Miller/Howard MLP Fundamental Index®*

Overview

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.

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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.

News

January 9, 2019 — EQGP Holdings LP (EQGP) is expected to be removed from the Miller/Howard MLP Fundamental Index (the Index) in a special rebalancing. EQGP will cease to trade due to its merger with Eqitrans Midstream Corp (ETRN). The rebalance will take place upon completion of the merger. The replacement candidate for EQGP will be USA Compression Partners (USAC). USAC will enter the index at EQGP's weight.

The EQGP/ETRN Merger is expected to close on January 11, 2019. The special rebalance is expected to occur at the close on January 10, 2019.

January 8, 2019 — Valero Energy Partners LP (VLP) is expected to be removed from the Miller/Howard MLP Fundamental Index (the Index) in a special rebalancing. VLP will cease to trade due to its merger with Valero Energy Corp (VLO). The rebalance will take place upon completion of the merger. The replacement candidate for VLP will be AmeriGas Partners LP (APU).

APU will enter the index at VLP's weight.

The VLP/VLO Merger is expected to close on January 10, 2019. The special rebalance is expected to occur at the close on January 9, 2019.

Sector Weights


As of special rebalance date January 10, 2019

Index Information


Tickers
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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