- Issuer
- First Trust
- Inception Date
- Feb 4, 2020
- Region
- North America (U.S.)
- Category
- Long-Short
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Assets Under Management
- $20M
Share Price Chart
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Performance
MARB Performance Chart
First Trust Merger Arbitrage ETF (MARB) is up 0.8% since the beginning of the year. MARB is currently trading at $21 per share. Investors who bought $1,000 worth of MARB shares 5 years ago would now be looking at an investment worth $1,145.
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Returns By Period
First Trust Merger Arbitrage ETF (MARB) has returned 0.82% so far this year and 5.67% over the past 12 months.
First Trust Merger Arbitrage ETF
- 1D
- -0.33%
- 1M
- -0.36%
- YTD
- 0.82%
- 6M
- 1.04%
- 1Y
- 5.67%
- 3Y*
- 4.04%
- 5Y*
- 2.75%
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MARB Monthly Returns History
Based on dividend-adjusted daily data since Feb 5, 2020, MARB's average daily return is +0.01%, while the average monthly return is +0.16%. At this rate, an investment would double in approximately 36.1 years.
Historically, 61% of months were positive and 39% were negative. The best month was Apr 2020 with a return of +3.2%, while the worst month was Mar 2020 at -3.8%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 3 months.
On a daily basis, MARB closed higher 51% of trading days. The best single day was Mar 19, 2020 with a return of +2.4%, while the worst single day was Mar 16, 2020 at -6.5%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.36% | -0.07% | -0.00% | 0.77% | 0.14% | -0.38% | 0.82% | ||||||
| 2025 | -0.43% | 1.19% | -0.30% | 0.41% | 1.24% | 0.71% | 1.20% | 0.32% | 0.16% | 0.52% | 1.40% | 0.40% | 7.02% |
| 2024 | -2.23% | 0.05% | 0.40% | -1.31% | 0.71% | -0.12% | 1.93% | 0.76% | -0.84% | -0.62% | 0.76% | 1.31% | 0.73% |
| 2023 | -0.46% | 0.20% | 0.00% | 0.25% | -2.13% | 1.55% | -0.30% | 1.91% | 0.34% | -0.49% | 0.58% | 0.75% | 2.16% |
| 2022 | 0.72% | 0.47% | 0.66% | -0.56% | 0.33% | -0.40% | 0.71% | 0.35% | 0.15% | 1.59% | -0.78% | 0.60% | 3.89% |
| 2021 | 0.00% | -0.52% | 0.66% | 0.82% | 0.53% | -1.05% | -0.47% | 0.29% | 0.34% | -0.16% | -0.41% | 0.25% | 0.26% |
Benchmark Metrics
First Trust Merger Arbitrage ETF has an annualized alpha of 0.39%, beta of 0.11, and R2 of 0.17 versus S&P 500 Index. Calculated based on daily prices since February 05, 2020.
- This ETF captured 4.61% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -0.10%) - a profile typical of hedging or uncorrelated assets.
- Beta of 0.11 may look defensive, but with R2 of 0.17 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.17 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.39%
- Beta
- 0.11
- R²
- 0.17
- Upside Capture
- 4.61%
- Downside Capture
- -0.10%
Expense Ratio
MARB has a high expense ratio of 2.30%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MARB ranks 50 for risk / return — on par with similar ETFs. You're getting a typical balance of risk and reward. Not a standout, but not a red flag either — a reasonable choice if other factors align with your goals.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for First Trust Merger Arbitrage ETF (MARB) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| MARB | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.09 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.37 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 2.35 | 2.78 | -0.44 |
| Martin ratioReturn relative to average drawdown | 19.40 | 12.44 | +6.96 |
Dividends
Dividend History
First Trust Merger Arbitrage ETF provided a 2.99% dividend yield over the last twelve months, with an annual payout of $0.62 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $0.62 | $0.62 | $0.42 | $0.44 | $0.20 |
Dividend yield | 2.99% | 3.01% | 2.11% | 2.20% | 0.99% |
Monthly Dividends
The table displays the monthly dividend distributions for First Trust Merger Arbitrage ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.49 | $0.00 | $0.00 | $0.13 | $0.62 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.06 | $0.00 | $0.00 | $0.16 | $0.00 | $0.00 | $0.19 | $0.42 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.05 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.15 | $0.44 |
| 2022 | $0.20 | $0.20 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the First Trust Merger Arbitrage ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the First Trust Merger Arbitrage ETF was 11.99%, occurring on Mar 18, 2020. Recovery took 527 trading sessions.
The current First Trust Merger Arbitrage ETF drawdown is 0.60%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
COVID crash2020 | -11.99%Mar 2020 | 23d | 2y 1mo | 2y 1moFeb 2020 - Apr 2022 |
2024 pullback2024 | -3.67%Apr 2024 | 4mo 5d | 8mo 3d | 1y 3dDec 2023 - Dec 2024 |
2023 pullback2023 | -3.45%May 2023 | 2mo 27d | 3mo 8d | 6mo 5dFeb 2023 - Aug 2023 |
Bear market2022 | -3.19%Jun 2022 | 1mo 26d | 1mo 25d | 3mo 21dApr 2022 - Aug 2022 |
2025 pullback2025 | -2.43%Jul 2025 | 1d | 6d | 7dJul 2025 - Jul 2025 |
Drawdown Indicators
| MARB | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.99% | -56.78% | +44.79% |
Max Drawdown (1Y)Largest decline over 1 year | -2.43% | -9.10% | +6.67% |
Max Drawdown (3Y)Largest decline over 3 years | -3.67% | -18.90% | +15.23% |
Max Drawdown (5Y)Largest decline over 5 years | -3.67% | -25.43% | +21.76% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.60% | -1.80% | +1.20% |
Average DrawdownAverage peak-to-trough decline | -1.39% | -10.71% | +9.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 2.03% | -1.74% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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