Published Date: April 30, 2025
Author: HANetf
Amid ongoing market volatility, midstream has been a relative bright spot. Fee-based business models support stable cash flows and add to midstream’s defensive qualities. For the larger names in MMLP, upwards of 90% of EBITDA is fee-based, regulated, or covered by take-or-pay provisions (i.e., the customer has to pay regardless of how much is actually shipped in a pipeline). More broadly, companies continue to prioritize free cash flow generation and returning any cash to shareholders through dividend growth and opportunistic buybacks.
The underlying index for the Midstream Energy ETF, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), rose 1.8% on a net-total-return basis in March. AMCCD significantly outperformed the S&P 500, which fell -5.6% on a total-return basis. Energy was the only S&P 500 sector with gains in March. The broad US Energy Select Sector Index (IXE) gained 3.5% on a total-return basis as US oil and natural gas prices rose during the month, while the Stoxx Europe 600 Oil and Gas Index (SXEP) was up 3.1% in March.
Energy saw a strong start in 2025 as the best-performing sector in the S&P 500 for 1Q25. Inflation concerns and sector rotation driven by weakness in technology likely have helped energy amid flat oil price performance for the quarter. Midstream companies tend to do well in periods of inflation given real asset exposure and long-term contracts that often include annual inflation adjustments.
In early April, equities and oil prices came under pressure following US tariff news and an OPEC+ announcement of higher oil production in May. Tariffs are expected to be negative for global trade and overall economic growth, which could weigh on oil demand. (Note that energy was exempt from reciprocal tariffs.) An uncertain oil outlook can favour midstream as investors seek more defensive positioning and relative insulation from commodity price volatility.
Additional sources available upon request. Data as of 31/03/2025. Please remember that all performance figures are showing net data. Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
Williams (WMB, 10.2% Weight) entered an agreement with an investment-grade customer to provide onsite natural gas and power generation infrastructure, pledging to invest $1.6 billion. The project is backed by a ten-year, largely fixed-fee power purchase agreement and has an estimated build multiple of 5x EBITDA, implying potential returns of 20%.
Enbridge (ENB CN, 9.9% Weight) reaffirmed 2025 adjusted EBITDA guidance of $19.7 billion at the midpoint. ENB expects average annual adjusted EBITDA growth of 7-9% through 2026 and dividend growth of up to 3% through 2026, building on thirty consecutive years of annual dividend increases.
Cheniere Energy (LNG, 4.3% Weight) completed the first of seven liquefaction trains in the Corpus Christi Stage 3 expansion. The expansion will add 10 million tons per annum of production capacity in total when completed. Train 1 started up ahead of schedule and on budget.
AMCCD had its quarterly rebalancing in March. There were no changes to constituents.
Additional sources available upon request. Weightings as of 31/03/2025.
MMLP (Fund)AMCCDN* (Index)1M1.99%1.99%3M6.89%6.87%6M10.15%10.07%YTD31.37%31.26%12M32.83%32.71%3Y94.75%95.18%Since Inception (27/07/2020)280.93%271.68%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31.08.2026
Performance before inception is based on back-tested data. Backtesting is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs your capital is at risk.
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