First Trust Merger Arbitrage Fund Class I (VARBX) Fund Details & Analysis

Fund Information

Fund Category Event Driven

Fund Family First Trust

Fund Style Large

ISIN US46141T8696

CUSIP 46141T869

Inception Date 2015-10-01

Domicile United States

Country USA

Fiscal Year End September

NAV Chart

Fund Metrics

Net Assets $1.56 Billion

Share Class Net Assets $1.50 Billion

Expense Ratio 1.84%

Expense Ratio Date 2025-01-31

Dividend Yield 0.03%

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Performance

YTD Return 0.38%

1-Year Return 6.06%

3-Year Return 4.98%

5-Year Return 3.82%

NAV $10.59

Previous Close Price $10.59

Last Update 2025-12-31

Dividend Information

Dividend Yield 0.03%

Dividend (ttm) 0.17

Dividend Growth -58.12%

Payout Frequency Annual

Ex-Dividend Date n/a

Ratings

Morning Star Rating -

Morning Star Risk Rating -

Morning Star Category -

Beta (5Y) 1.23

About First Trust Merger Arbitrage Fund Class I

Under normal market conditions, the fund's adviser intends to invest in equity securities (publicly-traded common stock and preferred stock) and derivatives thereof of companies that are involved in a significant corporate event, such as a merger or acquisition. Investments in companies undergoing a merger or acquisition have both risk and return characteristics that are different from the risks of investing in the general stock market. It may invest in equity securities of any market capitalization.

Detailed Metrics

Market Cap Distribution

AverageMarketCap 4304.66%

Giant 0.00%

Large 0.00%

Medium 25.69%

Micro 31.91%

Small 11.02%

Value & Growth Metrics

Book-Value Growth % 3.50%

Cash-Flow Growth % 6.12%

Dividend Yield % 0.90%

Historical Earnings % 11.47%

Long-Term Earnings % 8.04%

Asset Allocation

Type	Net %	Long %	Short %	Category Average	benchmark
Bond	0.00%	0.00%	0.00%	12.12%	77.92%
Cash	33.71%	33.71%	0.00%	25.09%	0.00%
Non US Stock	12.67%	12.67%	0.00%	13.66%	8.20%
Not Classified	0.00%	0.00%	0.00%	0.99%	0.00%
Other	13.61%	13.61%	0.00%	2.13%	2.01%
US Stock	40.01%	66.19%	26.19%	70.10%	11.87%

Top Holdings

Name	Weight	Owned	Change
MSILF Government Portfolio - Class Institutional	14.06%	-	-
Encore Wire Corp.	8.33%	-	-
PowerSchool Holdings, Inc. - Class A	2.66%	-	-
HashiCorp, Inc. - Class A	2.52%	-	-
Endeavor Group Holdings, Inc. - Class A	2.41%	-	-
Equitrans Midstream Corp.	2.26%	-	-
Nuvei Corp.	1.96%	-	-
Rigel Resource Acquisition Corp. - Class A	1.76%	-	-
Churchill Capital Corp. VII - Class A	1.75%	-	-
AssetMark Financial Holdings, Inc.	1.66%	-	-
MSILF Government Portfolio - Class Institutional USD INC	19.81%	-	-
Intra-Cellular Therapies, Inc.	5.24%	-	-
Kellanova	2.13%	-	-
Beacon Roofing Supply, Inc.	4.56%	-	-
Paycor HCM, Inc.	4.27%	-	-
Nordstrom, Inc.	3.21%	-	-
Patterson Cos., Inc.	2.01%	-	-
Agriculture Natural Solutions Acquisition Corp.	2.01%	-	-
Air Transport Services Group, Inc.	1.96%	-	-
Playa Hotels Resorts N.V.	1.85%	-	-
WNS Holdings Ltd.	5.83%	-	-
Verona Pharma PLC - ADR	5.41%	-	-
Veritex Holdings, Inc.	4.83%	-	-
Mr Cooper Group, Inc.	4.08%	-	-
UMB MONEY MARKET II SPECIAL /	3.79%	-	-
CyberArk Software Ltd.	3.25%	-	-
Electronic Arts, Inc.	2.83%	-	-
Aris Water Solutions, Inc. - Class A	2.56%	-	-

See the full breakdown of VARBX fund's asset allocation and top holdings .

Sector Weights

Category	Subcategory	Amount %	Category Avg	Stocks %	Benchmark
Bond Sector	Cash and Equivalents	6.12%	63.56%	100.00%	0.00%
Bond Sector	Corporate	6.12%	32.85%	0.00%	18.10%
Bond Sector	Derivative	6.12%	0.65%	0.00%	0.00%
Bond Sector	Government	6.12%	2.27%	0.00%	51.18%
Bond Sector	Municipal	6.12%	0.32%	0.00%	0.03%
Bond Sector	Securitized	6.12%	0.35%	0.00%	30.69%
Cyclical	Basic Materials	0.00%	4.24%	0.00%	4.84%
Cyclical	Consumer Cyclical	2.12%	4.09%	0.00%	9.89%
Cyclical	Financial Services	21.35%	17.60%	0.00%	19.70%
Cyclical	Real Estate	0.00%	2.37%	0.00%	8.19%
Defensive	Consumer Defensive	5.10%	7.74%	0.00%	5.41%
Defensive	Healthcare	24.51%	14.55%	0.00%	9.88%
Defensive	Utilities	6.12%	2.49%	0.00%	2.98%
Sensitive	Communication Services	9.65%	13.68%	0.00%	5.29%
Sensitive	Energy	0.00%	1.33%	0.00%	3.93%
Sensitive	Industrials	0.00%	14.29%	0.00%	12.16%
Sensitive	Technology	31.14%	17.61%	0.00%	17.74%

World Regions

Region	Subregion	Category Average	Stocks Percent	Benchmark
Americas	Latin America	0.33%	-	0.93%
Americas	North America	86.99%	83.94%	62.76%
Greater Asia	Asia Developed	0.28%	-	4.31%
Greater Asia	Asia Emerging	0.12%	-	5.02%
Greater Asia	Australasia	0.06%	-	1.92%
Greater Asia	Japan	0.32%	-	6.75%
Greater Europe	Africa/Middle East	0.01%	-	1.33%
Greater Europe	Europe Developed	5.09%	3.11%	12.97%
Greater Europe	Europe Emerging	-	-	0.28%
Greater Europe	United Kingdom	6.82%	12.95%	3.74%

Dividend History

Date	Amount	Unadjusted Amount	Currency	Declaration Date	Record Date	Payment Date	Period
2024-12-05	$0.279	$0.279	USD	-	-	-	-
2023-12-05	$0.365	$0.365	USD	-	2023-12-04	2023-12-05	Annual
2022-12-05	$0.013	$0.013	USD	2022-12-05	2022-12-02	2022-12-05	Annual
2021-12-06	$0.304	$0.304	USD	2021-12-06	2021-12-03	2021-12-06	Annual
2018-12-27	$0.132	$0.132	USD	2018-12-27	2018-12-26	2018-12-27	Other

First Trust Merger Arbitrage Fund Class I NMFQS:VARBX