Published Date: November 28, 2024
Author: HANetf
The Midstream Energy ETF changed its underlying index in October to the Alerian Midstream Energy Corporation Dividend Index (AMCCD) and switched from synthetic to physical replication. The dividend-weighted index includes midstream corporations in the US and Canada, with an allocated exposure to Master Limited Partnerships (MLPs).
AMCCD offers greater exposure to corporations focused on natural gas infrastructure, which are benefitting from an improved long-term outlook for US natural gas demand driven by exports and power generation needs, including for data centers. Nearly 70% of MMLP’s underlying index by weighting is primarily focused on natural gas infrastructure.
AMCCD provides pure midstream exposure from quality companies, with more than 80% of the index by weighting having investment-grade credit ratings.
Midstream’s strong performance continued in October with AMCCD rising 3.01% on a net-total-return basis and outperforming US and European broad energy benchmarks. The Energy Select Sector Index (IXE), was up only 0.9% on a total-return basis for the month, while the Stoxx Europe 600 Oil & Gas Index (SXEP) was flat.
Year-to-date, AMCCD is up 28.01% on a net-total-return basis, significantly outperforming the 2.4% decline in SXEP and the 8.4% gain in the IXE on a total-return basis. AMCCD has notably outperformed the S&P 500 this year, which is up 21.0% on a total-return basis.
Midstream earnings season began in October, with companies continuing to execute well as evidenced by dividend increases, buybacks, and guidance raises (see below). Companies are expected to continue generating free cash flow and returning excess cash to investors through dividend growth and opportunistic buybacks. As of 31 October, over 85% of AMCCD by weighting have increased their dividends year-over-year, while 71.4% of the index has a buyback authorization in place.
The outlook for North American energy infrastructure remains constructive given free cash flow tailwinds and visible growth drivers, particularly for natural gas. Midstream remains well positioned for ongoing volatility in commodity prices, with fee-based business models driving stable cash flows and more defensive energy exposure. Midstream can continue to be a bright spot in a challenging macro energy backdrop.
Additional sources available upon request. Data as of 31/10/2024. Please remember that all performance figures are showing net data. Past performance is not indicative of future performance, and when you invest in ETFs your capital is at risk.
South Bow Corporation (SOBO CN, 1.0% Weight) was spun off from TC Energy (TRP CN, 9.4% Weight) and was added to MMLP’s underlying index.
Cheniere Energy (LNG, 3.8% Weight) increased its dividend for the third quarter by 14.93% to $0.50 per share and repurchased $282 million in equity during the third quarter. Cheniere’s third quarter results came in ahead of consensus expectations, and 3Q repurchases brought its year-to-date buybacks to $2 billion.
Kinetik Holdings (KNTK, 4.7% Weight) increased its dividend for the first time, raising its payout by 4.00% to $0.78 per share.
ONEOK (OKE, 10.0% Weight) raised its standalone guidance for 2024 adjusted EBITDA to $6.275 billion at the midpoint, up $100 million from its prior guidance.
DT Midstream (DTM, 4.7% Weight) reported earnings results ahead of Wall Street consensus forecasts and increased its full year 2024 guidance for adjusted EBITDA by 1% to $965 million at the midpoint.
Enbridge (ENB CN, 9.3% Weight) sanctioned the 200 thousand barrel per day Canyon Oil Pipeline System in the Gulf of Mexico to support BP’s (BP, not in index) offshore Kaskida development.
MMLP (Fund)AMCCDN* (Index)1M1.99%1.99%3M6.89%6.87%6M10.15%10.07%YTD31.37%31.26%12M32.83%32.71%3Y94.75%95.18%Since Inception (27/07/2020)280.93%271.68%
Please note that all performance figures are showing net data. Source: Bloomberg / HANetf. Data as of 31/10/2024
Performance before inception is based on back tested data. Back testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such strategy would have been. Back tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled ‘Risk Factors’ for further details of risks associated with an investment in this product. When you invest in ETFs and ETCs, your capital is at risk.
*This fund changed its index on the 24th October 2024, from the Alerian Midstream Energy Dividend Index to the Alerian Midstream Energy Corporation Dividend Index. The index performance is a composite of the old index prior to this date and the new index after.
This report was written by, and is the opinion of, VettaFi, the index provider of the Alerian Midstream Energy Dividend Index, the underlying index of MMLP. VettaFi does not issue, sponsor, endorse, sell, or promote MMLP.
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