ETF (UCITS compliant)

L&G US Energy Infrastructure MLP UCITS ETF

USD Distributing ETF Class
ISIN
TER
NAV$5.54
As at28 Sep 2023

The L&G US Energy Infrastructure MLP UCITS ETF will merge with the Alerian Midstream Energy Dividend UCITS ETF. The Final Exchange Trading Date shall be 11 October 2023. The Final Dealing Date shall be 11 October 2023. Please see the EGM notice for further information.

Fund facts

Fund size*
$37.3m
Base currency
USD
Listing date
19 May 2014
Domicile
Ireland
Index ticker
SOLEIMLP
Replication method
Synthetic - unfunded swap backed by collateral

Statistics

*As at 28 Sep 2023

Fund aim

The L&G US Energy Infrastructure MLP UCITS ETF (the "ETF") aims to track the performance of the Solactive US Energy Infrastructure MLP Index (the "Index").

  • Income distribution

MLPs pay out a vast majority of their operating cash flows as cash distributions

  • Tax efficiency

MLPs are pass-through entities that do not pay tax at the corporate level

  • Midstream MLPs

Cash flows of midstream MLPs such as pipelines and storage facilities have historically been less correlated to energy prices

Further details

Charges and tax

TER
0.25%
ISA eligible
Yes
SIPP eligible
Yes
UK Fund Reporting Status
Yes

Management / administration

Issuer
Legal & General UCITS ETF Plc
Depositary and Trustee
The Bank of New York Mellon SA/NV, Dublin Branch
Securities regulator
Central Bank of Ireland

Country registration

This share class is registered for sale in the following countries:

Listings

Details
Codes
ExchangeCurrencyTickerListing dateISINBloombergReutersTrading hours (local)
London Stock ExchangeGBPMLPX19/05/2014IE00BHZKHS06MLPX LNMLPX.L08:00 - 16:30
London Stock ExchangeUSDMLPI19/05/2014IE00BHZKHS06MLPI LNMLPI.L08:00 - 16:30
Borsa ItalianaEURMLPI11/09/2014IE00BHZKHS06MLPI IMMLPI.MI09:00 - 17:30
Deutsche Börse XetraEURXMLP19/05/2014IE00BHZKHS06XMLP GYXMLP.DE09:00 - 17:30
SIX Swiss ExchangeCHFMLPI08/09/2014IE00BHZKHS06MLPI SWMLPI.S09:00 - 17:30

Solactive US Energy Infrastructure MLP Index

The Index aims to track the performance of a basket of master limited partnerships (‘MLPs’) in the midstream segment of the US energy infrastructure market.

The Index is comprised of Master Limited Partnerships (“MLPs”) that are publicly traded on US stock exchanges that derive the majority of their revenues from owning and operating assets used in energy logistics, including: pipelines, storage facilities and other assets used for transporting, storing, gathering, and processing natural gas, natural gas liquids, crude oil and/or refined products.

An MLP is only eligible for inclusion in the Index if it: (1) is of a sufficient size (determined by reference to the total market value of its units); (2) is sufficiently “liquid” (a measure of how actively its units are traded on a daily basis); and (3) makes at least one “distribution” payment to investors each year (similar to a dividend paid by a company). The eligible MLPs are then ranked according to their (1) “forward looking distribution yield” (i.e. the projected value of their future distributions) and (2) “distribution stability” (i.e. how consistent their distributions are in terms of value). The top 25 ranking MLPs are then selected for inclusion in the Index and are weighted equally.

Index data

Provider
Solactive
Bloomberg code
SOLEIMLP
Reuters code
.SOLEIMLP
Type
Net Total Return
Website
www.solactive.com

Performance

Source: Lipper.

Performance for the USD Distributing ETF class in USD, listed on 19 May 2014. Source: Lipper. Performance assumes all ETF charges have been taken and that all income generated by the investments, after deduction of tax, remains in the ETF.

Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past. The tables and charts above shows the fund's performance as the percentage loss or gain per year over the last 10 years.

