Westwood Salient Enhanced Midstream Income ETF
MDST
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- Westwood Salient Enhanced Midstream Income ETF (MDST) is an actively managed exchange-traded fund that seeks current income and capital appreciation through investments in midstream energy infrastructure securities, including U.S. and Canadian corporations and U.S. master limited partnerships (MLPs) involved in gathering, transporting, storing, and distributing crude oil, natural gas, and other energy products; it employs a fundamental bottom-up stock selection process combined with a disciplined options overlay strategy featuring monthly sales of 1-month out-of-the-money covered call options on individual holdings to enhance monthly distributable income while aiming to reduce volatility and beta relative to midstream benchmarks like the Alerian Midstream Energy Select Index. The ETF, with net assets exceeding $160 million as of late 2025 and an expense ratio of 0.80%, distributes income monthly from a blend of dividends and options premiums, delivering a trailing 12-month yield of approximately 10.5% and a distribution rate around 10.4%; top holdings include Enbridge Inc. (8.9%), Energy Transfer LP (8.5%), Williams Cos Inc. (7.7%), Enterprise Products Partners LP (7.2%), and DT Midstream Inc. (6.0%), representing primarily North American energy infrastructure firms without requiring K-1 tax forms for investors. Launched on April 9, 2024, and listed on the New York Stock Exchange, MDST operates as a series of Ultimus Managers Trust, with investment advisory services provided by Westwood Management Corp., headquartered at 200 Crescent Court, Suite 1200, Dallas, Texas. Recent developments include surpassing $100 million in assets under management within its first year by June 2025, reflecting strong advisor and investor adoption of its high-income strategy; ongoing monthly income distributions announced as recently as December 2025, with net assets reaching $164 million by November 26, 2025; and celebration of its one-year anniversary in April 2025 amid growing demand for midstream income solutions without MLP tax complexities. The fund targets income-seeking investors in the energy infrastructure sector, with geographic focus on North America, and continues to emphasize risk-adjusted total returns through its proprietary equity portfolio and options approach.