Equity: U.S. MLPs

AMUB Top Performer Intra-day
Price $17.95
Today’s Change 0.00%(0.00)
4:00pm 10/13/2017
MLPY Bottom Performer Intra-day
Price $6.81
Today’s Change -0.15%(-2.16)
2:40pm 10/23/2017
  • Overview
  • Efficiency
  • Tradability
  • Fit

ETF.com Insight

The MLP segment is perhaps the most complex in the entire ETF industry. In fact, the difference in exposure, taxation and risk between the three structures (ETN, open-ended fund,The MLP segment is perhaps the most complex in the entire ETF industry C-Corporation) is great enough that we do not score MLP products. Finding the structure that works best for you is the most important step in the MLP segment, so instead of putting grades on all MLP ETPs, we compared the structures in a comprehensive white paper, which can be found at http://www.etf.com/docs/MLPGuide.pdf. Only after you have chosen a structure can you pick the fund or note that suits your needs.

ETNs charge around 85 bps. ETFs’ higher fees are driven by deferred tax expenses—a backward-looking snapshot of taxation at the fund level. AMLP and AMJ are the clear favorites for trading, but many of the funds in the segment can be traded without onerous costs. For those who want pure MLP exposure in ETF form, MLPA and AMLP and YMLI track condensed and/or optimized versions of our benchmark, and therefore come closest to neutral takes on the market. Yield-focused YMLP cranks out yield, but has lagged in total returns.

Among the ETNs, AMJ, AMU and MLPW track broad cap-weighted indexes and the remaining ETNs reweight the market in various ways. AMU's broad coverage and simple structure—and its functioning creation process—earn it our Analyst Pick here.

Actively managed EMLP and index-following MLPX and ENFR are structured as classic open-end funds. To do so, they have had to dilute their LP interests in MLPs because a RIC compliant fund can hold just 25% of its assets in MLPs. (Kinder Morgan Inc, the follow-on to Kinder MLPs, has a hefty presence in these ETFs, but none in the pure play structures.)

In all, legal structures, tax preferences, liquidity and the strategy or thesis of the portfolio each play huge and at times conflicting roles when choosing among the MLP ETPs. (Insight updated 10/23/17)

All Funds (29)

MLPO $78.2 M 78198685.939951 IMLP has lower costs

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AMJ $3.56 B 3562519625.9626 May trade at fleeting premiums

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MLPC $108.15 M 108150000 middling liquidity

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BMLP $46.43 M 46429458.36 N/A

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EMLP $1.91 B 1905663045 Actively managed ETF

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AMLP $9.74 B 9735938099.43 very liquid; C-corp structure

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MLPG $11.26 M 11263738 trades poorly

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PPLN $5.5 M 5496188.832511 N/A

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ENFR $42.34 M 42342800 ETF w/ weak investor interest

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YMLI $26.8 M 26804070.15 C-corp; wider spreads

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MLPX $307.53 M 307532935.87981 ETF with decent assets

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AMU $350.56 M 350563139.3188 Broad ETN

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MLPI $2.12 B 2123651730.0528 Infrastructure focused ETN

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IMLP $79.44 M 79441257.4308 wobbly trading

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YMLP $70.34 M 70343314.5331 C-corp w/ decent AUM

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AMUB $25.94 M 25943700 newer series to AMU

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MLPY $47.59 M 47589710.31 thin trader

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MLPA $625.28 M 625282428.20019 C-corp

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ZMLP $64.39 M 64385000 C corp

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AMZA $509.43 M 509427084.276 C-Corp; Active

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MLPB $35.92 M 35919900 newer sister to MLPI

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MLPE $23.48 M 23480000 N/A

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ATMP $459.21 M 459213375.1387 workable trading volume

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TPYP $68.53 M 68528500 new fund, new issuer

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MLPJ $7.59 M 7586046.500003 C-corp; hard to trade

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YGRO $12.52 M 12517200 trade with care

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MLPN $354.42 M 354424022.29159 solid AUM; decent volume

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MLPW $9.42 M 9415360 low AUM

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OSMS $638.9 K 638897.94 very hard to trade

