## Why AMLP Is Crushing Other Midstream ETFs in 2023

The midstream ETF space delivered impressive results in 2023, with the sector's defensive positioning and M&A momentum driving strong investor returns. However, not all midstream funds are created equal—the four largest players in this space showed dramatically different performance trajectories throughout the year.

## The Money Flows Tell the Story

Money matters, and the capital flows reveal which funds investors actually favor. AMLP, the sector's heavyweight with $7.3 billion in assets, dominated inflows with $276 million in net new capital through mid-December. In stark contrast, MLPA managed only $29 million in inflows, while EMLP and MLPX experienced outflows of $346 million and $162 million respectively. This divergence wasn't random—it reflected real performance differences and investor preferences shifting throughout 2023.

For context, the other three major players include EMLP ($2.4 billion in assets), MLPA ($1.5 billion), and MLPX ($975 million).

## Total Returns: AMLP Flexes Its Muscles

When it comes to actual returns, the gap widens considerably. AMLP delivered 20.9% year-to-date returns, while MLPA and MLPX came in at 15.7% and 14.3% respectively. EMLP significantly underperformed the group with just 6.6% in gains.

What explains EMLP's weakness? The fund carries excessive exposure to the utilities sector—over 45% of holdings—which dragged down midstream-specific benefits. Additionally, EMLP charges 95 basis points in fees, making it the most expensive option. AMLP's 85 basis point fee sits in the middle, while MLPA and MLPX both charge just 45 basis points.

## Income Generation: Where Midstream Really Shines

Investors flock to midstream ETFs primarily for one reason: income. The dividend yields across these four funds highlight the income advantage midstream investing provides.

AMLP leads the pack with an 8.2% indicated yield as of late December. MLPA trails slightly at 7.8%, while MLPX offers 5.4%. EMLP rounds out the group at 4.1%—a concerning yield given its higher fee structure.

## What This Means for Your Portfolio

The 2023 data presents a clear hierarchy: AMLP combined superior returns, strong inflows, and competitive fees to deliver best-in-class results. While MLPA and MLPX offer lower costs, they haven't matched AMLP's performance or attractiveness. EMLP's combination of high fees, utilities drag, and weak yields makes it the clear laggard for income-focused investors.

For those seeking meaningful dividend income alongside capital appreciation in the midstream ETF space, the data strongly favors the market leader.