First Trust Announces Changes to Investment Strategies, Name and Other Related Matters for First Trust Merger Arbitrage ETF

Core Viewpoint - First Trust Advisors L.P. is changing the investment strategies and name of the First Trust Merger Arbitrage ETF to the First Trust Equity Market Neutral ETF, with the new ticker NTRL, expected to take effect in early Q2 2026 [1][2]. Investment Strategy Changes - The Fund will shift from a merger arbitrage strategy to an equity market neutral approach, focusing on long and short positions in U.S. exchange-listed equity securities, including ETFs and financial derivatives [2]. - The Fund will aim for exposure of approximately 150%-250% to both long and short positions [2]. Management and Fees - The annual unitary management fee will be reduced to 0.95% of the Fund's average daily net assets [2]. - The portfolio management team will transition to members of the First Trust Alternatives Investment Team, eliminating the need for a sub-advisor [2]. Company Background - First Trust Advisors L.P. is a federally registered investment advisor with approximately $309 billion in assets under management as of December 31, 2025 [3].