Performance (%)
Select period:
Change

    Performance summary (%)

    As at 31 Aug 2023

    CumulativeFundBenchmark
    1 month-1.73-1.63
    6 months6.547.09
    Year to date11.9912.69
    3 years140.05146.12
    5 years41.5347.50
    Since launch--
    AnnualisedFundBenchmark
    1 year11.7812.93
    3 years33.9035.02
    5 years7.198.08
    Since launch--

    Benchmark: Solactive US Energy Infrastructure MLP Index TR

    Share class launch date: 19 May 2014

    As at 30 Jun 2023

    CumulativeFundBenchmark
    Quarterly2.082.35
    Year to date6.056.57
    3 years135.85141.92
    5 years42.9349.04
    Since launch--
    AnnualisedFundBenchmark
    1 year22.8324.09
    3 years33.1134.24
    5 years7.408.30
    Since launch--

    Benchmark: Solactive US Energy Infrastructure MLP Index TR

    Share class launch date: 19 May 2014

    Rolling 12-month performance
    Calendar year performance
    Monthly performance
    Annualised performance

    Rolling 12-month performance to last quarter end (%)

    FundBenchmark
    2014--
    2015-18.59-17.40
    2016-16.75-15.74
    20176.087.24
    2018-12.66-11.86
    20193.674.83
    2020-41.54-41.23
    202192.4593.78
    2022-0.220.61
    202322.8324.09

    Calendar year performance (%)

    FundBenchmark
    2013--
    2014--
    2015-32.78-31.82
    201622.0323.37
    2017-8.47-7.58
    2018-14.79-13.92
    20194.575.72
    2020-20.09-19.85
    202145.6346.79
    202221.9223.07

    Monthly performance (%)

     

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund11.7833.907.19-
    Benchmark12.9335.028.08-

    Data as at 31.08.2023

    Annualised performance (%)

    1 year3 years5 yearsSince launch
    Fund22.8333.117.40-
    Benchmark24.0934.248.30-

    Data as at 30.06.2023

    Portfolio

    As at 31 Aug 2023. All data source LGIM unless otherwise stated. Totals may not sum to 100% due to rounding.

    The breakdowns shown relate to the Index.

    Sector (%)

    Currency (%)

    Top 10 constituents (%)

    Country (%)

    United States100.0

    Income

    Latest dividends

    of

      Dividend history

      Total dividends paid in each financial year of the fund.

      Investment Manager

      Legal & General Investment Management Limited is the investment manager for this ETF and is responsible for its day-to-day investment management decisions. The team is highly experienced with respect to all aspects relating to the management of an ETF portfolio, including collateral management, OTC swap trading, adherence to UCITS regulations and counterparty exposure and monitoring.

      Literature

      Key literature

      Fact sheet
      31 Aug 2023
      KIID
      21 Jul 2023
      Prospectus
      23 Feb 2022
      First Addendum to Prospectus
      28 Nov 2022
      Fund supplement
      23 Feb 2022

      Fact sheets

      2023Change date
      Fact sheet
      Choose share class

      Marketing documents

      ETF product list
      01 Sep 2022

      Legal documents

      KIID
      21 Jul 2023
      Prospectus
      23 Feb 2022
      First Addendum to Prospectus
      28 Nov 2022
      Fund schedule supplement
      28 Nov 2022
      Fund supplement
      23 Feb 2022
      MiFID II EMT Costs and Charges
      31 Aug 2023
      MiFID II EPT Costs and Charges
      15 Dec 2022
      Supplementary information document
      01 Nov 2021
      Constitution
      20 Apr 2020

      Execution venues

      2020Change date
      Top 5 Execution Venues Report
      30 Apr 2020
      Top 5 Execution Venues Report
      30 Apr 2019
      Top 5 Execution Venues Report Data
      30 Apr 2020
      Top 5 Execution Venues Report Data
      30 Apr 2019

      Reports and accounts

      2022Change date
      Annual Report and Accounts
      30 Jun 2022
      Annual Report and Accounts
      30 Jun 2021
      Annual Report and Accounts
      30 Jun 2020
      Annual Report and Accounts
      30 Jun 2019
      Annual Report and Accounts
      30 Jun 2018
      Interim Report and Accounts
      31 Dec 2022
      Interim Report and Accounts
      31 Dec 2021
      Interim Report and Accounts
      31 Dec 2020
      Interim Report and Accounts
      31 Dec 2019
      Interim Report and Accounts
      31 Dec 2018
      Interim Report and Accounts
      31 Dec 2017

