First Trust North American Energy Infrastructure Fund
ALTAR
Score™
5.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
17.2x P/Sales
ratio
0.9x
P/BV
ratio
1.7x Div.
yield
6.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
First Trust North American Energy Infrastructure Fund is an exchange-traded fund incorporated in the USA. The fund will invest in publicly-traded master limited partnerships ("MLPs"), MLP affiliates, Canadian income trusts, pipeline companies, utilities, and other companies that derive at least 50% of their revenues from infrastructure assets such as pipelines.

FUND BASICS
Category Global Equities
Fund Sponsor First Trust Advisors LP
Website www.ftportfolios.com
Inception date Jun 20, 2012
Assets (mns) $1,852
Currency USD
Expense ratio 96 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Proprietary
Index replication n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 49
Wgt avg mkt cap (mns) $24,426
Large cap (>$10bn) 65.1%
Mid cap ($2-10bn) 29.5%
Small cap (<$2bn) 5.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TRANSCANADA CORP 9.4 %
ENTERPRISE PRODUCTS PARTNERS 6.1 %
NEXTERA ENERGY PARTNERS LP 6.0 %
KINDER MORGAN INC 5.1 %
TC PIPELINES LP 4.7 %
NEXTERA ENERGY GROUP 4.4 %
MAGELLAN MIDSTREAM PARTNERS 4.1 %
PUBLIC SERVICE ENTERPRISE GP 3.9 %
PLAINS GP HOLDINGS LP CLASS A 2.9 %
ONEOK INC 2.7 %
Total 49.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 78.6 %
CANADA 16.9 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-19.5% -16.8% -0.6% -- 3.6%

Market Correlations
versus... Beta R-squared
S&P500 1.00 68%
MSCI EAFE 1.04 65%
MSCI Emg. Mkts. 0.74 52%

Technical Indicators
Recent close $20.07
30d moving avg. $20.97
Annualized volatility 20.4%
Short interest (ETF) 0.2%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 406
Turnover 0.4%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $6,785

