AMLP vs PXJ

AMLPCAlerian MLP ETF

PXJCInvesco Oil & Gas Services ETF

In short

AMLP The original MLP ETF: launched in 2010, a portfolio built on midstream energy partnerships rather than a watered-down version, with the fund absorbing the K-1 paperwork and the fund-level taxes that come with it.

PXJ Oilfield services run through a quant filter: PXJ's index ranks drillers, equipment makers and service firms on momentum, quality and value, then holds about 30. Trading since 2005, at 0.63% net of a waiver through August 31, 2028.

Stated mandate

AMLP The fund seeks to track, before fees and expenses, the price and yield performance of the Alerian MLP Infrastructure Index, which provides exposure to energy-infrastructure MLPs primarily engaged in midstream activities.

PXJ The Fund tracks the Dynamic Oil Services Intellidex Index by normally investing at least 90% of total assets in its constituent common stocks. The index targets 30 U.S. companies supporting oil and gas production, processing, and distribution.

Why people hold it

• AMLP The original. Launched in 2010 as the first ETF to open up master limited partnerships, and it still tracks the Alerian MLP Infrastructure Index it debuted with.prnewswire.comalpsfunds.com
• No K-1 pile in your mailbox. The fund receives and processes the partnership K-1s itself and sends shareholders a single Form 1099.alpsfunds.com
• Undiluted exposure. Most MLP funds cap partnerships near 25% to keep pass-through tax status (MLPX takes that route); AMLP's index stays with midstream MLPs.sec.govalpsfunds.com
• A multi-billion-dollar fund that trades actively and distributes quarterly, so getting in and out is usually the easy part.

• PXJ Not a cap-weighted mirror. The index scores candidates on price momentum, earnings momentum, quality, management action and value, then reconstitutes four times a year.invesco.com
• Weight spreads across size tiers rather than piling into the biggest service names, leaving more room for mid- and small-cap drillers than a cap-weighted build.sec.gov
• Listed in 2005, it has traded through multiple drilling booms and busts, holding about 30 US companies that support oil and gas production, processing and distribution.

Worth knowing

• AMLP Pricey for the aisle: a 1.01% expense ratio sits above the energy-sector median, and cheaper midstream wrappers exist (MLPX at 0.45%).
• Taxed as a C-corp, not a pass-through. It accrues deferred taxes on appreciation and return-of-capital distributions inside NAV, and revises those estimates as MLP tax data arrives.alpsfunds.comsec.gov
• Narrow by design: a capped, float-adjusted basket of energy-infrastructure partnerships earning most cash flow from midstream work, so it moves with one corner of energy.alpsfunds.com

• PXJ 0.63% net of a waiver through August 31, 2028, near the energy-sector median. Gross is 0.77%, so the cost steps up if that waiver is not extended.
• Cheaper routes into the niche exist: XES charges 0.35%, with no waiver attached. The quant screen is what the difference buys.
• About 30 stocks in one cyclical industry, tracking drilling and completion budgets more than the broad energy complex, with moderate volume rather than mega-fund liquidity.

Full AMLP profile⁠

Full PXJ profile⁠