First Trust North American Energy Infrastructure ETF offers diversified energy exposure with moderate yield and lower risk.

The First Trust North American Energy Infrastructure ETF (EMLP) combines midstream energy and utility stocks, providing diversification with a 2.76% yield, lower than pure midstream funds. Its 43% allocation to utilities helps reduce losses during midstream sell-offs but may limit gains if midstream growth outpaces utilities amid rising demand from data centers. Both sectors benefit from strong growth drivers: utilities from $1.4 trillion in planned data center investments, and midstream from increasing gas demand and LNG exports. EMLP trades at attractive forward price-to-earnings ratios below the S&P 500, offering relative value despite recent underperformance.