Overview
Midstream energy without the tax drag — pipeline corporations plus a capped MLP sleeve, structured to avoid AMLP's C-corp tax leak.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| LNG | Cheniere Energy | 9.8% |
| ENB | Enbridge Inc. | 9.2% |
| WMB | Williams Companies | 8.6% |
| KMI | Kinder Morgan | 8.1% |
| TRP | TC Energy | 7.4% |
| OKE | ONEOK Inc. | 6.8% |
| ET | Energy Transfer | 4.6% |
| EPD | Enterprise Products | 4.4% |
| TRGP | Targa Resources | 4.2% |
| PAA | Plains All American | 3.1% |
Fund Details
Investment Thesis
MLPX solved midstream's tax dilemma by inverting AMLP: keep MLPs under 25%, fill the rest with pipeline C-corps like Cheniere and Enbridge, and the fund keeps its RIC status — no embedded corporate tax bleeding returns. The result has outrun AMLP over most periods, and the +26% year rode LNG exports and AI-driven gas demand. Less yield than AMLP, more total return: that's the whole trade-off.
Who It's For
Midstream investors optimising for total return over maximum income. The structurally cleaner way to own the pipeline boom; AMLP remains the yield-first pick.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $36.53 | -- |
| 2017 | $33.97 | -7.0% |
| 2018 | $29.22 | -14.0% |
| 2019 | $32.14 | +10.0% |
| 2020 | $24.10 | -25.0% |
| 2021 | $31.82 | +32.0% |
| 2022 | $36.59 | +15.0% |
| 2023 | $42.81 | +17.0% |
| 2024 | $55.65 | +30.0% |
| 2025 | $64.00 | +15.0% |
| Year | Yield |
|---|---|
| 2016 | 5.80% |
| 2017 | 5.60% |
| 2018 | 6.40% |
| 2019 | 6.00% |
| 2020 | 7.80% |
| 2021 | 5.60% |
| 2022 | 5.40% |
| 2023 | 5.00% |
| 2024 | 4.40% |
| 2025 | 4.20% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.4B | -- |
| 2017 | $0.6B | +50.0% |
| 2018 | $0.7B | +16.7% |
| 2019 | $0.9B | +28.6% |
| 2020 | $0.6B | -33.3% |
| 2021 | $1B | +66.7% |
| 2022 | $1.4B | +40.0% |
| 2023 | $1.8B | +28.6% |
| 2024 | $2.8B | +55.6% |
| 2025 | $3.2B | +14.3% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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