What are energy infrastructure ETFs?
Energy infrastructure is the network of pipelines, storage sites and processing plants that carries oil and natural gas from wells to customers. These funds mostly own the companies that run that network. Many of those companies are master limited partnerships (MLPs). An MLP trades on an exchange like a stock but is taxed as a partnership and pays out much of its cash. Among the 12 funds with published holdings, all 12 own Energy Transfer and Enterprise Products Partners. Eleven own MPLX, 10 own Cheniere Energy and ONEOK, and 9 own Williams and Kinder Morgan.
The main difference between the funds is how widely they spread their money. AMLP tracks the Alerian MLP Infrastructure Index with just 13 holdings. MLPA follows the Solactive MLP Infrastructure Index. In both, the top 10 holdings make up roughly the whole fund. MLPX, TPYP and ENFR track indexes that add corporations such as Williams, Kinder Morgan and Enbridge. EMLP names no index, aims for total return and spreads its money across 56 holdings. ATMP, MLPB and AMUB are exchange-traded notes (ETNs). An ETN is unsecured bank debt that promises to pay an index's return minus fees. MLPR is a 1.5x leveraged note. MDST and MLPD use options to add income.
Costs vary widely. The median expense ratio is 0.75%. The expense ratio is the yearly fee taken out of a fund's assets. ENFR charges the least at 0.35%, followed by TPYP at 0.40% and MLPX at 0.45%. AMZA charges the most at 1.72%. AMLP, by far the largest fund, charges 1.01%.
The money is concentrated too. The five largest funds are AMLP, EMLP, MLPX, MLPA and TPYP. Together they hold 89.1% of the group's roughly $25.7 billion in assets, and AMLP alone holds about $12.1 billion.
Energy infrastructure ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 12 biggest energy infrastructure ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Energy Transfer Lp | 12 of 12 | 7.74% |
| Enterprise Products Partners Lp | 12 of 12 | 7.3% |
| Mplx Lp | 11 of 12 | 4.65% |
| Cheniere Energy Inc | 10 of 12 | 4.9% |
| Oneok Inc | 10 of 12 | 4.79% |
| The Williams Companies, Inc. | 9 of 12 | 6.67% |
| Kinder Morgan Inc | 9 of 12 | 4.6% |
| Targa Resources Corp. | 8 of 12 | 5.3% |
| Enbridge Inc. | 7 of 12 | 7.68% |
| TC Energy Corporation | 7 of 12 | 5.96% |
| Plains Gp Holdings Lp | 6 of 12 | 4.55% |
| Pembina Pipeline Corporation | 6 of 12 | 4.37% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest energy infrastructure ETFs, side by side
Swipe the table to see all 5 funds.
| AMLP | EMLP | MLPX | MLPA | TPYP | |
|---|---|---|---|---|---|
| Net assets | $12.14B | $4.13B | $3.68B | $2.10B | $838.3M |
| Expense ratio | 1.01% | 0.95% | 0.45% | 0.77% | 0.4% |
| Holdings | 13 | 56 | 29 | 20 | 44 |
| In the 10 largest | 100.92% | 42.25% | 66.29% | 99.05% | 59.1% |
| Biggest holding | Plains All American Pipeline Lp (13.67%) | Enterprise Products Partners Lp (8.77%) | The Williams Companies, Inc. (8.63%) | Energy Transfer Lp (14.86%) | TC Energy Corp (7.95%) |
| Yield | 7.66% | 2.78% | 4.1% | 7.35% | 3.17% |
| 1-year return | +22.5% | +18.7% | +32.9% | +22.1% | +28.5% |
| 3 years, a year | +17.4% | +22.9% | +27.2% | +15.9% | +26.2% |
| 5 years, a year | +17.2% | +15.7% | +20.0% | +16.2% | +18.1% |
| Worst drop, past year | -8.1% | -7.9% | -9.1% | -7.8% | -9.1% |
| Launched | 2010 | 2012 | 2013 | 2012 | 2015 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
AMLP vs EMLP
AMLP tracks an MLP index with 13 holdings. Its top 10 make up roughly the whole fund, led by Plains All American Pipeline at 13.67%. EMLP spreads its money across 56 holdings, with 42.25% in its top 10 and Enterprise Products Partners largest at 8.77%. Only 23.9% of their assets overlap. AMLP charges 1.01% a year and EMLP 0.95%. In the year to October 27, 2026, AMLP returned 22.5% and EMLP 18.7%. Their deepest drops were 8.1% and 7.9%. AMLP's 7.66% yield may appeal to income seekers. EMLP yielded 2.78% and may suit those wanting a broader mix.
