The Alerian MLP ETF is a concentrated US midstream MLP fund with $10.6B AUM but suffers from fund-level tax drag. AMLP's high yield and K-1 avoidance appeal to income investors, but its total return lags both individual MLPs and alternative funds like MLPX. Over 10 years, AMLP returned 8.04% CAGR, underperforming both its top holdings and the more tax-efficient MLPX ETF, which had a 12.5% annualized total return.
MLP SE (OTCPK:MLPKF) Q3 2025 Earnings Call November 13, 2025 8:00 AM EST Company Participants Reinhard Loose - CFO & Member of the Executive Board Conference Call Participants Henry Wendisch - NuWays AG, Research Division Jochen Schmitt - Metzler Equities, Research Division Presentation Operator Good afternoon, ladies and gentlemen, and welcome to the MLP SE conference call regarding the publication of the results for the third quarter 2025 and first 9 months 2025. [Operator Instructions] Let me now turn the floor over to your host, Pascal Locher.
Conservative capital spending by upstream players and gradual shifting to renewables may hurt the demand for midstream players??? assets. DK, ET and PAA are surviving the industry challenges.
EIPI is a new solution that integrates a covered call strategy into the energy market (midstream, utilities, majors). This raises the yield and introduces a cap on the upside, but in my opinion, integrates adjustments different from common buy-writes. It does a partial overwrite on low-growth and higher-volatility stocks of the energy market.
Summary The Alerian MLP Infrastructure Index (AMZI) underlies the Alerian MLP ETF (AMLP), which is celebrating its 15-year anniversary. AMZI is a composite of energy infrastructure MLPs with a quality focus.
AMLP offers exposure to energy infrastructure MLPs with no K1 tax hassle, making it accessible for most investors. The ETF provides a diversified 8% yield, a rare find in today's market, despite its relatively high 0.85% expense ratio. MLPs are undervalued due to S&P 500 exclusion, presenting a unique value opportunity as passive investing lifts other sectors.
Conservative capital spending by upstream players and gradual shifting to renewables may hurt the demand for midstream players??? assets. Enterprise (EPD), Energy Transfer (ET) and Plains All American Pipeline (PAA) are surviving the industry challenges.
Summary The natural gas opportunity for midstream remains robust with growing project backlogs and new project announcements. While oil basins are getting gassier, the Permian should be able to deliver oil production growth over the coming years.
Corporate dividends and MLP distributions are two forms of company payouts for investors seeking income. While both dividends and distributions provide income, they stem from fundamentally different entity structures and carry distinct tax implications that are crucial for investors to understand.
AMLP pays a steady 7.8% dividend and tracks top energy MLPs. The ETF has a five-year uptrend with minimal drops. It holds 15 key MLPs, offering broad exposure despite the 0.85% fee.
WES remains my top midstream pick due to its attractive yield-to-risk profile, even after a strong 17.8% total return since my last piece. Even after the recent run-up in the unit price, Western Midstream offers one of the most attractive yields in the MLP space - almost 9%. In the article, I provide details why I have remained bullish on WES as a pure-play income investor.
Energy Transfer offers stable, fee-based cash flows with 90% of EBITDA from long term contracts, making it resilient to energy market volatility. The pipeline operator and LNG investor boasts a high 7.5% distribution yield, a strong coverage profile, and an attractive valuation relative to industry peers, supporting ongoing income growth. Recent acquisitions and organic investments, particularly in the LNG realm, are set to drive EBITDA and distribution growth, reinforcing the bullish investment case.