First Trust N. American Energy Infrastructure
ALTAR
Score™
5.2% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
16.1x P/Sales
ratio
1.0x
P/BV
ratio
1.7x Div.
yield
5.4%


  • 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 21, 2012
Assets (mns) $2,534
Currency USD
Expense ratio 95 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 48
Wgt avg mkt cap (mns) $27,732
Large cap (>$10bn) 70.9%
Mid cap ($2-10bn) 23.8%
Small cap (<$2bn) 5.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TRANSCANADA CORP 8.6 %
ENTERPRISE PRODUCTS PARTNERS 7.4 %
KINDER MORGAN INC 6.3 %
NEXTERA ENERGY GROUP 4.9 %
NEXTERA ENERGY PARTNERS LP 4.6 %
PUBLIC SERVICE ENTERPRISE GP 4.3 %
ENBRIDGE INC 4.2 %
TC PIPELINES LP 4.1 %
PLAINS GP HOLDINGS LP CLASS A 3.8 %
MAGELLAN MIDSTREAM PARTNERS 3.6 %
Total 51.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 76.1 %
CANADA 20.0 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
18.9% 14.3% 1.7% -- 6.5%

Market Correlations
versus... Beta R-squared
S&P500 0.60 46%
MSCI EAFE 0.59 37%
MSCI Emg. Mkts. 0.35 22%

Technical Indicators
Recent close $24.36
30d moving avg. $24.93
Annualized volatility 10.8%
Short interest (ETF) 0.2%
Relative strength (RSI) 30

Liquidity measures
Avg. volume (thou.) 337
Turnover 0.3%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $4,878

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust N. American Energy Infrastructure 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: 95 bp ALTAR Score™: 5.2%


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
(%)
ENFR Alerian Energy Infrastructure 47.0 55 40 4.1 -1.1
USAI American Energy Independence 43.7 75 20 2.6 -2.6
MLPX Global X MLP & Energy Infrastructure 42.7 45 50 4.2 -1.0
TPYP Tortoise North American Pipeline 41.3 40 55 4.8 -0.4
ECLN First Trust EIP Carbon Impact 38.5 95 0 3.6 -1.7
GII SPDR FTSE/Macquarie Global Infrastructure 30.9 40 55 4.9 -0.3
IGF iShares S&P Global Infrastructure 30.9 46 49 4.9 -0.3
TOLZ ProShares Global Infrastructure 29.6 46 49 5.3 +0.1
UTES Reaves Utilities 28.4 49 46 4.4 -0.9
JHMU John Hancock Multifactor Utilities 28.1 40 55 5.2 +0.0
FUTY Fidelity MSCI Utilities 28.0 8 87 5.3 +0.1
VPU Vanguard Utilities ETF 27.8 10 85 5.2 +0.0
IDU iShares DJ US Utilities 27.8 43 52 5.0 -0.2
XLU Utilities Select Sector SPDR 27.6 13 82 5.3 +0.1
RYU Invesco S&P Equal Weight Utilities 26.7 40 55 5.3 +0.1
JXI iShares S&P Global Utilities 26.6 46 49 5.5 +0.3
INFR Legg Mason Global Infrastructure 26.4 40 55 5.8 +0.6
XLUY Cushing Utility & MLP 26.1 65 30 4.9 -0.3
GLIF AGFiQ Global Infrastructure 24.3 45 50 5.3 +0.1
PUI Invesco DWA Utilities Momentum 23.9 60 35 4.4 -0.8

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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 N. American Energy Infrastructure
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 10.2 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 95 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 CATEGORY
AVERAGE
1.54
 
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.