At a glance
AMZA charges 1.72% a year, above the 0.59% average of the 8 funds most like it (the most expensive of 9). It has $471.8M in assets, the 6th largest of that group; it paid 8.21% of its price in distributions over the past 12 months, monthly. Over the past year it returned +34.5% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +21.9% a year. At its worst it fell 78.9% in the 2020 crash (S&P 500: 33.7%) and 25.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months and 2 months after the lows. Its ten largest positions make up 101.7% of the fund, out of 28 in all.
The short version
InfraCap MLP ETF (AMZA) is an actively managed fund that owns pipeline and storage businesses, mostly master limited partnerships (MLPs), picked by sub-adviser Infrastructure Capital Advisors. Unlike most similar funds, it can borrow to buy more shares, sells options for extra income, and is taxed as a corporation. Its trailing yield was 8.21% as of October 27, 2026, paid monthly. Its 1.72% expense ratio is the highest in its peer group of nine funds.
Price history
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AMZA +34.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AMZA official prospectus, to Dec 31, 2025 | — | +0.42% | — | +26.72% | +4.09% | — |
| AMZA price data to Oct 27, 2026 | +31.9% | +34.5% | +21.9% | +21.5% | +5.2% | -0.2% |
- Over the year to Oct 27, 2026, AMZA returned +34.5%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +21.5% and its 10-year +5.2%.
- In the 2020 COVID crash it fell 78.9% and regained its old high 22.5 months after the low.
- Its worst full calendar year was 2020 (-49.5%); its best was 2021 (+51.1%).
- The deepest fall in its price history was 91.4% (Oct 2, 2014 to Mar 18, 2020), recovered by Aug 18, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +31.9% | — |
| 2025 | +0.2% | +0.42% |
| 2024 | +30.9% | +30.90% |
| 2023 | +24.2% | +23.47% |
| 2022 | +33.1% | +32.23% |
| 2021 | +51.1% | +52.22% |
| 2020 | -49.5% | -49.79% |
| 2019 | +6.2% | +4.95% |
| 2018 | -26.6% | -25.10% |
| 2017 | -6.9% | -6.56% |
| 2016 | +24.6% | +23.91% |
| 2015 | -45.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 73.9% over that stretch · deepest drop along the way 78.9%, back to its old high 22.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 20.1% over that stretch · deepest drop along the way 25.2%, back to its old high 2.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.4000 | |
| 2025 | $3.4800 | +11.5% |
| 2024 | $3.1200 | -11.9% |
| 2023 | $3.5400 | +46.3% |
| 2022 | $2.4200 | -8.3% |
| 2021 | $2.6400 | -37.1% |
| 2020 | $4.2000 | -52.3% |
| 2019 | $8.8000 | -49.1% |
| 2018 | $17.3000 | -16.8% |
| 2017 | $20.8000 | 0.0% |
| 2016 | $20.8000 | +2.0% |
| 2015 | $20.4000 |
What's inside
As of Jul 31, 2026, the fund held 28 securities; the ten largest made up 101.65% of assets.
| Holding | Weight | |
|---|---|---|
| ENERGY TRANSFER LP | 17.02% | |
| SUNOCO LP | 16.01% | |
| PLAINS ALL AMERICAN PIPELINE LP | 14.83% | |
| WESTERN MIDSTREAM PARTNERS LP | 12.51% | |
| ENTERPRISE PRODUCTS PARTNERS LP | 11.63% | |
| MPLX LP | 11.61% | |
| CHENIERE ENERGY INC | 5.99% | |
| HESS MIDSTREAM LP | 5.23% | |
| KINDER MORGAN INC | 3.60% | |
| CHENIERE ENERGY PARTNERS LP | 3.22% | |
| WILLIAMS COMPANIES INC (THE) | 3.12% | |
| ONEOK INC | 2.57% | |
| USA COMPRESSION PARTNERS LP | 2.39% | |
| GENESIS ENERGY LP | 2.09% | |
| DELEK LOGISTICS PARTNERS LP | 1.79% |
By country
United States 119.54%Canada 0.99%By asset type
Stocks 119.9%Preferred stock 0.63%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $5.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.36%, +1.69%, +7.13%.
How it works
AMZA does not track an index. Its sub-adviser, Infrastructure Capital Advisors, chooses the holdings. Under normal conditions, at least 80% of net assets go into MLPs in energy infrastructure. MLPs are publicly traded partnerships that usually pay out most of their cash. The fund focuses on "midstream" MLPs, which gather, process, move and store oil and gas, usually without owning the fuel. It typically holds 25 to 50 MLPs and normally caps any one issuer at 15% of total assets. As of July 31, 2026, it had 28 holdings. The largest were Energy Transfer (17.0%), Sunoco (16.0%), Plains All American Pipeline (14.8%), Western Midstream (12.5%), Enterprise Products Partners (11.6%) and MPLX (11.6%).
The fund can borrow up to 33⅓% of its total assets to buy more securities. Borrowing magnifies gains and losses. As of July 31, 2026, its stock holdings equaled about 120% of net assets. It also sells (writes) call and put options to earn extra income. When it sells a call option, it gives up gains above the option's strike price. It may also use futures and short sales to hedge. Portfolio turnover was 237%, which means it trades often.
