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

December 11, 2018 — Enbridge Energy Partners LP (EEP) is expected to be removed from the Miller/Howard MLP Fundamental Index (the Index) in a special rebalancing. EEP will cease to trade due to its merger with Enbridge Inc (ENB). The rebalance will take place upon completion of the merger. The replacement candidate for EEP will be NGL Energy Partners LP (NGL).

NGL will enter the index at EEP's weight.

The EEP/ENB Merger is expected to be approved on December 17, 2018. The special rebalance is expected to occur at the close on December 18, 2018.

December 7, 2018 — Spectra Energy Partners LP (SEP) is expected to be removed from the Miller/Howard MLP Fundamental Index (the Index) in a special rebalancing. SEP will cease to trade due to its merger with Enbridge Inc (ENB). The rebalance will take place upon completion of the merger. The replacement candidate for SEP will be Shell Midstream Partners, LP (SHLX).

SHLX will enter the index at SEP's weight.

The SEP/ENB Merger is expected to be approved on December 13, 2018. The special rebalance is expected to occur at the close on December 14, 2018.

Sector Weights


As of selection date 12/14/2018

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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