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ETF.com Grade as

Equity: U.S. MLPs

Performance Dispersion
Performance  [as of 10/20/17] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
Benchmark: Alerian MLP Index-2.83%-7.49%-8.98%-6.93%-12.40%-1.43%--
N/A 0MLPO78198685.939951MLPOCredit Suisse S&P MLP Index ETN2.77%-6.26%-7.32%-5.74%------
N/A 0AMJ3562519625.9626AMJJ.P. Morgan Alerian MLP Index ETN-2.92%-7.40%-9.48%-7.57%-13.02%-3.15%--
N/A 0MLPC108150000MLPCC-Tracks Miller/Howard MLP Fundamental ETN-2.48%-5.55%-4.07%-0.46%-13.46%----
N/A 0BMLP46429458.36BMLPBMO Elkhorn DWA MLP Select Index ETN-2.46%-5.90%-9.63%--------
N/A 0EMLP1905663045EMLPFirst Trust North American Energy Infrastructure Fund-0.24%-0.79%1.06%2.54%1.23%6.53%--
N/A 0AMLP9735938099.43AMLPAlerian MLP ETF-3.57%-7.90%-9.58%-8.37%-9.42%-1.36%--
N/A 0MLPG11263738MLPGETRACS Alerian Natural Gas MLP ETN-1.94%-4.07%-4.09%0.65%-10.07%-0.37%--
N/A 0PPLN5496188.832511PPLNJ.P. Morgan Cushing 30 MLP Index ETN-1.97%-5.74%----------
N/A 0ENFR42342800ENFRAlerian Energy Infrastructure ETF-2.10%-3.04%-0.97%3.78%-4.21%----
N/A 0YMLI26804070.15YMLIVanEck Vectors High Income Infrastructure MLP ETF-2.89%-6.34%-8.88%-4.28%-8.36%----
N/A 0MLPX307532935.87981MLPXGlobal X MLP & Energy Infrastructure ETF-3.27%-5.18%-7.55%-5.69%-6.78%----
N/A 0AMU350563139.3188AMUETRACS Alerian MLP Index ETN-2.72%-7.54%-9.38%-7.49%-13.03%-3.16%--
N/A 0MLPI2123651730.0528MLPIETRACS Alerian MLP Infrastructure Index ETN-3.46%-8.82%-11.23%-9.48%-12.61%-2.41%--
N/A 0IMLP79441257.4308IMLPiPath S&P MLP ETN-2.65%-6.28%-8.96%-5.73%-12.98%----
N/A 0YMLP70343314.5331YMLPVanEck Vectors High Income MLP ETF2.29%1.79%-1.97%-0.64%-25.80%-15.87%--
N/A 0AMUB25943700AMUBETRACS Alerian MLP Index ETN Series B1.30%-3.86%-6.93%15.08%------
N/A 0MLPY47589710.31MLPYMorgan Stanley Cushing MLP High Income Index ETN-0.88%-5.60%-7.01%-5.85%-19.57%-9.18%--
N/A 0MLPA625282428.20019MLPAGlobal X MLP ETF-3.48%-8.98%-10.30%-8.71%-9.84%-2.09%--
N/A 0ZMLP64385000ZMLPDirexion Zacks MLP High Income Index Shares-0.67%-5.15%-7.60%-5.76%-18.75%----
N/A 0AMZA509427084.276AMZAInfraCap MLP ETF-2.54%-7.65%-8.19%-4.83%-16.01%----
N/A 0MLPB35919900MLPBETRACS Alerian MLP Infrastructure Index ETN Series B-0.14%-4.24%-8.80%-10.27%------
N/A 0MLPE23480000MLPEC-Tracks ETNs on the Miller/Howard MLP Fundamental Index Series B-3.21%-4.05%0.39%-0.48%------
N/A 0ATMP459213375.1387ATMPBarclays ETN+ Select MLP ETN-3.60%-7.91%-8.96%-6.45%-7.81%----
N/A 0TPYP68528500TPYPTortoise North American Pipeline Fund-1.95%-3.26%-0.72%1.77%------
N/A 0MLPJ7586046.500003MLPJGlobal X Junior MLP ETF-0.55%-1.53%-9.04%-4.96%-17.18%----
N/A 0YGRO12517200YGRORBC Yorkville MLP Distribution Growth Leaders ETN1.39%5.10%1.52%36.57%------
N/A 0MLPN354424022.29159MLPNCredit Suisse X-Links Cushing MLP Infrastructure ETN-2.29%-0.95%19.70%10.66%-7.53%2.02%--
N/A 0MLPW9415360MLPWETRACS Wells Fargo MLP Index ETN0.83%10.83%12.94%-11.21%-6.07%1.22%--
N/A 0OSMS638897.94OSMSBarclays OFI SteelPath MLP ETN2.10%13.41%8.82%-19.08%------
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ETF.com Efficiency Insight

