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First Trust North American Energy Infrastructure Fund (EMLP)
Investment Objective/Strategy - The First Trust North American Energy Infrastructure Fund is an actively managed exchange-traded fund. The Fund's investment objective is to seek total return. The Fund's investment strategy will have an emphasis on current distributions and dividends paid to shareholders.

Under normal market conditions, the fund will invest at least 80% of its net assets in equity securities of companies headquartered or incorporated in the United States and Canada engaged in the energy infrastructure sector.

The Fund will invest primarily in publicly-traded master limited partnerships and limited liability companies taxed as partnerships (“MLPs”), MLP affiliates, Canadian income trusts and their successor companies, pipeline companies, utilities, and other companies that derive at least 50% of their revenues from operating or providing services in support of infrastructure assets such as pipelines, power transmission and petroleum and natural gas storage in the petroleum, natural gas and power generation industries.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerEMLP
Fund TypeEnergy
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
Portfolio Manager/Sub-AdvisorEnergy Income Partners, LLC
CUSIP33738D101
Intraday NAVEMLPIV
Fiscal Year-End10/31
ExchangeNYSE Arca
Inception6/20/2012
Inception Price$19.99
Inception NAV$19.99
Expense Ratio0.95%
Current Fund Data (as of 7/25/2014)
Closing NAV1$26.96
Closing Share Price2$26.99
Bid/Ask Midpoint$26.99
Bid/Ask Premium0.08%
Total Net Assets$803,617,640
Outstanding Shares29,805,000
Daily Volume72,672
Average 30-Day Daily Volume138,558
Closing Share Price 52-Week High/Low$27.16 / $22.50
Closing NAV 52-Week High/Low$27.12 / $22.51
Number of Holdings61
Fund Characteristics (as of 6/30/2014)6
Median Market Cap.$7,650
Maximum Market Cap.$71,633
Minimum Market Cap.$690
Top Holdings (as of 7/25/2014)
Holding Percent
Enbridge Energy Management LLC 9.23%
Kinder Morgan Management, LLC. 7.64%
Kinder Morgan, Inc. 4.14%
The Williams Companies, Inc. 3.87%
NextEra Energy Inc. 3.28%
TransCanada Corporation 3.23%
The Southern Company 3.17%
UGI Corporation 2.93%
Northeast Utilities 2.84%
Dominion Resources, Inc. 2.70%

Holdings are subject to change.

Bid/Ask Midpoint and NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt3$0.1827
30-Day SEC Yield (as of 6/30/2014)42.25%
Distribution Rate (as of 6/30/2014)52.71%
Bid/Ask Midpoint vs. NAV (as of 6/30/2014)
Number of Days Bid/Ask Midpoint Above NAV
Quarter Ended 0-49
Basis Points
50-99
Basis Points
100-199
Basis Points
>=200
Basis Points
6/30/2014 62 0 0 0
3/31/2014 52 0 0 0
12/31/2013 51 0 0 0
9/30/2013 61 0 0 0
Number of Days Bid/Ask Midpoint Below NAV
Quarter Ended 0-49
Basis Points
50-99
Basis Points
100-199
Basis Points
>=200
Basis Points
6/30/2014 1 0 0 0
3/31/2014 9 0 0 0
12/31/2013 13 0 0 0
9/30/2013 3 0 0 0

The price used to calculate market return is determined by using the midpoint between the highest bid and the lowest offer on the stock exchange, on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated.

Composition By Industry (as of 7/25/2014)
Pipelines 55.47%
Electric Power 30.71%
Propane 4.82%
Coal 2.86%
Marine 2.11%
Natural Gas Utility 1.69%
Gathering & Processing 0.79%
Month End Performance (as of 6/30/2014)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception7
Fund Performance *
NAV 12.05% 16.86% 20.73% N/A N/A N/A 19.51%
After Tax Held 11.72% 16.07% 19.01% N/A N/A N/A 18.03%
After Tax Sold 6.82% 9.52% 11.62% N/A N/A N/A 14.40%
Market Price 12.08% 16.89% 20.45% N/A N/A N/A 19.57%
Index Performance
Blended Index 10.58% 17.03% 20.46% N/A N/A N/A 18.87%
S&P 500 Index 5.23% 7.14% 24.61% N/A N/A N/A 22.57%
Quarter End Performance (as of 6/30/2014)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception7
Fund Performance *
NAV 12.05% 16.86% 20.73% N/A N/A N/A 19.51%
After Tax Held 11.72% 16.07% 19.01% N/A N/A N/A 18.03%
After Tax Sold 6.82% 9.52% 11.62% N/A N/A N/A 14.40%
Market Price 12.08% 16.89% 20.45% N/A N/A N/A 19.57%
Index Performance
Blended Index 10.58% 17.03% 20.46% N/A N/A N/A 18.87%
S&P 500 Index 5.23% 7.14% 24.61% N/A N/A N/A 22.57%

