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Guggenheim Canadian Energy Income ETF (ENY)

- NYSEARCA
  • Aug. 25, 2014, 2:17 PM
    • Other MLPs should gain as several billion dollars likely will rotate out of Kinder Morgan (KMI, KMP) thanks to various investors who prefer to remain invested in MLPs, which could bring a big boost to the rest of the asset class this year, Morgan Stanley says.
    • The tally of funds impacted by Kinder Morgan's decision to roll up all its MLP assets into a single non-MLP corporate parent and investors’ reactions to the move theoretically could run as high as $62B, the firm says.
    • Likely key beneficiaries include large-cap and higher-yield MLPs, the two primary investment styles displaced in investors’ portfolios by the transaction, Stanley says; the larger the potential rotation, the wider the benefits likely to be experienced.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
    | 33 Comments
  • Aug. 13, 2014, 2:56 PM
    • While Kinder Morgan's (KMI, KMP) decision to abandon the use of MLPs may have rattled some investors, it is unlikely that other MLPs will copy KMI's move, says Chris Eades, portfolio manager for energy MLP strategies at ClearBridge Investments.
    • "MLPs continue to be well positioned from a long-term growth perspective given all the growth we're seeing in the U.S. in energy production," Eades says.
    • As Kinder Moran MLPs were structured, incentive payments to the general partners were growing bigger and making equity more costly, but other MLPs haven't yet matured to this stage and some are structured differently; MLPs are "a long, long way off having to contend with the situation that Kinder found itself in," Eades says.
    • Greg Reid of Salient Partners agrees the deal is not a harbinger of the end of the structure, noting the Shell plans to spin off some of its portfolio into an MLP.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
    | 1 Comment
  • Aug. 12, 2014, 6:50 PM
    • In the wake of Kinder Morgan‘s absorption of its MLP subsidiaries, the Treasury Department has decided to look into the rise in MLP-related transactions and their effects on future tax revenues.
    • Daniel Clifton of Strategas Research is not impressed, citing Treasury’s recent "regulatory jawboning” about tax inversions and saying the agency has similarly flimsy regulatory authority over MLPs.
    • The IRS has been reviewing the MLP approval process since April after going through a similar review process for REITs in 2013 and concluding the approvals were in line with the law, and the same results were expected for MLPs; timed with the Kinder Morgan news, Strategas thinks Treasury is engaging in an "attempt to jawbone companies in the future from seeking MLP approvals."
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
    | 1 Comment
  • Aug. 11, 2014, 7:15 PM
    • As Rich Kinder abandons the MLP structure he helped popularize, CNBC's Jim Cramer feels confident that rivals are taking notice, thus investors should expect many more deals in the energy MLP space.
    • Cramer tabs three MLPs he thinks could end up in play: Enterprise Products Partners (NYSE:EPD), the entity that received gained permission to export condensate in "a huge game-changer"; Energy Transfer Equity (NYSE:ETE), whose cash flows should "explode higher" and its payout increase dramatically once temporarily relinquished incentive distribution rights are reinstated, which should happen next year; and Atlas Energy (NYSE:ATLS), a relatively cheap stock which should be able to raise its distribution dramatically for the next few years.
    • BofA/Merrill Lynch also thinks the deal may be a harbinger of what’s to come for other MLPs that grow too big: "While we do not see other GP-buying-LP transactions occurring yet, we also think it provides a template for a somewhat graceful exit from a structure that can prove long-term unwieldy as an MLP grows... [We] expect significant interest in potential MLP consolidation candidates."
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
    | 13 Comments
  • Aug. 11, 2014, 8:37 AM
    • KInder Morgan (NYSE:KMI) +20.1%, Kinder Morgan Partners (NYSE:KMP) +27.1%, Kinder Morgan Management (NYSE:KMR) +34.6%, El Paso Partners (NYSE:EPB) +30.5% premarket on news of the consolidation of the Kinder companies that will create the largest energy infrastructure company in North America, with an 80K-mile network of pipes that together would be long enough to circle the Earth three times.
    • Kinder appears to have solved its biggest problem in one stunning swoop: how to maintain growth; to increase  distributions by a projected 5%-6%, Kinder would have to put $3B-$4B to work each year on attractive projects, a daunting task for any firm.
    • "This is a very simple and elegant solution to a problem of complexity," says Baird analyst Ethan Bellamy; he does not think other MLPs will follow in Kinder's footsteps because other companies still benefit from the financial structure as a way to attract investment.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
    | 16 Comments
  • Jul. 22, 2014, 12:20 PM
    • Moody’s warns the corporate governance structure of MLPs provides less protection to investors and creditors than the structure of a typical public company, calling it a credit negative for the MLP sector.
    • At public companies, accountability to shareholders is a net plus for bondholders, even when bondholder and shareholder interests differ, Moody's says; by contrast, in the MLP model, the general partner’s limited accountability to the partnership’s actual owners - the common unitholders - is a disadvantage for the MLP’s bondholders.
