Dallas, Texas (October 28, 2020) Cushing® Asset Management, LP (“Cushing”), and Swank Capital, LLC, announce the continuation of the temporary suspension of the provisions of the methodology for each of The Cushing® 30 MLP Index (MLPX), The Cushing® MLP Market Cap Index (CMCI) and The Cushing® MLP High Income Index (MLPY) (each an “Index” and collectively, the “Indices”) relating to interim constituent changes due to a distribution cut. The methodology guide for each Index specifies the removal and replacement of any constituent that announces a dividend or distribution cut upon the latter of that constituent’s ex-dividend or ex-distribution date or the last business day of the week that is at least five business days after the date of the constituent’s dividend or distribution announcement. On March 27, 2020, Cushing suspended this requirement on a temporary basis and subsequently extended that suspension until at least the completion of the scheduled third quarter rebalance for each Index, which occurred after markets closed on September 18, 2020, for MLPX and CMCI and October 9, 2020, for MLPY.
In light of continued volatility in the global energy markets and the desire to preserve stability in the execution of the methodology for each Index, Cushing has elected to continue the suspension of the provisions of the methodology for each of MLPX, CMCI and MLPY relating to interim constituent changes due to a distribution cut until at least the completion of the scheduled mid-year 2021 rebalance for each Index (anticipated to occur after markets close on June 18, 2021, for MLPX and CMCI and July 9, 2021, for MLPY).
Dividend or distribution cuts announced by constituent companies with ex-dividend dates between March 27, 2020, and the date of the completion of an Index’s scheduled mid-year 2021 rebalance will not be taken into account in determining whether a constituent company or potential constituent company has maintained or increased its dividends or distributions over the previous four fiscal quarters as a criterion for inclusion in an Index.
ABOUT THE CUSHING® 30 MLP INDEX
The Cushing® 30 MLP Index tracks the performance of 30 publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a “Midstream Company” and collectively, “Midstream Companies”). Constituents of the Index are selected by using a formula-based proprietary valuation model developed by Cushing® Asset Management, LP to rank Midstream Companies for potential inclusion in the Index. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker “MLPX”.
ABOUT THE CUSHING® MLP MARKET CAP INDEX
The Cushing® MLP Market Cap Index provides a benchmark that is designed to track the performance of widely held midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP midstream corporations (each, a “Midstream Company” and collectively, “Midstream Companies”). The Index is weighted on a float-adjusted market capitalization basis, with the weight of each constituent capped at 7.5% at rebalance. The Index price level is calculated by S&P Dow Jones Indices while the constituents are selected from the entire universe of publicly traded Midstream Companies. The Cushing® MLP Market Cap Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker “CMCI”.
ABOUT THE CUSHING® MLP HIGH INCOME INDEX
The Cushing® MLP High Income Index provides a benchmark that is designed to track the performance of 30 higher-yielding publicly traded midstream energy infrastructure companies, including master limited partnerships (MLPs) and non-MLP energy midstream corporations (each, a “Midstream Company” and collectively, “Midstream Companies”). Constituents are chosen according to a three-tiered proprietary weighting system developed by Cushing® Asset Management, LP. The Cushing® MLP High Income Index is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker “MLPY”.
ABOUT CUSHING® ASSET MANAGEMENT AND SWANK CAPITAL
Cushing® Asset Management, LP (“Cushing”), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts, providing active management in markets where inefficiencies exist.
For more information, please visit https://www.cushingasset.com/indices.
Contact:
Jon Abel
214-692-6334
www.cushingasset.com
Source: Cushing® Asset Management, LP and Swank Capital, LLC
The Cushing® 30 MLP Index, The Cushing® MLP Market Cap Index and The Cushing® MLP High Income Index (each an “Index” and collectively the “Indices”) are the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“S&P Dow Jones Indices”) to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and, these trademarks have been licensed to S&P Dow Jones Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
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