VARBX Performance — First Trust Merger Arbitrage Fund, Class I
Data updated: 2026-08-24
VARBX returned +1.99% year to date and +4.41% over one year to Jun 2026. Annualised returns are +5.41% over 3 years and +4.15% over 5 years. The fund trailed its US Large Blend category average: $100 invested three years ago grew to $117, against $157 for the category, and to $104 over one year, against $118. Volatility over the past three years was 0.69% a year. In the 12 months to Jun 2026 the fund took in a net $183.6M, and assets reached $1.63B.
VARBX Growth of $100
What $100 invested in First Trust Merger Arbitrage Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the US Large Blend category average over the same months.
| Period | VARBX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $104 | $118 |
| 3 years (Jul 2023 – Jun 2026) | $117 | $157 |
| 5 years (Jul 2021 – Jun 2026) | $123 | $161 |
| Since data start (Jul 2019 – Jun 2026) | $136 | $229 |
VARBX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.99% |
| 1 year | +4.41% |
| 3 years (annualised) | +5.41% |
| 5 years (annualised) | +4.15% |
VARBX Annual Returns
Calendar-year total returns of First Trust Merger Arbitrage Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jun) | +1.99% |
| 2025 | +6.06% |
| 2024 | +5.51% |
| 2023 | +3.30% |
| 2022 | +2.50% |
| 2021 | +5.43% |
| 2020 | +3.99% |
| 2019 (Jul–Dec) | +2.73% |
VARBX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.4% | 0.0% | +0.5% | +0.5% | +0.3% | +0.4% | — | — | — | — | — | — |
| 2025 | +0.5% | +0.5% | +0.5% | +0.7% | +1.0% | +0.5% | +0.2% | +0.1% | +0.6% | +0.9% | +0.2% | +0.3% |
| 2024 | +0.3% | +0.7% | +0.6% | +0.6% | +0.6% | +0.4% | +0.5% | +0.4% | +0.4% | +0.5% | +0.3% | +0.4% |
| 2023 | +0.5% | +0.3% | −0.2% | +0.4% | −0.6% | +0.4% | +0.4% | +0.4% | +0.6% | +0.5% | +0.5% | +0.3% |
| 2022 | −0.1% | +0.4% | +0.5% | −0.2% | −0.7% | −0.2% | +0.5% | +0.4% | +0.1% | +0.8% | +0.7% | +0.4% |
| 2021 | +3.2% | +1.1% | −1.2% | +0.6% | −0.3% | +0.5% | +0.4% | +0.1% | +0.4% | +0.4% | +0.2% | +0.1% |
| 2020 | +0.2% | −0.3% | −2.1% | +1.0% | +0.1% | +0.1% | +0.1% | +0.2% | +0.5% | −0.4% | +1.7% | +2.9% |
| 2019 | — | — | — | — | — | — | +1.0% | +0.3% | +0.3% | +0.3% | +0.5% | +0.4% |
VARBX Risk
Risk measures from monthly returns over Jul 2023 – Jun 2026.
- 3-year volatility (annualised): 0.69%
- 3-year Sharpe ratio: 1.33 (vs 4.5% risk-free rate)
- Best month: +1.02% (May 2025)
- Worst month: 0.00% (Feb 2026)
VARBX Fund Flows
Monthly money in and out of First Trust Merger Arbitrage Fund, from SEC Form N-PORT.
- 12-month net flow: $183.6M
- 12-month gross sales (incl. reinvestments): $626.3M
- Sales ÷ redemptions: 1.41×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jun 2026 | $43.7M | $41.0M | $2.6M |
| May 2026 | $46.9M | $32.6M | $14.3M |
| Apr 2026 | $58.1M | $39.3M | $18.8M |
| Mar 2026 | $47.3M | $37.0M | $10.3M |
| Feb 2026 | $40.5M | $45.0M | −$4.5M |
| Jan 2026 | $49.2M | $49.7M | −$438K |
| Dec 2025 | $129.3M | $63.9M | $65.4M |
| Nov 2025 | $42.8M | $26.3M | $16.4M |
| Oct 2025 | $47.8M | $30.9M | $16.9M |
| Sep 2025 | $35.7M | $28.6M | $7.1M |
| Aug 2025 | $41.5M | $24.4M | $17.1M |
| Jul 2025 | $43.6M | $24.0M | $19.6M |
VARBX Assets Under Management
Net assets of First Trust Merger Arbitrage Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-06-30 | $1.63B |
| 2026-03-31 | $1.58B |
| 2025-12-31 | $1.56B |
| 2025-09-30 | $1.53B |
| 2025-06-30 | $1.47B |
| 2025-03-31 | $1.50B |
| 2024-12-31 | $1.45B |
| 2024-09-30 | $1.52B |
| 2024-06-30 | $1.56B |
| 2024-03-31 | $1.62B |
| 2023-12-31 | $1.85B |
| 2023-09-30 | $2.07B |
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.