NTRL First Trust Equity Market Neutral ETF

ETF

ETF quote, holdings, sector allocation, technicals, and options analytics. Expected move IV rank history Fibonacci levels

Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.

NTRL — —
Key stats
About

First Trust Equity Market Neutral ETF (NTRL) ETF

No description available.

Exchange
ARCX
Inception
2020-02-04
Has Options
Yes
Fund profile
holdings as of Oct 20, 2026issuer datathrough Jul 2026flows, SEC filings
Alternative Long/Short & Market Neutral#17 of 26 by assets First Trust Actively managed
Expense ratio
0.95%
prospectus, filed Jun 18, 2026
Assets
$15M
issuer-reported, Oct 20, 2026
Trailing yield
5.47%
paid semi-annual
Average daily volume
$206K
30 sessions
Holdings
518
top 10 are 4.6%
Listed
Feb 4, 2020
NYSE Arca
Last fee change
-74 bp
filed Jun 18, 2026
Net asset value
$21.22
issuer, Oct 20, 2026
30-day SEC yield
1.04%
issuer, Sep 30, 2026
Closure risk, 12 months
3.8%
low: trading volume, trailing return · model
FrenzyCap ETF score
21
how it is built
Cost48
Liquidity10
Scale6
Diversification0

Stated objective. The First Trust Equity Market Neutral ETFs (the Fund ) investment objective is to seek to provide investors with capital appreciation. (from the fund's prospectus)

All 518 holdingsFlow historyOverlap toolAll Long/Short & Market Neutral ETFs

Fund flows
through Jul 2026SEC filings
Jul 2026
−$3.2M
latest reported month
Latest 3 months
−$9.4M
−58.0% of assets
Latest 12 months
−$19M
−115.7% of assets
Aug 2025: +$1.0MSep 2025: −$1.0MSepOct 2025: +$1.0MNov 2025: $0NovDec 2025: +$1.0MJan 2026: +$3.1M+$3.1MJanFeb 2026: −$1KMar 2026: −$6.2MMarApr 2026: −$8.3M−$8.3MMay 2026: −$5.2MMayJun 2026: −$1.0MJul 2026: −$3.2MJul
View as a table
Net flows of NTRL by month, Aug 2025 to Jul 2026
MonthNet flow
Jul 2026−$3.2M
Jun 2026−$1.0M
May 2026−$5.2M
Apr 2026−$8.3M
Mar 2026−$6.2M
Feb 2026−$1K
Jan 2026+$3.1M
Dec 2025+$1.0M
Nov 2025$0
Oct 2025+$1.0M
Sep 2025−$1.0M
Aug 2025+$1.0M

Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 78 months ago

Similar funds
FundOverlapFeeAssets1Y
FTLSFirst Trust Long/Short Equity ETF—1.38%$2.6B+11.5%compare
QAINYLIM Hedge Multi-Strategy Tracker ETF—0.88%$996M+5.7%compare
CLSEConvergence Long/Short Equity ETF—1.52%$614M+31.0%compare
ORRMilitia Long/Short Equity ETF——$367M+24.2%compare
BTALAGF U.S. Market Neutral Anti-Beta Fund—1.40%$328M−17.2%compare

The largest other funds in the Long/Short & Market Neutral category.

What changed in the portfolio
Jan 31, 2026 → Apr 30, 2026
ActionHoldingWeight beforeWeight afterShares vs flows
ExitCFLTConfluent Inc4.06%——
ExitAspen Insurance Holdings Ltd4.06%——
ExitJAMFJamf Holding Corp4.02%——
New positionSEMSELECT MEDICAL HOLDINGS CORP—4.01%—
ExitHIHillenbrand Inc4.01%——
ExitALEXAlexander & Baldwin Inc3.98%——
New positionCORMASIMO CORP—3.80%—
New positionTALKTALKSPACE INC—3.77%—
New positionPKSTPEAKSTONE REALTY TRUST—3.77%—
New positionCWANCLEARWATER ANALYTICS HOLDINGS INC—3.39%—

0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 2.4%. Full holdings and history

Under the hood
fiscal year to Jul 31, 2025SEC census
Authorized participants
4 active
of 24 with agreements; top 3 did 86%
Created · redeemed
$8.0M · $6.0M
over the fiscal year
Redemptions in kind
57%
creations 56% in kind
Creation unit
50,000
shares
Securities lending
authorized, none lent
Diversification status
Non-diversified
may concentrate in fewer issuers

From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.

