Overview
Midstream energy MLPs — the pipelines and processing plants collecting tolls on American oil and gas — packaged into a 1099 fund with a 7%+ yield.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| EPD | Enterprise Products | 10.4% |
| ET | Energy Transfer | 10.1% |
| MPLX | MPLX LP | 9.8% |
| PAA | Plains All American | 9.2% |
| WES | Western Midstream | 8.6% |
| SUN | Sunoco LP | 7.4% |
| HESM | Hess Midstream | 6.2% |
| EnLC | EnLink Midstream | 4.8% |
| DTM | DT Midstream | 4.1% |
| GEL | Genesis Energy | 2.9% |
Fund Details
Investment Thesis
Pipelines earn fees on volume, not commodity prices — and with US production at records and AI data centres devouring natural gas, the midstream toll roads are raising distributions again. AMLP converts the tax-nightmare K-1s of the underlying MLPs into a single 1099 while paying over 7% quarterly. The C-corp wrapper leaks some return in taxes; the convenience is what you're buying.
Who It's For
Income-first investors who want energy infrastructure's fat, fee-based distributions without filing K-1 forms. A yield engine for taxable accounts — understand the structural drag before comparing it to the index.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $38.61 | -- |
| 2017 | $34.75 | -10.0% |
| 2018 | $29.54 | -15.0% |
| 2019 | $30.43 | +3.0% |
| 2020 | $20.39 | -33.0% |
| 2021 | $27.11 | +33.0% |
| 2022 | $33.35 | +23.0% |
| 2023 | $40.02 | +20.0% |
| 2024 | $47.22 | +18.0% |
| 2025 | $51.00 | +8.0% |
| Year | Yield |
|---|---|
| 2016 | 10.50% |
| 2017 | 9.80% |
| 2018 | 10.40% |
| 2019 | 9.50% |
| 2020 | 12.00% |
| 2021 | 8.50% |
| 2022 | 7.80% |
| 2023 | 7.60% |
| 2024 | 7.30% |
| 2025 | 7.30% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $10B | -- |
| 2017 | $10B | +0.0% |
| 2018 | $9B | -10.0% |
| 2019 | $8.5B | -5.6% |
| 2020 | $4.5B | -47.1% |
| 2021 | $6B | +33.3% |
| 2022 | $7B | +16.7% |
| 2023 | $8.5B | +21.4% |
| 2024 | $10B | +17.6% |
| 2025 | $12B | +20.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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