Global X MLP ETF

Global X MLP ETF (MLPA) tracks the Solactive MLP Infrastructure Index of US pipeline and energy-storage partnerships such as Energy Transfer and Enterprise Products Partners. Unlike most ETFs, it is taxed as a regular corporation, so fund-level taxes can cause it to lag its index. Its 7.35% trailing yield (as of October 27, 2026) is the main draw. Its 0.77% expense ratio is below the 0.85% charged by the nearly identical Alerian MLP ETF.

• Over the year to Oct 27, 2026, MLPA returned +22.1%, 7th of 8 among similar funds.
• Its 5-year annualized return was +16.2% and its 10-year +6.6%.
• In the 2020 COVID crash it fell 66.1% and regained its old high 13.6 months after the low.
• Its worst full calendar year was 2020 (-32.5%); its best was 2013 (+55.0%).
• The deepest fall in its price history was 78.6% (Aug 29, 2014 to Mar 18, 2020), recovered by Feb 20, 2024.

As of May 31, 2026, the fund held 20 securities; the ten largest made up 99.05% of assets.

• Over the three months to May 31, 2026, investors added a net $3.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -2.73%, +2.97%, +0.80%.

MLPA is an index fund. Solactive AG, a company independent of the fund's adviser, Global X, chooses and weights the members of the Solactive MLP Infrastructure Index. A master limited partnership (MLP) is a business that trades on an exchange like a stock. If at least 90% of its income comes from qualifying sources, such as transporting or storing fuels, it pays no income tax at the business level. As of January 31, 2026, the index held 13 MLPs that transport, store, compress, market, distribute or process natural resources. The fund generally holds the same securities in about the same proportions. It does not try to beat the index or move to cash when markets fall.

The result is a very concentrated fund. As of May 31, 2026, Energy Transfer made up 14.9% of net assets, Enterprise Products Partners 13.3%, MPLX 12.4%, Plains All American Pipeline 12.0% and Western Midstream Partners 10.9%. The top 10 holdings came to about 99% of net assets.

Two mechanical points matter. First, because the fund holds mostly MLPs, it cannot qualify for the usual fund tax treatment. It is taxed as a C corporation, so it pays federal corporate tax itself, and its goal of tracking the index applies before taxes. Second, it handles much of its creation and redemption activity in cash. That can force it to sell holdings, which may make it less tax-efficient than a typical ETF.

• MLPA charges 0.77% a year, versus an average of 0.88% for the similar funds below (5th of 8, cheapest first).
• Of that, 0.45% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $79 in the first year and $954 over 10 years (assuming a 5% annual return).

It pays high quarterly income, but it is concentrated in one corner of the energy sector and has suffered deep, long-lasting losses.

MLPA could add a large stream of cash payouts. Its trailing 12-month yield was 7.35% ($4.02 a share) as of October 27, 2026, paid quarterly. The trade-off is volatility. In the 2020 COVID crash it fell 66.1% between February 19 and March 18, 2020, and took about 13.6 months to recover. Its worst calendar year was 2020, when it lost 33.93%. Its deepest drop, 78.6% from August 2014 to March 2020, was not fully recovered until February 2024. In 2022 it went the other way and gained 26.98%. It launched in 2012, so it has no 2008 record. Anyone forced to sell shares in a year like 2020 would have locked in heavy losses. In the SEC's standard example, the 0.77% expense ratio costs $79 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

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