Alerian MLP ETF

Alerian MLP ETF (AMLP) tracks the Alerian MLP Infrastructure Index. The index holds master limited partnerships (MLPs), which are exchange-traded partnerships that own US energy pipelines, storage and processing assets. Unlike most funds, AMLP is taxed as a regular corporation. Its trailing yield was 7.66% as of October 27, 2026, and it was the largest fund in its peer group as of May 31, 2026. Its 1.01% expense ratio is well above the 0.83% peer average.

• Over the year to Oct 27, 2026, AMLP returned +22.5%, 6th of 8 among similar funds.
• Its 5-year annualized return was +17.2% and its 10-year +7.0%.
• In the 2020 COVID crash it fell 63.7% and regained its old high 13.7 months after the low.
• Its worst full calendar year was 2020 (-32.2%); its best was 2021 (+39.0%).
• The deepest fall in its price history was 77.1% (Aug 29, 2014 to Mar 18, 2020), recovered by Nov 30, 2023.

As of May 31, 2026, the fund held 13 securities; the ten largest made up 100.92% of assets.

• Over the three months to May 31, 2026, investors added a net $424.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.00%, +2.87%, -2.73%.

AMLP is an index fund. Before fees and expenses, it aims to match the price and yield performance of the Alerian MLP Infrastructure Index, which was built by Alerian. The index holds energy infrastructure MLPs that earn most of their cash flow from moving, storing and processing energy commodities. Holdings are weighted by market value, counting only units available to trade ("float adjusted"), with modifications set by the index rules. The fund normally invests at least 90% of its total assets in index securities.

The result is a very concentrated fund. As of May 31, 2026, it held 13 partnerships. Six of them each made up 12% to 14% of assets: Plains All American Pipeline, Western Midstream Partners, Sunoco, Energy Transfer, Enterprise Products Partners and MPLX. The fund is non-diversified, so one holding's slump can move the share price sharply. Turnover was 14%.

The tax setup is the key mechanical difference. Because AMLP owns mostly MLPs, it cannot be taxed like a typical fund. Instead it pays corporate income tax, and its net asset value is reduced by current and deferred tax accruals. The index ignores taxes, so the fund can trail it by a wide margin. Holders get a Form 1099 rather than partnership tax forms, but they lose the 20% deduction available to direct MLP owners.

• AMLP charges 1.01% a year, versus an average of 0.83% for the similar funds below (7th of 8, cheapest first).
• Of that, 0.84% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $103 in the first year and $1,235 over 10 years (assuming a 5% annual return).

It offers high income from a narrow group of 13 US energy partnerships, but its history includes deep, slow-to-recover losses.

AMLP could add high income and exposure to US energy pipelines and storage. Its trailing yield was 7.66% as of October 27, 2026, paid quarterly. During the 2022 bear market it gained 19.2% while stocks fell. Its losses, though, have been severe. It launched in 2010, so it has no 2008 record. In the 2020 crash it fell 63.7% in under a month and took about 14 months to regain its peak. Its deepest drop, 77.1% from August 2014 to March 2020, did not fully recover until November 2023. Its worst calendar year was 2020, at -32.5%. Anyone who had to draw cash in a year like that would have been locking in large losses.

It costs 1.01% a year. Under the SEC's standard example, that is about $103 on $10,000 in the first year. Past results don't predict future ones. A plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.