Symbols

EMLP

First Trust North American Energy Infrastructure Fund·NYSE

--(--)

Key Stats

Assets Under Management

3.65BUSD

Fund Flows (1Y)

143.23MUSD

Dividend Yield

2.95%

Discount/Premium to NAV

0.12%

Shares Outstanding

89.60M

Expense Ratio

0.95%

About First Trust North American Energy Infrastructure Fund

Issuer

First Trust Advisors L.P.

Brand

First Trust

Home Page

http://www.ftportfolios.com/Retail/etf/etfsummary.aspx?Ticker=EMLP

Inception Date

Jun 20, 2012

Structure

Open-Ended Fund

Index Tracked

Management Style

Active

Dividend Treatment

Distributes

Distribution Tax Treatment

Ordinary income

Income Tax Type

Capital Gains

Max ST Capital Gains Rate

39.60%

Max LT Capital Gains Rate

20.00%

Primary Advisor

First Trust Advisors LP

Distributor

First Trust Portfolios LP

EMLP is one of the actively-managed ETPs in the MLP segment. While other MLP funds are structured as C-corporations to circumvent the rule that open-ended funds can't hold more than 25% of their portfolios in MLPs, EMLP is structured as a traditional 1940 Act fund. To maintain that structure, the issuer has extended the universe to include pipelines and utilities structured as C-corporations, Canadian firms that used to be royalty trusts, and unique institutional MLP shares issued by MLP affiliates. It's therefore not a pure MLP play, and adds complexity to its portfolio: some underlying MLPs make distributions in shares rather than cash, which may explain the fund's lower yield.