In short: Named as proof the firm's criticism of the ETF industry is evaluative, not categorical: "one inflation-beneficiary instrument we've used in income-oriented portfolios." It tracks natural-gas pipeline companies, yields 7%-plus without the K-1 reporting problem, and receives regulated earnings increases that offset the inflation-driven cost of replacing and operating the pipeline network — enough extra return to solve the wasting-asset problem bonds have under inflation.
An index product the firm actually uses, cited to show its criticism of the ETF industry is about specific abuses, not the format. AMLP holds natural-gas pipeline partnerships, which charge regulated tolls for moving gas.
Its job in a client portfolio is to fix what inflation does to bonds. A bond pays a fixed coupon, so rising prices quietly destroy its real value. These pipelines get regulated rate increases to cover the rising cost of replacing and operating their networks, and the fund pays out over 7% — without the messy K-1 tax forms that normally come with owning partnerships directly. Those few extra points of yield, plus the inflation pass-through, are enough to do the job a bond can't.
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