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Trending ETFs

InfraCap MLP ETF

Active ETF
AMZA
Payout Change
Increase
Price as of:
$33.93 -0.15 -0.44%
primary theme
MLP Industry Equity
AMZA (ETF)

InfraCap MLP ETF

Payout Change
Increase
Price as of:
$33.93 -0.15 -0.44%
primary theme
MLP Industry Equity
AMZA (ETF)

InfraCap MLP ETF

Payout Change
Increase
Price as of:
$33.93 -0.15 -0.44%
primary theme
MLP Industry Equity

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

InfraCap MLP ETF

AMZA | Active ETF

$33.93

$327 M

8.49%

$2.88

1.40%

Vitals

YTD Return

9.6%

1 yr return

29.5%

3 Yr Avg Return

6.0%

5 Yr Avg Return

-4.1%

Net Assets

$327 M

Holdings in Top 10

N/A

52 WEEK LOW AND HIGH

$34.1
$25.39
$34.21

Expenses

OPERATING FEES

Expense Ratio 1.40%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 99.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

InfraCap MLP ETF

AMZA | Active ETF

$33.93

$327 M

8.49%

$2.88

1.40%

AMZA - Profile

Distributions

  • YTD Total Return 9.6%
  • 3 Yr Annualized Total Return 6.0%
  • 5 Yr Annualized Total Return -4.1%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -1.31%
DIVIDENDS
  • Dividend Yield 8.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    InfraCap MLP ETF
  • Fund Family Name
    Virtus
  • Inception Date
    Oct 01, 2014
  • Shares Outstanding
    10140000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jay Hatfield

Fund Description

Under normal market conditions, the Fund will invest not less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of MLPs in the energy infrastructure sector.

To this end, the Fund will focus on investing in MLPs selected by Infrastructure Capital Advisors, LLC, the Fund’s sub-adviser (the “Sub-Adviser”), that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal (collectively, “energy products”) and that trade on the New York Stock Exchange (“NYSE”) or the NASDAQ Stock Market (“NASDAQ”). The Fund may invest in securities of MLPs of all capitalization sizes.

The Fund’s investment strategy will be guided by the following policies:

The Fund will typically focus on “midstream” MLPs (discussed below).

In addition to investments in MLPs, the Fund may also write call and put options on securities, ETFs or security indexes in an effort to generate additional current income and reduce volatility in the Fund’s portfolio. Although not required to do so, the Fund will typically write a call option only if the option is “covered” by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund’s obligation as writer of the option.

The Fund may also borrow from banks for investment purposes in an amount up to 3313% of its total assets, in compliance with the Investment Company Act of 1940 (the “1940 Act”).

The Fund expects to typically invest in a portfolio of between 25 to 50 MLPs; however, there is no limit on the number of MLPs in which the Fund may invest.

Under normal circumstances, the Fund will not invest more than 15% of its total assets in any one issuer.

The Fund may invest in MLP units, securities of companies holding primarily general partner or managing member interests in MLPs, and securities that themselves own interests in MLPs (e.g., exchange traded funds (“ETFs”) and other registered investment companies that invest in MLPs). The Fund may also invest for speculative purposes in options and futures contracts in connection with any of the foregoing types of securities.

The Fund may also invest in ETFs, other registered investment companies, options and futures contracts, or establish short positions in any of the foregoing, in an effort to hedge against market, interest rate or commodity risks in the Fund’s portfolio.

“Midstream” MLPs are MLPs that collect, gather, process, transport and store energy products, generally without taking ownership of the energy products. Midstream MLPs may also operate ancillary businesses, including the marketing of energy products and logistical services related thereto, but are typically not engaged in the mining, production or distribution of energy products.

The Sub-Adviser expects that monthly cash distributions will constitute a substantial portion of the Fund’s total investment returns, and that all or a portion of any such Fund distribution may be treated as a return of capital for tax purposes.

The Fund is an actively managed ETF and, thus, does not seek to replicate the performance of a specified index of securities. Instead, it uses an active investment strategy that seeks to meet its investment objective. The Fund will concentrate its investments (i.e., invest more than 25% of its total assets) in the securities of issuers engaged primarily in energy-related industries. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can. In attempting to meet its investment objective, the Fund may engage in active and frequent trading of portfolio securities.