For a thorough analysis of each MLP ETP structure, please see our MLP Guide: http://www.etf.com/docs/MLPGuide.pdf. Only after you determine which structure best suits your needs can you goStrong index performance translates to higher deferred tax expenses in C-corps about comparing the Efficiency of each fund.

The cost and tax treatment of exchange-traded MLP exposure varies wildly with your choice of vehicle. The C-corporations charge a wide range of fees which vary dramatically depending on the amount of deferred tax expenses. C-corps are highly unusual in that they are taxed at the fund level, and are required to include deferred income tax expenses in their advertised expense ratios. This balloons their headline fees over and above their management fees—typically around 80 bps—up into the 4% to 8% range.

Because C-corps’ distributions are taxed at the corporate level before being passed along to shareholders, these funds will always be underleveraged to their benchmarks. The factor of this underleverage is roughly 35%, and can be seen in each fund’s beta to its underlying indexes (beta of ~0.65). The deferred income tax expenses in the headline fee reflect the impact on NAV (over the past year) of this underleverage. Strong index performance translates to higher deferred tax expenses.

For ETNs, fees and taxes are far simpler. They tend to charge around 85 bps and distributions are taxed as ordinary income, while changes in share price upon sale are treated as capital gains/losses. While appealing in its simplicity, this tax treatment offers no opportunity for tax-deferred income—a primary draw to the space for some MLP investors. ETNs are backed by the issuing banks’ promise to pay, not by securities.

The lowest fees in the segment belong to some (but not all) of the traditional open-ended ETFs. The traditional open-ended funds can only hold a maximum of 25% pure MLPs, so they don’t deliver pure play exposure. Still, they avoid most of the extra layer of taxation. The distributions from these ETFS tend to be smaller than that of C-corps and ETNs, and the taxation of distribution is a mix reflecting their their varied portfolios. (Insight updated 10/23/17)

All Funds (29)

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ETF.com Grade as

Equity: U.S. MLPs

Tracking Difference (12 Month)