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the First Trust North American Energy Infrastructure Fund ETF based on the alternatives' overlap in portfolio holdings with EMLP. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: EMLP Expense: 96 bp ALTAR Score™: 5.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH EMLP
Ticker Fund
Name
Overlap1
vs EMLP
(%)
Expense
ratio
(bp)
Savings
vs EMLP
(bp)
ALTAR
Score™
(%)
ALTAR
vs EMLP
(%)
ECLN First Trust EIP Carbon Impact ETF 44.1 96 0 3.8 -1.9
ENFR Alerian Energy Infrastructure ETF 37.8 65 31 5.1 -0.6
TPYP Tortoise North American Pipeline Fund 36.6 40 56 6.0 +0.3
MLPX Global X MLP & Energy Infrastructure ETF 35.4 45 51 3.8 -1.9
JHMU John Hancock Multifactor Utilities ETF 33.3 40 56 6.1 +0.4
USAI Pacer American Energy Independence ETF 32.9 75 21 2.7 -3.0
UTES Virtus Reaves Utilities ETF 32.9 49 47 4.7 -1.0
VPU Vanguard Utilities Index Fund 32.1 10 86 5.8 +0.1
FUTY Fidelity MSCI Utilities Index ETF 32.1 8 88 5.9 +0.2
IDU iShares U.S. Utilities ETF 31.9 43 53 5.6 -0.1
RYU Invesco S&P 500 Equal Weight Utilities ETF 31.6 40 56 6.3 +0.6
XLU Utilities Select Sector SPDR Fund 31.4 13 83 5.9 +0.2
IGF iShares Global Infrastructure ETF 31.1 46 50 5.3 -0.4
GII SPDR S&P Global Infrastructure ETF 31.0 40 56 5.3 -0.4
JXI iShares Global Utilities ETF 29.2 46 50 6.0 +0.3
PUI Invesco DWA Utilities Momentum ETF 27.2 60 36 4.7 -1.0
FXU First Trust Utilities AlphaDEX Fund 27.0 63 33 6.4 +0.7
YMLP VanEck Vectors High Income MLP ETF 26.0 45 51 5.3 -0.4
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 23.8 46 50 5.4 -0.3
MLPA Global X MLP ETF 21.7 46 50 8.4 +2.7
AMLP The Alerian MLP ETF 21.5 87 9 8.5 +2.8
GLIF AGFiQ Global Infrastructure ETF 21.2 45 51 5.2 -0.5
AMZA InfraCap MLP ETF 20.0 241 -145 8.7 +3.0
ZMLP Direxion Zacks MLP High Income Shares 18.7 81 15 4.3 -1.4
IFRA iShares U.S. Infrastructure ETF 18.0 40 56 6.1 +0.4
DVY iShares Select Dividend ETF 16.6 39 57 9.7 +4.0
INFR Legg Mason Global Infrastructure ETF 15.5 40 56 6.1 +0.4
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 14.7 47 49 6.5 +0.8
TPHD Timothy Plan High Dividend Stock ETF 13.6 52 44 7.7 +2.0
JMIN JPMorgan U.S. Minimum Volatility ETF 11.6 12 84 5.9 +0.2
JDIV JPMorgan U.S. Dividend ETF 11.5 12 84 7.9 +2.2
LSLT Salt Low truBeta US Market ETF 11.4 29 67 6.1 +0.4
UTRN Vesper U.S. Large Cap Short-Term Reversal Strategy ETF 10.9 75 21 6.0 +0.3
FVD First Trust Value Line Dividend Index Fund 10.5 70 26 6.4 +0.7
CDL VictoryShares US Large Cap High Dividend Volatility Wtd Idx 10.5 35 61 8.7 +3.0
DTN WisdomTree U.S. Dividend ex-Financials Fund 10.2 38 58 8.0 +2.3
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 9.5 60 36 5.4 -0.3
SPYD SPDR S&P 500 High Dividend ETF 9.5 7 89 10.4 +4.7
SPHD Invesco S&P 500 High Dividend Low Volatility ETF 9.3 30 66 9.8 +4.1
AMCA iShares Russell 1000 Pure U.S. Revenue ETF 9.1 15 81 6.9 +1.2
BIBL Inspire ETF 9.1 35 61 4.9 -0.8
IXC iShares Global Energy ETF 9.0 46 50 5.8 +0.1
LVHD Legg Mason Low Volatility High Dividend ETF 9.0 27 69 8.8 +3.1
JKI iShares Morningstar Mid-Cap Value ETF 8.8 30 66 9.3 +3.6
XLE Energy Select Sector SPDR Fund 8.8 13 83 4.5 -1.2
RYE Invesco S&P 500 Equal Weight Energy ETF 8.6 40 56 3.6 -2.1
PWV Invesco Dynamic Large Cap Value ETF 8.4 55 41 8.9 +3.2
CDC VictoryShares US EQ Income Enhanced Volatility Wtd Index ETF 8.3 35 61 8.7 +3.0
