SeekingAlpha
One Big Beautiful Bill And MLP/Midstream Implications
SeekingAlpha
Amid significant volatility in oil and equities, MLPs/midstream outperformed in H1 2025. With half of 2025 behind us, this note looks at some key developments for energy infrastructure.
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Many US liquids pipelines were able to increase their rates by 2% on July 1 in accordance with the Federal Energy Regulatory Commissionâs (FERC) Oil Pipeline Index. Read more here...
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Real assets, including energy infrastructure, may be best known for providing an inflation hedge. MLPs/midstream also have inflation-protected cash flows and generous yields. Read more here.
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Midstream And MLP Valuations Compelling Vs. History
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EMLP offers diversified, actively managed exposure to North American energy infrastructure, balancing income and stability. See why EMLP ETF is a hold.
TPYP - Tortoise North American Pipeline Fund ETF contains 44 holdings. The top holdings include KMI, OKE, WMB, LNG, ENB
Name | Weight |
|---|---|
7.65% | |
 OKEONEOK, Inc. | 7.42% |
7.37% | |
7.27% | |
7.23% | |
7.11% | |
4.06% | |
4.06% | |
4.03% | |
4.01% | |
3.92% | |
3.90% | |
 MPLXMPLX LP | 2.97% |
A ATGFFNT AltaGas Ltd | 2.72% |
2.40% | |
K KEYUFNT Keyera Corp | 2.28% |
1.90% | |
1.61% | |
1.49% | |
1.48% | |
1.42% | |
1.41% | |
1.34% | |
 AROCArchrock, Inc. | 1.34% |
1.18% | |
0.93% | |
G GBNXFNT Gibson Energy Inc | 0.91% |
 SUNSunoco LP | 0.89% |
 SOBOSouth Bow Corp. | 0.85% |
0.77% | |
Sector | Weight |
|---|---|
Energy | 75.85% |
Utilities | 17.76% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| RLX | -0.06% | $2.15B | +29.67% | 0.42% |
| FIZZ | -0.16% | $4.21B | -13.19% | 0.00% |
| GALT | 0.31% | $177.22M | +11.11% | 0.00% |
| MKTX | -0.35% | $8.05B | -3.20% | 1.40% |
| GHG | 0.38% | $154.22M | -5.71% | 0.00% |
| ALXO | 0.56% | $24.93M | -94.26% | 0.00% |
| QXO | 0.63% | $14.18B | -61.19% | 0.00% |
| CCRN | -0.67% | $395.37M | -20.61% | 0.00% |
| CIG.C | 0.79% | $2.54B | +15.82% | 0.00% |
| IRWD | 0.96% | $111.17M | -90.01% | 0.00% |
| SRRK | 0.98% | $3.68B | +316.33% | 0.00% |
| FUBO | 0.99% | $1.16B | +137.76% | 0.00% |
| HSY | -1.20% | $33.01B | -14.24% | 3.35% |
| CASI | -1.44% | $20.14M | -79.56% | 0.00% |
| MED | 1.44% | $150.47M | -28.70% | 0.00% |
| CVM | 1.79% | $18.78M | -92.16% | 0.00% |
| RLMD | 1.81% | $20.98M | -83.24% | 0.00% |
| CMBM | 2.38% | $20.14M | -65.72% | 0.00% |
| ASPS | 2.40% | $148.99M | +20.50% | 0.00% |
| CARV | 2.41% | $9.34M | +22.67% | 0.00% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| OWNS | -0.14% | $128.42M | 0.3% | |
| BWX | -0.20% | $1.52B | 0.35% | |
| BIL | -0.29% | $41.80B | 0.1356% | |
| SMMU | 0.30% | $899.05M | 0.35% | |
| IBTP | 0.40% | $142.92M | 0.07% | |
| IBTO | -0.43% | $353.47M | 0.07% | |
| GVI | 0.44% | $3.44B | 0.2% | |
| FLMI | -0.56% | $744.72M | 0.3% | |
| MLN | 0.62% | $509.07M | 0.24% | |
| UUP | 0.62% | $187.70M | 0.77% | |
| CGSM | -0.65% | $725.00M | 0.25% | |
| FMB | 0.72% | $1.89B | 0.65% | |
| UDN | 0.81% | $146.96M | 0.78% | |
| FLGV | -0.83% | $1.02B | 0.09% | |
| SUB | 0.84% | $9.99B | 0.07% | |
| UTEN | -0.84% | $210.49M | 0.15% | |
| FTSM | 0.85% | $6.31B | 0.45% | |
| IEF | -0.94% | $34.86B | 0.15% | |
| ICSH | 1.58% | $5.96B | 0.08% | |
| KMLM | -1.60% | $188.24M | 0.9% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| TAIL | -63.27% | $94.79M | 0.59% | |
