Miller/Howard MLP Fundamental Index®*


About This Index

The Miller/Howard MLP Fundamental Index is a composite of 25 energy master limited partnerships (MLPs) that uses modified equal weighting based on certain quantitative fundamental factors of publicly traded MLPs. The index seeks to go beyond cap-weighted MLP exposure, focusing on fundamental factors that we've identified as potential key drivers of total return performance.

Selection Criteria:

  • Distribution Growth
  • Distribution Coverage
  • Estimated Fiscal Year Capital Expenditure

Key Ranking Factors

The index utilizes three main factors in its selection process: distribution growth, distribution coverage, and estimated capital expenditures. In addition, a portion of the index is allocated to mid- and small-cap MLPs.


Eligibility Requirements

  • Must be listed on the New York Stock Exchange (including NYSE Arca and NYSE Amex) or NASDAQ.
  • Must have existed for at least 12 months.
  • Must be an energy MLP or general partner.
  • No distribution cut in previous year.
  • Market capitalization of at least $500 million.
  • Above certain three-month-average daily trading volume thresholds.


October 13, 2017—Western Refining Logistics LP (WNRL) is expected to be removed from the Miller/Howard MLP Fundamental Index in a special rebalancing. WNRL will cease to trade due to its merger with Andeavor Logistics LP (ANDX). The rebalance will take place one full trading day after confirmation that the merger has completed. The replacement candidate for WNRL will be Shell Midstream Partners LP (SHLX). SHLX will enter the index at WNRL's weight.

The WNRL/ANDEX Merger is expected to be completed on October 30, 2017. The special rebalance is likely to occur October 31, 2017 at the close.

Sector Weights

As of selection date 2/16/2018

Index Information

Price Return MLPMP
Total Return MLPMH
Inception Date August 23, 2013
Calculated by Chicago Board Options Exchange
Rebalancing Quarterly

Index Portfolio Characteristics

Number of Companies 25
15 MLPs from Large Group equal weighted at 5%
10 MLPs from Mid-Small Group equal weighted at 2.5%

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