Understanding the Westwood Salient Enhanced Midstream Income ETF (MDST)

What this ETF is trying to do

The Westwood Salient Enhanced Midstream Income ETF, known by its ticker symbol MDST, is an exchange-traded fund (ETF). This specific fund focuses on "midstream" companies. In the world of investing, midstream usually refers to companies that help move energy products, like oil or gas, through pipelines. The goal of this ETF is to provide income to its investors.

What the numbers show

As of July 10, 2026, the current price of one share of MDST is $29.21. Looking back at the past year, the price has grown. One year ago, the estimated price was about $26.51. This means the price itself went up by 10.18% over the last twelve months.

When you look at "total return," which includes both price changes and the money paid out to investors, the numbers are even higher. The one-year total return is 21.56%. For this year so far (Year-to-Date), the total return is 16.88%.

To see how this works with a real amount of money, imagine you invested $10,000 into this ETF exactly one year ago based on the estimated price of $26.51. Before considering any extra payments (distributions), your $10,000 would have grown to approximately $11,018 because the share price went up.

Income and distribution explanation

This ETF is designed to pay out money to people who own it. These payments are called distributions. Over the last 12 months, the total distributions were $2.70 per share. This fund usually pays out money every month, and it has made 12 payments over the last year.

The "distribution yield" is 9.24%. This number tells you how much income the ETF paid compared to its price. It is important to remember that a high yield alone can be misleading. A very high yield might look attractive, but it doesn't tell the whole story about the health of the fund.

NAV erosion explanation

"NAV erosion" is a term used when the value of the ETF's underlying assets drops significantly over time. Think of NAV (Net Asset Value) as the actual "stuff" the fund owns. If an ETF constantly pays out more money than it earns, or if its investments lose value quickly, the share price can collapse.

When a share price falls from a high number to a much lower number, it can destroy your principal. Principal is the original money you put in. If you invest $100 and the price drops to $50, you have lost half of your original money. This is why income investors usually prefer ETFs that go "sideways" (stay at the same price) or move slightly up. They want the income without losing their original investment.

In the case of MDST, there is no severe erosion. The data shows a "good" erosion label and states that no price erosion was detected.

Pros

• The fund has shown positive price growth over the last year.

• It provides regular monthly income.

• The total return (price growth plus distributions) has been strong.

Cons

• Investors must watch the yield closely, as high yields can sometimes hide other risks.

• The value of the investment depends on the performance of midstream energy companies.

Beginner takeaway

MDST is an ETF that focuses on providing monthly income through energy-related companies. While it has shown growth in both price and total returns recently, always remember that high yields are only one part of the picture. It is important to look at whether the share price is staying steady or if "NAV erosion" is eating away at your original investment.