The Global X MLP & Energy Infrastructure ETF (MLPX) begins trading. With expense ratio of just 0.45%, it's the cheapest MLP-related fund out there (after taxes) thanks to its structure as a Regulated Investment Corporation instead of a C-Corp.
Avoiding this double-taxation saves on costs, but its holdings cannot be 100% MLPs - it also owns companies involved in pipeline, storage, and transportation of energy products. Top holdings include Enbridge (9%), Transcanada (9%), Kinder Morgan (9%), Williams COS (8%), and Spectra (7%).
One C-Corp competitor - the Alerian MLP ETF (AMLP) - has a nominal expense ratio of 0.85% that ends up being closer to 5% once deferred tax liability is added (it's listed in the fees as "other expenses.").
Another MLP ETF with limited MLP exposure is the actively-managed First Trust North American Energy Infrastructure Fund (EMLP) with expense ratio of 0.95%.
Global X has a C-Corp MLP ETF (MLPA) with nominal expense ratio of 0.45% that rises to 3.52% after the tax liability.