Reasons to Consider MLPA

High Income Potential

MLPs typically pay high yields to investors because they do not pay corporate income taxes.

Midstream Exposure

MLPA invests in midstream pipelines and storage facilities that have less sensitivity to energy prices.

Low Expense Ratio

MLPA’s expense ratio is more than 15% below the competitor average.1

1Expense ratio was 16.7% lower than the competitor average net expense ratio as of 7/1/23, per (category: “Equity: U.S. MLPs”)

Key Information As of 09/22/23

Inception Date 04/18/12
Total Expense Ratio 0.45%
Net Assets $1.40 billion
NAV $44.59
Fact Sheet View the document

ETF Summary

The Global X MLP ETF (MLPA) invests in some of the largest, most liquid midstream Master Limited Partnerships (MLPs).

ETF Objective

The Global X MLP ETF (MLPA) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP Infrastructure Index.

Trading Details As of 09/21/23

Ticker MLPA
Bloomberg Index Ticker MLPAMIDG
CUSIP 37954Y343
ISIN US37954Y3430
Primary Exchange NYSE Arca
Shares Outstanding 31,408,637
Number of Holdings 18
30-Day Median Bid-Ask Spread 0.14%

Distributions As of 09/22/23

Distribution Frequency Quarterly

Taxes As of 09/22/23

Effective Tax Rate 22.36%
Ordinary Income Deferred Tax Asset/(Liability)
Accrual Factor: 19.19% of gains/losses + 3.00% per annum of net assets1
Capital Gain Deferred Tax Asset/(Liability) ($25,395,020)
Total Net Deferred Tax Asset/(Liability) ($53,556,153)

The ETF will accrue a Valuation Allowance equal to the inverse of any deferred tax asset, resulting in an adjusted net deferred of $0 for that income character. The fund will not accrue a Valuation Allowance against a deferred tax liability. Learn more about the Valuation Allowance

1The accrual factor is an estimation by the Fund used to calculate Ordinary Income Deferred Tax Asset/(Liability). Accrual Factor is expected to be updated on or about May 31st of each year.

ETF Prices As of 09/22/23

NAV $44.59 Daily Change -$0.09 -0.20%
Market Price $44.57 Daily Change -$0.10 -0.22%

Performance History

As of recent
As of recent
Fund NAV Market Price Index
1 Year 25.40% 25.56% 29.78%
3 Years 27.56% 27.69% 29.76%
5 Years 4.36% 4.36% 5.50%
10 Years -0.11% -0.11% 0.68%
Since Inception 1.29% 1.29% 2.91%
1 Year 12.12% 12.01% 15.99%
3 Years 30.75% 30.69% 33.52%
5 Years 3.40% 3.40% 4.74%
10 Years 0.43% 0.40% 1.45%
Since Inception 1.62% 1.61% 3.33%
Year-to-Date 7.93% 8.04% 10.42%
1 Month 3.17% 3.80% 4.06%
3 Months 4.85% 5.33% 6.29%
Since Inception 15.51% 15.50% 37.85%
Year-to-Date 12.23% 12.19% 16.22%
1 Month 0.10% 0.06% 0.31%
3 Months 7.28% 7.78% 9.53%
Since Inception 20.10% 19.93% 45.08%

Index performance shown represents the Hybrid Solactive MLP Infrastructure Index which consists of the Solactive MLP Composite Index from the inception of the Fund through March 31, 2015, and the Solactive MLP Infrastructure (Gross) Index going forward.

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

Top Holdings As of 09/22/23

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
13.83 EPD ENTERPRISE PRODU 2285388 27.39 7,066,302 193,546,011.78
13.27 ET ENERGY TRANSFER LP B0WHXD2 13.82 13,441,948 185,767,721.36
10.52 MPLX MPLX LP B847R56 35.03 4,204,753 147,292,497.59
10.20 PAA PLAINS ALL AMER 2311960 15.79 9,043,853 142,802,438.87
8.46 OTHER PAYABLE & RECEIVABLES 1.00 118,477,736 118,477,736.43
8.26 ENLC ENLINK MIDSTREAM LLC BJTNDQ9 12.30 9,395,599 115,565,867.70
8.13 WES WESTERN MIDSTREA BJ552C8 26.72 4,258,053 113,775,176.16
6.71 CEQP CRESTWOOD EQUITY BY7R056 28.57 3,285,940 93,879,305.80
6.21 CQP CHENIERE ENERGY B1VNH36 55.23 1,573,181 86,886,786.63
4.93 NS NUSTAR ENERGY LP 2738804 17.64 3,912,606 69,018,369.84
3.65 HESM HESS MIDSTREAM-A BKPK695 29.65 1,722,162 51,062,103.30
2.97 GEL GENESIS ENERGY L.P. 2372257 10.04 4,138,940 41,554,957.60
2.80 HEP HOLLY ENERGY PARTNERS LP B00N3V0 22.23 1,761,324 39,154,232.52
0.08 CASH 1.00 1,095,924 1,095,923.52
0.00 PSX PHILLIPS 66 B78C4Y8 118.58 100 11,858.00
0.00 GPP GREEN PLAINS PARTNERS LP BYNLXR5 15.28 100 1,528.00
0.00 SMLP SUMMIT MIDSTREAM BMDMZ34 13.45 100 1,345.00
0.00 NGL NGL ENERGY PARTNERS LP B45GFM7 3.79 100 379.00
0.00 MMLP MARTIN MIDSTREAM 2057424 2.93 100 293.00
0.00 USDP USD PARTNERS LP BRD6NY8 0.57 100 57.00
Holdings are subject to change. "Cash" denotes U.S. dollars.

ETF Characteristics As of 09/21/23

Return on Equity 23.50%
Weighted Avg. Market Cap 22,830 M
2022 2023
Price-to-earnings 13.15 11.95
Price-to-book value 2.84 2.78

Source: new windowAltaVista Research, LLC

ETF Risk Stats As of 08/31/23

Versus Beta
S&P 500 0.78
NASDAQ-100 0.45
MSCI Emg. Mkts 0.54
Standard Deviation 23.90%

Source: new windowAltaVista Research, LLC

ETF Research

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Investing involves risk, including the possible loss of principal. International investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Investments in securities of MLPs involve risk that differ from investments in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP. MLP common units and other equity securities can be affected by macro-economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer’s financial condition, or unfavorable or unanticipated poor performance of a particular issuer (in the case of MLPs, generally measured in terms of distributable cash flow).

MLPA invests in the energy industry, which entails significant risk and volatility. The Fund is non-diversified. The Fund invests in small and mid-capitalization companies, which pose greater risks than large companies. The Fund has a different and more complex tax structure than traditional ETFs and investors should consider carefully the significant tax implications of an investment in the Fund.

MLPA is taxed as a regular corporation for federal income tax purposes, which differs from most investment companies. Due to its investment in MLPs, the Fund will be obligated to pay applicable federal and state corporate income taxes on its taxable income, as opposed to most other investment companies. The Fund expects that a portion of the distributions it receives from MLPs may be treated as tax-deferred return of capital. The amount of taxes currently paid by the Fund will vary depending on the amount of income and gains derived from MLP interests and such taxes will reduce an investor’s return. The Fund will accrue deferred income taxes for any future tax liability associated certain MLP interests. Upon the sale of an MLP security, the Fund may be liable for previously deferred taxes which may increase expenses and lower the Fund’s NAV.

The potential tax benefits from investing in MLPs depend on them being treated as partnerships for federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation at the entity level, reducing the amount of cash available for distribution to the Fund which could result in a reduction of the Fund’s value.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by Solactive AG, nor does Solactive AG make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with Solactive AG.