AMLP vs MLPA
These two are near twins. 98.9% of their assets overlap, and all 13 of AMLP's holdings are also in MLPA. AMLP tracks the Alerian MLP Infrastructure Index and MLPA the Solactive MLP Infrastructure Index. In both, the top 10 holdings make up roughly the whole fund. AMLP's largest holding is Plains All American Pipeline at 13.67%. MLPA's is Energy Transfer at 14.86%. MLPA charges 0.77% and AMLP 1.01%. In the year to October 27, 2026, AMLP returned 22.5% and MLPA 22.1%, with deepest drops of 8.1% and 7.8%. The main differences are fee and size: AMLP holds about $12.1 billion and MLPA about $2.1 billion.
MLPX vs TPYP
Both funds mix MLPs with pipeline corporations. They share 27 holdings, and 73.5% of their assets overlap. MLPX holds 29 names, with 66.29% in its top 10, led by Williams at 8.63%. TPYP holds 44, with 59.1% in its top 10, led by TC Energy at 7.95%. TPYP charges 0.40% and MLPX 0.45%. In the year to October 27, 2026, MLPX returned 32.9% and TPYP 28.5%. Both had a deepest drop of 9.1%. MLPX yielded 4.1% and TPYP 3.17%. TPYP may suit those wanting a slightly wider spread. MLPX is the larger fund, at about $3.7 billion.
How much do the largest energy infrastructure ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| AMLP and MLPA | 98.9% | 13 | |
| MLPX and TPYP | 73.5% | 27 | |
| EMLP and TPYP | 30.9% | 20 | |
| EMLP and MLPX | 26.6% | 12 | |
| AMLP and MLPX | 25.9% | 10 | |
| MLPX and MLPA | 25.9% | 12 | |
| AMLP and EMLP | 23.9% | 5 | |
| EMLP and MLPA | 23.9% | 6 | |
| AMLP and TPYP | 15.4% | 12 | |
| MLPA and TPYP | 15.4% | 14 |
From each fund’s full holdings in its latest N-PORT report.
How have energy infrastructure ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing energy infrastructure ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | NBET Neuberger Berman Energy Transition & Infrastructu… | $47.3M | 0.65% | +5.9% | +32.2% | +35.7% | — |
| 2 | ATMP Barclays ETN+ Select MLP ETN | $534.2M | 0.95% | +3.1% | +29.5% | +35.5% | +26.5% |
| 3 | PIPE Invesco SteelPath MLP & Energy Infrastructure ETF | $65.4M | 0.75% | +4.6% | +29.6% | +35.4% | — |
| 4 | ENFR Alerian Energy Infrastructure ETF | $459.8M | 0.35% | +5.4% | +29.1% | +35.1% | +27.7% |
| 5 | AMZA InfraCap MLP ETF | $471.8M | 1.72% | +0.8% | +31.9% | +34.5% | +21.9% |
| 6 | MLPX Global X MLP & Energy Infrastructure ETF | $3.68B | 0.45% | +5.4% | +27.5% | +32.9% | +27.2% |
| 7 | UMI USCF Midstream Energy Income Fund ETF | $485.2M | 0.69% | +5.0% | +27.3% | +32.9% | +26.7% |
| 8 | USAI Pacer American Energy Independence ETF | $132.8M | 0.75% | +6.3% | +27.2% | +31.4% | +25.8% |
| 9 | TPYP Tortoise North American Pipeline Fund | $838.3M | 0.4% | +6.7% | +25.4% | +28.5% | +26.2% |
| 10 | AMUB ETRACS Alerian MLP Index ETN Class B | $53.3M | 0.8% | -0.3% | +22.7% | +27.5% | +20.0% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How energy infrastructure ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| AMLP | not yet launched | -59.7% | +19.2% |
| EMLP | not yet launched | -43.5% | +0.5% |
| MLPX | not yet launched | -55.7% | +11.3% |
| MLPA | not yet launched | -60.1% | +19.5% |
| TPYP | not yet launched | -50.1% | +7.4% |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives energy infrastructure ETFs?
