The First Trust North American Energy Infrastructure Fund is an actively managed exchange-traded fund designed to achieve a total return. Its investment approach prioritizes generating current distributions and dividends for shareholders. Under typical market circumstances, at least 80% of the fund's net assets (including any borrowed capital) will be allocated to equity securities of companies operating within the energy infrastructure sector, as identified by its investment sub-advisor, Energy Income Partners, LLC. These companies encompass a broad range of entities, including U.S. and Canadian natural gas and electric utility providers; corporations managing vital energy infrastructure assets such as pipelines or renewable energy generation facilities; traditional utilities; publicly traded master limited partnerships (MLPs) or limited liability companies taxed as partnerships; businesses affiliated with MLPs; and other firms that derive the majority of their revenue from operating or supporting infrastructure assets like pipelines, power transmission grids, and petroleum or natural gas storage within the petroleum, natural gas, and power generation industries. Furthermore, under normal market conditions, a minimum of 80% of the fund's net assets (including borrowed funds) will be invested in equity securities of companies primarily based or legally established in the United States and Canada. While the fund can invest in MLP equity securities without a general limit, its direct holdings in specific publicly-traded partnerships (MLPs) are capped at 25% of its total assets to adhere to tax diversification regulations.