# Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (MLPQ)

**Page:** https://fundology.uk/fund/mlpq · ISIN IE00B94ZB998

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, MLPQ (Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc, ISIN IE00B94ZB998) closed at £119.98 on the London Stock Exchange. Its ongoing charge is 0.50% a year (about £50 on £10,000). Over the five years to 13/11/2026 its total return was +116.8%, or +69.3% after UK CPIH inflation.

## Summary

Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc is an exchange-traded fund (ETF) from Invesco, launched in 2013. It tracks the Morningstar MLP Composite Index - USD. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.5% a year — about £50 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

Latest close: **£119.98** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | MLPQ |
| ISIN | IE00B94ZB998 |
| Also listed as | MLPS (London Stock Exchange, US dollars), SMLP (Xetra, euros) |
| Category | Property & infrastructure |
| Type | ETF |
| Provider | Invesco |
| Tracks | Morningstar MLP Composite Index - USD |
| Income | Accumulating |
| Ongoing charge | 0.50% a year (£50 per £10,000) |
| Fund size | £53.4m |
| Launched | 2013 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 15/05/2013 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +12.47% | +8.48% | income reinvested |
| 3 years | +38.65% | +25.27% | income reinvested |
| 5 years | +116.85% | +69.26% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc in pounds (price, with income reinvested in the fund): 2022 +47.5%, 2023 +12.9%, 2024 +28.6%, 2025 −7.6%; 2026 to 13/11/2026 +19.4%. Returns of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +20.7%; to 30/09/2025: +8.2%; to 30/09/2024: +7.9%; to 30/09/2023: +12.6%; to 30/09/2022: +47.6%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2022 | +47.5% | +35.0% | Price |
| 2023 | +12.9% | +8.4% | Price |
| 2024 | +28.6% | +24.2% | Price |
| 2025 | -7.6% | -10.7% | Price |
| 2026 to 13/11/2026 | +19.4% | +15.6% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 18.48% | -10.06% |
| 3 years | 17.89% | -17.99% |
| 5 years | 19.70% | -17.99% |

## Largest fall

Volatility of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc in pounds, annualised from weekly returns to 13/11/2026: 18.5% over 1 year, 17.9% over 3 years, 19.7% over 5 years. Largest fall in the price of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc since November 2021, in pounds: −18.0% from 17/01/2025 to 11/04/2025. The lowest 12-month return of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc in pounds (price, with income reinvested in the fund) since January 2021 was −9.4% (12 months to 30/01/2026); the highest was +61.5% (12 months to 16/09/2022). On 13/11/2026 the price of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc was 6.7% below its highest weekly close since November 2021 (17/09/2026), in pounds.

## Charges compared with similar funds

Ongoing charge of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc 0.50% a year. Compared on 14/11/2026, 14 of the 45 other property and infrastructure funds charge more, 2 the same and 29 less (share classes counted once).

## Funds tracking the same index

2 funds track Morningstar MLP Composite Index - USD, this one included and share classes counted once; their ongoing charges range from 0.50% to 0.50% a year (13/11/2026).

| Fund | Ongoing charge | 1 year | 3 years | 5 years |
|---|---|---|---|---|
| Invesco Morningstar US Energy Infrastructure MLP UCITS ETF | 0.50% | +12.5% | +38.6% | +116.9% |
| Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc (this fund) | 0.50% | +12.5% | +38.6% | +116.8% |

Returns are as reported, in pounds, income reinvested unless marked "(price)".

## Charges & eligibility

- Ongoing charges figure (OCF): **0.50%** per year (as of 16/10/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## What it holds

As of 12/11/2026, MLPQ holds 14 positions, according to its published holdings. The largest is Enterprise Products Partners L.P at 10.71% of the fund; the ten largest make up 82.0%.

### Top holdings

Largest positions (as of 12/11/2026), as a percentage of the whole fund:

| # | Holding | Ticker | Weight |
|---|---|---|---|
| 1 | Enterprise Products Partners L.P | [EPD](https://fundology.uk/stock/EPD) | 10.71% |
| 2 | Mplx LP | [MPLX](https://fundology.uk/stock/MPLX) | 10.57% |
| 3 | Plains All American Pipeline, L.P | [PAA](https://fundology.uk/stock/PAA) | 10.54% |
| 4 | Energy Transfer LP | [ET](https://fundology.uk/stock/ET) | 10.07% |
| 5 | Sunoco LP | [SUN](https://fundology.uk/stock/SUN) | 9.58% |
| 6 | Western Midstream Partners, LP | [WES](https://fundology.uk/stock/NYSE:WES) | 9.40% |
| 7 | Delek Logistics Partners, L.P | [DKL](https://fundology.uk/stock/DKL) | 5.37% |
| 8 | Black Stone Minerals, L.P | [BSM](https://fundology.uk/stock/BSM) | 5.35% |
| 9 | Alliance Resource Partners, L.P | [ARLP](https://fundology.uk/stock/ARLP) | 5.32% |
| 10 | USA Compression Partners, LP | [USAC](https://fundology.uk/stock/USAC) | 5.09% |

## Where it invests

Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed.

### By sector

As published for the fund, as of 12/11/2026.

| Sector | Weight |
|---|---|
| Energy | 96.0% |
| Industrials | 4.0% |

All 14 holdings: https://fundology.uk/fund/mlpq/holdings

## Questions people ask

**What is the ongoing charge of MLPQ?**

The ongoing charge of MLPQ is 0.50% a year — about £50 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Invesco Morningstar US Energy Infrastructure MLP UCITS ETF Acc 0.50% a year. Compared on 14/11/2026, 14 of the 45 other property and infrastructure funds charge more, 2 the same and 29 less (share classes counted once).

**What does MLPQ track?**

MLPQ tracks the Morningstar MLP Composite Index - USD.

**Is MLPQ accumulating or distributing?**

MLPQ is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

**What is the ISIN of MLPQ?**

The ISIN of MLPQ is IE00B94ZB998. An ISIN identifies one exact share class of a fund; MLPQ is its ticker on the London Stock Exchange. The same share class is also listed as MLPS (London Stock Exchange, US dollars) and SMLP (Xetra, euros).

**What does MLPQ hold?**

As of 12/11/2026, MLPQ holds 14 positions, according to its published holdings. The largest is Enterprise Products Partners L.P at 10.71% of the fund; the ten largest make up 82.0%. Its ten largest holdings are Enterprise Products Partners L.P (10.71%), Mplx LP (10.57%), Plains All American Pipeline, L.P (10.54%), Energy Transfer LP (10.07%), Sunoco LP (9.58%), Western Midstream Partners, LP (9.40%), Delek Logistics Partners, L.P (5.37%), Black Stone Minerals, L.P (5.35%), Alliance Resource Partners, L.P (5.32%) and USA Compression Partners, LP (5.09%).

**What were MLPQ’s returns in each of the last five years?**

Calendar-year returns of MLPQ in pounds (price, with income reinvested in the fund): 2022 +47.5%, 2023 +12.9%, 2024 +28.6%, 2025 −7.6%; 2026 to 13/11/2026 +19.4%. Past performance is not a guide to future returns.

**How has MLPQ done after inflation?**

Over the five years to 13/11/2026 MLPQ’s total return was +116.8%, or +69.3% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.