Published Date: July 7, 2025
Author: HANetf
First quarter earnings season reinforced the stability of energy infrastructure cash flows, as companies across the board reaffirmed their financial guidance for 2025 that was provided in late 2024 or earlier this year. Midstream’s fee-based business models and long-term contracts continue to support steady cash flows amid volatility in oil prices and equities. This is a sharp contrast with other sectors, where companies have pulled guidance due to tariff uncertainty.
Earnings season also highlighted continued tailwinds from free cash flow generation, as companies raised dividends and repurchased equity. Seven corporations in MMLP raised their dividends sequentially. On a year-over-year basis, 93.0% of MMLP’s underlying index by weighting have grown their payouts within the last year. Four companies in MMLP were active with buybacks in 1Q25, repurchasing just over $530 million in aggregate. While April was broadly challenging for the energy sector as US benchmark oil prices fell from $71 per barrel (bbl) to $58/bbl, midstream was relatively defensive.
MMLP’s underlying index, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), gained 1.6% on a net-total-return basis in May. This was slightly ahead of the 1.4% total return for the Energy Select Sector Index (IXE). Year-to-date through May, AMCCD is up 2.5% on a net-total return basis, while the IXE is down 3.9% on a total-return basis. AMCCD is also outpacing the 1.0% total return for the S&P 500 so far this year.
Midstream continues to enjoy tailwinds from the expected step-change in North American natural gas demand driven by exports and power demand. A few companies announced new natural gas pipeline projects during earnings season. Projects are backed by long-term contracts (often 20 years) and boast compelling returns. Approximately 65% of AMCCD by weighting is primarily focused on natural gas infrastructure.
While markets may remain volatile in the near term, midstream continues to generate steady cash flows and execute well on shareholder returns. Midstream remains a more defensive portion of the energy sector, given its fee-based business models and relative insulation from commodity price volatility.
Additional sources available upon request. Data as of 31/05/2025. 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.
Constituent News
Additional sources available upon request. Weightings as of 31/05/2025.
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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