      Reportable income

      2023Change date
      Reportable income
      30 Jun 2022
      Reportable income
      30 Jun 2021
      Reportable income
      30 Jun 2020
      Reportable income
      30 Jun 2019
      Reportable income
      30 Jun 2018
      Dividend Calendar
      07 Sep 2023
      Dividend Calendar
      13 Jul 2023
      Dividend Calendar
      08 Jun 2023
      Dividend Calendar
      12 Jan 2023
      Dividend Calendar
      08 Dec 2022
      Dividend Calendar
      07 Sep 2022
      Dividend Calendar
      07 Jul 2022
      Dividend Calendar
      02 Jun 2022
      Dividend Calendar
      30 Mar 2022
      Dividend Calendar
      03 Mar 2022
      Dividend Calendar (fund group)
      02 Dec 2021
      Dividend Calendar (fund group)
      03 Jun 2021
      Dividend calendar
      08 Dec 2022
      Dividend calendar
      10 Sep 2020
      Dividend calendar
      04 Jun 2020
      Dividend calendar
      05 Mar 2020
      Dividend calendar
      05 Dec 2019
      Dividend calendar
      05 Sep 2019
      Dividend calendar
      06 Jun 2019
      Dividend announcement
      07 Sep 2023
      Dividend announcement
      08 Jun 2023
      Dividend announcement
      08 Dec 2022
      Dividend announcement
      07 Sep 2022
      Dividend announcement
      03 Mar 2022
      Dividend announcement
      02 Dec 2021
      Dividend announcement
      03 Jun 2021
      Dividend announcement
      10 Dec 2020
      Dividend announcement
      10 Sep 2020
      Dividend announcement
      04 Jun 2020
      Dividend announcement
      05 Mar 2020
      Dividend announcement
      05 Sep 2019
      Dividend announcement
      06 Jun 2019
      Dividend announcement
      07 Mar 2019

      Trading information

      Dealing day calendar
      28 Sep 2023
      Best execution & order handling policy
      01 Feb 2022
      Dealing deadlines
      27 Sep 2023
      Fund valuation points
      27 Sep 2023
      iNav codes summary
      27 Sep 2023

      Shareholder notices

      2023Change date
      ICSD transition announcement
      20 Apr 2020
      ICSD transition FAQs
      23 Mar 2020
      Results of Sanction Hearing
      20 Mar 2020
      Change in Management Company
      13 Mar 2020
      Change of Investment Manager
      14 Oct 2021
      Results of Scheme Meeting and EGM
      27 Feb 2020
      Notice of AGM
      15 Nov 2022
      Notice of AGM
      09 Nov 2021
      Notice of AGM
      05 Nov 2020
      Notice of EGM
      04 Feb 2020
      Results of AGM
      08 Dec 2022
      Results of AGM
      03 Dec 2021
      Results of AGM
      03 Dec 2020
      Results of AGM
      31 Dec 2019
      Notice of EGM
      01 Sep 2023
      Results of EGM
      25 Sep 2023
      Legal Notice
      03 Mar 2020

      Prices

      Name
      USD Dist
      Currency
      USD
      NAV
      5.54
      Price time
      16:00 EST (NY)

      Key risks

      The value of an investment and any income taken from it is not guaranteed and can go down as well as up. You may not get back the amount you originally invested.

      Past performance is not a guide to the future.

      An investment in the ETF may expose an investor to the risks associated with interests in MLPs. For certain MLPs, the general partner (GP) and limited partnership (LP) are controlled and run by the same management teams. Some potential areas of conflict include (1) the price at which the MLP is acquiring assets from the GP, (2) the GP aggressively increasing the distribution to achieve the 50%/50% split level instead of managing distribution growth to maximize the long-term value of the underlying MLP, (3) the potential for management to place the interests of the parent corporation or the GP above the interests of the LP holders, and (4) underlying MLP equity issuances to fund growth initiatives benefit the GP regardless of whether the acquisition or project is accretive.

      While there is no legislation currently aimed at MLPs, a removal or alteration of MLPs' tax treatment could negatively affect performance. Further, legislation aimed at the oil and gas industry could affect MLPs. In addition, in the event the ETF gains exposure to the Index through direct acquisition of the components of the Index, there may be certain withholding tax implications on capital gains and /or income which may affect the ability for the ETF to track the Index accurately.

      If a swap counterparty is no longer willing or able to continue entering into swaps with the ETF, the ETF will not be able to continue tracking the Index.

      MLPs are highly reliant on equity and debt markets to fund growth. Because MLPs pay out the majority of their cash to holders, they must continually access the debt and equity markets to finance growth. If MLPs were unable to access these markets or could not access these markets on favourable terms, this could affect price performance and inhibit long-term distribution growth.

