Citigroup Launches MLP ETN

September 26, 2013

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Energy ETFs, MLP ETFs

Citigroup’s MLP ETN is hitting the market Friday.

Citigroup is expanding its exchange-traded note lineup by listing its C-Tracks M/H MLP ETN, (MLPC) on the on NYSE Arca Friday, Sept. 27. The firm is joining an increasingly crowded MLP space, currently dominated by the $6.9 billion Alerian MLP (AMLP).

The ETN’s index, the Miller/Howard MLP Fundamental Index, measures the performance of 25 energy master limited partnerships selected quarterly based upon certain quantitative fundamental factors of publicly traded MLPs, according to the ETN’s prospectus.

The C-Tracks ETNs are unsecured senior debt securities issued by Citigroup. MLPs are U.S. energy-infrastructure-related assets that were created in the mid-1980s and have been used by many as income-related investments. Much like an allocation to U.S. Treasurys, MLPs deliver solid yields.

They are essentially partnerships that trade on a stock exchange like a corporation, but without federal income tax liability at the entity level, because they derive most of their revenues from steady fees such as interest, dividends, real estate rents, transportation and storage.

Because MLPs are well known for the steady dividends they deliver, they have grown in popularity with investors looking for income at a time of compressed yields in the more traditional fixed-income space.



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