AMLP Alerian MLP

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1 Alerian MLP ETF ETF.com segment: Equity: U.S. MLPs Competing ETFs: MLPI, MLPB, AMJ, AMU, MLPG Related ETF Channels: U.S., Smart-Beta ETFs, Sectors, MLPs, Energy, Alerian MLP Infrastructure, Dividends, Equity, North America Find more ETFs with our ETF Screener and Database *Unless otherwise stated, data provided by FactSet. FUND DESCRIPTION tracks a market-cap-weighted index of 25 energy infrastructure master limited partnerships. The fund is structured as a C-corporation. FACTSET ANALYTICS INSIGHT is hugely popular, but like all MLP ETPs, it comes with caveats. Because traditional ETFs can only hold 25% of their portfolios in MLPs, is instead structured as a C-corporation to allow full allocation to MLPs. However, this structure introduces a layer of taxation that prevents it from passing through the full return of its underlying index. Therefore, provides diluted exposure to its MLPs, shown by a beta to its index that s typically close to 0.65 due to its 35% corporate tax rate. The benefit of this structure: Most distributions are tax-deferred, similar to the underlying MLPs and in contrast to ETNs. The fund's huge headline fee is a symptom of this structure, as the issuer must report recent deferred tax expenses as part of the fee. focuses on energy infrastructure, but its holdings still align well with our broad MLP benchmark. It typically leads all MLP ETPs in AUM and trading volume. If tax-deferred income and liquidity are paramount, and you re willing to live with the tax haircut dictated by the legal structure, is tough to beat. MSCI ESG ANALYTICS INSIGHT The MSCI ESG Fund Quality Score measures the ability of ETF underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors, as determined by MSCI ESG Research LLC. As of February 20, 2019 the Alerian MLP ETF MSCI ESG Fund Quality Score is 2.60 out of 10. The fund s Peer Rank reflects the ranking of a fund s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. ranks in the 1st percentile within its peer group and in the 0th percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage. SUMMARY DATA Issuer Brand Inception Date Legal Structure Expense Ratio Assets Under Management Average Daily $ Average Spread (%) PORTFOLIO DATA Weighted Average Market Cap Price / Earnings Ratio Price / Book Ratio Distribution Yield Next Ex-Dividend Date Number of Holdings INDEX DATA Index Tracked Index Weighting Methodology Index Selection Methodology SS&C Alerian 08/25/10 C-Corporation 0.85% $9.30B $251.08M $16.53B % 05/09/19 25 Alerian MLP Infrastructure Market Cap Distributions Alerian MLP

2 1 Year Daily Price ($) Mar Apr May Jun Jul Aug Sep Oct Nov Dec `19 Feb 200M PERFORMANCE [as of 02/20/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS 3.22% 8.39% 16.58% 1.60% 9.56% -3.42% (NAV) 3.11% 8.04% 16.19% 1.68% 9.46% -3.45% Alerian MLP Infrastructure 3.21% 8.31% 16.35% 2.65% 10.51% -4.05% Alerian MLP 3.38% 6.86% 16.14% 1.91% 10.18% -4.62% 10.42% All returns over 1 year are annualized. All returns are total returns unless otherwise stated. TOP 10 COUNTRIES United States % TOP 10 SECTORS Oil & Gas Related Equipm Oil & Gas 85.22% 10.57% TOP 10 HOLDINGS Energy Transfer, L.P % Western Gas Partners, LP 5.39% Enterprise Products Partn 10.22% Buckeye Partners, L.P. 5.14% MPLX LP 9.88% Andeavor Logistics LP 4.00% Plains All American Pipeli 9.80% EQM Midstream Partners 3.77% Magellan Midstream Partn 9.41% Tallgrass Energy LP Class 3.68% Total Top 10 Weighting 71.79%

3 PORTFOLIO MANAGEMENT TAX EXPOSURES FUND STRUCTURE Expense Ratio Median Tracking Difference (12 Mo) Max. Upside Deviation (12 Mo) Max. Downside Deviation (12 Mo) 0.85% -0.73% 3.17% -2.51% Max LT/ST Capital Gains Rate Capital Gains Distributions (3 Year) Tax on Distributions Distributes K % / 39.60% Qualified dividends No Legal Structure OTC Derivative Use Securities Lending Active Securities Lending Split (Fund/Issuer) ETN Counterparty C-Corporation No No 100% / 0% N/A ETN Counterparty Risk N/A Fund Closure Risk Low Portfolio Disclosure Daily

4 Daily Spread 0.13% FACTSET ANALYTICS BLOCK LIQUIDITY As of 02/21/ % 0.11% 0.09% 0.08% This measurement shows how easy it is to trade a $1 million USD block of. is rated a 5 out of 5. Premium/Discount 0.3% TRADABILITY Avg. Daily Share 26,813, % Average Daily $ $251.08M -0.3% Median Daily Share 24,633, % 150M 125M 100M 75M 50M 25M Median Daily ($) Average Spread (%) Average Spread ($) $226.40M $0.01 Apr May Jul Sep Oct Dec Feb Median Premium / Discount (12 Mo) -0.02% Max. Premium / Discount (12 Mo) 1.79% / -0.86% Impediment to Creations None Market Hours Overlap % Creation Unit Size (Shares) 50,000 Creation Unit/Day (45 Day Average) Creation Unit Cost (%) Underlying / Unit 0.06% Open Interest on ETF Options 96,195 Net Asset Value (Yesterday) $9.97 ETF.com Implied Liquidity 5

5 SECTOR/INDUSTRY BREAKDOWN TOP 10 HOLDINGS PERFORMANCE STATISTICS Oil & Gas Related Equipment and Services 85.22% 81.54% Oil & Gas 10.57% 11.39% Energy Transfer, L.P. Enterprise Products Partners L.P. MPLX LP Plains All American Pipeline, L.P. Magellan Midstream Partners, L.P % 10.22% 9.88% 9.80% 9.41% Goodness of Fit (R2) Beta Up Beta Down Beta Downside Standard Deviation % Alerian MLP Western Gas Partners, LP 5.39% MSCI ESG RATINGS Buckeye Partners, L.P. 5.14% MSCI ESG Quality Score 2.60 / 10 Andeavor Logistics LP EQM Midstream Partners LP 4.00% 3.77% Peer Group Percentile Rank Global Percentile Rank Tallgrass Energy LP Class A 3.68% SRI Screening Criteria Exposure Total Top 10 Weighting 71.79% Exposure to Sustainable Impact Solutions 0.02% COUNTRIES Weighted Average Carbon Intensity (t CO2e/$M Sales) United States % % REGIONS North America % % BENCHMARK COMPARISON HOLDINGS Number of Holdings Constituents Shared Holdings ECONOMIC DEVELOPMENT Shared Holdings Weight 89.76% Developed Countries % % BENCHMARK COMPARISON SUMMARY Number of Holdings Weighted Average Market Cap $16.53B $15.95B Price / Earnings Ratio Price / Book Ratio Dividend Yield % 8.80% Concentration High High

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