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
    | 6 Comments
  • Mar. 28, 2014, 5:32 PM
    • Citi analysts suggest five core holdings among MLPs and upgrade two other names to Buy, expecting growing U.S. hydrocarbon production that requires more infrastructure and improving prices for natural gas liquids.
    • Citi forecasts a 10% total return by the entire MLP sector during the next 12 months.
    • The firm's core recommendations: Williams Energy Partners (WPZ), Cheniere Energy Partners (CQP), Enterprise Product Partners (EPD), Northern Tier Energy Partners (NTI), Boardwalk Pipeline Partners (BWP).
    • Upgrades to Buy from Neutral: Tallgrass Energy Partners (TEP), El Paso Pipeline Partners (EPB).
    • Upgrades to Neutral from Sell: Niska Gas Storage (NKA), TC Pipelines (TCP).
    • Downgrades to Neutral from Buy: Genesis Energy (GEL), Rose Rock Midstream (RRMS).
    • ETFs: AMLP, AMJ, MLPL, YMLP, MLPI, MLPA, ENY, MLPN, MLPG, EMLP, MLPS, MLPX, MLPY, MLPJ, AMU, YMLI, ATMP, ZMLP, MLPW, IMLP, ENFR, MLPC
    | 20 Comments
  • Feb. 24, 2014, 3:35 PM
    | 10 Comments
  • Aug. 7, 2013, 11:48 AM
    • The Guggenheim Canadian Energy Income Fund (ENY) - the only U.S.-listed ETF devoted exclusively to energy stocks - changes its underlying index to the S&P/TSX Canadian High Income Energy Index.
    • It previously tracked the Sustainable Canadian Energy Income Index,
    • Guggenheim says the switch gives the ETF more exposure to high-yielding Canadian energy names. Top holdings at the moment include: Crescent Point Energy (CSCTF.PK), Suncor (SU), TransCanada (TRP), and Enbridge (ENB).
    | 1 Comment
  • Mar. 22, 2013, 9:05 AM
    Guggenheim Canadian Energy Income ETF (ENY) announces quarterly distribution of $0.087. 12 Month yield of 3.01% (as of 03/15/2013). For shareholders of record Mar. 26. Payable Mar. 28. Ex-div date Mar. 22.
    | Comment!
  • Feb. 12, 2013, 7:23 PM
    Yorkville ETF Advisors expanded its MLP ETF lineup by launching its High Income Infrastructure MLP fund YMLI today. The ETF debuts following the success of YMLP last year. The two ETFs will have no overlap in holdings and will provide composite exposure to the MLP universe.  Competitors: AMJ, EMLP, MLPI, AMLP, MLPJ (pdf)
    | 1 Comment
  • Jan. 19, 2012, 3:30 AM
    More fallout from the U.S. rejection of the Keystone XL oil pipeline: Canada may turn to China in order to "diversify" its energy exports, as relying less on the U.S. would strengthen the country’s “financial security.” Currently, 99% of Canada’s crude exports go to the U.S.
    | 6 Comments
  • Mar. 27, 2011, 7:03 AM
    Canada Fin Min Jim Flaherty will reintroduce his latest budget unchanged if the Conservatives win the election on May 2, which polls indicate they will. The only possible updates to the program of tax and spending cuts will be to the economic assumptions used for fiscal planning.
    | Comment!
  • Dec. 9, 2010, 3:25 PM
    Calling his country an "emerging energy superpower," and a "safe, reliable source of resources," Canadian Finance Minister Flaherty takes a bow in NYC. In addition to the commodity angle, Flaherty cited Canada's solid banking sector, low corporate taxes, and declining deficit.
    | 2 Comments
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ENY Description
The Guggenheim Canadian Energy Income ETF (NYSE:ENY), seeks investment results that correspond generally to the performance, before the Fund’s fees and expenses, of an equity index called the S&P/TSX Canadian High Income Energy Index. The S&P/TSX High Income Energy Index is part of the S&P/TSX index family, which aims to provide investable indices for the Canadian equity markets. The Index selection methodology is designed to provide exposure to high yielding Canadian securities in the energy sector that meet size and liquidity requirements. Securities must be part of the S&P/TSX Composite Index (the “Composite”), which is designed to provide a broad market measure of the Canadian equity markets. The Composite includes common stocks and income trust units listed on the TSX and are companies that are Canadian incorporated (established in the case of income trusts, or formed in the case of limited partnerships) under Canadian federal, provincial or territorial jurisdictions. Liquidity is measured by float turnover (total number of shares traded in Canadian markets in the previous 12 months divided by float eligible shares outstanding at the end of the period). Securities that are ineligible for inclusion in the Composite include securities issued by mutual funds, preferred shares, exchangeable shares, warrants, installment receipts and “paper-clipped” or “stapled” securities. ENY will invest at least 80% of its total assets in securities that comprise the Index. ENY generally will invest in all the securities comprising the Index in proportion to their weighting in the Index.
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Country: Canada
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