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 others are structured as C-corporations to circumvent the rule that open-ended funds can'tactively managed, but not a pure MLP play 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: some underlying MLPs make distributions in shares rather than cash, which may explain the fund’s lower yield. The fund charges a reasonable fee and can be traded fairly. Note: We expect the underlying index to change materially in late 2014 due to the Kinder corporate action. (Insight updated 09/04/2014)

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EMLP
-1.37% 0.51% 20.87% 25.02% -- -- --

EMLP (NAV)
-1.53% 0.53% 20.86% 24.80% -- -- --

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

Issuer First Trust

A company that produces and manages ETFs.

Inception Date 06/21/12

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

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.95%

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

Assets Under Management $951.08 M

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

Average Daily $ Volume $10.32 M

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

(%) | 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 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 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 45 days, as a percent.

EMLP Portfolio Data

Weighted Average Market Cap $20.48 B

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

Price / Earnings Ratio 24.32

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

Price / Book Ratio 2.58

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

Distribution Yield 2.29%

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

Next Ex-Dividend Date 12/23/14

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

Number of Holdings 61

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

Index Tracked No Underlying Index

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

Index Weighting Methodology Proprietary

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

Index Selection Methodology Proprietary

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

Segment Benchmark 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

Top Competing ETFs 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 09/04/2014)


Total Return - 12/18/2014

  • 1 Month

  • 3 Months

  • YTD

  • 1 Year

  • 3 Years

  • 5 Years

  • Max

Performance [as of 12/18/14]
1 Month
3 Month
YTD
1 Year
3 Years
5 Years
10 Years

EMLP
-1.37% 0.51% 20.87% 25.02% -- -- --

EMLP (NAV)
-1.53% 0.53% 20.86% 24.80% -- -- --

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

Alerian MLP Index
-10.98% -13.83% 3.51% 9.65% 13.02% 17.38% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

EMLP Portfolio Management

Expense Ratio 0.95%

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) --

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.

EMLP Tax Exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

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

Tax on Distributions Ordinary income

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

Distributes K1 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

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

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

Securities Lending Active No

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

ETN Counterparty N/A

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

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

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

Portfolio Disclosure Daily

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

EMLP ETF.com Tradability Insight

In its short history, EMLP has managed to attract a decent amount of daily liquidity. Most days, more than $3M worth of EMLP changes hands and spreads average 10 bps. It's not quite as liquid as AMLP or AMJ, but long-term investors and institutions should find liquidity sufficient. (Insight updated 09/04/2014)

Average Spread

Premium/Discount

Volume

EMLP ETF.com/ Block LiquidityAs of 12/19/2014

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

Avg. Daily Share Volume 375,681

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

Average Daily $ Volume $10.32 M

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

Median Daily Share Volume 263,703

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

(%) | 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 45 days, as a percent." href="javascript:void(0)" class="term">Average Spread (%) 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 45 days, as a percent.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.03

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

(12 Mo) | The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 0.42% / -0.26%

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

Impediment to Creations 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.

Market Hours Overlap 100.00%

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

(Shares) | 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." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 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.

(45 Day Average) | 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." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 5.27

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.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 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.

Underlying Volume / Unit 0.21%

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.

Open Interest on ETF Options 6

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

ETF.com Implied Liquidity 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—led by traditional utilities. It's an actively managed strategy, but the structure of the fund prevents it from ever achieving pure MLP exposure. (Insight updated 09/04/2014)

EMLP Geographic Exposure

Countries EMLP Segment Benchmark
United States 99.36% 84.53%

Canada -- 13.91%

United Kingdom 0.30% 1.56%

Greece 0.34% --

Regions EMLP Segment Benchmark
North America 99.36% 98.44%

Europe 0.64% 1.56%

Developed /
Emerging Split
100.00% / 0% 100.00% / 0%

EMLP Performance Statistics

Beta 0.57

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.

Annualized Alpha 18.46%

The excess return of fund relative to ETF.com segment benchmark on a risk adjusted basis. Only reported if statistically significant.

Up Beta 0.59

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.

Down Beta 0.52

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.

Downside Standard Deviation 0.60%

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.

Segment 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
61 Holdings
Segment Benchmark
50 Constituents
Shared Holdings
17 (Count)
 
15.60% (Weight)
EMLPSegment Benchmark
Market Cap | The average market capitalization of the firms in the portfolio based on each firm’s weighting in the portfolio." href="javascript:void(0)" class="term">Weighted Average
Market Cap
$21.74 B$20.48 B

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

Size Split

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

Large (>12.9B)46%53%
Mid (>2.7B)43%29%
Small (>600M)11%17%
Micro (<600M)0%1%
Price / Book Ratio2.472.58

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

Dividend Yield5.77%3.56%

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

Holdings | 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." href="javascript:void(0)" class="term">Number Of
Holdings
5061

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.

ConcentrationHighMedium

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