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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
Fund TypeEnergy
Investment AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon
Portfolio Manager/Sub-AdvisorEnergy Income Partners, LLC
Fiscal Year-End10/31
ExchangeNYSE Arca
Inception Price$19.99
Inception NAV$19.99
Expense Ratio0.95%
Current Fund Data (as of 10/20/2016)
Closing NAV1$25.08
Closing Share Price2$25.12
Bid/Ask Midpoint$25.10
Bid/Ask Premium0.07%
Total Net Assets$1,379,727,509
Outstanding Shares55,005,000
Daily Volume389,793
Average 30-Day Daily Volume264,140
Closing Share Price 52-Week High/Low$25.66 / $17.70
Closing NAV 52-Week High/Low$25.67 / $17.71
Number of Holdings59
Fund Characteristics (as of 9/30/2016)7
Maximum Market Cap.$57,790
Median Market Cap.$8,010
Minimum Market Cap.$348
Top Holdings (as of 10/20/2016)
Holding Percent
Enbridge Energy Management LLC 8.57%
TransCanada Corporation 6.79%
Enterprise Products Partners L.P. 4.38%
Enbridge Income Fund Holdings Inc. 3.26%
American Electric Power Company, Inc. 3.01%
The Williams Companies, Inc. 2.98%
NextEra Energy, Inc. 2.91%
NextEra Energy Partners, LP 2.68%
Eversource Energy 2.55%
Public Service Enterprise Group Incorporated 2.47%

Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Overall Morningstar RatingTM (as of 9/30/2016)3

Among 93 funds in the Equity Energy category. This fund was rated 5 stars/93 funds (3 years).
Distribution Information
Dividend per Share Amt4$0.2323
30-Day SEC Yield (as of 9/30/2016)52.91%
12-Month Distribution Rate (as of 9/30/2016)63.70%
Bid/Ask Midpoint vs. NAV (as of 9/30/2016)
Number of Days Bid/Ask Midpoint Above NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
9/30/2016 52 0 0 0
6/30/2016 62 0 0 0
3/31/2016 48 0 0 0
12/31/2015 49 0 0 0
Number of Days Bid/Ask Midpoint Below NAV
Quarter Ended 0-49
Basis Points
Basis Points
Basis Points
Basis Points
9/30/2016 12 0 0 0
6/30/2016 2 0 0 0
3/31/2016 13 0 0 0
12/31/2015 15 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 10/20/2016)
Pipelines 51.45%
Electric Power 38.53%
Propane 3.93%
Natural Gas Utility 2.68%
Coal 2.52%
Gathering & Processing 0.52%
Month End Performance (as of 9/30/2016)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 3.62% 28.91% 20.52% 7.33% N/A N/A 9.32%
After Tax Held 3.21% 27.36% 18.41% 5.65% N/A N/A 7.74%
After Tax Sold 2.05% 16.31% 11.48% 4.83% N/A N/A 6.52%
Market Price 3.62% 29.06% 20.72% 7.33% N/A N/A 9.35%
Index Performance
Blended Benchmark -2.31% 17.13% 16.21% 4.40% N/A N/A 6.86%
S&P 500 Index 3.85% 7.84% 15.43% 11.16% N/A N/A 14.01%
Quarter End Performance (as of 9/30/2016)
  3 Mos YTD 1 Year 3 Year 5 Year 10 Year Since
Fund Performance *
Net Asset Value (NAV) 3.62% 28.91% 20.52% 7.33% N/A N/A 9.32%
After Tax Held 3.21% 27.36% 18.41% 5.65% N/A N/A 7.74%
After Tax Sold 2.05% 16.31% 11.48% 4.83% N/A N/A 6.52%
Market Price 3.62% 29.06% 20.72% 7.33% N/A N/A 9.35%
Index Performance
Blended Benchmark -2.31% 17.13% 16.21% 4.40% N/A N/A 6.86%
S&P 500 Index 3.85% 7.84% 15.43% 11.16% N/A N/A 14.01%
3-Year Statistics (as of 9/30/2016)
  Standard Deviation Alpha Beta Sharpe Ratio Correlation
EMLP 13.16% 0.71 0.63 0.58 0.53
Blended Benchmark 12.92% -2.40 0.66 0.37 0.56
S&P 500 Index 10.83% --- 1.00 1.00 1.00
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.

*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 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. Returns are average annualized total returns, except those for periods of less than one year, which are cumulative.

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.

Indexes do not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the performance shown. Indexes are unmanaged and an investor cannot invest directly in an index.
The expense ratio for this fund is 0.95%.

Blended Benchmark - 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).

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

1 The NAV represents the fund's net assets (assets less liabilities) divided by the fund's outstanding shares .
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).
The Morningstar RatingTM is provided for those exchange-traded funds ("ETFs") with at least a three-year history. Ratings are based on the ETF's Morningstar Risk-Adjusted Return measure which accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF's risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF. PLEASE NOTE, this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF's risk-adjusted return to the open-end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF's 3,5, and 10 year rating). The determination of an ETF's rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results.
4 Most recent distribution paid or declared to today's date. Subject to change in the future. There is no guarantee that the fund will declare dividends.
5 The 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 and includes the effects of fee waivers and expense reimbursements, if applicable.
6 12-Month Distribution Rate is calculated by dividing the sum of the fund's trailing 12-month ordinary distributions paid or declared by the NAV price. Distribution rates may vary.
7 All market capitalization numbers are in USD$ Millions.
8 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.

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. If the fund's authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a discount to the fund's net asset value and possibly face delisting.

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

The fund may invest in small capitalization and mid capitalization companies. Such companies may experience greater price volatility than larger, more established companies. The fund may use derivatives which can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

The fund invests primarily in securities of companies headquartered or incorporated in the U.S. and Canada. Accordingly, an investment in the fund may be more volatile than an investment diversified across several geographic regions. An investment in a fund containing securities of non-U.S. issuers is subject to additional risks, including currency fluctuations, political risks, withholding, the lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers. The fund may invest in depositary receipts which may be less liquid than the underlying shares in their primary trading market.

The fund is concentrated in securities of companies in the energy sector which 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. 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.

An investment in MLP units involves risks which differ from an investment in common stock of a corporation. Holders of MLP units have limited control and voting rights. In addition, there is the risk that a MLP could be taxed as a corporation, resulting in decreased returns from such MLP. Rising interest rates could adversely impact the financial performance of MLPs, MLP-related entities and energy companies. The fund may be subject to additional risks pertaining to currency, interest rates and derivatives.

The fund is classified as "non-diversified" and may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund's distributor.

©2016 Morningstar, Inc. All Rights Reserved. The Morningstar RatingTM information contained herein: (1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
First Trust Portfolios L.P.  Member SIPC and FINRA.
First Trust Advisors L.P.
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