EMLP Fees and Costs — First Trust North American Energy Infrastructure Fund
Data updated: 2026-09-24
The net expense ratio is 0.95%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.3M in broker commissions, 0.0403% of average net assets, and portfolio turnover was 36%.
EMLP Fees and Expenses
Annual operating expenses and sales charges of EMLP. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.94% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.95% |
| Fee waiver | — |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
EMLP Costs Over Time
On $10,000 invested in EMLP, assuming 5% a year before costs, total costs come to $620 over 5 years, cutting the return by 1.04% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $341 | $620 |
| Value after costs | $10,396 | $11,236 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
EMLP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0403%
- Total broker commissions: $1.3M
- Bought from dealers (principal trades, not a cost): $653.4M
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
EMLP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $602K | 47.03% |
| MORGAN STANLEY & CO. LLC | $532K | 41.57% |
| CITADEL SECURITIES LLC | $46K | 3.62% |
| UBS Securities LLC | $31K | 2.39% |
| RBC CAPITAL MARKETS, LLC | $17K | 1.36% |
| J.P. Morgan Securities LLC | $14K | 1.12% |
| JEFFERIES LLC | $12K | 0.97% |
| SCOTIA CAPITAL (USA) INC. | $11K | 0.82% |
| WELLS FARGO SECURITIES, LLC | $8K | 0.61% |
| BARCLAYS CAPITAL, INC. | $7K | 0.51% |
EMLP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $229.9M | 35.19% |
| BOFA SECURITIES, INC. | $225.7M | 34.55% |
| J.P. Morgan Securities LLC | $116.5M | 17.82% |
| VIRTU AMERICAS LLC | $65.3M | 10.00% |
| UBS SECURITIES LLC | $10.6M | 1.62% |
| Jane Street Execution Services, LLC | $5.4M | 0.82% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.