ALPS & Alerian Q3 Update – MLP Investing in the Era of Low Oil Prices – 10.24.17


Now On Demand.

The volatility in oil prices has caused massive dislocation in all segments of the energy value chain, including MLPs. Energy stocks continue to face headwinds as investors adjust to the ‘new normal’ in oil prices.

Please join ALPS and Alerian for an educational Webcast as we discuss the following:

  • The Impact of the U.S. Shale Revolution on the Global Energy Markets
  • Investment Implications of ‘Lower for Longer’ Oil Prices
  • Current Valuation Analysis of the MLP Sector
  • Fund updates on the Alerian MLP ETF (NYSE Arca: AMLP) and the Alerian Energy Infrastructure ETF (NYSE Arca: ENFR)

Sponsors of this webcast may contact registrants. This webcast is for financial professionals only.


Maria Halmo
Director of Research

Maria Halmo is the Director of Research at Alerian, which equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Ms. Halmo leads the firm’s research efforts, which include examining MLP regulatory filings, monitoring legislative activity, and investigating industry developments. She also oversees Alerian’s public communications strategy through investor and media outreach. Ms. Halmo is a former Associate at SteelPath Capital Management LLC, a Dallas-based MLP investment manager, where she conducted valuation analyses of petroleum transportation partnerships and researched macro-level energy issues. Ms. Halmo graduated with a Bachelor of Arts in Astrophysics from Barnard College at Columbia University. She is also a contributing author to Midstream Business, a monthly publication addressing the need for business market intelligence on North American energy infrastructure.

Emily Hsieh
Director of Operations

Emily Hsieh, CPA is the Director of Global Operations at Alerian, which equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Ms. Hsieh manages the firm’s relationships with MLPs and licensees. She also oversees Alerian’s advertising campaigns and develops business strategies for the Alerian Index Series. Ms. Hsieh was previously with Raymond James & Associates Inc as a Senior Associate in the firm’s Equity Research Division, covering the midstream energy MLP space. She developed differentiated investment calls and worked closely with the firm’s financial advisors and institutional investors. Ms. Hsieh graduated with a Masters of Professional Accounting and a Bachelor of Business Administration from the McCombs School of Business at The University of Texas at Austin. She is also a contributing author to Midstream Business, a monthly publication addressing the need for business market intelligence on North American energy infrastructure.

Jeremy Held, CFA
Director of Research & Investment Strategy
ALPS Portfolio Solutions

Jeremy began his career at ALPS in 1996 and has more than 20 years of experience in the asset management industry. He is responsible for research, product development, and consulting services on behalf of the ALPS ETF, Mutual Fund, and Closed-End Fund business segments. His research is focused on satellite and alternative asset classes, including Commodities, Master Limited Partnerships, Private Equity, Global Real Estate, Sectors and Emerging Markets.

Jeremy is a frequent speaker at investment conferences and his work has been published in several publications such as the Journal of Indexes, Research Magazine and Institutional Investor. Jeremy graduated with a B.S in International Business from the University of Colorado and is also a Charted Financial Analyst and a Certified Financial Planner.


Title: ALPS & Alerian Q3 Update – MLP Investing in the Era of Low Oil Prices
Date: Tuesday, October 24, 2017
Time: 1:00 PM Eastern Daylight Time
Duration: 1 hour

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are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers or “authorized participants” may trade directly with the Fund, typically in blocks of 50,000 shares.

Disclosures and Risks – AMLP & ENFR

Investments in securities of MLPs involve risks that differ from an investment in common stock. MLPs are controlled by their general partners, which generally have conflicts of interest and limited fiduciary duties

to the MLP, which may permit the general partner to favor its own interests over the MLPs. The benefit you are expected to derive from the Fund’s investment in MLPs depends largely on the MLPs being treated as partnerships for federal income tax purposes. As a partnership, an MLP has no federal income tax liability at the entity level. Therefore, treatment of one or more MLPs as a corporation for federal income tax purposes could affect the Fund’s ability to meet its investment objective and would reduce the amount of cash available to pay or distribute to you. Legislative, judicial, or administrative changes and differing interpretations, possibly on a retroactive basis, could negatively impact the value of an investment in MLPs and therefore the value of your investment in the Fund.

AMLP: The Fund invests primarily in energy infrastructure companies which may be adversely affected by changes in worldwide energy prices, exploration, production spending, government regulation, changes in exchange rates, depletion of natural resources and risks that arise from extreme weather conditions. All K-1s are received and processed by the Alerian MLP ETF. The Alerian MLP ETF distributes a single Form 1099 to its shareholders. This notice is provided to you for informational purposes only, and should not be considered tax advice. Please consult your tax advisor for further assistance.

There are risks involved with investing in ETFs including the loss of money. An investment in the Fund is subject to investment risk including the possible loss of the entire principal amount that you invest. If, due to tax law changes, an MLP in the portfolio is deemed a corporation rather than a partnership for federal income purposes, then income would be subject to federal taxation at the MLP level. This would reduce the amount of cash available for distribution to the fund which could result in a reduction of the fund’s value. The Fund is taxed as a regular corporation for federal income purposes, which reduces the Net Asset Value of fund shares by the accrual of any deferred tax liabilities. Depending on the taxes paid by the fund as a result of income and/or gains from investments and/or the sale of MLP interests, the return on an investment in the Fund will be reduced. This differs from most investment companies, which elect

to be treated as “regulated investment companies” to avoid paying entity level income taxes. The ETF is taxed as a regular corporation and is subject to U.S. federal income tax on taxable income at the corporate tax rate (currently as high as 35%) as well as state and local taxes.

ENFR: The fund invests primarily in a particular sector and could experience greater volatility than a fund investing in a broader range of industries. The Fund may be subject to risks relating to its investment in Canadian securities. Because the Fund will invest in securities denominated in foreign currencies and the income received by the Fund will generally be in foreign currency, changes in currency exchange rates may negatively impact the Fund’s return.

Investments in the energy infrastructure sector are subject to: reduced volumes of natural gas or other energy commodities available for transporting, processing or storing; changes in the regulatory environment; extreme weather and; rising interest rates which could result in a higher cost of capital and drive investors into other investment opportunities.

The Alerian Energy Infrastructure ETF is not suitable for all investors. Subject to investment risks, including possible loss of the principal amount invested MLP – Master Limited Partnership.

ALPS Portfolio Solutions Distributor, Inc., 1290 Broadway, Ste. 1100, Denver, CO 80203 is the distributor for the Alerian Energy Infrastructure ETF.

ALPS Portfolio Solutions Distributor, Inc. is not affiliated with Alerian. Not FDIC Insured • No Bank Guarantee • May Lose Value.

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