ALPS Alerian MLP ETF (NYSEArca: AMLP) has seen assets under management double the past year as investors pile into master limited partnerships in search of yield, returns and diversification.

The MLP fund, which launched in August 2010, reached $6 billion in assets last week.

“As a point of reference, assets in the fund, one year ago, were $3 billion. Pretty darn impressive,” said Chris Hempstead, director of ETF execution services at WallachBeth Capital LLC.

“Year to date AMLP is up 13.7% while throwing off a 12 month yield of 5.7%,” he added.

Over the past year, AMLP has added $2.6 billion in net inflows. [Some Master Limited Partnership ETF Picks for Yield]

MLPs focus on the processing, transportation and storage of oil and natural gas. They pay most of their income to investors and enjoy tax advantages. [Solar, Clean Energy ETFs Rally on MLP Parity Act]

Next page: MLP ETF advantages and disadvantages

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