ETF Profile
holdings as of 2026-10-20
Holdings
518
AUM
$14.8M
Provider
First Trust
Inception
2020-02-04
Exchange
ARCX
Data As Of
2026-10-20
Expense Ratio
0.95%
Dividend Yield
5.47%
Distribution
Semi-Annual
Recent distributions
Ex-Date Pay Date Amount Type
2026-09-24 2026-09-30 $1.1588 CD
2023-12-28 2024-01-08 $2.2677 CD
2023-06-29 2023-07-10 $0.0833 CD
Asset Allocation
Top Holdings
top 50 of 518 holdings
Symbol Name Weight % Asset Class Country
— US Dollar 97.74% Cash/Money Market —
— JPFTUSL2 LONG TRS 07/30/2027 - JPMORGAN 2.21% Derivative —
— CGFT005L LONG TRS 08/11/2027 - CITIGROUP 1.19% Derivative —
— BNPFTULO LONG TRS 07/14/2027 - BNP 1.17% Derivative —
— Bristol-Myers Squibb Co. - CVR 0.00% Other —
— Chinook Therapeutics Cvr 0.00% Other US
— Icosavax Inc Cvr 0.00% Other GB
— Johnson & Johnson - CVR 0.00% Other US
— Pfizer Inc (CVR) 0.00% Other —
— Roche Holding AG - CVR 0.00% Equity (Foreign) CH
— Sycamore Partners Llc -Right 0.00% Other US
— TPG Inc. (CVR) 0.00% Other US
— Zimmer Biomet Holdings, Inc. (CVR) 0.00% Other —
— Mettler-Toledo International Inc. (swap) 0.00% Derivative —
— Hilton Worldwide Holdings Inc. (swap) 0.00% Derivative US
— Altria Group, Inc. (swap) 0.00% Derivative US
— Skyward Specialty Insurance Group, Inc. (swap) 0.00% Derivative —
— Kennametal Inc. (swap) 0.00% Derivative —
— Expeditors International of Washington, Inc. (swap) 0.00% Derivative —
— MSCI Inc. (swap) 0.00% Derivative US
— Qualys, Inc. (swap) 0.00% Derivative —
— Teradyne, Inc. (swap) 0.00% Derivative US
— CorVel Corporation (swap) 0.00% Derivative —
— Moody's Corporation (swap) 0.00% Derivative —
— Domino's Pizza, Inc. (swap) 0.00% Derivative —
— Skyworks Solutions, Inc. (swap) 0.00% Derivative US
— Winmark Corporation (swap) 0.00% Derivative —
— The Vita Coco Company, Inc. (swap) 0.00% Derivative —
— Hasbro, Inc. (swap) 0.00% Derivative US
— QuinStreet, Inc. (swap) 0.00% Derivative —
— Elastic N.V. (swap) 0.00% Derivative —
— Paycom Software, Inc. (swap) 0.00% Derivative US
— Reinsurance Group of America, Incorporated (swap) 0.00% Derivative —
— Apple Inc. (swap) 0.00% Derivative US
— Mastercard Incorporated (swap) 0.00% Derivative —
— IES Holdings, Inc. (swap) 0.00% Derivative —
— Match Group Inc. (swap) 0.00% Derivative US
— Dropbox, Inc. (Class A) (swap) 0.00% Derivative US
— Masco Corporation (swap) 0.00% Derivative US
— QUALCOMM Incorporated (swap) 0.00% Derivative —
— O'Reilly Automotive, Inc. (swap) 0.00% Derivative —
— A.O. Smith Corporation (swap) 0.00% Derivative US
— 3M Company (swap) 0.00% Derivative US
— FactSet Research Systems Inc. (swap) 0.00% Derivative US
— Illinois Tool Works Inc. (swap) 0.00% Derivative —
— Chemed Corporation (swap) 0.00% Derivative US
— Yum! Brands, Inc. (swap) 0.00% Derivative US
— Teladoc Health, Inc. (swap) 0.00% Derivative —
— Colgate-Palmolive Company (swap) 0.00% Derivative US
— Micron Technology, Inc. (swap) 0.00% Derivative US
Non-Equity Breakdown
First Trust Merger Arbitrage ETF · NPORT-P period 2026-04-30 (filed 2026-06-23)
Net assets: $25M · 25 total positions · equity 49.28% · non-equity 50.07%
Non-equity holdings — 1 positions, 50.07% of NAV
Category Weight Value Positions
Short-term investment 50.07% $12.5M 1
Chart
Seasonality
'23'24'26Avg
Jan---10.36%---10.36%
Feb---0.77%---0.77%
Mar--------
Apr--------
May-1.75%-----1.75%
Jun8.50%---1.44%3.53%
Jul-0.53%--4.91%2.19%
Aug2.56%--0.29%1.43%
Sep-6.53%---5.98%-6.26%
Oct-0.97%--2.98%*1.00%
Nov-0.99%-----0.99%
Dec-0.76%-----0.76%
Total-1.09%-11.05%0.40%-3.91%
* Only 3 year(s) of data available.
Technical Indicators

Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.

