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FT Energy Income Partners Enhanced Income ETF (EIPI)
Investment Objective/Strategy - The FT Energy Income Partners Enhanced Income ETF (the "Fund") seeks a high level of total return with an emphasis on current distributions paid to shareholders. Under normal market conditions, the Fund will pursue its investment objective by investing primarily in a portfolio of equity securities in the broader energy market.
There can be no assurance that the Fund's investment objectives will be achieved.
Fund Overview
TickerEIPI
Fund TypeEnergy
Fund AdvisorFirst Trust Advisors L.P.
Investor Servicing AgentBank of New York Mellon Corp
Portfolio Manager/Sub-AdvisorEnergy Income Partners, LLC
CUSIP33740F276
ISINUS33740F2763
Intraday NAVEIPIIV
Fiscal Year-End11/30
ExchangeNYSE Arca
Inception9/27/2011
Inception Price$20.00
Inception NAV$19.10
Expense Ratio*1.10%
* As of 5/6/2024
Current Fund Data (as of 7/18/2024)
Closing NAV1$19.12
Closing Market Price2$19.08
Bid/Ask Midpoint$19.08
Bid/Ask Discount0.21%
30-Day Median Bid/Ask Spread30.11%
Total Net Assets$982,365,697
Outstanding Shares51,385,552
Daily Volume105,619
Average 30-Day Daily Volume115,878
Closing Market Price 52-Week High/Low$19.08 / $13.86
Closing NAV 52-Week High/Low$19.12 / $15.93
Number of Holdings (excluding cash)103
Top Holdings (as of 7/18/2024)*
Holding Percent
Enterprise Products Partners L.P. 8.67%
Energy Transfer LP 5.79%
ONEOK, Inc. 5.05%
Kinder Morgan, Inc. 4.93%
MPLX LP 3.90%
TotalEnergies SE (ADR) 3.49%
Plains GP Holdings, L.P. (Class A) 3.46%
Cheniere Energy Partners, L.P. 3.26%
The Williams Companies, Inc. 3.24%
DT Midstream, Inc. 3.19%

* Excluding cash.  Holdings are subject to change.

NAV History (Since Inception)
Past performance is not indicative of future results.
Distribution Information
Dividend per Share Amt (as of 7/19/2024)4$0.1250
30-Day SEC Yield (as of 6/28/2024)54.04%
12-Month Distribution Rate (as of 6/28/2024)67.00%
Fund Characteristics (as of 6/28/2024)7
Maximum Market Cap.$453,844
Median Market Cap.$21,623
Minimum Market Cap.$755
Price/Earnings14.80
Price/Book2.03
Price/Cash Flow7.25
Price/Sales0.89
Market cap and price ratio statistics are for the equity portion of the fund and exclude cash and options.
Portfolio Options Information (as of 6/28/2024)
Average Time Until Expiration of Calls21 Days
Average Call Moneyness (OTM)3.15%
Option Overwrite %40.89%
Moneyness is how much an option contract's strike price is in-the-money (ITM) or out-of-the-money (OTM) expressed as a percentage of the price of the option contract's underlying asset.
Bid/Ask Premium/Discount (as of 7/18/2024)
  2023 Q1 2024 Q2 2024 Q3 2024
Days Traded at Premium 0 0 7 3
Days Traded at Discount 0 0 31 10
Top Industry Exposure (as of 7/18/2024)
Oil, Gas & Consumable Fuels 65.87%
Electric Utilities 11.37%
Multi-Utilities 10.25%
Gas Utilities 5.47%
Independent Power and Renewable Electricity Producers 2.60%
Energy Equipment & Services 2.20%
Chemicals 1.01%
Construction & Engineering 0.94%
Water Utilities 0.29%
Hypothetical Growth of $10,000 Since Inception (as of 7/18/2024) *


