First Trust MLP and Energy Income Fund's Transition To ETF Makes For Attractive Opportunity [Seeking Alpha]
First Trust Energy Infrastructure Fund Common Shares of Beneficial Interest (FIF)
US:NYSE Investor Relations:
ftportfolios.com/retail/cef/cefsummary.aspx?ticker=fif
Company Research
Source: Seeking Alpha
The transformation involves merging several closed-end pipeline funds into an ETF, including the First Trust Energy Infrastructure Fund. The merger of the MLP C Corp Funds should be tax-free to shareholders, but there may be a tax impact at the fund level. First Trust MLP and Energy Income Fund ( NYSE: FEI ) is a closed-end fund in the midstream space. Mostly investing in pipeline operators. The primary reason I'm interested here is that it is about to convert from a closed-end structure to an ETF structure. Its discount to net asset value is only 4.13% (which is very low for a pipeline CEF) but that's because the conversion is scheduled for Q2 2024. My guess is that it will happen early May (based on management disclosures) but if it happens a bit later in the 2nd quarter, that's not a disaster. A 4.15% discount means there is 4.3% upside if the assets trade around net asset value after the conversion. In absolute terms it is not a huge return, but given the conversion should
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FIF
News
- First Trust Energy Infrastructure Fund Declares its Final Common Share Distribution Rate of $0.15 Per ShareBusiness Wire
- First Trust Energy Infrastructure Fund Declares its Final Common Share Distribution DatesBusiness Wire
- First Trust Energy Infrastructure Fund Issues Notice Regarding April 2024 DistributionBusiness Wire
- First Trust Energy Infrastructure Fund Declares its Monthly Common Share Distribution of $0.10 Per Share for AprilBusiness Wire
- First Trust Energy Infrastructure Fund Issues Notice Regarding March 2024 DistributionBusiness Wire
FIF
Sec Filings
- 4/25/24 - Form NPORT-P
- 4/18/24 - Form 3
- 2/29/24 - Form 8-K
- FIF's page on the SEC website