VARCX Performance — First Trust Merger Arbitrage Fund, Class C
Data updated: 2026-08-24
VARCX returned +1.44% year to date and +3.46% over one year to Jun 2026. Over one year the fund trailed its US Large Blend category average: $100 grew to $103, against $118 for the category. Volatility over the past 12 months was 0.82% a year. In the 12 months to Jun 2026 the fund took in a net $183.6M, and assets reached $1.63B.
VARCX 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 | VARCX | Category average |
|---|---|---|
| 1 year (Jul 2025 – Jun 2026) | $103 | $118 |
| Since data start (Jan 2024 – Jun 2026) | $111 | $147 |
VARCX Trailing Returns
Total returns to Jun 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.44% |
| 1 year | +3.46% |
| 3 years (annualised) | +4.34% |
VARCX 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) | +1.44% |
| 2025 | +5.02% |
| 2024 | +4.41% |
VARCX 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 | +0.2% | 0.0% | +0.4% | +0.4% | +0.2% | +0.3% | — | — | — | — | — | — |
| 2025 | +0.4% | +0.4% | +0.4% | +0.6% | +0.9% | +0.3% | +0.2% | 0.0% | +0.6% | +0.8% | +0.1% | +0.3% |
| 2024 | +0.2% | +0.6% | +0.4% | +0.6% | +0.6% | +0.3% | +0.4% | +0.3% | +0.3% | +0.4% | +0.2% | +0.4% |
VARCX Risk
Risk measures from monthly returns over Jul 2025 – Jun 2026.
- 1-year volatility (annualised): 0.82%
- Best month: +0.83% (Oct 2025)
- Worst month: 0.00% (Aug 2025)
VARCX 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 |
VARCX 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.