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First Trust (NYSE Arca: MARB) will convert the First Trust Merger Arbitrage ETF to the First Trust Equity Market Neutral ETF (ticker NTRL), expected early in Q2 2026. The Fund will shift from a merger arbitrage strategy to an equity market neutral approach, investing at least 80% of net assets in derivatives, U.S. equity ETFs and U.S. exchange-listed equities, seeking approximately 150%–250% gross exposure to both long and short positions. The Fund's annual unitary management fee will be reduced to 0.95%. Portfolio management will move to the First Trust Alternatives Investment Team and the Fund will no longer have a sub-advisor.
On November 5, 2021, shareholders of First Trust Merger Arbitrage ETF (NYSE Arca: MARB) approved a new investment sub-advisory agreement with First Trust Capital Management L.P. (FTCM). This agreement follows the creation of a joint venture between Vivaldi Holdings and First Trust Capital Partners, which resulted in Vivaldi Asset Management transitioning to FTCM. As investment sub-advisor, FTCM is tasked with managing the Fund's portfolio, while First Trust Advisors L.P. continues its role as the main investment advisor.
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