Month End Performance (as of 6/28/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception8
Fund Performance *
Net Asset Value (NAV) 2.86% 11.33% 18.55% 14.30% 8.05% 4.56% 8.67%
After Tax Held 1.73% 9.30% 14.58% 11.29% 4.99% 1.32% 5.26%
After Tax Sold 1.68% 6.63% 10.67% 9.61% 4.61% 1.83% 5.21%
Market Price 5.06% 18.01% 37.32% 18.34% 10.64% 5.78% 8.28%
Index Performance **
Alerian MLP Index 3.35% 17.71% 35.79% 22.74% 12.17% 2.03% 6.23%
Blended Benchmark 4.18% 14.23% 21.25% 14.48% 11.17% 6.39% 8.80%
PHLX Utility Sector Index 4.51% 10.16% 7.14% 5.32% 6.08% 8.13% 9.12%
S&P 500® Index 4.28% 15.29% 24.56% 10.01% 15.05% 12.86% 14.99%
S&P Global 1200 Energy Index -0.88% 8.79% 16.79% 21.79% 10.81% 3.09% 5.97%
Quarter End Performance (as of 6/28/2024)
  3 Month YTD 1 Year 3 Year 5 Year 10 Year Since
Fund
Inception8
Fund Performance *
Net Asset Value (NAV) 2.86% 11.33% 18.55% 14.30% 8.05% 4.56% 8.67%
After Tax Held 1.73% 9.30% 14.58% 11.29% 4.99% 1.32% 5.26%
After Tax Sold 1.68% 6.63% 10.67% 9.61% 4.61% 1.83% 5.21%
Market Price 5.06% 18.01% 37.32% 18.34% 10.64% 5.78% 8.28%
Index Performance **
Alerian MLP Index 3.35% 17.71% 35.79% 22.74% 12.17% 2.03% 6.23%
Blended Benchmark 4.18% 14.23% 21.25% 14.48% 11.17% 6.39% 8.80%
PHLX Utility Sector Index 4.51% 10.16% 7.14% 5.32% 6.08% 8.13% 9.12%
S&P 500® Index 4.28% 15.29% 24.56% 10.01% 15.05% 12.86% 14.99%
S&P Global 1200 Energy Index -0.88% 8.79% 16.79% 21.79% 10.81% 3.09% 5.97%

*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 determined by using the midpoint of the national best bid offer price ("NBBO") 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.

**Performance information for each listed index is for illustrative purposes only and does not represent actual fund performance. 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.

As a result of a series of mergers on May 6, 2024 (the "Mergers"), the Fund acquired all of the assets, subject to the liabilities, of First Trust Energy Income and Growth Fund, First Trust MLP and Energy Income Fund, First Trust New Opportunities MLP & Energy Fund and First Trust Energy Infrastructure Fund, each a closed-end investment management company. As a result of the Mergers, the Fund has assumed the performance history of First Trust Energy Infrastructure Fund (the "Predecessor Fund"), which had an inception date of September 27, 2011. As the Predecessor Fund and Fund have a number of differences, including investment policies and practices and that the Predecessor Fund is a closed-end fund which utilizes leverage while the Fund is an exchange-traded fund which does not utilize leverage, the Predecessor Fund's past performance is not indicative of how the Fund will, or is expected to, perform in the future. Accordingly, any Fund performance and historical returns shown that incorporates Predecessor Fund performance prior to May 6, 2024 is not indicative of the performance that the Fund would have generated.

Alerian MLP Index - The Index is a float-adjusted, capitalization weighted composite of the 27 most prominent energy Master Limited Partnerships (MLPs).

Blended Benchmark - The Benchmark consists of the following two indices: 50% of the PHLX Utility Sector 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 27 most prominent energy Master Limited Partnerships (MLPs). The Blended Benchmark returns are calculated by using the monthly return of the two indices during each period shown above. At the beginning of each month the two indices are rebalanced to a 50-50 ratio to account for divergence from that ratio that occurred during the course of each month. The monthly returns are then compounded for each period shown above, giving the performance for the Blended Benchmark for each period shown above.

PHLX Utility Sector Index - The Index is a market capitalization weighted index composed of geographically diverse public U.S. utility stocks.

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

S&P Global 1200 Energy Index - The Index consists of all members of the S&P Global 1200 that are classified within the GICS energy sector.

Footnotes
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 market 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 The median bid-ask spread is calculated by identifying the national best bid and national best offer ("NBBO") for the fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.
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 9/27/2011

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.

Risk Considerations

You could lose money by investing in a fund. An investment in a fund is not a deposit of a bank and is not insured or guaranteed. There can be no assurance that a fund's objective(s) will be achieved. Investors buying or selling shares on the secondary market may incur customary brokerage commissions. Please refer to each fund's prospectus and Statement of Additional Information for additional details on a fund's risks. The order of the below risk factors does not indicate the significance of any particular risk factor.

Unlike mutual funds, shares of the fund may only be redeemed directly from a fund by authorized participants in very large creation/redemption units. If a 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 premium or discount to a fund's net asset value and possibly face delisting and the bid/ask spread may widen.