WHAT IS AN MLP?

An MLP generally is treated as a partnership for U.S. federal income tax purposes, which means no U.S. federal income tax is paid by the MLP, subject to the application of certain partnership audit rules. To qualify as a partnership, an MLP must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the “Code”). These qualifying sources include natural resource-based activities such as the processing, transportation and storage of mineral or natural resources. MLPs generally have two classes of owners, the general partner (that typically controls the operations and management of the MLP) and limited partners (that typically own common units in the MLP that have only limited voting rights).

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AMZA - Performance

Return Ranking - Trailing

Period AMZA Return Category Return Low Category Return High Rank in Category (%)
YTD 9.6% -0.2% 51.8% 7.58%
1 Yr 29.5% -16.2% 76.4% 4.44%
3 Yr 6.0%* -43.5% 76.0% 40.77%
5 Yr -4.1%* -32.1% 31.4% 67.57%
10 Yr N/A* -11.3% 6.1% N/A

* Annualized

Return Ranking - Calendar

Period AMZA Return Category Return Low Category Return High Rank in Category (%)
2022 33.2% -64.4% 67.5% 3.73%
2021 23.0% -16.6% 24.6% 3.82%
2020 -20.2% -24.8% 46.7% 92.31%
2019 1.5% -28.4% 5.2% 36.97%
2018 -6.0% -14.5% 19.8% 81.82%

Total Return Ranking - Trailing

Period AMZA Return Category Return Low Category Return High Rank in Category (%)
YTD 9.6% -0.2% 51.8% 7.58%
1 Yr 29.5% -21.0% 76.4% 6.52%
3 Yr 6.0%* -43.5% 76.0% 39.85%
5 Yr -4.1%* -32.1% 33.1% 74.56%
10 Yr N/A* -11.3% 6.1% N/A

* Annualized

Total Return Ranking - Calendar

Period AMZA Return Category Return Low Category Return High Rank in Category (%)
2022 33.2% -64.4% 67.5% 3.73%
2021 23.0% -16.6% 24.6% 3.82%
2020 -20.2% -24.8% 46.7% 92.31%
2019 1.5% -28.4% 5.2% 36.97%
2018 -6.0% -14.5% 19.8% 89.09%

AMZA - Holdings

Concentration Analysis

AMZA Category Low Category High AMZA % Rank
Net Assets 327 M 13.6 M 6.88 B 51.82%
Number of Holdings 54 1 175 20.31%
Net Assets in Top 10 401 M 0 5.88 B 39.84%
Weighting of Top 10 N/A 39.8% 89.4% 0.85%

Top 10 Holdings

  1. Western Midstream Partners LP 16.72%
  2. Magellan Midstream Partners LP 16.35%
  3. MPLX LP Partnership Units 16.27%
  4. Enterprise Products Partners LP 15.24%
  5. Energy Transfer LP 14.11%
  6. DCP Midstream LP 11.20%
  7. Plains All American Pipeline LP 10.88%
  8. Phillips 66 Partners LP 10.70%
  9. NuStar Energy LP 10.09%
  10. Crestwood Equity Partners LP 9.36%

Asset Allocation

Weighting Return Low Return High AMZA % Rank
Stocks
130.76% 53.33% 133.88% 1.57%
Preferred Stocks
0.00% 0.00% 4.73% 59.06%
Other
0.00% -36.30% 8.13% 51.97%
Convertible Bonds
0.00% 0.00% 5.29% 51.18%
Bonds
0.00% 0.00% 44.12% 55.91%
Cash
-30.76% -58.21% 13.09% 98.43%

Stock Sector Breakdown

Weighting Return Low Return High AMZA % Rank
Energy
100.00% 29.76% 100.00% 3.94%
Utilities
0.00% 0.00% 48.96% 86.61%
Technology
0.00% 0.00% 19.24% 66.93%
Real Estate
0.00% 0.00% 14.30% 51.97%
Industrials
0.00% 0.00% 10.08% 66.93%
Healthcare
0.00% 0.00% 0.00% 51.18%
Financial Services
0.00% 0.00% 0.99% 55.12%
Communication Services
0.00% 0.00% 5.06% 51.97%
Consumer Defense
0.00% 0.00% 0.82% 51.18%
Consumer Cyclical
0.00% 0.00% 13.46% 55.91%
Basic Materials
0.00% 0.00% 8.62% 74.80%

