At a glance
MLPX charges 0.45% a year, below the 0.88% average of the 8 funds most like it (the 3rd cheapest of 8). It has $3.68B in assets, the 2nd largest of that group; it paid 4.1% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +32.9% with distributions reinvested (S&P 500: +11.5%), 5th of those 9 funds; over three years it returned +27.2% a year. At its worst it fell 60.6% in the 2020 crash (S&P 500: 33.7%) and 19.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months after the low. Its ten largest positions make up 66.3% of the fund, out of 29 in all.
The short version
Global X MLP & Energy Infrastructure ETF (MLPX) tracks the Solactive MLP & Energy Infrastructure Index, a basket of U.S.-listed pipeline, storage and processing companies. It caps master limited partnerships (MLPs) at 25% of assets, so most of the fund is in corporations such as Williams, TC Energy and Enbridge. Its 0.45% expense ratio is about half the 0.88% average of similar funds, and its trailing 12-month yield was 4.1% as of October 27, 2026.
Price history
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MLPX +32.9% 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 | |
|---|---|---|---|---|---|---|
| MLPX official prospectus, to Dec 31, 2025 | — | +5.15% | — | +24.06% | +11.86% | — |
| MLPX price data to Oct 27, 2026 | +27.5% | +32.9% | +27.2% | +20.0% | +11.5% | +9.4% |
- Over the year to Oct 27, 2026, MLPX returned +32.9%, 5th of 9 among similar funds.
- Its 5-year annualized return was +20.0% and its 10-year +11.5%.
- In the 2020 COVID crash it fell 60.6% and regained its old high 13.3 months after the low.
- Its worst full calendar year was 2015 (-35.2%); its best was 2024 (+42.9%).
- The deepest fall in its price history was 70.4% (Sep 5, 2014 to Mar 18, 2020), recovered by Mar 4, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +27.5% | — |
| 2025 | +4.9% | +5.15% |
| 2024 | +42.9% | +42.82% |
| 2023 | +15.7% | +15.48% |
| 2022 | +21.5% | +21.51% |
| 2021 | +39.6% | +39.48% |
| 2020 | -21.1% | -20.15% |
| 2019 | +19.1% | +19.02% |
| 2018 | -15.1% | -15.32% |
| 2017 | -4.6% | -4.75% |
| 2016 | +36.2% | +36.18% |
| 2015 | -35.2% | — |
| 2014 | +16.2% | — |
| 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 55.7% over that stretch · deepest drop along the way 60.6%, back to its old high 13.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 11.3% over that stretch · deepest drop along the way 19.7%, back to its old high 13.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2600 | |
| 2025 | $2.9500 | +13.5% |
| 2024 | $2.6000 | +11.6% |
| 2023 | $2.3300 | +9.4% |
| 2022 | $2.1300 | +0.9% |
| 2021 | $2.1100 | -6.5% |
| 2020 | $2.2558 | +4.8% |
| 2019 | $2.1515 | +1.8% |
| 2018 | $2.1130 | +18.2% |
| 2017 | $1.7879 | -28.0% |
| 2016 | $2.4848 | +46.4% |
| 2015 | $1.6970 | +40.0% |
| 2014 | $1.2121 |
What's inside
As of Aug 31, 2026, the fund held 29 securities; the ten largest made up 66.29% of assets.
| Holding | Weight | |
|---|---|---|
| THE WILLIAMS COMPANIES, INC. | 8.63% | |
| TC Energy Corporation | 8.20% | |
| Enbridge Inc. | 8.03% | |
| KINDER MORGAN, INC. | 7.66% | |
| ONEOK, INC. | 7.33% | |
| TARGA RESOURCES CORP. | 7.08% | |
| CHENIERE ENERGY, INC. | 5.41% | |
| MPLX LP | 4.76% | |
| ENERGY TRANSFER LP | 4.72% | |
| PEMBINA PIPELINE CORPORATION | 4.48% | |
| ENTERPRISE PRODUCTS PARTNERS L.P. | 4.42% | |
| PLAINS ALL AMERICAN PIPELINE, L.P. | 3.99% | |
| WESTERN MIDSTREAM PARTNERS, LP | 3.87% | |
| DT MIDSTREAM, INC. | 3.82% | |
| South Bow Corporation | 2.26% |
By country
United States 99.81%By asset type
Stocks 99.81%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $105.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.04%, +2.37%, +2.47%.
How it works
MLPX is an index fund. It follows the Solactive MLP & Energy Infrastructure Index, which tracks "midstream" energy companies. These are the businesses that move, store, gather and process natural gas, natural gas liquids, crude oil and refined products, mainly through pipelines and storage sites. Every company must trade publicly in the U.S. The index had 27 securities as of January 31, 2026. Solactive AG, which has no ties to the fund's adviser, Global X Management Company LLC, sets the weights. The fund usually owns every index stock in about the same proportions. It doesn't try to beat the index or move to cash when markets fall.
