Global X MLP & Energy Infrastructure ETF
ALTAR
Score™
4.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
14.5x P/Sales
ratio
0.6x
P/BV
ratio
1.3x Div.
yield
8.0%


  • 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) $754
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) $23,444
Large cap (>$10bn) 67.4%
Mid cap ($2-10bn) 18.0%
Small cap (<$2bn) 14.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TRANSCANADA CORP 9.8 %
KINDER MORGAN INC 9.5 %
ENBRIDGE INC 9.5 %
ONEOK INC 8.5 %
PEMBINA PIPELINE CORP 7.1 %
WILLIAMS COS INC 6.7 %
TALLGRASS ENERGY GP LP CLASS A 4.9 %
ENERGY TRANSFER EQUITY LP 4.8 %
TARGA RESOURCES CORP 4.5 %
ENTERPRISE PRODUCTS PARTNERS 4.3 %
Total 69.5 %

TOP COUNTRY EXPOSURE
UNITED STATES 73.2 %
CANADA 26.4 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-5.0% -2.5% -3.5% -- 0.8%

Market Correlations
versus... Beta R-squared
S&P500 1.04 44%
MSCI EAFE 1.09 39%
MSCI Emg. Mkts. 0.78 35%

Technical Indicators
Recent close $11.37
30d moving avg. $11.93
Annualized volatility 19.2%
Short interest (ETF) 0.5%
Short interest (Underlying) 2.8%
Relative strength (RSI) 39

Liquidity measures
Avg. volume (thou.) 674
Turnover 1.0%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $2,125

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 18 potential alternatives to the Global X MLP & Energy Infrastructure ETF 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™: 4.7%


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
(%)
YMLP VanEck Vectors High Income MLP ETF 81.6 45 0 4.8 +0.1
ENFR Alerian Energy Infrastructure ETF 77.7 55 -10 4.7 +0.0
USAI Pacer American Energy Independence ETF 75.9 75 -30 3.5 -1.2
TPYP Tortoise North American Pipeline Fund 67.0 40 5 4.8 +0.1
EMLP First Trust North American Energy Infrastructure Fund 41.8 95 -50 4.5 -0.2
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 29.8 46 -1 4.8 +0.1
AMLP The Alerian MLP ETF 29.1 85 -40 6.9 +2.2
AMZA InfraCap MLP ETF 26.6 240 -195 5.8 +1.1
MLPA Global X MLP ETF 22.9 45 0 7.5 +2.8
FTXN First Trust Nasdaq Oil & Gas ETF 22.0 60 -15 5.3 +0.6
GLIF AGFiQ Global Infrastructure ETF 21.7 45 0 4.7 +0.1
GHII Invesco S&P High Income Infrastructure ETF 20.0 45 0 5.0 +0.3
INFR Legg Mason Global Infrastructure ETF 18.2 40 5 5.3 +0.6
PXI Invesco DWA Energy Momentum ETF 18.0 60 -15 3.0 -1.7
IGF iShares Global Infrastructure ETF 18.0 46 -1 4.6 -0.1
GII SPDR S&P Global Infrastructure ETF 17.8 40 5 4.7 0.0
JHME John Hancock Multifactor Energy ETF 17.1 40 5 4.3 -0.4
IXC iShares Global Energy ETF 12.8 46 -1 6.1 +1.4

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%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
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

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VALUATION METRICS
  2019 2020E 2021E
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 ETF
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 6.6 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 4.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.48 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.