Exchange Traded Concepts, the new firm that helps other money managers bring ETFs to market, filed regulatory paperwork seeking permission to launch an index ETF focused on master limited partnerships on behalf of the New York-based asset management firm Yorkville ETF Advisors.

The new fund, the Yorkville High Income MLP ETF, is expected to be Yorkville’s first on the market, and it will be one of the few existing ETFs targeting the world of master limited partnerships (MLPs) specializing in the production and transportation of natural resources.

Earlier this year, Yorkville filed for permission from the Securities and Exchange Commission to market ETFs, a process known as applying for “exemptive relief.” However, the expensive and lengthy nature of the process led the firm to work through Exchange Traded Concepts, which already has the necessary exemptive relief to launch funds, including those focused on MLPs.

MLPs, which are valued for their high payouts, have been a hot spot in the exchange-traded product industry over the past year, as investors seek attractive yields at a time of ultra-low interest rates. The space is dominated by ETNs, notably the $3.28 billion JPMorgan Alerian MLP ETN (NYSEArca: AMJ). Only one dominant MLP ETF is now on the market, the ALPS Alerian MLP ETF (NYSEArca: AMLP).

AMLP has amassed $1.85 billion in assets since its launch in August 2010. also, ALPS ETF Trust, the company behind AMLP, has a second MLP ETF in registration that will be designed to address some of the tracking error problems AMLP has encountered.

The Yorkville High Income MLP ETF will consist of MLPs involved in the exploration and production of oil and natural gas as well as the extraction and shipping of other resources including minerals, timber and fertilizer.

The ETF will concentrate 25 percent or more of its assets in a particular industry depending upon the industry’s weighting, according to the paperwork. The benchmark, the Solactive High Income MLP Index, will be calculated and administered by Frankfurt-based Structured Solutions AG.