Stock Geographic Breakdown

Weighting Return Low Return High AMZA % Rank
US
130.59% 48.92% 130.59% 0.79%
Non US
0.17% 0.00% 39.45% 88.19%

AMZA - Expenses

Operational Fees

AMZA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.40% 0.35% 13.30% 58.99%
Management Fee 0.95% 0.00% 1.43% 40.29%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.04% 0.15% N/A

Sales Fees

AMZA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 2.25% N/A

Trading Fees

AMZA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

AMZA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 99.00% 6.00% 248.00% 84.03%

AMZA - Distributions

Dividend Yield Analysis

AMZA Category Low Category High AMZA % Rank
Dividend Yield 8.49% 0.00% 22.35% 7.04%

Dividend Distribution Analysis

AMZA Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

AMZA Category Low Category High AMZA % Rank
Net Income Ratio -1.31% -6.38% 6.88% 84.80%

Capital Gain Distribution Analysis

AMZA Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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AMZA - Fund Manager Analysis

Managers

Jay Hatfield


Start Date

Tenure

Tenure Rank

Oct 01, 2014

7.67

7.7%

Mr. Hatfield is the Chief Executive Officer of Infrastructure Capital Management, LLC (“ICM”), a private investment company that he founded in 2002. Mr. Hatfield also is a co-founder of, and holds a significant interest in the general partner of, NGL Energy Partners, LP, an NYSE-listed master limited partnership (Symbol: NGL). Prior to founding ICM, Mr. Hatfield was a portfolio manager with SAC Capital Advisors. Before joining SAC, Mr. Hatfield was a Managing Director and Head of Fixed Income Research at Zimmer Lucas Partners. Mr. Hatfield began his investment banking career at Morgan Stanley & Co. Inc., where he spent over 10 years as an investment banker advising clients in the utility, power and energy industries. Mr. Hatfield began his career as an auditor and consultant at Arthur Young & Co. (now Ernst & Young), where he was a Certified Public Accountant and consultant, auditing and providing consulting services to companies in the technology, biotechnology and retailing industries. Mr. Hatfield has a Master of Business Administration degree from the Wharton School, University of Pennsylvania, where he specialized in Finance and graduated with distinction and as a member of the Beta Gamma Sigma honor society. Mr. Hatfield also has a Bachelor of Science degree in Managerial Economics from the University of California, Davis.

Edward Ryan


Start Date

Tenure

Tenure Rank

Oct 01, 2014

7.67

7.7%

Edward F. Ryan is a co-founder, Chief Financial Officer, and the Chief Operating Officer of Infrastructure Capital Advisors, LLC. Prior to co-founding the firm, Mr. Ryan was engaged in venture capital projects in the financial technology sector. Prior to his venture capital activities, he was founder and Managing Partner of Mansion Partners, LP, a private investment partnership focused on value stocks and special situations, which he ran for twelve years. Before launching his own investment management business, Mr. Ryan was Vice President and Director of Ansbacher (Dublin) Asset Management, Ltd., where he was part of a small team managing investments in global equity and fixed income markets for an offshore investment company and U.S. trusts and foundations. His primary investment focus was on financially troubled utilities, real estate investment trusts (REITs) and banks and thrifts. Prior to joining Ansbacher, he was an Investment Analyst and the Secretary/Treasurer at J. Rothschild Capital Management Corp., a unit of RIT Capital Partners plc. Mr. Ryan was a member of the team that launched the U.S. operation, where he evaluated U.S. investment opportunities and managed all corporate financial functions. Mr. Ryan began his career at The Bank of New York, where he was a Senior Industry Analyst specializing in the oil service industry. Mr. Ryan has a Master of Business Administration from the Graduate School of Business at Columbia University with a concentration in finance. He also has a Bachelor of Arts degree in Accounting from Saint John’s University (MN).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 15.78 7.59 12.18