AMZA: INFRACAP MLP ETF
Share-split context: A reverse split was recorded on Mar 31, 2020 with coefficient 0.1. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.
What this ETF is trying to do
The INFRACAP MLP ETF (AMZA) is designed to invest in Master Limited Partnerships (MLPs), which are often companies that own energy infrastructure like pipelines. Based on its top holdings, the fund focuses heavily on the energy sector. Its goal is to provide investors with both share-price growth and regular income.
What the numbers show
The numbers for AMZA show strong growth over several timeframes. Because this ETF has a history of share splits, the following returns are split-adjusted:
• Year-to-Date: The price return is 21.21%, while the total return is 29.48%.
• One Year: The price return is 20.78%, while the total return is 31.91%.
• Three Year: The price return is 43.47%, while the total return is 83.28%.
• Five Year: The total return is 168.87%.
It is important to note that price return only measures the change in the share price. Total return is a broader measure that includes the distributions paid out to investors. In this case, the total returns are higher than the price returns.
Income and distribution explanation
AMZA provides regular cash payments to its investors. It usually pays these distributions monthly, with 12 payments made over the last year.
The distribution yield is approximately 8.21%. For new investors, it is important to remember that a high yield alone can be misleading. A high yield does not guarantee that the investment is safe or that the total return will be high. However, for AMZA, the supplied total return data shows that these distributions have been accompanied by an increase in share price.
NAV erosion explanation
"NAV erosion" happens when the net asset value (the actual value of the fund's holdings) drops over time. The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.
Regarding price-based evidence, AMZA has an erosion score of 100, and the label states "No price erosion detected." The severe erosion-risk flag is false.
Top Holdings
The fund holds 121 different assets. As of October 8, 2026, the top holdings (which are a partial list) include:
• Energy Transfer LP: 16.46%
• Sunoco LP: 15.10%
• Plains All American Pipeline LP: 13.76%
• Western Midstream Partners LP: 12.61%
• MPLX LP Partnership Units: 11.35%
• Enterprise Products Partners LP: 11.29%
Pros
• Strong split-adjusted price and total returns over one, three, and five years.
• Consistent monthly distribution frequency.
• No price erosion detected according to the erosion score.
Cons
• High concentration in a few energy-related companies.
• The fund has a history of a reverse split (on March 31, 2020), where multiple old shares were combined into fewer new shares, mechanically raising the per-share price.
Beginner takeaway
AMZA is an ETF for investors seeking income from energy infrastructure. Unlike some high-yield funds where the share price falls while paying distributions, AMZA's data shows that its share price and total returns have grown significantly over the last few years.
Top Holdings
Structured portfolio holdings supplied by the ETF data provider. These figures are not generated by the AI article.
| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | ENERGY TRANSFER LP | ET | 16.46% |
| 2 | SUNOCO LP | SUN | 15.10% |
| 3 | PLAINS ALL AMERICAN PIPELINE LP | PAA | 13.76% |
| 4 | WESTERN MIDSTREAM PARTNERS LP | WES | 12.61% |
| 5 | MPLX LP PARTNERSHIP UNITS | MPLX | 11.35% |
| 6 | ENTERPRISE PRODUCTS PARTNERS LP | EPD | 11.29% |
| 7 | CHENIERE ENERGY INC | LNG | 5.88% |
| 8 | HESS MIDSTREAM LP CLASS A | HESM | 4.95% |
| 9 | KINDER MORGAN INC CLASS P | KMI | 3.49% |
| 10 | CHENIERE ENERGY PARTNERS LP | CQP | 3.20% |