MLPA vs. MDST ETF Comparison

Comparison of Global X MLP ETF (MLPA) to Westwood Salient Enhanced Midstream Income ETF (MDST)

MLPA

Global X MLP ETF

MLPA Description

The investment seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP Composite Index ("underlying index"). The fund invests at least 80% of its net assets in the securities of the underlying index. Moreover, at least 80% of the fund's net assets will be invested in securities that have economic characteristics of the Master Limited Partnership ("MLP") asset class. The underlying index is intended to give investors a means of tracking the overall performance of the United States master limited partnerships (MLP) asset class. The fund is non-diversified.

Grade (RS Rating)

Last Trade

$49.70

Average Daily Volume

97,317

Number of Holdings ^*

* may have additional holdings in another (foreign) market

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

$27.84

Average Daily Volume

16,630

Number of Holdings ^*

* may have additional holdings in another (foreign) market

Performance

Period	MLPA	MDST
30 Days	6.05%	7.19%
60 Days	5.49%	8.50%
90 Days	6.81%	9.98%
12 Months	18.92%

8 Overlapping Holdings

Symbol	Grade	Weight in MLPA	Weight in MDST	Overlap
DKL	C	1.69%	0.37%	0.37%
ENLC	A	8.11%	3.83%	3.83%
EPD	A	12.4%	8.12%	8.12%
ET	A	13.35%	9.3%	9.3%
GEL	D	2.83%	0.33%	0.33%
HESM	A	7.61%	4.35%	4.35%
MPLX	A	11.28%	4.29%	4.29%
WES	C	9.45%	3.0%	3.0%

MLPA Overweight 10 Positions Relative to MDST

Symbol	Grade	Weight
PAA	B	8.9%
SUN	C	7.79%
CQP	B	5.53%
USAC	B	4.02%
GLP	A	3.84%
SPH	D	3.04%
MMLP	A	0.0%
NGL	C	0.0%
SGU	B	0.0%
CAPL	D	0.0%

MLPA Underweight 10 Positions Relative to MDST

Symbol	Grade	Weight
WMB	A	-8.51%
KMI	A	-8.05%
PAGP	A	-5.98%
DTM	A	-5.91%
TRGP	A	-5.86%
OKE	A	-5.25%
LNG	A	-5.08%
AM	A	-4.73%
KNTK	A	-4.29%
NEXT	B	-0.05%

MLPA: Top Represented Industries & Keywords

Industries: Oil & Gas Midstream Oil & Gas Refining & Marketing Oil & Gas Equipment & Services Oil & Gas Pipelines Utilities - Regulated Gas

MDST: Top Represented Industries & Keywords

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