Global X MLP & Energy Infrastructure
ALTAR
Score™
4.1% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
16.4x P/Sales
ratio
0.7x
P/BV
ratio
1.3x Div.
yield
7.7%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
Global X MLP & Energy Infrastructure ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive MLP & Energy Infrastructure Index.

FUND BASICS
Category US Equities
Fund Sponsor Global X Management Co LLC
Website www.globalxfunds.com
Inception date Aug 07, 2013
Assets (mns) $603
Currency USD
Expense ratio 45 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Brown Brothers Harriman
Weighting Tiered
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 31
Wgt avg mkt cap (mns) $23,719
Large cap (>$10bn) 69.5%
Mid cap ($2-10bn) 18.0%
Small cap (<$2bn) 12.5%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ENBRIDGE INC 10.5 %
TRANSCANADA CORP 9.9 %
KINDER MORGAN INC 9.3 %
ONEOK INC 8.7 %
WILLIAMS COS INC 7.3 %
PEMBINA PIPELINE CORP 6.5 %
TARGA RESOURCES CORP 5.2 %
CHENIERE ENERGY INC 4.7 %
ENTERPRISE PRODUCTS PARTNERS 4.4 %
ENERGY TRANSFER EQUITY LP 4.2 %
Total 70.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 72.4 %
CANADA 27.2 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
8.5% -2.0% -5.4% -- 0.1%

Market Correlations
versus... Beta R-squared
S&P500 1.00 45%
MSCI EAFE 1.01 38%
MSCI Emg. Mkts. 0.69 28%

Technical Indicators
Recent close $11.03
30d moving avg. $11.47
Annualized volatility 18.1%
Short interest (ETF) 0.4%
Short interest (Underlying) 2.8%
Relative strength (RSI) 32

Liquidity measures
Avg. volume (thou.) 869
Turnover 1.6%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $2,087

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Global X MLP & Energy Infrastructure ETF based on the alternatives' overlap in portfolio holdings with MLPX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: MLPX Expense: 45 bp ALTAR Score™: 4.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH MLPX
Ticker Fund
Name
Overlap1
vs MLPX
(%)
Expense
ratio
(bp)
Savings
vs MLPX
(bp)
ALTAR
Score™
(%)
ALTAR
vs MLPX
(%)
ENFR Alerian Energy Infrastructure 78.3 55 -10 4.1 0.0
USAI American Energy Independence 77.4 75 -30 2.5 -1.6
TPYP Tortoise North American Pipeline 71.7 40 5 4.7 +0.6
EMLP First Trust N. American Energy Infrastructure 41.6 95 -50 5.1 +1.0
TOLZ ProShares Global Infrastructure 30.8 46 -1 5.2 +1.2
AMZA InfraCap MLP 29.1 240 -195 6.3 +2.2
AMLP Alerian MLP ETF 27.1 85 -40 4.8 +0.7
FTXN First Trust Nasdaq Oil & Gas 22.7 60 -15 2.6 -1.5
GLIF AGFiQ Global Infrastructure 22.0 45 0 5.3 +1.2
MLPA Global X MLP 21.3 45 0 5.3 +1.3
XLEY Cushing Energy & MLP 20.8 65 -20 3.5 -0.6
INFR Legg Mason Global Infrastructure 18.6 40 5 5.7 +1.6
IGF iShares S&P Global Infrastructure 17.8 46 -1 4.8 +0.7
GII SPDR FTSE/Macquarie Global Infrastructure 17.6 40 5 4.8 +0.8
GHII Invesco S&P High Income Infrastructure 16.5 45 0 4.8 +0.7
JHME John Hancock Multifactor Energy 16.1 40 5 3.4 -0.7
ZMLP Direxion Zacks MLP High Income 15.3 65 -20 0.0 -4.1
XLSY Cushing Energy Supply Chain & MLP 14.9 65 -20 5.4 +1.3
PXI Invesco Dynamic Energy Sector 14.7 60 -15 -0.8 -4.9
IXC iShares S&P Global Energy Sector 10.8 46 -1 5.2 +1.1

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
Global X MLP & Energy Infrastructure
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 5.9 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 4.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.56
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.