Global X MLP ETF
ALTAR
Score™		 8.4% info Recommen-
dation		 SPECULATIVE
2025E    2026E
P/E
ratio		 16.4x P/Sales
ratio		 0.8x
P/BV
ratio		 2.9x Div.
yield		 5.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Global X MLP ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the Solactive MLP Composite Index.

FUND BASICS
Category US Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Apr 18, 2012
Assets (mns) $2,107
Currency USD
Expense ratio 45 bp
Distributions Quarterly

FUND STRUCTURE
Regulation C Corporation
Custodian Brown Brothers Harriman & Co
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 20
Wgt avg mkt cap (mns) $26,976
Large cap (>$10bn) 62.8%
Mid cap ($2-10bn) 14.2%
Small cap (<$2bn) 14.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENERGY TRANSFER, L.P. 13.4 %
ENTERPRISE PRODUCTS PARTNERS 13.1 %
MPLX LP 10.9 %
PLAINS ALL AMER PIPELINE LP 9.9 %
WESTERN GAS EQUITY PARTNERS LP 9.9 %
SUNOCO LP 8.9 %
HESS MIDSTREAM LP - CLASS A 8.9 %
CHENIERE ENERGY PARTNERS LP 6.3 %
USA COMPRESSION PARTNERS LP 5.1 %
GENESIS ENERGY L.P. 4.7 %
Total 91.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 100.0 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
13.5% 9.4% 19.1% 7.8% 4.2%

Market Correlations
versus... Beta R-squared
S&P500 0.46 29%
MSCI EAFE 0.41 20%
MSCI Emg. Mkts. 0.31 15%

Technical Indicators
Recent close $52.57
30d moving avg. $54.12
Annualized volatility 13.1%
Short interest (ETF) 1.6%
Short interest (Underlying) 1.8%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 294
Turnover 0.7%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $449

