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What Do the Fund Flows into Top MLP ETFs Indicate?


Mar. 8 2019, Published 11:20 a.m. ET

Fund flows in 2019

So far in 2019, the Alerian MLP ETF (AMLP), the InfraCap MLP ETF (AMZA), and the First Trust North American Energy Infrastructure Fund (EMLP) have seen net outflows of $184 million, $5 million, and $53 million, respectively. The Global X MLP and Energy Infrastructure ETF (MLPX) and the Global X MLP ETF (MLPA) have seen net inflows of $121 million and $36 million, respectively.

As the above graph shows, the fund flows into the five MLP ETFs fell significantly in 2018. The Alerian MLP ETF saw net outflows for the year—something that didn’t happen even in the extreme challenging 2014–2017 period.

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While MLPX invests in MLPs and C corporations, MLPA only invests in MLPs. MLPX’s top three holdings are TransCanada (TRP), Kinder Morgan (KMI), and Enbridge (ENB). Together, the holdings form ~28.4% of MLPX.

MLPA’s top three holdings are Enterprise Products Partners (EPD), Energy Transfer (ET), and Magellan Midstream Partners (MMP), which form ~27.3% of the ETF.

InfraCap MLP ETF

Energy Transfer, Plains All American Pipeline (PAA), and Enterprise Products Partners are the InfraCap MLP ETF’s top three holdings. The three holdings form ~34.8% of the ETF.

Next, we’ll discuss how the top midstream stocks have performed over the years and in 2019.


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