EMLP

First Trust North American Energy Infrastructure Fund

First Trust · $3.92bn in assets, October 12, 2026

EMLP, the First Trust North American Energy Infrastructure Fund, is a $3.9 billion ETF whose main story is geopolitical supply.

The narrative it carries

This is its only narrative.

Geopolitical supply →

Oil and the companies that produce, move and refine it, priced partly on the risk that supply is cut off.

Geopolitical supply · the narrative this week
56.9WARM level, 6 of 22
last four weeks
88ETFs carry it
70.4%held by the top five
XLElargest holder, 37.4%
$120 bncapital, 10th of 22

The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.

Who owns the capital
XLE 37.4%AMLP 12.1%VDE 9.6%GUNR 6.5%GNR 4.8%83 other ETFs 29.6%70.4%top five
#ETFSHAREASSETS1 YEARCOST
1XLE37.4%$39.13bn+52.5%0.08%
2AMLP12.1%$12.62bn+24.6%1.01%
3VDE9.6%$11.10bn+50.7%0.09%
4GUNR6.5%$6.84bn+26.7%0.46%
5GNR4.8%$5.07bn+31.7%0.40%
83 other ETFs29.6%
EMLP’s Share of Narrative has not been calculated yet.

Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 88 ETFs on the narrative page →

$3.92bnAssets

Issued by First Trust

How it is built

An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.

Leverage1xMoves one for one with what it holds
OptionsNoneNo options on top of what it holds
ExposureOwns its holdingsHolds the securities or the asset directly
Underlyings1A single asset or index

Narrative exposure

Geopolitical supplyMain narrative100%

Common questions

What story is EMLP selling?

EMLP’s main story is geopolitical supply, which covers oil and the companies that produce, move and refine it, priced partly on the risk that supply is cut off.

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Narrative figures are from the weekly board. Assets are StoryVector’s weekly figure. Classification and measurement. Not investment advice. How the measurement works →