Ticker Expense Ratio Median Max. Upside Max. Downside Max LT/ST Cap Gains Rate Rule Legal Structure Fund Closure Risk Efficiency
AMJ J.P. Morgan Alerian MLP Index ETN 0.85% -1.04% 1.48% -6.89% 20.00% / 39.60% Low 0
MLPC C-Tracks Miller/Howard MLP Fundamental ETN 0.95% -1.15% -0.80% -3.09% 20.00% / 39.60% Low 0
AMLP Alerian MLP ETF 1.42% -1.35% 1.88% -9.60% 20.00% / 39.60% Low 0
MLPG ETRACS Alerian Natural Gas MLP ETN 0.85% -0.89% -0.12% -4.20% 20.00% / 39.60% High 0
YMLI VanEck Vectors High Income Infrastructure MLP ETF 0.82% -0.00% 1.37% -4.05% 20.00% / 39.60% High 0
AMU ETRACS Alerian MLP Index ETN 0.80% -0.89% -0.48% -2.46% 20.00% / 39.60% Low 0
MLPI ETRACS Alerian MLP Infrastructure Index ETN 0.85% -1.10% -0.33% -3.44% 20.00% / 39.60% Low 0
YMLP VanEck Vectors High Income MLP ETF 0.88% -0.21% 1.64% -12.04% 20.00% / 39.60% Low 0
AMUB ETRACS Alerian MLP Index ETN Series B 0.80% -0.90% -0.48% -2.46% 20.00% / 39.60% High 0
ZMLP Direxion Zacks MLP High Income Index Shares 2.41% -2.26% -0.17% -6.97% 20.00% / 39.60% Medium 0
AMZA InfraCap MLP ETF 1.36% -- -- -- 20.00% / 39.60% Low 0
MLPE C-Tracks ETNs on the Miller/Howard MLP Fundamental Index Series B 0.85% -- -- -- 20.00% / 39.60% High 0
ATMP Barclays ETN+ Select MLP ETN 0.95% -- -- -- 20.00% / 39.60% Low 0
MLPO Credit Suisse S&P MLP Index ETN 0.95% -2.32% 2.90% -4.36% 20.00% / 39.60% Low 0
BMLP BMO Elkhorn DWA MLP Select Index ETN 0.85% -- -- -- 20.00% / 39.60% Medium 0
EMLP First Trust North American Energy Infrastructure Fund 0.95% -- -- -- 20.00% / 39.60% Low 0
PPLN J.P. Morgan Cushing 30 MLP Index ETN 0.95% -- -- -- 20.00% / 39.60% Low 0
ENFR Alerian Energy Infrastructure ETF 0.65% -0.90% 0.37% -2.24% 20.00% / 39.60% High 0
MLPX Global X MLP & Energy Infrastructure ETF 0.45% -0.84% -0.55% -1.57% 20.00% / 39.60% Low 0
IMLP iPath S&P MLP ETN 0.80% -0.79% 2.73% -5.87% 20.00% / 39.60% Low 0
MLPY Morgan Stanley Cushing MLP High Income Index ETN 0.85% -1.11% 1.40% -1.91% 20.00% / 39.60% Medium 0
MLPA Global X MLP ETF 0.47% 1.39% 4.08% -1.57% 20.00% / 39.60% Low 0
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B 0.85% -1.10% -0.33% -3.44% 20.00% / 39.60% High 0
TPYP Tortoise North American Pipeline Fund 0.40% -- -- -- 20.00% / 39.60% Low 0
MLPJ Global X Junior MLP ETF -1.00% 3.66% -5.65% 20.00% / 39.60% High 0
YGRO RBC Yorkville MLP Distribution Growth Leaders ETN -3.99% -3.05% -9.34% 20.00% / 39.60% Closing 0
MLPN Credit Suisse X-Links Cushing MLP Infrastructure ETN -0.37% 1.52% -3.38% 20.00% / 39.60% Closing 0
MLPW ETRACS Wells Fargo MLP Index ETN -- -- -- 20.00% / 39.60% Closing 0
OSMS Barclays OFI SteelPath MLP ETN -- -- -- 20.00% / 39.60% Closing 0

ETF.com Tradability Insight

Investors have a decent selection of MLP ETPs from a trading point of view.

The most popular ETN in the segment is AMJ, while the most popular C-corp ETF is AMLP. Both can beBoth AMJ and AMLP can be traded cheaply and easily traded cheaply and easily, and are the clear options for active traders. MLPI, an ETN and EMLP, an ETF, also get strong volume, and trade with tight spreads.

A third tier of ETPs including MLPW, MLPN and AMU can also be fairly traded with relative ease using limit orders set close to NAV.

Skipping to the bottom of the liquidity spectrum, you’ll find products like OSMS, which doesn’t trade a single share most days. Skilled traders might be able to access this note fairly, but novices could pay dearly in transaction costs. ETPs with poor liquidity like OSMS have very low trading volume and wide, variable spreads.

Larger investors, note that we don’t display a block liquidity score for most ETNs, so a “0” can be somewhat misleading. Larger investors should also use special care trading ZMLP, MLPJ and YMLP—these funds have a large footprint in underlying markets so creates/redeems might adversely move underlying prices.