Pipeline and storage companies mostly earn fees for moving and holding oil and natural gas. So their profits depend more on how much flows through their systems than on the price of each barrel. Prices still matter. When oil and gas get cheap, producers drill less, volumes fall and weaker customers can struggle to pay. Interest rates count too. These companies borrow heavily to build pipelines, and their large payouts compete with bond yields, so rising rates can weigh on share prices. Regulation decides which new pipelines get built and what some of them can charge.
These forces have produced results unlike the broad market. In the 2020 COVID crash, when oil demand collapsed, MLPA fell 60.1% and AMLP 59.7%. The S&P 500 fell 33.7%. MLPX dropped 55.7%, TPYP 50.1% and EMLP, the most spread out of the five, 43.5%. In the 2022 bear market the pattern reversed. Energy prices were high, and MLPA gained 19.5% and AMLP 19.2% while the S&P 500 lost 24.5%. MLPX rose 11.3%, TPYP 7.4% and EMLP 0.5%. The MLP-only funds swung hardest in both directions. None of these five had launched by the 2008 financial crisis, when the S&P 500 fell 55.2%.
Energy infrastructure ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | ENFR Alerian Energy Infrastructure ETF | 0.35% | $35 a year | $459.8M |
| 2 | TPYP Tortoise North American Pipeline Fund | 0.4% | $40 a year | $838.3M |
| 3 | MLPX Global X MLP & Energy Infrastructure ETF | 0.45% | $45 a year | $3.68B |
| 4 | MLPD Global X MLP & Energy Infrastructure Covered … | 0.6% | $60 a year | $31.0M |
| 5 | NBET Neuberger Berman Energy Transition & Infrastr… | 0.65% | $65 a year | $47.3M |
Ordinary funds with at least $10 million in net assets. The median ordinary energy infrastructure ETF charges 0.75% a year; leveraged and inverse funds usually charge more.
Do energy infrastructure ETFs pay dividends?
17 of the 17 ordinary energy infrastructure ETFs with a page here paid distributions over the last 12 months, with a median yield of 5.67%.
| Highest yields | Yield | Net assets |
|---|---|---|
| MLPD Global X MLP & Energy Infrastructure Covered … | 13.82% | $31.0M |
| MDST Westwood Salient Enhanced Midstream Income ETF | 9.42% | $287.2M |
| AMZA InfraCap MLP ETF | 8.21% | $471.8M |
| AMLP Alerian MLP ETF | 7.66% | $12.14B |
| MLPA Global X MLP ETF | 7.35% | $2.10B |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets. Some of these yields come from selling options, which gives up some of the gains.
How to choose a energy infrastructure ETF
- Fees run from 0.35% to 1.72%. ENFR charges 0.35% a year, TPYP 0.40% and MLPX 0.45%. AMLP, the largest fund at about $12.1 billion, charges 1.01%, and AMZA charges 1.72%. The fee comes out of returns every year.
- MLP-only funds or a broader mix. AMLP and MLPA track MLP indexes and yielded 7.66% and 7.35%. MLPX, TPYP and ENFR add corporations such as Williams and Enbridge. MLPX yielded 4.1% and TPYP 3.17%, and they overlap AMLP by only 25.9% and 15.4%.
- How concentrated the top 10 is. AMLP, MLPA and AMZA have roughly the whole fund in their top 10 holdings. EMLP holds 56 names with 42.25% in its top 10, so a setback at one company matters less.
- Index rules or a manager's picks. AMLP, MLPX, TPYP, ENFR and USAI track published indexes. EMLP, AMZA, PIPE and NBET aim for total return, and UMI aims for income, without naming an index. Their results depend more on managers' decisions.
