Published Date: September 2, 2025
Author: HANetf
MMLP holdings began to report second quarter earnings results in July, with the balance reporting in early August. Thus far, results have been in line or ahead of consensus. Companies are progressing with growth opportunities, particularly related to natural gas. Earnings season allows companies to highlight continued execution on projects and shareholder returns.
Holdings focused on natural gas pipelines led performance in 2024 but have seen more muted performance in 2025, even as they continue to capitalize on growth. With a higher bar, gains have not come easily. However, the outlook for North American natural gas demand remains robust. Adding to long-term demand, three major US liquefied natural gas (LNG) projects have decided to proceed with construction in recent months. LNG projects require infrastructure between natural gas wells and the coast. About 65% of MMLP’s underlying index was primarily focused on natural gas infrastructure as of 31 July.
The One Big Beautiful Bill Act passed in early July and has positive implications for US midstream corporations, pushing out the timeline for when companies expect to pay material cash taxes. Specifically, 100% bonus depreciation and a higher limit for interest expense deductions are beneficial (read more).
Year-to-date through July, MMLP’s underlying index, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), gained 3.3% on a net-total-return basis, which is in line with the 3.5% total return for the Energy Select Sector Index (IXE). For the month of July, AMCCD was down 1.5% on a net-total-return basis as the US natural gas benchmark fell just over 10% and US oil prices gained 6.4%.[1]
With earnings season wrapping up in early August, focus will increasingly shift to 2026 over time. Companies are expected to continue executing on dividend growth, while also pursuing compelling growth opportunities. If oil and natural gas prices remain volatile, energy infrastructure can remain defensive thanks to fee-based business models and more stable cash flows.
Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
Constituent News
Weightings as of 31/07/2025.
Midstream Energy Dividend ETF Performance As of 31/07/2025
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.
[1] Source: HANetf; Bloomberg. Data as of 31.07.2025.
[2] https://www.reuters.com/business/energy/canadas-enbridge-invest-900-mln-texas-solar-project-2025-07-22/
[3] https://www.reuters.com/sustainability/climate-energy/pipeline-operator-kinder-morgan-posts-higher-second-quarter-profit-2025-07-16/
[4] https://www.tcenergy.com/siteassets/pdfs/investors/events/2025/2025-q2-results/tce-2025-q2-results-presentation.pdf
[5] https://investor.dtmidstream.com/investors/news/news-details/2025/DT-Midstream-Achieves-Investment-Grade-Rating-with-All-Three-Major-Credit-Rating-Agencies/default.aspx#:~:text=Fitch%20Ratings%20upgraded%20DTM’s%20credit,outlook%20on%20July%208%2C%202025.
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