Lastly, one caveat for AMJ’s great on-screen liquidity: It’s closed to creations and can thus be subject to premiums. (Insight updated 10/23/17)

All Funds (29)

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ETF.com Grade as

Equity: U.S. MLPs

Ticker Median Daily Volume ($) Average Spread Creation Unit/Day Market Hours Overlap Underlying Volume/Unit % Creation Cost Per Unit (%) Impediment to Creations Score - Tradability
MLPO Credit Suisse S&P MLP Index ETN $0 6.24% 0 0.00%% -- 0.00%% None 0
AMJ J.P. Morgan Alerian MLP Index ETN $47.67 M 0.04% 33.76 100.00% -- 0.13% Potential 0
AMLP Alerian MLP ETF $86.45 M 0.09% 158.85 100.00% 0.12% 0.09% None 0
MLPX Global X MLP & Energy Infrastructure ETF $940.54 K 0.15% 1.37 100.00% 0.13% 0.04% None 0
AMU ETRACS Alerian MLP Index ETN $1.42 M 0.21% 1.59 100.00% -- 0.13% Potential 0
MLPY Morgan Stanley Cushing MLP High Income Index ETN $9.0 K 1.30% 0.01 100.00% -- 0.13% Potential 0
AMUB ETRACS Alerian MLP Index ETN Series B $0 0.47% 0 0.00%% -- 0.13% None 0
AMZA InfraCap MLP ETF $7.94 M 0.12% 17.92 100.00% 0.12% 0.12% None 0
TPYP Tortoise North American Pipeline Fund $220.86 K 0.28% 0.19 100.00% 0.11% 0.04% None 0
ATMP Barclays ETN+ Select MLP ETN $795.4 K 0.27% 0.74 0.00%% -- 0.13% None 0
EMLP First Trust North American Energy Infrastructure Fund $8.59 M 0.07% 6.90 100.00% 0.24% 0.04% None 0
ENFR Alerian Energy Infrastructure ETF $164.01 K 0.38% 0.14 100.00% 0.13% 0.04% None 0
YMLI VanEck Vectors High Income Infrastructure MLP ETF $57.48 K 0.58% 0.08 100.00% 0.39% 0.07% None 0
IMLP iPath S&P MLP ETN $75.62 K 0.59% 0.07 0.00%% -- 0.13% None 0
YMLP VanEck Vectors High Income MLP ETF $198.3 K 0.39% 0.17 100.00% 2.35% 0.04% None 0
MLPA Global X MLP ETF $3.11 M 0.16% 6.22 100.00% 0.13% 0.05% None 0
ZMLP Direxion Zacks MLP High Income Index Shares $322.49 K 0.27% 0.40 100.00% 0.97% 0.03% None 0
MLPB ETRACS Alerian MLP Infrastructure Index ETN Series B $0 0.43% 0 0.00%% -- 0.13% None 0
MLPE C-Tracks ETNs on the Miller/Howard MLP Fundamental Index Series B $0 1.50% 0 0.00%% -- 0.10% None 0
MLPC C-Tracks Miller/Howard MLP Fundamental ETN $16.15 K 0.57% 0.02 0.00%% -- 0.10% Potential 0
BMLP BMO Elkhorn DWA MLP Select Index ETN $0 0.55% 0.00 0.00%% -- 0.13% None 0
MLPG ETRACS Alerian Natural Gas MLP ETN $7.44 K 0.59% 0.00 100.00% -- 0.13% Potential 0
PPLN J.P. Morgan Cushing 30 MLP Index ETN $37.96 K 0.87% 0.04 -- -- 0.13% None 0
MLPI ETRACS Alerian MLP Infrastructure Index ETN $8.47 M 0.10% 6.69 100.00% -- 0.13% Potential 0
MLPJ Global X Junior MLP ETF $23.46 K 0.06 100.00% 0.53% 0.13% None 0
YGRO RBC Yorkville MLP Distribution Growth Leaders ETN $38.45 K 0.07 -- -- 0.12% None 0
MLPN Credit Suisse X-Links Cushing MLP Infrastructure ETN $1.16 M 1.09 100.00% -- 0.14% None 0
MLPW ETRACS Wells Fargo MLP Index ETN $2.91 K 0.00 100.00% -- 0.13% Potential 0
OSMS Barclays OFI SteelPath MLP ETN $0 0.00 -- -- 0.13% None 0