- US partnerships or North American pipelines. The largest holdings in AMLP and MLPA are all US partnerships. MLPX, TPYP and USAI each have Canada's Enbridge and TC Energy among their five biggest positions. EMLP and TPYP describe themselves as North American funds.
- ETNs, options and leverage behave differently. ATMP, MLPB and AMUB are ETNs: debt issued by Barclays or UBS, not a basket of shares. MDST and MLPD trade some upside for option income. MLPR is a 1.5x leveraged note whose long-run returns can stray from 1.5x.
What are the risks of energy infrastructure ETFs?
- The same few partnerships everywhere. All 12 funds with published holdings own Energy Transfer and Enterprise Products Partners, at median weights of 7.74% and 7.3%. AMLP and MLPA overlap by 98.9%, so owning several of these funds adds little variety.
- Deep losses when energy demand collapses. In the 2020 COVID crash, MLPA fell 60.1% and AMLP 59.7%, against 33.7% for the S&P 500. Even EMLP, the most spread out of the five largest funds, lost 43.5%.
- Sizable swings along the way. In the year to October 27, 2026, the median fund gained 28.5%. Volatility, a measure of how widely prices swing, ranged from 11% for EMLP to 18.5% for AMZA, and USAI fell 10.2% from a peak.
- ETNs carry the bank's credit risk. ATMP is a Barclays note; MLPB and AMUB are UBS notes. They don't hold shares. Each one promises to pay an index's return, so if the issuer ran into trouble, holders could lose money whatever the index did.
- Leverage and option income change the math. MLPR, a 1.5x leveraged note, magnifies losses as well as gains. MDST and MLPD give up some upside for option income. MLPD yielded 13.82% but returned 15.5% in the year to October 27, 2026, the group's lowest.
Leveraged and inverse energy infrastructure ETFs (1.5x)
These funds aim for a multiple, or the opposite, of one day’s return, and reset every day. Held for longer than a day, their results can drift far from that multiple, especially when prices swing. They are trading tools, not long-term holdings. Why leveraged ETFs decay →
| Fund | Daily aim | Net assets | 1-year return |
|---|---|---|---|
| MLPR ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP I… | 1.5× | — | +39.6% |
List of all energy infrastructure ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | AMLP Alerian MLP ETF | $12.14B | 1.01% | 7.66% | +19.6% | +22.5% | +17.2% |
| 2 | EMLP First Trust North American Energy Infrastructure … | $4.13B | 0.95% | 2.78% | +18.5% | +18.7% | +15.7% |
| 3 | MLPX Global X MLP & Energy Infrastructure ETF | $3.68B | 0.45% | 4.1% | +27.5% | +32.9% | +20.0% |
| 4 | MLPA Global X MLP ETF | $2.10B | 0.77% | 7.35% | +19.6% | +22.1% | +16.2% |
| 5 | TPYP Tortoise North American Pipeline Fund | $838.3M | 0.4% | 3.17% | +25.4% | +28.5% | +18.1% |
| 6 | ATMP Barclays ETN+ Select MLP ETN | $534.2M | 0.95% | 4.44% | +29.5% | +35.5% | +22.6% |
| 7 | UMI USCF Midstream Energy Income Fund ETF | $485.2M | 0.69% | 5.88% | +27.3% | +32.9% | +20.0% |
| 8 | AMZA InfraCap MLP ETF | $471.8M | 1.72% | 8.21% | +31.9% | +34.5% | +21.5% |
| 9 | ENFR Alerian Energy Infrastructure ETF | $459.8M | 0.35% | 3.94% | +29.1% | +35.1% | +19.7% |
| 10 | MDST Westwood Salient Enhanced Midstream Income ETF | $287.2M | 0.8% | 9.42% | +20.2% | +25.7% | — |
Questions investors ask about energy infrastructure ETFs
What is the largest energy infrastructure ETF?
