Published Date: October 1, 2025
Author: HANetf
Most MMLP holdings reported second quarter earnings results in early August. Results were generally in-line, with most companies reaffirming their financial guidance for the year.
MMLP holdings continue to execute well on returning cash to shareholders. Over 93% of MMLP’s index by weighting have grown their dividends within the last year. Collectively, MMLP holdings repurchased $728 million in equity during the second quarter, which is the highest level of repurchases seen in more than a year. Approximately 65% of MMLP’s index by weighting has a buyback authorisation in place.
Midstream companies are expected to continue generating free cash flow, even as some names see robust growth opportunities tied to natural gas. US natural gas demand is expected to see a step-change in the coming years driven by rising LNG exports and demand for electricity generation, including data centres. US LNG export capacity is set to increase 75% based on projects under construction, and more projects are expecting to start construction by year-end 2025. Industry estimates point to US natural gas demand growth of at least 20% from 2024 to 2030, with potential upside from LNG and power demand.
For midstream, rising natural gas demand and production creates opportunities across the value chain, from the well to the power plant, LNG facility, or data centre. Approximately 64% of MMLP’s underlying index was primarily focused on natural gas infrastructure as of 29 August.
Year-to-date through August, MMLP’s underlying index, the Alerian Midstream Energy Corporation Dividend Index (AMCCD), gained 3.88% on a net-total-return basis, which lags the 7.23% total return for the Energy Select Sector Index (IXE). For the month of August, AMCCD was up 0.60% on a net-total-return basis as the US natural gas benchmark fell just over -3.5% and US oil prices dropped -7.58%.[1]
With earnings season wrapped up in early August, focus is increasingly shifting to 2026. Companies are expected to continue increasing their dividends, 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 29/08/2025.
Midstream Energy Dividend ETF Performance As of 31/08/2025
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
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 31.08.2025.
[2] https://ir.oneok.com/news-and-events/press-releases/2025/08-25-2025-124437084
[3] https://www.targaresources.com/news-releases/news-release-details/targa-resources-corp-reports-second-quarter-2025-financial
[4] https://investor.williams.com/news-releases/news-release-details/williams-delivers-strong-second-quarter-2025-results-and-raises
[5] https://www.reuters.com/legal/transactional/western-midstream-buy-aris-water-15-billion-2025-08-06/
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