NTRL — First Trust Merger Arbitrage ETF
Data updated: 2026-10-13
NTRL — First Trust Merger Arbitrage ETF. 1.69% expense ratio · no sales load · since 2020 · Event-Driven. Holdings, fees, performance and SEC filings.
NTRL Fund Overview
NTRL — First Trust Merger Arbitrage ETF is a US ETF managed by First Trust Advisors L.P., categorised as Event-Driven. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Adviser: First Trust Advisors L.P.
- Sub-adviser: First Trust Capital Management L.P.
- Trust: First Trust Exchange-Traded Fund III
- Category: Event-Driven
- Minimum investment: none, traded on an exchange
- Inception date: February 4, 2020
- Exchange: NYSE Arca
- Assets under management: $16.26M
- 1-year return: 7.9%
- Ticker: NTRL
- SEC CIK: 0001424212
- SEC series ID: S000067481
- Share class ID: C000216993
- FIGI: BBG00RHJ0R55
- LEI: 549300X8SYNEGGE8J693
About NTRL
First Trust Equity Market Neutral ETFs (NTRL) seeks capital appreciation. It invests at least 80% of its net assets in derivatives and U.S. exchange-listed equities, using long and short positions, mainly through total return swaps, to produce returns that are largely independent of the general equity market. The fund is non-diversified. Listed on NYSE Arca since February 4, 2020, NTRL costs 1.69% a year and returned 7.9% in the 12 months to July 31, 2026, based on monthly returns reported to the SEC on Form N-PORT, with 5.2% volatility.
NTRL Holdings
Top 7 holdings of First Trust Merger Arbitrage ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Dreyfus Government Cash Management Funds | 82.74% |
| Morgan Stanley Institutional Liquidity Funds | 0.87% |
| Bnp Paribas | 0.82% |
| Citigroup Inc. | 0.58% |
| Citigroup Inc. | 0.53% |
| Bnp Paribas | 0.49% |
| JPMorgan Chase Bank, National Association | 0.22% |
NTRL Portfolio Allocation
Asset-class allocation of First Trust Merger Arbitrage ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 83.6% |
| Derivatives | 2.4% |
NTRL Performance
Total returns for NTRL through July 2026, from SEC filings.
| Period | Total return |
|---|---|
| YTD | 5.20% |
| 1 year | 7.90% |
| 3 years (annualised) | 5.23% |
| 5 years (annualised) | 3.80% |
NTRL Risk Information
Risk metrics for NTRL, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.18%
NTRL Costs and Fees
NTRL costs about $169 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.69%
- Gross expense ratio: 1.69%
- Portfolio turnover: 195%
- Brokerage commissions: 14.73 bps of average net assets (SEC N-CEN)
NTRL Cashflows
Over the 12 months to 2026-07, First Trust Merger Arbitrage ETF had net outflows of $18.81M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-07 | −$3.17M |
| 2026-06 | −$1.05M |
| 2026-05 | −$5.22M |
| 2026-04 | −$8.32M |
| 2026-03 | −$6.23M |
| 2026-02 | −$1.47K |
NTRL Debt Constituents
No individual debt constituents are reported in First Trust Merger Arbitrage ETF's latest SEC N-PORT filing.
NTRL Prospectus and SEC Filings
Official First Trust Merger Arbitrage ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-11-28
- Prospectus (485BPOS) — filed 2024-11-27
- Prospectus (485BPOS) — filed 2023-11-16
- Portfolio holdings (N-PORT) — filed 2026-09-22
- Portfolio holdings (N-PORT) — filed 2026-06-23
- Portfolio holdings (N-PORT) — filed 2026-03-25
- Annual census (N-CEN) — filed 2026-10-13
- Annual census (N-CEN) — filed 2025-10-10
NTRL Service Providers
Firms that manage, distribute, hold, administer and audit First Trust Merger Arbitrage ETF, as reported on SEC Form N-CEN, fiscal year ending July 31, 2025.
- Adviser: First Trust Advisors L.P.
- Sub-adviser: First Trust Capital Management L.P.
- Distributor: First Trust Portfolios L.P.
- Custodian: The Bank of New York Mellon
- Transfer agent: The Bank of New York Mellon
- Administrator: The Bank of New York Mellon
- Auditor: Deloitte & Touche LLP
Related Funds
Other Event-Driven funds tracked on ABC INVEST:
NTRL: Frequently Asked Questions
What is the expense ratio of First Trust Merger Arbitrage ETF (NTRL)?
NTRL has a net expense ratio of 1.69%, about $169 a year for every $10,000 invested. NTRL fees and costs
What are NTRL's top holdings?
As of July 31, 2026, NTRL held 17 positions. The largest are Dreyfus Government Cash Management Funds (82.74%), Morgan Stanley Institutional Liquidity Funds (0.87%), Bnp Paribas (0.82%), Citigroup Inc. (0.58%) and Citigroup Inc. (0.53%). All NTRL holdings
Can I download the full list of NTRL holdings?
Yes. The complete NTRL holdings list as of July 31, 2026 can be downloaded as a CSV file from the Holdings page: holding, ticker, FIGI, sector, country, asset type, shares, value and share of net assets, from the fund's SEC N-PORT filing. Download NTRL holdings (CSV)
How has First Trust Merger Arbitrage ETF performed?
NTRL returned +7.9% over the 12 months to July 2026, +5.2% a year over 3 years and +3.8% a year over 5 years. NTRL performance and risk
How large is NTRL?
NTRL manages $16.26M (SEC N-PORT, July 2026). Investors withdrew a net $18.81M over the past 12 months.
Who manages NTRL and when did it launch?
NTRL is managed by First Trust Advisors L.P., with First Trust Capital Management L.P. as sub-adviser. It is a series of First Trust Exchange-Traded Fund III. It has traded on NYSE Arca since February 4, 2020.
How does NTRL compare with similar Event-Driven funds?
Among 7 Event-Driven funds, NTRL ranks #7 of 7 on net expense ratio (1.69%) and #4 of 4 by assets. The largest is AQR Diversified Arbitrage Fund (QDARX). Compare NTRL with QDARX
Where can I find NTRL's prospectus and SEC filings?
NTRL's latest prospectus (485BPOS) was filed November 28, 2025 and its latest N-PORT holdings report was filed September 22, 2026. All 40 filings are linked on ABC INVEST and on SEC EDGAR (series S000067481). NTRL SEC filings
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, and annual data from Form N-CEN.
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.