AMLP, the Alerian MLP ETF from ALPS, is the largest. It has about $12.1 billion in net assets, close to half the money in the group. It launched in 2010 and tracks the Alerian MLP Infrastructure Index. It holds 13 names, led by Plains All American Pipeline, Western Midstream Partners and Sunoco. The next largest are EMLP, with about $4.1 billion, and MLPX, with about $3.7 billion.
What is the cheapest energy infrastructure ETF?
ENFR, the Alerian Energy Infrastructure ETF, has the lowest expense ratio at 0.35% a year. TPYP charges 0.40%, MLPX 0.45%, the covered-call fund MLPD 0.60% and NBET 0.65%. ENFR is small, at about $460 million. It tracks the Alerian Midstream Energy Select Index, which mixes MLPs with corporations such as Enbridge and Williams. The median fund in the group charges 0.75%, and AMZA charges the most at 1.72%.
AMLP vs EMLP: what's the difference?
AMLP tracks an MLP index and holds 13 names, with roughly the whole fund in its top 10. EMLP names no index, aims for total return and holds 56 names, with 42.25% in its top 10. Only 23.9% of their assets overlap. AMLP charges 1.01% and yielded 7.66%; EMLP charges 0.95% and yielded 2.78%. In the year to October 27, 2026, AMLP returned 22.5% and EMLP 18.7%. In the 2020 crash, EMLP fell 43.5% and AMLP 59.7%.
Do energy infrastructure ETFs pay dividends?
Yes. All 17 funds with yield data made payouts, and the median yield was 5.67%. MLPs call their payouts distributions. MLPD, a covered-call fund, had the highest yield at 13.82%, followed by MDST at 9.42%, AMZA at 8.21%, AMLP at 7.66% and MLPA at 7.35%. Broader funds yield less: MLPX 4.1%, TPYP 3.17% and EMLP 2.78%. The option-income funds raise their payouts by giving up some gains.
Do energy infrastructure ETFs own Energy Transfer?
Yes. All 12 funds with published holdings own Energy Transfer, at a median weight of 7.74%. It is the largest holding in AMZA at 17.02%, MLPA at 14.86%, MDST at 9.17% and UMI at 7.74%. It also makes up 13.34% of AMLP. Enterprise Products Partners appears in just as many funds. ATMP, MLPB and AMUB are notes that track indexes rather than owning shares directly.
How many energy infrastructure ETFs are there?
This guide covers 18 US-listed funds. Most are standard ETFs such as AMLP, EMLP and MLPX. ATMP, MLPB and AMUB are exchange-traded notes (ETNs). MDST and MLPD use options for income, and MLPR is a 1.5x leveraged note. Together they hold roughly $25.7 billion. 89.1% of that sits in the five largest: AMLP, EMLP, MLPX, MLPA and TPYP. The newest is Invesco's PIPE, which launched on February 20, 2025.
Is there a leveraged energy infrastructure ETF?
There is one leveraged product and no inverse ones. MLPR, the ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN, aims to deliver 1.5 times the moves of the Alerian MLP Index. In the year to October 27, 2026, it returned 39.6%. AMUB, an unleveraged note on the same index, returned 27.5%. Leverage magnifies losses too. Because the leverage resets periodically, long-term results can stray from 1.5x. That makes MLPR a trading tool. As a note, it also carries its issuer's credit risk.
Is there a Vanguard energy infrastructure ETF?
Not among the US-listed funds in this guide, and Fidelity doesn't appear either. The issuers are ALPS, First Trust, Global X, Tortoise, Barclays, Marygold, Virtus, Westwood, UBS, Pacer, Invesco and Neuberger Berman. Investors looking for low fees and index tracking may compare ENFR at 0.35%, TPYP at 0.40% and MLPX at 0.45%. These three track Alerian, Tortoise and Solactive indexes.
Is there a Vanguard, Fidelity or Schwab energy infrastructure ETF?
No. None of the three offers a energy infrastructure ETF. The largest energy infrastructure ETFs come from ALPS (AMLP), First Trust (EMLP) and Global X (MLPX), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts. For a broader fund, VDE (Vanguard Energy ETF) and FENY (Fidelity MSCI Energy Index ETF) are covered in our energy ETF guide.