Unlike most funds, AMZA pays corporate income tax and can build up a deferred tax liability (taxes owed later on gains). It pays distributions monthly, and part of each payment may count as a return of capital. Return of capital is not taxed when you receive it, but it lowers your cost basis.
What it really costs
- AMZA charges 1.72% a year, versus an average of 0.59% for the similar funds below (9th of 9, cheapest first).
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $175 in the first year and $2,030 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AMZA | $175 | $542 | $933 | $2,030 |
In a retirement portfolio
AMZA pays high monthly income, but it borrows, holds a narrow slice of the energy sector, and has suffered deeper losses than almost any mainstream fund.
AMZA could add high monthly income from US pipeline businesses, but its record shows severe swings. It launched in October 2014, so it has no 2008 record. In the 2020 COVID crash it fell 78.9% from February 19 to March 18, 2020. It took about 22.5 months to recover and ended that year down 49.8%. Its deepest drop, 91.4% from October 2014 to March 2020, was not fully regained until August 18, 2026. In the 2022 bear market it rose 20.1%, though it still slid 25.2% in June 2022. Anyone who had to sell shares or draw income after a crash like 2020 would have locked in heavy losses.
The trailing yield was 8.21% as of October 27, 2026. The fund pays monthly, and part of each payment may be return of capital. Costs are high: 1.72% a year, or $175 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking monthly income: the trailing 12-month yield was 8.21% as of October 27, 2026, and payouts may count as tax-deferred return of capital.
- Those wanting concentrated, actively managed exposure to energy partnerships: Energy Transfer (17%), Sunoco (16%) and Plains All American (15%) led as of July 31, 2026.
- Investors at ease with the fund borrowing up to one-third of assets and writing options; five-year average annual return was 26.72% through 2025.
Look elsewhere if
- Cost-conscious investors: the 1.72% expense ratio is the highest of nine comparable funds; Alerian MLP ETF, with 94% holdings overlap, charges 0.85%.
- Retirees who can't stomach deep losses: the fund fell 91.4% from its 2014 peak to March 2020 and took until August 2026 to recover.
- Those wanting a diversified, low-turnover fund: AMZA is non-diversified, had 237% turnover and is taxed as a corporation, which can trim returns.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| AMZA this fund | — | 1.72% | $471.8M | +34.5% | +21.9% |
| AMLP Alerian MLP ETF | 94% | 0.85% | $13.44B | +22.5% | +17.4% |
| MLPA Global X MLP ETF | 86% | 0.45% | $2.39B | +22.1% | +15.9% |
| ENFR Alerian Energy Infrastructure ETF | 45% | 0.35% | $548.4M | +35.1% | +27.7% |
| MLPX Global X MLP & Energy Infrastructure ETF | 43% | 0.45% | $3.68B | +32.9% | +27.2% |
| USAI Pacer American Energy Independence ETF | 40% | 0.75% | $132.8M | +31.4% | +25.8% |
| NBET Neuberger Berman Energy Transition & Infras… | 35% | 0.65% | $47.3M | +35.7% | — |
| TPYP Tortoise North American Pipeline Fund | 34% | 0.4% | $894.5M | +28.5% | +26.2% |
Questions investors ask
Does AMZA pay monthly dividends?
Yes. AMZA pays distributions monthly. Over the 12 months to October 27, 2026, it paid $3.98 per share, a trailing yield of 8.21%. The sub-adviser expects these payments to make up a large part of the fund's total return. All or part of each payment may count as a return of capital. That portion is not taxed when you receive it, but it lowers your cost basis, which can mean a larger taxable gain when you sell.
What's the difference between AMZA and AMLP?
Their holdings overlap by 94%, but AMZA costs more and takes more risk. AMZA's expense ratio is 1.72%, against 0.85% for the Alerian MLP ETF (AMLP). AMZA is actively managed, can borrow up to 33⅓% of its assets, and sells options for income. As of October 27, 2026, AMZA returned 34.5% over one year and 21.9% a year over three years. AMLP returned 22.5% and 17.4%. AMLP is also far larger, with $13.4 billion in net assets as of August 31, 2026.
Why is AMZA's expense ratio so high?
AMZA's expense ratio of 1.72% (prospectus filed February 27, 2026) is the highest of the nine funds in its peer group, where the average is 0.61%. It includes a 0.95% management fee plus other fund expenses. For a fund that borrows, these can include interest costs. Under the SEC's standard example, $10,000 invested with a 5% annual return would cost about $175 after one year, $933 after five years and $2,030 after ten years.
How much did AMZA lose in 2020?
AMZA lost 49.79% in calendar 2020, according to its prospectus. Its worst quarter, ending March 31, 2020, fell 74.01%. From February 19 to March 18, 2020, it dropped 78.9% and needed about 22.5 months to recover. That crash capped its deepest decline, 91.4% from its October 2014 start. The fund did not fully regain that peak until August 18, 2026. Borrowing and a narrow focus on energy partnerships made these losses worse.
What is AMZA's long-term return?
AMZA's long-term results depend on the starting point. As of December 31, 2025, its prospectus showed average annual returns of 0.42% over one year, 26.72% over five years and 4.09% over ten years. The strong five-year figure reflects the rebound from the 2020 crash. The ten-year figure includes losses of 25.10% in 2018 and 49.79% in 2020. Price-based returns as of October 27, 2026 were 34.5% over one year and 5.2% a year over ten years.