An MLP is a partnership whose units trade like shares but which pays no corporate income tax. The fund keeps MLPs to 25% of total assets so it can meet the tax rules for regular funds. As of August 31, 2026, its biggest MLPs were MPLX (4.8%) and Energy Transfer (4.7%). Williams (8.6%) was the largest holding overall, and the top 10 of 29 positions made up 66% of assets.
Unlike most ETFs, the fund handles much of its share creation and redemption in cash. That can force it to sell holdings, which may make it less tax-efficient. It may also lend out up to one-third of its assets. Portfolio turnover was 15.46%.
What it really costs
- MLPX charges 0.45% a year, versus an average of 0.88% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| MLPX | $46 | $144 | $252 | $567 |
In a retirement portfolio
It pays steady quarterly income from a single industry, but its losses have been deep and slow to recover, so it fits as a small piece next to broader holdings.
MLPX could add pipeline income to a portfolio. Its trailing yield was 4.1% as of October 27, 2026, paid quarterly, for a 0.45% expense ratio, or $46 in the first year in the SEC's standard $10,000 example. The drawback is how far it can fall. Between February 20 and March 18, 2020, it dropped 60.6% and took 13.3 months to recover. Its deepest decline, 70.4%, ran from September 2014 to March 2020, and it didn't get back to that 2014 peak until March 2022. Its worst calendar year was 2015, when it lost 35.2%. It launched in 2013, so it has no 2008 record. In 2022 it held up better, gaining 11.3% while the broad market fell.
A retiree who has to sell shares in a bad year could end up selling after a steep drop. 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 who want pipeline exposure through a regular fund, with MLPs capped at 25% and most assets in corporations like Williams and Kinder Morgan.
- Income-focused investors comfortable with quarterly payouts from one industry; the trailing yield was 4.1% as of October 27, 2026.
- Cost-conscious investors: the 0.45% expense ratio ranks 3rd lowest of 8 similar funds, compared with a 0.88% peer average.
Look elsewhere if
- Anyone who couldn't sit through another drop like its 70.4% fall from 2014 to 2020, which wasn't fully recovered until March 2022.
- Investors focused on the lowest cost in this niche: ENFR charges 0.35% and TPYP 0.40%, and both overlap heavily with MLPX's holdings.
- Investors seeking broad diversification: about two-thirds of assets sat in ten energy infrastructure stocks as of August 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| MLPX this fund | — | 0.45% | $3.68B | +32.9% | +27.2% |
| ENFR Alerian Energy Infrastructure ETF | 77% | 0.35% | $548.4M | +35.1% | +27.7% |
| TPYP Tortoise North American Pipeline Fund | 74% | 0.4% | $894.5M | +28.5% | +26.2% |
| PIPE Invesco SteelPath MLP & Energy Infrastructu… | 71% | — | $65.4M | +35.4% | — |
| USAI Pacer American Energy Independence ETF | 70% | 0.75% | $132.8M | +31.4% | +25.8% |
| TPZ Tortoise Essential Energy Fund | 51% | 0.85% | $120.6M | +3.1% | — |
| NBET Neuberger Berman Energy Transition & Infras… | 44% | 0.65% | $47.3M | +35.7% | — |
| AMZA InfraCap MLP ETF | 43% | 2.18% | $471.8M | +34.5% | +21.9% |
Questions investors ask
Is MLPX an MLP?
No. MLPX is an ETF that holds some MLPs, not a partnership itself, and it isn't taxed as one. To meet the tax rules for regular funds, it keeps MLPs to 25% of total assets. The rest goes to corporations such as Williams, TC Energy, Enbridge and Kinder Morgan. One tax caveat: the fund handles much of its creation and redemption in cash, which the prospectus says may make it less tax-efficient than a typical ETF.
Does MLPX pay monthly dividends?
No, MLPX pays quarterly. Over the 12 months to October 27, 2026, it paid $3.07 per share, a trailing yield of 4.1%. The money comes from the pipeline and storage companies it holds, so payouts can rise or fall with their results. Anyone who wants monthly income would need to plan around a payment every three months.
What's the difference between MLPX and ENFR?
Both track midstream energy companies, and about 76% of their holdings overlap. The Alerian Energy Infrastructure ETF (ENFR) costs less, at 0.35% versus 0.45% for MLPX. As of October 27, 2026, ENFR returned 35.1% over one year and 27.7% a year over three years, compared with 32.9% and 27.2% for MLPX. MLPX is much larger, with $3.68 billion in net assets as of August 31, 2026, against ENFR's $460 million as of May 31, 2026.
What is MLPX's 10-year average return?
MLPX returned 11.86% a year on average over the 10 years to December 31, 2025, according to its prospectus. Over five years it averaged 24.06% a year, and in 2025 it gained 5.15%. Those averages hide big swings: the fund lost 15.32% in 2018 and 20.15% in 2020, then gained 39.48% in 2021 and 42.82% in 2024.
How much did MLPX lose in the 2020 crash?
MLPX fell 60.6% from February 20 to March 18, 2020. In the first quarter of 2020 alone it lost 48.88%, its worst quarter on record in the prospectus. It took 13.3 months to recover, regaining its earlier level by April 27, 2021. For the full 2020 calendar year, the fund lost 20.15%.