*Performance data quoted represents past performance. Past performance is not a guarantee of future results and current performance may be higher or lower than performance quoted. Investment returns and principal value will fluctuate and shares when sold or redeemed, may be worth more or less than their original cost.

After Tax Held returns represent return after taxes on distributions. Assumes shares have not been sold. After Tax Sold returns represent the return after taxes on distributions and the sale of fund shares. Returns do not represent the returns you would receive if you traded shares at other times. Market Price returns are based on the midpoint of the bid/ask spread. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative. The fund's performance reflects fee waivers and expense reimbursements, absent which performance would have been lower.

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

The expense ratio for this fund is 0.95%.

The Blended Benchmark consists of the following two indexes: 50% of the Philadelphia Stock Exchange Utility Index which is a market capitalization weighted index composed of geographically diverse public U.S. utility stocks; and 50% of the Alerian MLP Total Return Index which is a float-adjusted, capitalization-weighted composite of the 50 most prominent energy Master Limited Partnerships (MLPs).

The S&P 500 Index is an unmanaged index of 500 stocks used to measure large-cap U.S. stock market performance.

Indexes are unmanaged and an investor cannot invest directly in an index.

Footnotes
1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's shares outstanding.
2 Fund shares are purchased and sold on an exchange at their share price rather than net asset value (NAV), which may cause the shares to trade at a price greater than NAV (premium) or less than NAV (discount).
3 Most recent distribution paid or declared through today's date. Subject to change in the future.
4 30-day SEC yield is calculated by dividing the net investment income per share earned during the most recent 30-day period by the maximum offering price per share on the last day of the period.
5 Distribution rate is calculated by dividing the most recent annualized distribution paid or declared by the Net Asset Value. Distribution rates may vary.
6 All market capitalization numbers are in USD$ Millions.
7 Inception Date is 6/20/2012

You should consider the fund's investment objectives, risks, and charges and expenses carefully before investing. You can download a prospectus or summary prospectus, or contact First Trust Portfolios L.P. at 1-800-621-1675 to request a prospectus or summary prospectus which contains this and other information about the fund. The prospectus or summary prospectus should be read carefully before investing.

ETF Characteristics

The fund lists and principally trades its shares on the NYSE Arca, Inc.

The fund may not be fully invested at times. Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share's net asset value. Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from the fund by authorized participants, in very large creation/redemption units.

Risk Considerations

The fund's shares will change in value, and you could lose money by investing in the fund. One of the principal risks of investing in the fund is market risk. Market risk is the risk that a particular stock owned by the fund, fund shares or stocks in general may fall in value.

The fund may invest in foreign, small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies. The fund invests in securities of companies headquartered or incorporated in the United States and Canada. The portfolio may present more risks than a portfolio which is broadly diversified over several regions.

You should be aware that an investment that is concentrated in stocks in the energy sector involves additional risks, including limited diversification. The companies engaged in the energy sector, which includes MLPs and utilities companies, are subject to certain risks, including price and supply fluctuations caused by international politics, energy conservation, taxes, price controls, and other regulatory policies of various governments.

Energy infrastructure companies may be directly affected by energy commodity prices, especially those companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in market conditions, demand, levels of production, energy conservation, governmental regulation and the availability of transportation systems. A decrease in the production or availability of commodities or a decrease in the volume of such commodities available for transportation, processing, storage or distribution may adversely impact the financial performance of energy infrastructure companies.

The fund may be subject to additional risks pertaining to currency, interest rates and derivatives.

The fund is classified as "non-diversified." A non-diversified fund generally may invest a larger percentage of its assets in the securities of a smaller number of issuers. As a result, the fund may be more susceptible to the risks associated with these particular companies, or to a single economic, political or regulatory occurrence affecting these companies.

The fund is subject to management risk because it is an actively managed portfolio. In managing the fund's investment portfolio, the sub-advisor (EIP) will apply investment techniques and risk analyses that may not have the desired result. There can be no guarantee that the fund will meet its investment objective.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
 
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