Investment Thesis
The Global X MLP & Energy Infrastructure ETF (MLPX) is a midstream energy fund that owns a mixture of corporations, master limited partnerships ("MLPs"), and MLP general partners with natural gas and oil assets. As a midstream (energy transportation and storage infrastructure) fund, most revenues are derived from hard assets like pipelines and storage facilities. The primary customers of the fund's companies are upstream (exploration & production) or downstream (refining and/or retail) companies that need to get their commodity assets from point A to point B.
Midstream energy companies are typically