More in MRGRMore in NTRL	MRGR	NTRL
United States	MRGR +60.1 points	73.8%	13.7%
Ireland	NTRL +18.9 points	0.0%	18.9%
Netherlands	NTRL +18.5 points	0.0%	18.5%
Bermuda	NTRL +12.7 points	0.0%	12.7%
United Kingdom	NTRL +9.9 points	13.0%	22.9%
Canada	NTRL +7.4 points	2.5%	9.9%
Australia	MRGR +5.1 points	5.1%	0.0%
Norway	MRGR +3.2 points	3.2%	0.0%
Other countries (3)	NTRL +1.0 points	2.4%	3.4%

Outside the US: MRGR 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

MRGR33.6%
NTRL106.1%

Securities held

MRGR39
NTRL189

Asset class

MRGR: Equity
NTRL: Alternatives

Holdings

Only in MRGR39
In both0
Only in NTRL189

Only in MRGR

39 securities, 89.1% of MRGR by weight

Bluenord Asa2.99%
Personalis Inc2.72%
Allfunds Group PLC2.57%
Roku Inc2.52%
Silicon Laboratories Inc2.45%
Organon & Co2.40%
Doubleverify Holdings Inc2.37%
Option Care Health Inc2.36%
Centerspace2.36%
Dcc Energy PLC2.36%
Bio-Techne Corp2.35%
Range Resources Corp2.35%
Cleanaway Waste Management L2.35%
Integer Holdings Corp2.34%
Ihs Holding Ltd2.34%
Marketaxess Holdings Inc2.34%
Utz Brands Inc2.33%
Marinemax Inc2.33%
Payoneer Global Inc2.33%
Steadfast Group Ltd2.33%
Rotork PLC2.32%
Braze Inc-A2.32%
Varonis Systems Inc2.32%
Ptc Inc2.31%
Bumble Inc-A2.31%
Safety Insurance Group Inc2.31%
Pacira Biosciences Inc2.30%
Easyjet PLC2.29%
Athabasca Oil Corp2.29%
Lantheus Holdings Inc2.29%
Mitie Group PLC2.29%
Surgery Partners Inc2.29%
Caesars Entertainment Inc2.29%
Rxo Inc2.18%
Delivery Hero SE2.15%
Lci Industries2.14%
Supernus Pharmaceuticals Inc2.10%
Trico Bancshares2.01%
Verve Therapeutics Inc Common Stock USD0.10%

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

MRGR and NTRL share no securities.

All 52 MRGR 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.

MRGR vs NTRL Cost

Overpaying NTRL vs MRGR

$3,387

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

MRGR 0.75%
$14,482
NTRL 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

MRGR 0.75%
NTRL 0.95%
Overpaying

Year by year

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

Expense ratio

0.75%MRGR, cheaper
0.95%NTRL

MRGR vs NTRL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): MRGR 2.68%; NTRL 6.17%, better
Payout (12M): MRGR $1.22; NTRL $1.29
Last payment: MRGR $0.04; NTRL $1.16
Ex-dividend: MRGR Sep 23, 2026; NTRL Sep 24, 2026
Paid on: MRGR Sep 29, 2026; NTRL Sep 30, 2026
Frequency: MRGR Quarterly; NTRL Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

MRGRQuarterly · 28 paymentsAll MRGR payments⁠

NTRLTwice a year · 10 paymentsAll NTRL payments⁠

MRGR vs NTRL Risk

Fall from peak · 5 years

MRGR
NTRL

Risk facts

VolatilityStd dev, 3 years: MRGR 3.2%, betterNTRL 4.2%
Return per unit of riskSharpe ratio, 3 years: MRGR 0.90, betterNTRL 0.22
Worst fallMax drawdown, 5 years: MRGR −8.4%NTRL −3.7%, better
Market sensitivityBeta, 5 years: MRGR 0.01NTRL 0.04; Market = 1

MRGR and NTRL in the news

All news⁠

ETF Filings
First Trust converts RFDI and RFEM into Active Factor ETFs
Sep 11, 2026NTRL

Popular comparisons

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MRGR vs NTRL

In short

Stated mandate

Why people hold it

Worth knowing

How MRGR and NTRL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MRGR

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

How MRGR and NTRL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MRGR

Only in NTRL

Weight gaps