ETF Research Center

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
Total	51.8 %
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 %

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%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
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

	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	%

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.