Midstream investing has come a long way since the first MLP closed-end fund was introduced in 2004, and there are now a variety of ways to access the midstream space. One age-old question in investing is whether an active or passive strategy is better. Proponents of active investing claim outperformance of a benchmark can be achieved with skillful selection, while advocates of passive investing argue that excess returns cannot be maintained over the long run and prefer a hands-off approach with lower fees. Today's note examines the numerous factors relevant to this debate for midstream,