A fund's use of call options involves risks different from those associated with ordinary portfolio securities transactions and depends on the ability of a fund's portfolio managers to forecast market movements correctly. As the seller (writer) of a call option, a fund will tend to lose money if the value of the reference index or security rises above the strike price. When writing a call option, a fund will have no control over the exercise of the option by the option holder and the American style options sold by a fund may be exercised at any time before the option expiration date (as opposed to the European style options which may be exercised only on the expiration date). There may be times a fund needs to sell securities in order to settle the options, which may constitute a return of capital and make a fund less tax-efficient than other ETFs. Options may also involve the use of leverage, which could result in greater price volatility than other markets.

A fund that effects all or a portion of its creations and redemptions for cash rather than in-kind may be less tax-efficient.

A fund may be subject to the risk that a counterparty will not fulfill its obligations which may result in significant financial loss to a fund.

Changes in currency exchange rates and the relative value of non-US currencies may affect the value of a fund's investments and the value of a fund's shares.

Current market conditions risk is the risk that a particular investment, or shares of the fund in general, may fall in value due to current market conditions. As a means to fight inflation, the Federal Reserve and certain foreign central banks have raised interest rates and expect to continue to do so, and the Federal Reserve has announced that it intends to reverse previously implemented quantitative easing. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity. Ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain fund investments as well as fund performance and liquidity. The COVID-19 global pandemic, or any future public health crisis, and the ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects.

A fund is susceptible to operational risks through breaches in cyber security. Such events could cause a fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss.

Depositary receipts may be less liquid than the underlying shares in their primary trading market and distributions may be subject to a fee. Holders may have limited voting rights, and investment restrictions in certain countries may adversely impact their value.

The use of derivatives instruments involves different and possibly greater risks than investing directly in securities including counterparty risk, valuation risk, volatility risk, and liquidity risk. Further, losses because of adverse movements in the price or value of the underlying asset, index or rate may be magnified by certain features of the derivatives.

A fund normally pays its income as distributions and therefore, a fund may be required to reduce its distributions if it has insufficient income. Additionally at times, a fund may need to sell securities when it would not otherwise do so and could cause distributions from that sale to constitute return of capital. Because of this, a fund may not be an appropriate investment for investors who do not want their principal investment in a fund to decrease over time or who do not wish to receive return of capital in a given period.

Companies that issue dividend-paying securities are not required to continue to pay dividends on such securities. Therefore, there is a possibility that such companies could reduce or eliminate the payment of dividends in the future.

Energy companies are subject to certain risks, including volatile fluctuations in price and supply of energy fuels, international politics, terrorist attacks, reduced demand, the success of exploration projects, natural disasters, clean-up and litigation costs relating to oil spills and environmental damage, and tax and other regulatory policies of various governments. Oil production and refining companies are subject to extensive federal, state and local environmental laws and regulations regarding air emissions and the disposal of hazardous materials and may be subject to tariffs. In addition, oil prices are generally subject to extreme volatility.

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. In addition, energy infrastructure companies are subject to significant federal, state and local government regulation in virtually every aspect of their operations, which may negatively impact their financial performance.

Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market.

A fund may be a constituent of one or more indices or models which could greatly affect a fund's trading activity, size and volatility.

As inflation increases, the present value of a fund's assets and distributions may decline.

Large capitalization companies may grow at a slower rate than the overall market.

Leverage may result in losses that exceed the amount originally invested and may accelerate the rates of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or decrease in a fund's exposure to an asset or class of assets and may cause the value of a fund's shares to be volatile and sensitive to market swings.

Certain fund investments may be subject to restrictions on resale, trade over-the-counter or in limited volume, or lack an active trading market. Illiquid securities may trade at a discount and may be subject to wide fluctuations in market value.

The portfolio managers of an actively managed portfolio will apply investment techniques and risk analyses that may not have the desired result.

Market risk is the risk that a particular security, or shares of a fund in general may fall in value. Securities are subject to market fluctuations caused by such factors as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious disease or other public health issues, recessions, natural disasters or other events could have significant negative impact on a fund.

A fund faces numerous market trading risks, including the potential lack of an active market for fund shares due to a limited number of market makers. Decisions by market makers or authorized participants to reduce their role or step away in times of market stress could inhibit the effectiveness of the arbitrage process in maintaining the relationship between the underlying values of a fund's portfolio securities and a fund's market price.

Master limited partnerships ("MLPs") 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. In addition, there is the risk that MLPs could be taxed as corporations, resulting in decreased returns from such MLPs.