ETF.com/ Block Liquidity

AMLP
5
4
3
2
1
AMZA
5
4
3
2
1
EMLP
5
4
3
2
1
MLPA
5
4
3
2
1
MLPX
5
4
3
2
1
ENFR
5
4
3
2
1
TPYP
5
4
3
2
1
YMLI
5
4
3
2
1
YMLP
5
4
3
2
1
ZMLP
5
4
3
2
1
AMJ
5
4
3
2
1
AMU
5
4
3
2
1
MLPC
5
4
3
2
1
MLPG
5
4
3
2
1
MLPI
5
4
3
2
1
MLPY
5
4
3
2
1
AMUB
5
4
3
2
1
ATMP
5
4
3
2
1
IMLP
5
4
3
2
1
MLPB
5
4
3
2
1
MLPO
5
4
3
2
1
MLPE
5
4
3
2
1
BMLP
5
4
3
2
1
PPLN
5
4
3
2
1
MLPJ
5
4
3
2
1
YGRO
5
4
3
2
1
MLPN
5
4
3
2
1
MLPW
5
4
3
2
1
OSMS
5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of each ETF.

ETF.com Fit Insight

Investors in MLP funds can’t ignore the structure of the vehicle, which can radically impact performance. Despite the small pool of MLPs, the ETPs covering the space often deliverC-Corp ETFs offer varying exposure but share low-beta to their indexes extremely different returns even allowing for their different structures. In short, prudent investors have little choice but to wade into the weeds to understand the key distinctions between the products.

The C-Corporation ETFs offer varying exposure but share low-beta to their respective indexes due to taxation at the corporate level. In return for foregoing this performance, investors get some of the tax deferral of the distributions which lowers the tax basis for gains on (eventual) sale rather than facing immediate tax.

The C-corp funds include broad exposure (MLPA), targeted exposure (AMLP, YMLI), high yield (YMLP, ZMLP), actively-managed (AMZA) and small-cap MLPs (MLPJ). Despite covering just transport and storage MLPs, AUM-leader AMLP looks very similar to our view of the MLP market, so investors are not making nearly as big a leap from the market as they may think in choosing it. When assessing the high yield funds, check the portfolio yield on the Fit tab, distribution yield on the overview and the total return on the Efficiency tab. High yield funds were hit hard in winter of 2014/2015.

EMLP, ENFR and MLPX are restricted in the weighting they can have to MLPs due to their open-end fund structures. They forego pure play exposure as well as deferred taxation, aiming for MLP-like performance in a simpler wrapper. EMLP is an actively managed portfolio that holds an institutional share class of MLPs that pays stock dividends, taking its quasi- MLP exposure up to nearly 45%. Still, the 55% of the portfolio not in MLPs is currently held in energy plays like Kinder Morgan Inc, domestic utilities and Canadian energy infrastructure firms. This portfolio mix weathered the oil price shock (winter of 2014/2015) better than some pure-play products. MLPX and ENFR have just 25% of their portfolios in LP interests in MLPs, but also hold GP MLP interests in addition to firms their index providers have determined to have similar attributes to MLPs.

In the ETN space there are three broad market funds - MLPW, AMJ and AMU - whose exposure varies only slightly. The choice between these ultimately comes down to costs and credit risk, as they are all promises to pay by their issuers. Our pick for the space is AMU based on its decent liquidity and functioning creation mechanism. MLPN is the equal-weighted version of those three notes, with a smaller tilt. For those targeting a specific slice of the MLP market, MLPG and MLPI do just that. MLPI tracks a condensed version of our segment benchmark that includes only transport and storage firms, while MLPG targets only those involved in the natural gas sector.

Alternative takes include MLPY, which tries to take a segment that already has big yields and ratchet it up a notch by tracking an index that equally weights the 25 highest-yielding MLPs—an approach that suffered recently as did the high-yield C-corps. YGRO seeks growing yield, tempered by liquidity-weighting.

ATMP has a dynamic index with frequent rebalances that blends LP and GP interests in MLPs with other securities in an attempt to maximize total return. MLPC fundamentally selects and weights its holdings based on factors like distribution growth and sustainability. IMLP provides broad coverage, redefined with liquidity-based pricing for index constituents. OSMS seeks for yield as well as low correlation to oil and gas prices. (Insight updated 10/23/17)

All Funds (29)

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ETF.com Grade as

Equity: U.S. MLPs