HDV iShares Core High Dividend ETF 8.3 8 88 6.8 +1.1
FENY Fidelity MSCI Energy Index ETF 8.2 8 88 4.2 -1.5
DHS WisdomTree U.S. High Dividend Fund 8.1 38 58 8.7 +3.0
IYE iShares U.S. Energy ETF 8.0 42 54 4.0 -1.8
SDOG ALPS Sector Dividend Dogs ETF 8.0 40 56 10.4 +4.6
VYM Vanguard High Dividend Yield Index ETF 7.9 6 90 7.4 +1.7
SCIU Global X Scientific Beta US ETF 7.7 19 77 5.8 +0.1
VDE Vanguard Energy Index Fund 7.7 10 86 3.9 -1.8
KLCD KFA Large Cap Quality Dividend Index ETF 7.6 41 55 5.4 -0.3
JHME John Hancock Multifactor Energy ETF 7.6 40 56 3.7 -2.0
VRAI Virtus Real Asset Income ETF 7.5 55 41 11.2 +5.5
JPUS JPMorgan Diversified Return U.S. Equity ETF 7.4 18 78 6.3 +0.6
SPMV Invesco S&P 500 Minimum Variance ETF 7.4 10 86 5.9 +0.2
MAGA Point Bridge GOP Stock Tracker ETF 7.3 72 24 6.6 +0.9
ESGS Columbia Sustainable U.S. Equity Income ETF 7.3 35 61 8.6 +2.9
NLR VanEck Vectors Uranium+Nuclear Energy ETF 7.3 61 35 9.1 +3.4
DIV Global X SuperDividend US ETF 7.1 46 50 7.1 +1.3
YLDE ClearBridge Dividend Strategy ESG ETF 7.1 60 36 5.0 -0.7
USMV iShares Edge MSCI Min Vol USA ETF 6.9 15 81 5.5 -0.2
SPMO Invesco S&P 500 Momentum ETF 6.9 13 83 4.4 -1.3
PEY Invesco High Yield Equity Dividend Achievers ETF 6.8 53 43 9.2 +3.5
EWC iShares MSCI Canada ETF 6.8 49 47 6.9 +1.2
BBCA JPMorgan BetaBuilders Canada ETF 6.7 19 77 7.1 +1.4
QCAN SPDR MSCI Canada Quality Mix ETF 6.7 14 82 7.2 +1.4
FTXN First Trust Nasdaq Oil & Gas ETF 6.6 60 36 2.1 -3.6
VOE Vanguard Mid-Cap Value Index Fund 6.6 7 89 8.0 +2.3
DURA VanEck Vectors Morningstar Durable Dividend ETF 6.3 29 67 7.2 +1.5
PFM Invesco Dividend Achievers ETF 6.3 54 42 5.5 -0.2
VONV Vanguard Russell 1000 Value Index Fund 6.2 8 88 7.4 +1.7
IVE iShares S&P 500 Value ETF 6.1 18 78 7.3 +1.6
SPYV SPDR Portfolio S&P 500 Value ETF 6.1 4 92 7.5 +1.8
VOOV Vanguard S&P 500 Value ETF 6.1 15 81 7.4 +1.7
VTV Vanguard Value Index Fund 6.0 4 92 7.5 +1.8
IWS iShares Russell Mid-Cap Value ETF 6.0 24 72 7.3 +1.6
EQAL Invesco Russell 1000 Equal Weight ETF 6.0 20 76 5.7 +0.0
FDL First Trust Morningstar Dividend Leaders Index Fund 5.9 45 51 10.3 +4.6
FLCA Franklin FTSE Canada ETF 5.9 9 87 7.4 +1.6
IGE iShares North American Natural Resources ETF 5.9 46 50 4.1 -1.6
DLN WisdomTree U.S. LargeCap Dividend Fund 5.8 28 68 6.4 +0.7
IUSV iShares Core S&P U.S. Value ETF 5.8 4 92 7.6 +1.8
DEW WisdomTree Global High Dividend Fund 5.8 58 38 9.4 +3.7
ACSI American Customer Satisfaction Core Alpha ETF 5.7 66 30 5.8 +0.1
MGV Vanguard Mega Cap Value ETF 5.6 7 89 7.3 +1.6
ACWV iShares Edge MSCI Min Vol Global ETF 5.5 20 76 5.7 -0.0
VETS Pacer Military Times Best Employers ETF 5.5 60 36 7.0 +1.2
SPVM Invesco S&P 500 Value with Momentum ETF 5.5 39 57 9.2 +3.5
SPLV Invesco S&P 500 Low Volatility ETF 5.5 25 71 5.7 +0.0
JKF iShares Morningstar Large Cap Value ETF 5.4 25 71 7.6 +1.9
FLQL Franklin LibertyQ U.S. Equity ETF 5.3 15 81 6.3 +0.6
DTD WisdomTree U.S.Total Dividend Fund 5.3 28 68 6.7 +1.0
IWD iShares Russell 1000 Value ETF 5.2 19 77 7.2 +1.5
USDY Pacific Global US Equity Income ETF 5.2 29 67 7.3 +1.6

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
First Trust North American Energy Infrastructure Fund
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.4 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 96 bp
Equals: ALTAR Score 5.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.50
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.