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 66 potential alternatives to the Global X MLP ETF ETF based on the alternatives' overlap in portfolio holdings with MLPA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MLPA Expense: 45 bp ALTAR Score™: 8.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MLPA
Ticker Fund
Name		 Overlap1
vs MLPA
(%)		 Expense
ratio
(bp)		 Savings
vs MLPA
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs MLPA
(%)
AMZA InfraCap MLP ETF 80.9 164 -119 6.1 -2.3
UMI USCF Midstream Energy Income Fund ETF 27.8 85 -40 4.1 -4.3
ENFR Alerian Energy Infrastructure ETF 27.1 35 10 4.5 -3.9
MLPX Global X MLP & Energy Infrastructure ETF 25.1 45 0 4.4 -4.0
MLPI NEOS MLP & Engy Infras Hi Inc ETF 22.7 68 -23 4.2 -4.3
EINC VanEck Energy Income ETF 22.4 48 -3 4.6 -3.9
EIPI FT Energy Income Partners Enhanced Income ETF 22.3 110 -65 5.3 -3.1
USAI Pacer American Energy Independence ETF 21.8 75 -30 3.6 -4.8
EMLP First Trust North American Energy Infrastructure Fund 21.6 95 -50 4.6 -3.8
NBCT Neuberger Berman Carbon Transition Infrastructure ETF 21.2 55 -10 4.8 -3.6
TMLP Tortoise MLP ETF 20.3 50 -5 7.1 -1.3
EIPX FT Energy Income Partners Strategy ETF 19.6 95 -50 5.9 -2.5
DIV Global X SuperDividend US ETF 16.2 45 0 9.6 +1.2
TPYP Tortoise North American Pipeline Fund 15.3 40 5 5.0 -3.4
USNG Amplify Samsung U.S. Natural Gas Infrastructure ETF 14.1 59 -14 3.1 -5.3
FPWR First Trust EIP Power Solutions ETF 11.4 96 -51 4.3 -4.1
ABLD Abacus FCF Real Assets Leaders ETF 10.1 69 -24 6.1 -2.3
BESF Bastion Energy ETF 9.1 80 -35 9.4 +1.0
NDIV Amplify Natural Resources Dividend Income ETF 8.1 59 -14 11.2 +2.8
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 7.7 46 -1 5.1 -3.4
VRAI Virtus Real Asset Income ETF 7.0 55 -10 8.4 +0.0
CVY Invesco Zacks Multi-Asset Income ETF 6.8 106 -61 10.0 +1.6
TBG TBG Dividend Focus ETF 5.9 59 -14 6.3 -2.1
MBOX Freedom Day Dividend ETF 5.2 39 6 7.0 -1.4
RJDI RJ Eagle GCM Dividend Select Income ETF 4.5 55 -10 4.4 -4.0
DIVZ TrueShares Low Volatility Equity Income ETF 4.4 65 -20 6.0 -2.4
FCG First Trust Natural Gas ETF 4.3 60 -15 14.1 +5.7
VOLT Tema Electrification ETF 3.6 75 -30 2.4 -6.0
ICAP InfraCap Equity Income Fund ETF 3.1 171 -126 4.3 -4.1
ECML Euclidean Fundamental Value ETF 3.1 95 -50 8.9 +0.5
FDLS Inspire Fidelis Multi Factor ETF 3.0 76 -31 3.2 -5.2
PXJ Invesco Oil & Gas Services ETF 2.5 63 -18 2.8 -5.6
FLDZ RiverNorth Patriot ETF 2.1 75 -30 5.5 -2.9
WBIY WBI Power Factor High Dividend ETF 2.0 100 -55 12.3 +3.9
SMCF Themes US Small Cap Cash Flow Champions ETF 1.7 29 16 9.9 +1.5
ABFL Abacus FCF Leaders ETF 1.7 59 -14 3.8 -4.6
GPT Intelligent Alpha Atlas ETF 1.5 69 -24 6.0 -2.4
PWV Invesco Large Cap Value ETF 1.3 55 -10 6.4 -2.0
BFOR ALPS Barron's 400 ETF 1.2 65 -20 4.9 -3.5
BLCV iShares Large Cap Value Active ETF 1.2 53 -8 6.4 -2.0
TCAI Tortoise AI Infrastructure ETF 0.9 65 -20 1.4 -7.0
GOP Unusual Whales Subversive Republican Trading ETF 0.9 50 -5 4.4 -4.0
SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF 0.5 20 25 5.6 -2.9
PFM Invesco Dividend Achievers ETF 0.5 53 -8 4.7 -3.7
FFLC Fidelity Fundamental Large Cap Core ETF 0.3 38 7 3.9 -4.5
RVRB Reverb ETF 0.3 30 15 4.0 -4.4
FENY Fidelity MSCI Energy Index ETF 0.3 8 37 7.0 -1.4
VDE Vanguard Energy ETF 0.2 9 36 7.0 -1.4
ESML iShares ESG Aware MSCI USA Small-Cap ETF 0.2 17 28 5.0 -3.4
STXM Strive Mid-Cap ETF 0.1 18 27 5.7 -2.7
TXS Texas Capital Texas Equity Index ETF 0.1 49 -4 5.0 -3.4
AVMV Avantis U.S. Mid Cap Value ETF 0.1 20 25 7.3 -1.1
BKMC BNY Mellon US Mid Cap Core Equity ETF 0.1 4 41 5.6 -2.9
AVLV Avantis U.S. Large Cap Value ETF 0.1 15 30 5.9 -2.5
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 -2 4.9 -3.5
PTL Inspire 500 ETF 0.1 9 36 4.4 -4.0
AVMC Avantis U.S. Mid Cap Equity ETF 0.1 18 27 6.0 -2.4
WSML iShares MSCI World Small-Cap ETF 0.0 15 30 5.3 -3.1
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 24 2.9 -5.5
AVUS Avantis U.S. Equity ETF 0.0 15 30 4.8 -3.6
AVIE Avantis  Inflation Focused Equity ETF 0.0 25 20 6.2 -2.2
GUSA Goldman Sachs MarketBeta U.S. 1000 Equity ETF 0.0 11 34 4.2 -4.2
STXG Strive 1000 Growth ETF 0.0 18 27 3.2 -5.2
STXV Strive 1000 Value ETF 0.0 18 27 6.9 -1.5
DFAS Dimensional U.S. Small Cap ETF 0.0 26 19 5.6 -2.8
EBI Longview Advantage ETF 0.0 35 10 6.0 -2.4

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Global X MLP ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 25.2 %
Divided by: Fwd. P/BV 2.8 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 8.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.66 CATEGORY
AVERAGE		 1.57
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.