NTRL Fees and Costs — First Trust Merger Arbitrage ETF
Data updated: 2026-10-13
The net expense ratio is 1.69%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $45K in broker commissions, 0.1473% of average net assets, and portfolio turnover was 195%.
NTRL Fees and Expenses
Annual operating expenses and sales charges of NTRL. Prospectus, as of July 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.40% |
| Gross expense ratio | 1.69% |
| Fee waiver | — |
| Net expense ratio | 1.69% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
NTRL Costs Over Time
On $10,000 invested in NTRL, assuming 5% a year before costs, total costs come to $1,130 over 5 years, cutting the return by 1.93% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.69%) | $177 | $549 | $943 |
| Trading costs (broker commissions) | $15 | $48 | $82 |
| Lost growth on money paid in costs | $0 | $30 | $104 |
| Total costs | $193 | $626 | $1,130 |
| Value after costs | $10,307 | $10,950 | $11,633 |
| Impact on return, per year | 1.93% | 1.93% | 1.93% |
NTRL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1473%
- Total broker commissions: $45K
- Bought from dealers (principal trades, not a cost): $66.7M
- Portfolio turnover (prospectus): 195%
NTRL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $44K | 96.67% |
| BNP PARIBAS SECURITIES CORP. | $2K | 3.33% |
NTRL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $5.0M | 22.13% |
| BOFA SECURITIES, INC. | $4.3M | 19.36% |
| JANE STREET EXECUTION SERVICES, LLC | $1.8M | 7.92% |
| AMEDISYS, INC. | $1.7M | 7.60% |
| OneStream, Inc. | $1.6M | 7.32% |
| Confluent, Inc. | $1.6M | 7.23% |
| SPARTANNASH COMPANY | $1.6M | 7.13% |
| Olo Inc. | $1.6M | 7.13% |
| COUCHBASE, INC. | $1.6M | 7.11% |
| HILLENBRAND, INC. | $1.6M | 7.06% |
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.