Overview
America's energy toll roads — 21 midstream master limited partnerships collecting fees on every barrel and molecule that moves, paying 7.4% without issuing you a K-1.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| ET | Energy Transfer | 14.0% |
| EPD | Enterprise Products | 12.3% |
| MPLX | MPLX LP | 11.8% |
| PAA | Plains All American | 11.5% |
| WES | Western Midstream | 9.3% |
| SUN | Sunoco LP | 8.6% |
| CQP | Cheniere Energy Partners | 6.9% |
| HESM | Hess Midstream | 6.6% |
| USAC | USA Compression | 5.3% |
| GEL | Genesis Energy | 4.0% |
Fund Details
Investment Thesis
Pipelines don't care what oil costs — they charge by volume, and volumes keep rising with US production and LNG exports. A 7.4% distribution backed by fee-based contracts, +23% in a year when the toll-road model re-rated, and the ETF wrapper converts the MLP structure's K-1 paperwork into a single 1099. AI data centres need gas-fired power; the gas arrives through exactly these systems.
Who It's For
Income investors who want energy infrastructure's contracted cash flows — 7%+ yield with volume-based rather than price-based risk, minus the tax-form hassle.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $69.42 | -- |
| 2017 | $59.16 | -14.8% |
| 2018 | $46.02 | -22.2% |
| 2019 | $47.28 | +2.7% |
| 2020 | $27.42 | -42.0% |
| 2021 | $34.98 | +27.6% |
| 2022 | $41.29 | +18.0% |
| 2023 | $44.30 | +7.3% |
| 2024 | $49.41 | +11.5% |
| 2025 | $48.41 | -2.0% |
| Year | Yield |
|---|---|
| 2016 | 7.59% |
| 2017 | 7.59% |
| 2018 | 8.36% |
| 2019 | 8.93% |
| 2020 | 13.85% |
| 2021 | 9.46% |
| 2022 | 7.62% |
| 2023 | 8.05% |
| 2024 | 7.90% |
| 2025 | 7.91% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1.6B | -- |
| 2017 | $1.5B | -6.3% |
| 2018 | $1.2B | -20.0% |
| 2019 | $1.4B | +16.7% |
| 2020 | $0.9B | -35.7% |
| 2021 | $1.3B | +44.4% |
| 2022 | $1.6B | +23.1% |
| 2023 | $1.9B | +18.7% |
| 2024 | $2.3B | +21.1% |
| 2025 | $2.4B | +4.3% |
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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