The benefit a fund derives from its investment in MLPs is largely dependent on their being treated as partnerships for U.S. federal income tax purposes. A change in current tax law or a change in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for income tax purposes which would result in the MLP being required to pay income tax at the applicable corporate tax rate.

A fund classified as "non-diversified" may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a 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.

Securities of non-U.S. issuers are subject to additional risks, including currency fluctuations, political risks, withholding, lack of liquidity, lack of adequate financial information, and exchange control restrictions impacting non-U.S. issuers.

A fund and a fund's advisor may seek to reduce various operational risks through controls and procedures, but it is not possible to completely protect against such risks. The fund also relies on third parties for a range of services, including custody, and any delay or failure related to those services may affect the fund's ability to meet its objective.

The prices of options are volatile and the effective use of options depends on a fund's ability to terminate option positions at times deemed desirable to do so. There is no assurance that a fund will be able to effect closing transactions at any particular time or at an acceptable price.

A fund's investment in equity securities and written call options are not correlated, meaning the performance is independent of one another. Market events may impact one position held by a fund more than the other position and the returns from a fund's investments in equity securities and written call options may not move in the same direction as one another.

High portfolio turnover may result in higher levels of transaction costs and may generate greater tax liabilities for shareholders.

The market price of a fund's shares will generally fluctuate in accordance with changes in the fund's net asset value ("NAV") as well as the relative supply of and demand for shares on the exchange, and a fund's investment advisor cannot predict whether shares will trade below, at or above their NAV.

Because of the Fund's involvement in reorganizations of closed-end funds that had elected to be treated as C corporations for U.S. federal income tax purposes ("C Corps"), it is subject to potential additional tax consequences. As a result of such reorganizations, the Fund may need to make distributions during its first taxable year attributable to C Corp earnings and profits, which would be treated as ordinary dividends. Depending on an investor's particular situation, the dividends may be qualified dividends eligible for a capital gains rate or the dividends received deduction if the investor is a corporation. Additionally, to the extent the ultimate nature of the tax position of any MLPs held by the closed-end funds prior to the reorganizations could not be known at the time of the reorganizations (due to the timing of the release of the MLPs' Schedule K-1s), it is likely that adjustments ("true-ups") will need to be made to the C Corp closed-end fund net asset values that had been estimated for purposes of the reorganizations, potentially resulting in additional and, depending on market conditions, potentially significant tax liabilities that would be borne by the Fund (as opposed to by the respective C Corp closed-end funds had such information been available prior to the reorganizations). Furthermore, such true-ups could necessitate additional taxable distributions or otherwise result in the payment of excise tax by the Fund. Shareholders of the Fund are subject to the foregoing risks and costs regardless of whether they had been a shareholder of a closed-end fund involved in a reorganization.

A fund with significant exposure to a single asset class, country, region, industry, or sector may be more affected by an adverse economic or political development than a broadly diversified fund.

Securities of small- and mid-capitalization companies may experience greater price volatility and be less liquid than larger, more established companies.

If a fund does not qualify as a RIC for any taxable year and certain relief provisions were not available, a fund's taxable income would be subject to tax at the fund level and to a further tax at the shareholder level when such income is distributed. Further, there may be other tax implications to a fund based on the type of investments in a fund.

Trading on an exchange may be halted due to market conditions or other reasons. There can be no assurance that a fund's requirements to maintain the exchange listing will continue to be met or be unchanged.

Utilities companies are subject to imposition of rate caps, increased competition, difficulty in obtaining an adequate return on invested capital or in financing large construction projects, limitations on operations and increased costs attributable to environmental considerations and the capital market's ability to absorb utility debt. Utilities companies may also be affected by taxes, government regulation, international politics, price and supply fluctuations, volatile interest rates and energy conservation.

A fund may hold securities or other assets that may be valued on the basis of factors other than market quotations. This may occur because the asset or security does not trade on a centralized exchange, or in times of market turmoil or reduced liquidity. Portfolio holdings that are valued using techniques other than market quotations, including "fair valued" assets or securities, may be subject to greater fluctuation in their valuations from one day to the next than if market quotations were used. There is no assurance that a fund could sell or close out a portfolio position for the value established for it at any time.

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

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by FactSet Research Systems Inc. and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2024 CUSIP Global Services. "CUSIP" is a registered trademark of the American Bankers Association.

Not FDIC Insured • Not Bank Guaranteed • May Lose Value
 
The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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