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% |
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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