The NYSE Pickens Core MidstreamTM Index (NYPYPE) is a modified free-float market capitalization weighted Index designed to objectively identify and select common stocks of corporations and units of MLPs which best represent U.S. midstream energy fundamentals.
The Index was designed with the intent of reflecting midstream energy operating fundamentals, agnostic of each company's legal structure. The Index addresses the trend of midstream companies shifting to C-corporations away from the MLP structure, leading to those companies being excluded completely from various existing benchmarks.
The Index selects constituents that reflect direct midstream energy exposure, with the aim of getting as close as possible to the underlying assets and operating results, and limiting the potential effect of financial engineering via General Partners' (GPs) Incentive Distribution Rights (IDRs).
The NYSE Pickens Core MidstreamTM Index specifically identifies companies directly involved in the following activities:
|Index Symbol (Price Return)||NYPYPE|
|Index Symbol (Total Return)||NYPYPET|
|Maximum Number of Constituents||30|
|Float Adjusted Market Capitalization||$260B|