EMLP Fund Description

The First Trust North American Energy Infrastructure ETF is an actively managed fund that invests in North American energy infrastructure MLPs and LLCs.

EMLP ETF.com Insight

EMLP launched in 2012 as the only actively managed ETF in the MLP segment. While AMLP, YMLP and MLPA are all structured as C-corporations in order to circumvent the rule that open-endedEMLP is structured as a traditional 1940's Act mutual fund funds can't hold more than 25% of their portfolios in MLPs, EMLP is structured as a traditional 1940's 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 a very complex portfolio: MLP institutional shares pay out dividends in additional institutional shares, rather than cash. With an expense ratio of 95 bps, EMLP is in line with competing ETNs, but its 15 bp average spreads are wider than we'd like. (Insight updated 02/03/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 08/19/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

EMLP (Mkt)
3.30% 10.75% 20.51% 26.06% -- -- --

EMLP (NAV)

3.42% 10.93% 20.58% 26.24% -- -- --

No Underlying Index

-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EMLP Top 10 Countries

EMLP Top 10 Sectors

EMLP Top 10 Holdings View All

EMLP Summary Data

First Trust

A company that produces and manages ETFs.

06/21/12

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.95%

The net total annual fee a fund holder pays to the issuer.

$850.68 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$3.99 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.11%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

EMLP Portfolio Data

$17.64 B

Describes the average of each stock's market cap (share price x shares outstanding) scaled by its weight in the portfolio.

26.29

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.35

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

2.93%

The ratio of distributions paid by the fund over the past 12 months, divided by the fund’s NAV.

09/23/14

The date on which a security's price excludes an upcoming dividend.

59

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

EMLP Index Data

No Underlying Index

This is the benchmark an ETF is desigend to track or replicate.

Proprietary

A set of rules that the underlying index provider follows to weight its constituent securities.

Proprietary

A set of rules that the underlying index provider follows to select its constituent securities.

Alerian MLP Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to EMLP

AMLP, MLPA, AMJ, AMU, MLPI

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

EMLP ETF.com Efficiency Insight

EMLP's fee is comparable to most of the segment's ETNs, charging 95 bps. The portfolio is actively managed, however, so at least you're not being asked to pay up for a passive product. The fund has been tax efficient so far, but keep in mind that the institutional MLP shares that EMLP holds pay stock dividends (in lieu of cash), which lowers the cost basis within the fund and raises the specter of realized gains. (Insight updated 02/03/2014)


Total Return
  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 08/19/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

EMLP (Mkt)
3.30% 10.75% 20.51% 26.06% -- -- --

EMLP (NAV)
3.42% 10.93% 20.58% 26.24% -- -- --

No Underlying Index
-- -- -- -- -- -- --

Alerian MLP Index
2.50% 9.72% 18.51% 28.59% 23.15% 24.57% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EMLP Portfolio Management

0.95%

The net annual fee a fund holder pays to the issuer.

--

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

--

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

--

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

EMLP Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

0.00%

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Ordinary income

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

EMLP Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

No

An indicator of whether or not a fund actively lends its portfolio holdings.

100% / 0%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

EMLP ETF.com Tradability Insight

In the year and a half since launch, EMLP has managed to attract a large enough asset base (over $400M in AUM) to provide a decent amount of daily liquidity. Most days, more than $2M worth of EMLP changes hands and spreads average 15 bps. It's not quite as liquid as AMLP or AMJ, but long-term investors and institutions should find liquidity sufficient. (Insight updated 02/03/2014)

Average Spread

Premium/Discount

Volume

EMLP ETF.com/ Block LiquidityAs of 08/20/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of EMLP. EMLP is rated a 5 out of 5.

EMLP Tradability

149,296

The average number of shares traded during a 60 day period.

$3.99 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

115,616

Median number of shares traded over the past 45 trading days.

$2.99 M

Median dollar value of shares traded over the past 45 trading days.

0.11%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.03

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

0.12%

The middle value in the ranked set of all premium/discount values over a 12-month period.

0.43% / -0.26%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

2.31

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.04%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

0.38%

This metric serves as a way of understanding the impact of executing 1 creation unit worth of an ETF in terms of the volume of its underlying components.

--

The total number of net outstanding options contracts for an ETF.

$27.85

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

EMLP ETF.com Fit Insight

If you roll up EMLP's 16% exposure to institutional MLP shares with its 25% allocation to traditional MLP shares, you still get less than 50% of assets invested in MLPs. The rest of the portfolio is invested in North American companies the fund's subadvisor has determined have similar structures and businesses to MLPs. It's an actively managed strategy, so its exposure is dynamic, but the structure of the fund prevents it from ever achieving pure MLP exposure. (Insight updated 02/03/2014)

EMLP Geographic Exposure

EMLP Segment Benchmark
99.16% 82.73%
-- 15.28%
0.40% 1.99%
0.44% --

EMLP Segment Benchmark
99.16% 98.01%
0.84% 1.99%
100.00% / 0% 100.00% / 0%

EMLP Performance Statistics

0.66

The degree to which the fund and its segment benchmark move up and down in unison.

0.67

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.65

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.75

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.45%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

Alerian MLP Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

EMLP Benchmark Comparison

EMLP
59 Holdings
Segment Benchmark
50 Constituents
Shared Holdings
17 (Count)
 
14.75% (Weight)
EMLPSegment Benchmark
$20.96 B$17.64 B

The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio.

The breakdown of the portfolio’s holdings into each market capitalization bucket based on each firm’s weighting in the portfolio.

47%43%
42%38%
10%19%
0%0%
47.2426.29

Weighted average ratio of prices of a fund’s stocks to trailing earnings of underlying stocks.

2.702.35

Weighted average ratio of prices of a fund’s stocks to the book value of underlying equity.

5.34%3.21%

The weighted average of the current yield on the portfolio’s holdings.

5059

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

HighMedium

The level of return contribution attributable to the average portfolio constituent.