Trend Indicators
  • SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
  • EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
  • MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
  • ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
  • +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
  • RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
  • Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
  • Williams %R — inverted scale: <−80 oversold, >−20 overbought.

Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.

Volume & Volatility
  • Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
  • OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
  • Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
  • ATR / True Range — average daily $ move; sizing and stop-loss reference.
  • HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.

Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →

Trend Indicators

SMA 20: $20.69
SMA 50: $21.17
SMA 200: $26.93
Current: $21.05
EMA 12: $20.97
EMA 26: $20.96
MACD: 0.0100 | Signal: 0.0957
BEARISH
ADX (14): 19.28
RANGE
+DI: 32.87
−DI: 32.02

Momentum Oscillators

RSI (14): 52.83
NEUTRAL
Stoch %K: 87.65
Stoch %D: 90.97
Williams %R: -22.79

Volume & Volatility

BB Upper: $21.36
BB Lower: $20.02
NEUTRAL
OBV: 47,667
Vol SMA 20: 12,526
Vol ROC: -44.45%
ATR: $0.19
True Range: $0.22
HV 20: 7.9%
HV 30: 18.8%
HV 60: 16.7%

Data Summary

Data Points: 267
Last Updated:
Date Range: 2023-05-25T00:00:00 – 2026-10-21T00:00:00
AI Analysis

Click Frenzy-Pro™ for an AI analysis of this ticker.

Analysis includes technical indicators, news sentiment, risk assessment, and specific price levels to watch.

News
All NTRL news →

NTRL Options Activity & IV Rank

NTRL IV rank history, 52-week IV rank and IV percentile →

Volatility Metrics

Current IV: 50.0%
7-DTE IV: —
Expected Move: —
7-DTE Move: —
Days to Exp: — (Unknown)

Options Flow

Call Volume: —
Put Volume: —
P/C Volume: —
Call OI: —
Put OI: —
P/C OI: —
Total OI: —

ATM Options Pricing

ATM Call: —
ATM Put: —
Call %: —
Put %: —

Chain Summary

Chain Volume: 0
Chain OI: 0
Last Updated: 2/20/2024
Spread Scanner GPU
Full Algorithm Docs ↗

Each spread is ranked by a composite score built in three stages. Full documentation →

Stage 1 — Base Score (GPU scanner)

score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.

Stage 2 — Skew Adjustment (±25% cap)

RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.

Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
  • RSI <40 bullish / >60 bearish
  • MACD crossover + histogram trend
  • Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
  • Stochastic %K <20 / >80
  • Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
  • Blended ATR + straddle expected-move penalty
  • Bollinger Band signal (+ counter-trend penalty)
  • BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
  • IV rank ≥ 75 → strong boost for credit spreads
  • IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
  • Min open interest across all legs
  • OI < 100 → −0.10 · OI < 500 → −0.05

score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →

Enter a ticker to scan for optimal spread opportunities.

Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.

Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Metric:
Wing vs ATM
IV(put wing) − IV(ATM), in vol points

How much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.

  • Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
  • Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
  • Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
  • Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each side

Which side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.

  • Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
  • Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
  • Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
  • Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together

Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:

  • High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
  • Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
  • Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d —
— pts EXTREME
ATM — / Wing —
30 DTE / 10d —
— pts EXTREME
ATM — / Wing —

Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.

Volatility Surface

Enter a ticker to render the implied volatility surface.

Volatility Smile

Enter a ticker to render the implied volatility smile.

IV Rank (7 DTE)
IV Rank (30 DTE)100.0HighFeb 20
Straddle Price (30 DTE)
Beta Analysis

Risk Metrics

Beta: -0.1947
Alpha: -60.10%
Correlation: -0.0526
R-Squared: 0.3%
Stock Volatility: 40.9%
Market Volatility: 11.0%

Analysis Details

Benchmark: SPY
Data Points: 85
Period: 252 trading days
Interpretation:
Negative beta - stock moves opposite to market
Beta & Alpha Over Time

NTRL Institutional Ownership (13F)

Latest filings — 2026-09-30

Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.

  • Shares — long equity positions in this name, aggregated across share classes.
  • Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
  • % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
  • Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.

Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.

30 filers499,543 shares$10.31M value
# Filer Shares Value % of Total % of Float Period
1 LPL Financial LLC Custodian 127,310 $2.63M 25.49% — 2026-06-30
2 FAS Wealth Partners, Inc. 74,598 $1.54M 14.93% — 2026-06-30
3 Frederick Financial Consultants, LLC 58,719 $1.21M 11.75% — 2026-06-30
4 Clear Harbor Asset Management, LLC 41,264 $851.66K 8.26% — 2026-06-30
5 AE Wealth Management LLC Custodian 40,326 $832.30K 8.07% — 2026-06-30
6 Stratos Wealth Advisors, LLC 38,909 $803.06K 7.79% — 2026-06-30
7 Owen LaRue, LLC 33,078 $682.71K 6.62% — 2026-06-30
8 ASSETMARK, INC 16,167 $333.67K 3.24% — 2026-06-30
9 WEDBUSH SECURITIES INC 14,647 $302.00K 2.93% — 2026-06-30
10 Cetera Investment Advisers Custodian 10,296 $212.50K 2.06% — 2026-06-30
11 Royal Bank of Canada Custodian 10,218 $211.00K 2.05% — 2026-06-30
12 Envestnet Asset Management, Inc. 10,206 $210.64K 2.04% — 2026-06-30
13 OSAIC HOLDINGS, INC. Custodian 6,555 $135.28K 1.31% — 2026-06-30
14 Cassaday & Co Wealth Management LLC 3,777 $77.95K 0.76% — 2026-06-30
15 HARBOUR INVESTMENTS, INC. 2,996 $61.84K 0.60% — 2026-06-30
16 PRIVATE TRUST CO NA 2,449 $50.55K 0.49% — 2026-06-30
17 HIGHLINE WEALTH PARTNERS LLC 2,129 $43.94K 0.43% — 2026-06-30
18 CIBC Private Wealth Group LLC 1,499 $30.94K 0.30% — 2025-12-31
19 Ascentis Independent Advisors 1,234 $25.47K 0.25% — 2026-06-30
20 UBS Group AG Custodian 1,130 $23.32K 0.23% — 2026-06-30
21 Arax Advisory Partners Custodian 470 $9.70K 0.09% — 2026-06-30
22 CALDWELL SUTTER CAPITAL, INC. 440 $9.08K 0.09% — 2026-06-30
23 CoreCap Advisors, LLC 428 $8.72K 0.08% — 2026-09-30
24 MCGUIRE CAPITAL ADVISORS INC 192 $3.96K 0.04% — 2026-06-30
25 IFG Advisory, LLC 177 $3.65K 0.04% — 2026-06-30
# Filer Notional Value % of Total Period
# Filer Notional Value % of Total Period
Short Interest & Float

Regulatory short-interest reports publish on a bi-weekly settlement cadence; short-volume is reported daily by the trade-reporting facilities. Float is derived from insider-ownership filings.

Metric definitions
  • Short Interest — total shares currently sold short as of the settlement date. Lags real time by ~8 business days.
  • SI % of Float — short interest / free float. The key crowding metric.
  • Days to Cover — short interest / avg daily volume. How many full trading days it would take shorts to buy back. High DTC + catalyst = squeeze fuel.
  • Short Vol Ratio — today's short-sale volume / total volume. Intraday selling pressure proxy (not the same as short interest).
  • Free Float — shares available for public trading (total shares minus insider / restricted).
  • Float % — free float / shares outstanding. <50% = tightly held, more prone to squeezes.
How to read the signals
  • SI % of Float < 5% — typical, no particular signal.
  • 5–15% — elevated; watch for catalysts (earnings, guidance, macro).
  • 15–30% — heavily shorted; tight-float names in this range have produced notable squeezes historically.
  • >30% — extreme; borrow is likely expensive and squeeze risk is material.
  • Days to Cover > 5 combined with high SI% amplifies squeeze potential.
History chart
  • Trend matters more than level. Rapidly rising short interest often precedes negative catalysts or heavy hedging.
  • A sudden drop in SI after a rally may indicate a squeeze in progress.

Short interest is reported mid-month and end-of-month; short volume is daily.

Short Interest
13.50K
SI % of Float
1.93%
Days to Cover
1.00
Short Vol Ratio
32.5%
Free Float
—
Float %
—
Short interest 2026-09-30 • Short volume 2026-10-21
Constituent Performance

Click any bar to view the full quote for that stock.

Constituents
Symbol Name Weight % Price 1 Day 1 Week 1 Month