      Some MLPs have significant exposure to commodity price fluctuations, including partnerships involved in oil and gas production, gathering and processing, and coal. In addition, MLP unit prices tend to move with a potential high correlation to commodity prices.

      MLPs have generally underperformed during periods of rapidly rising interest rates. Thus, during periods when investors anticipate rapidly rising rates in the future or if rates were to rise faster than expected, this could affect performance.

      MLPs are regulated across a number of industries. Interstate pipelines in the US are regulated by the Federal Energy Regulatory Commission. Coal is one of the most heavily regulated industries in the country, being subject to regulation by federal, state, and local authorities in the US. A change in the regulation of hydraulic fracking could reduce drilling activity and infrastructure needs. Any number of regulatory hurdles could affect MLPs' ability to grow.

      For more information, please refer to the key investor information document.

      Important information

      In the United Kingdom and outside the European Economic Area, it is issued by Legal & General Investment Management Limited, authorised and regulated by the Financial Conduct Authority, No. 119272. Registered in England and Wales No. 02091894 with registered office at One Coleman Street, London, EC2R 5AA.

      In the European Economic Area, it is issued by LGIM Managers (Europe) Limited, authorised by the Central Bank of Ireland as a UCITS management company (pursuant to European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended) and as an alternative investment fund manager with “top up” permissions which enable the firm to carry out certain additional MiFID investment services (pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013 (S.I. No. 257 of 2013), as amended). Registered in Ireland with the Companies Registration Office (No. 609677). Registered Office: 70 Sir John Rogerson’s Quay, Dublin, 2, Ireland. Regulated by the Central Bank of Ireland (No. C173733).

      LGIM Managers (Europe) Limited operates a branch network in the European Economic Area, which is subject to supervision by the Central Bank of Ireland. In Italy, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Commissione Nazionale per le società e la Borsa (“CONSOB”) and is registered with Banca d’Italia (no. 23978.0) with registered office at Via Uberto Visconti di Modrone, 15, 20122 Milan, (Companies’ Register no. MI - 2557936). In Germany, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the German Federal Financial Supervisory Authority (“BaFin”). In the Netherlands, the branch office of LGIM Managers (Europe) Limited is subject to limited supervision by the Dutch Authority for the Financial Markets (“AFM“) and it is included in the register held by the AFM and registered with the trade register of the Chamber of Commerce under number 74481231. Details about the full extent of our relevant authorisations and permissions are available from us upon request.

      We are a member of the Irish Funds Association.

      All features described on this website are those current at the time of publication and may be changed in the future. Nothing on this website should be construed as advice and it is therefore not a recommendation to buy or sell securities. If in doubt about the suitability of this product, you should seek professional advice. Copies of the prospectus, key investor information document, annual and semi-annual reports & accounts are available free of charge on request or at www.lgimetf.com.

      This website is only directed at investors resident in jurisdictions where our funds are registered for sale. It is not an offer or invitation to persons outside of those jurisdictions. We reserve the right to reject any applications from outside of such jurisdictions.

      Source and third party data

      Source: Unless otherwise indicated all data contained on this website is sourced from Legal & General Investment Management Limited.

      Where this document contains third party data ('Third Party Data’), we cannot guarantee the accuracy, completeness or reliability of such Third Party Data and accept no responsibility or liability whatsoever in respect of such Third Party Data

      Index disclaimer

      The L&G US Energy Infrastructure MLP UCITS ETF (the “ETF”) is not sponsored, promoted, sold or supported by the Solactive AG. Nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price, at any time or in any other respect.

      The Solactive US Energy Infrastructure MLP Index TR (the “Index”) is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Legal & General UCITS ETF Plc, Solactive AG has no obligation to point out errors in the Index to third parties including, but not limited to, investors and/or financial intermediaries of the Financial instrument. Solactive AG does not guarantee the accuracy and/or the completeness of the Index or any related data, and shall not have any liability for any errors, omissions or interruptions therein.

      Neither publication of the Index by Solactive AG, nor the licensing of the Index or Index trade mark, for the purpose of use in connection with the ETF, constitutes a recommendation by Solactive AG to invest capital in said ETF nor does it, in any way, represent an assurance or opinion of Solactive AG with regard to any investment in this ETF. In no event shall Solactive AG have any liability for any lost profits or indirect, punitive, special or consequential damages or losses, even if notified of the possibility thereof.

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