MDST vs. AMLP ETF Comparison

Comparison of Westwood Salient Enhanced Midstream Income ETF (MDST) to Alerian MLP ETF (AMLP)

MDST

Westwood Salient Enhanced Midstream Income ETF

MDST Description

MDST invests North American midstream investments while employing a covered call strategy. The actively managed fund targets investment grade, midstream securities from the US and Canada that include companies engaged in the energy infrastructure industry and ancillary businesses. The fund may directly invest up to 25% in US MLPs that are publicly traded and treated as partnerships for federal income tax purposes. The fund employs a bottom-up, research-driven selection process with emphasis on opportunities and growth prospects. In addition, the advisor maintains proprietary business valuation models and analyzes various fundamental and technical factors. To enhance income, the fund writes call options on securities held within the portfolio. It may also use standardized exchange-traded and FLEX options. The fund expects returns from the distribution yield, covered call premiums, cash distribution growth, and potential price appreciation. Single securities are capped at 15%.

Grade (RS Rating)

Last Trade

$27.71

Average Daily Volume

14,461

Number of Holdings ^*

* may have additional holdings in another (foreign) market

AMLP

Alerian MLP ETF

AMLP Description

The investment seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index. The index is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the United States energy infrastructure Master Limited Partnership ("MLP") asset class. The fund will normally invest at least 90% of its total assets in securities that comprise the index (or depositary receipts based on such securities). It is non-diversified.

Grade (RS Rating)

Last Trade

$47.85

Average Daily Volume

1,390,636

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MDST	AMLP
30 Days	6.17%	2.93%
60 Days	7.93%	2.58%
90 Days	10.10%	4.16%
12 Months		24.25%

8 Overlapping Holdings

Symbol	Grade	Weight in MDST	Weight in AMLP	Overlap
DKL	C	0.38%	0.96%	0.38%
ENLC	A	3.88%	7.94%	3.88%
EPD	A	7.99%	12.71%	7.99%
ET	A	9.48%	13.09%	9.48%
GEL	D	0.33%	2.3%	0.33%
HESM	C	4.38%	6.31%	4.38%
MPLX	A	4.36%	13.04%	4.36%
WES	C	2.97%	11.44%	2.97%

MDST Overweight 10 Positions Relative to AMLP

Symbol	Grade	Weight
WMB	A	8.52%
KMI	A	7.97%
PAGP	A	6.2%
DTM	A	5.78%
TRGP	A	5.77%
LNG	A	5.09%
OKE	A	5.08%
AM	A	4.82%
KNTK	A	4.27%
NEXT	B	0.05%

MDST Underweight 6 Positions Relative to AMLP

Symbol	Grade	Weight
PAA	A	-11.92%
SUN	C	-11.09%
CQP	A	-4.01%
USAC	C	-3.23%
GLP	A	-2.51%
SPH	D	-2.39%

MDST: Top Represented Industries & Keywords

Industries: Oil & Gas Midstream Oil & Gas Pipelines Oil & Gas E&P