| VIXY | -53.54% | $198.83M | 0.85% | |
| VIXM | -49.06% | $23.12M | 0.85% | |
| BTAL | -33.23% | $310.74M | 1.43% | |
| FTSD | -26.18% | $233.17M | 0.25% | |
| XONE | -25.19% | $629.19M | 0.03% | |
| IVOL | -24.80% | $342.76M | 1.02% | |
| SPTS | -20.78% | $5.78B | 0.03% | |
| IBTG | -17.95% | $1.93B | 0.07% | |
| UTWO | -17.70% | $376.61M | 0.15% | |
| TBLL | -16.14% | $2.11B | 0.08% | |
| VGSH | -15.88% | $22.74B | 0.03% | |
| SCHO | -15.47% | $10.92B | 0.03% | |
| BILS | -13.96% | $3.81B | 0.1356% | |
| IBTH | -13.59% | $1.62B | 0.07% | |
| IBTI | -13.00% | $1.07B | 0.07% | |
| GBIL | -12.59% | $6.37B | 0.12% | |
| ULST | -12.15% | $590.76M | 0.2% | |
| CLIP | -11.50% | $1.51B | 0.07% | |
| XHLF | -11.49% | $1.75B | 0.03% |
| Name | Correlation | AUM | Expense Ratio | |
|---|---|---|---|---|
| MLPX | 96.24% | $2.60B | 0.45% | |
| EMLP | 95.30% | $3.24B | 0.96% | |
| AMLP | 86.71% | $10.51B | 0.85% | |
| MLPA | 84.13% | $1.80B | 0.45% | |
| GII | 80.84% | $557.13M | 0.4% | |
| IGF | 80.41% | $7.49B | 0.42% | |
| IGE | 79.62% | $622.49M | 0.41% | |
| INFL | 78.68% | $1.26B | 0.85% | |
| RSPG | 76.34% | $440.73M | 0.4% | |
| DVOL | 76.06% | $70.61M | 0.6% | |
| IYE | 74.35% | $1.21B | 0.39% | |
| RLY | 74.28% | $515.71M | 0.5% | |
| DIV | 74.21% | $660.70M | 0.45% | |
| IFRA | 74.09% | $2.73B | 0.3% | |
| FTXN | 74.03% | $125.68M | 0.6% | |
| FENY | 74.03% | $1.42B | 0.084% | |
| VDE | 73.93% | $7.35B | 0.09% | |
| TPHD | 73.82% | $307.11M | 0.52% | |
| MDIV | 73.67% | $457.68M | 0.75% | |
| FXU | 73.66% | $1.65B | 0.64% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| KMI | 87.71% | $62.08B | +38.04% | 4.14% |
| OKE | 86.96% | $49.93B | -6.02% | 5.05% |
| WMB | 86.43% | $71.27B | +37.83% | 3.34% |
| DTM | 83.09% | $10.48B | +45.11% | 3.01% |
| TRGP | 81.80% | $36.73B | +25.58% | 1.93% |
| AM | 81.49% | $8.41B | +19.32% | 5.12% |
| MPLX | 80.32% | $51.76B | +20.08% | 7.36% |
| EMO | 79.94% | - | - | 8.70% |
| ET | 79.85% | $60.37B | +7.52% | 7.36% |
| LNG | 78.11% | $52.19B | +31.70% | 0.82% |
| HESM | 77.92% | $4.44B | -1.37% | 7.25% |
| AROC | 76.81% | $4.13B | +1.13% | 3.07% |
| KNTK | 76.73% | $2.50B | -5.22% | 7.50% |
| EPD | 75.62% | $68.32B | +6.38% | 6.74% |
| PAGP | 75.46% | $3.87B | -0.41% | 0.00% |
| PAA | 74.97% | $13.15B | -0.37% | 7.50% |
| USAC | 72.63% | $2.87B | -0.97% | 8.59% |
| PRI | 69.08% | $8.56B | +3.63% | 1.49% |
| CQP | 68.91% | $25.91B | +1.79% | 5.79% |
| WES | 68.85% | $15.29B | -4.02% | 8.78% |
| Name | Correlation | Market Cap | Return % (1 Year) | Div Yield % |
|---|---|---|---|---|
| VSA | -14.26% | $12.16M | +18.21% | 0.00% |
| AGL | -9.36% | $910.69M | -70.51% | 0.00% |
| VRCA | -8.39% | $73.82M | -90.94% | 0.00% |
| LITB | -8.00% | $25.19M | -67.38% | 0.00% |
| DG | -7.26% | $24.92B | -11.19% | 2.08% |
| HAIN | -6.72% | $139.89M | -79.42% | 0.00% |
| CYCN | -5.72% | $10.21M | +7.79% | 0.00% |
| DFDV | -5.06% | $363.80M | +2,684.66% | 0.00% |
| BCE | -5.05% | $22.18B | -26.98% | 10.11% |
| STG | -4.80% | $60.94M | +42.06% | 0.00% |
| AKRO | -4.56% | $4.13B | +86.86% | 0.00% |
| NEOG | -4.13% | $1.08B | -71.94% | 0.00% |
| BGS | -3.96% | $325.58M | -50.96% | 18.42% |
| K | -3.54% | $27.56B | +39.23% | 2.87% |
| ZCMD | -2.60% | $28.28M | -14.50% | 0.00% |
| TU | -2.58% | $24.95B | +4.01% | 7.03% |
| LTM | -2.41% | $12.66B | -95.54% | 2.41% |
| CASI | -1.44% | $20.14M | -79.56% | 0.00% |
| HSY | -1.20% | $33.01B | -14.24% | 3.35% |
| CCRN | -0.67% | $395.37M | -20.61% | 0.00% |
Current Value
$35.001 Year Return
Current Value
$35.001 Year Return
