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Credit Suisse changes name of MLP Index ETN


The Credit Suisse MLP Index ETN has been renamed as the Credit Suisse Equal Weight MLP ETN (MLPN), a change designed to better emphasise its equal weight investment strategy.

MLPN tracks the performance of the Cushing 30 MLP Index, which consists of 30 MLPs holding midstream energy infrastructure assets in North America. The index uses a formulaic methodology, developed by Swank Energy Income Advisors, to determine which MLPs are eligible for inclusion. The methodology focuses on companies’ balance sheets, cash flows and cash distribution metrics, rather than market capitalizations, when ranking them for possible inclusion in the index. All MLPs in the index are reset to equal weightings quarterly.
The Cushing 30 MLP Index only tracks MLPs in the midstream sector, which focuses on the gathering, processing, transportation and storage of natural gas and crude oil. These MLPs operate businesses with a "toll-road" type model, with revenues based on volume.
"The MLPN ETN is designed to provide investors with diversified exposure to the midstream MLP segment via an equal-weight approach. Many investors appreciate the emphasis away from larger cap stocks and toward smaller cap stocks, as well as the rebalancing away from outperforming stocks toward underperforming stocks, that equal-weight investing delivers," says Greg King, the New York-based head of exchange-traded products for Credit Suisse.

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